Vocab Flashcards
Human Resources
Also known as HR. They are important for the division of a business that is charged with finding, recruiting, screening, and training job applicants
raw goods
materials derived from natural resources
Manufactures
Business which change raw goods into a more finished form, known as processed goods
processors
Businesses which change raw or processed goods into finished goods, intermediaries businesses which move finished goods from one business to another by buying, storing, and reselling goods; often referred to as “ middlemen”.
non-profit organizations
businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers, and philanthropists rather than profit.
marketing mix
FOUR interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place
Maslow’s hierarchy of needs
pyramid expressing the needs of people in levels; basic needs, safety, belongingness, love, esteem, and self actualization
balance sheet
financial statement which reports totals in asset, liability, and owners equity accounts
cooperation
process of effectively working TOGETHER in GROUP settings
accounting
process of recording, classifying, summarizing and reporting FINANCIAL position of a business
assets
items of value owned by a business
liabilities
debts or obligations of a business
accounting equation
Assets = Liabilities + Owner’s Equity
service firms
businesses which provide services to consumers an other businesses
production
businesses which DEVELOP PRODUCTS for distribution from raw goods
distribution
department responsible for DISTRIBUTING goods and services in the most efficient and cost-effective manner
income statement
financial statement which reports net income or net loss of a company
finance
department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
product life cycle
marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
management
process of reaching a company’s goal and objectives by utilizing its resources; department responsible for the management process
producers
process of reaching a company’s goal and objectives by utilizing its resources; department responsible for the management process
finance marketing
how companies in the financial industry promote and sell their products and services to prospective customers.
