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Management > Vocabulary-Lecture-Test 2 > Flashcards

Vocabulary-Lecture-Test 2 Flashcards

1
Q

The exercise of prudence, such as would be expected of a reasonable person, in the careful evaluation of a business opportunity.

A

Due Diligence

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2
Q

Specialized brokers that bring together buyers and sellers.

A

Matchmakers (Business Brokers)

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3
Q

A group of people bound by a shared history and commitment to share a future together, while supporting the development and well-being of individual members.

A

Family

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4
Q

An organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm.

A

Family Business

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5
Q

Couples teams who own and manage businesses.

A

Co-preneurs

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6
Q

Commitment based on being something that the family member “ought to” do.

A

Obligation-Based Commitment

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7
Q

Commitment based on being something that the family member “wants to” do.

A

Emotional Attachment (Desire-Based Commitment)

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8
Q

Commitment based on being something that the family member “has to” do.

A

Cost-Based Commitment

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9
Q

Commitment based on being something that the family member “needs to” do.

A

Need-Based Commitment

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10
Q

A document that outlines the basic concept underlying a business and describes how that concept will be realized.

A

Business Plan

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11
Q

An abbreviated business plan that presents only the most important issues and projections for the business.

A

Mini-Plan (Short Plan, Abbreviated Plan)

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12
Q

A complete business plan that provides an in-depth analysis of the critical factors that will determine a firm;s success of failure, along with all the underlying assumptions.

A

Comprehensive Plan

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13
Q

A section of the business plan that conveys a clear and concise overall picture of the proposed venture and creates interest in the venture.

A

Executive Summary (Overview)

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14
Q

A section of the business plan that describes the product and/or service to be provided and explains its merits.

A

Product/Service Plan

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15
Q

A section of the business plan that describes how the firm will reach and service customers within a given market.

A

Marketing Plan

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16
Q

A section of the business plan that offers information on how a product will be produced or a service provided, including descriptions of the firm’s facilities, labor, raw materials, and processing requirements.

A

Operations and Development Plan

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17
Q

A section of the business plan that describes a new firm’s organizational structure and the backgrounds of its key employees.

A

Management Team Section

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18
Q

A section of the business plan that identifies the potential risks that may be encountered by an investor.

A

Critical Risks Section

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19
Q

A section of the business plan that indicates to an investor how much money is needed, and when and how the money will be used.

A

Offering

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20
Q

A section of the business plan that projects the company’s financial position based on well-substantiated assumptions and explains how the figures have been determined.

A

Financial Plan

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21
Q

Projections of a company’s financial statements for up to five years, including balance sheets, income statements, and statements of cash flows, as well as cash budgets.

A

Pro Forma Statements

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22
Q

A disclosure document that describes a financial security for potential buyers (investors).

A

Prospectus (Offering Memorandum)

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23
Q

Business activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user.

A

Small Business Marketing

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24
Q

The fundamental benefit or solution sought by customers.

A

Core Product/Service

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25
Q

The basic physical product and/or service that delivers those benefits.

A

Actual Product/Service

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26
Q

The basic product and/or service plus any extra or unsolicited benefits to the customer that may prompt a purchase.

A

Augmented Product/Service

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27
Q

The process of locating and describing potential customers.

A

Market Analysis

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28
Q

The combination of product/service, pricing, promotion, and distribution activities.

A

Marketing Mix

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29
Q

A description of potential customers in a target market.

A

Customer Profile

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30
Q

Patents, trademarks, and copyrights, which are used to differentiate products and images from those of competitors and prevent rivals from stealing competitive advantage. Also includes trade secrets. Intangible assets of the company.

A

Intellectual Property

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31
Q

The gathering, processing, interpreting, and reporting of market information.

A

Marketing Research

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32
Q

Market information that has been previously complied.

A

Secondary Data

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33
Q

New market information that is gathered by the firm conducting the research.

A

Primary Data

34
Q

A group of customers or potential customers who have purchasing power and unsatisfied needs.

A

Market

35
Q

The division of a market into several smaller groups, each with similar needs.

A

Market Segmentation

36
Q

Specific characteristics that distinguish market segments according to the benefits sought by customers.

A

Benefit Variables

37
Q

Specific characteristics that describe customers, their purchasing power, their consumption patterns, and other factors.

A

Demographic Variables

38
Q

A strategy that defines the total market as the target market.

A

Unsegmented Strategy (Mass Marketing)

39
Q

A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each.

A

Multisegment Strategy

40
Q

A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment.

A

Single-Segment Strategy

41
Q

A prediction of how much a product or service can be sold within a given market during a specified time period.

A

Sales Forecast

42
Q

A forecasting method that begins with a variable that has a very large scope and systematically works down the sales forecast.

A

Breakdown Process (Chain-Ratio Method)

43
Q

A forecasting method in which all potential buyers in a target market’s submarkets are identified and the estimated demand is added up.

A

Buildup Process

44
Q

A forecasting method in which sales is the estimated variable.

A

Direct Forecasting

45
Q

A forecasting method in which variables related to sales are used to project future sales.

A

Indirect Forecastingq

46
Q

Managers and other key persons who give a company its general direction.

A

Management Team

47
Q

An interconnected system of relationships with other people.

A

Social Network

48
Q

The advantage created by an individual’s connections in a social network.

A

Social Capital

49
Q

A powerful sense of obligation to repay in kind what another has done for or provided for us.

A

Reciprocation

50
Q

A business owned by one person, who bears unlimited liability for the enterprise.

A

Sole Proprietorship

51
Q

Liability on the part of an owner that extends beyond the owner’s investment in the business.

A

Unlimited Liability

52
Q

A legal entity formed by two or more co-owners to operate a business for profit.

A

Partnership

53
Q

A document that states explicitly the rights and duties of partners.

A

Partnership Agreement

54
Q

The liability of each partner resulting from any one partner’s ability to legally bind the other partners.

A

Joint and Several Liability

55
Q

`A document or clause conferring the authority to act as an agent on another’s behalf in a particular context.

A

Agency Power

56
Q

A business organization that exists as a legal entity and provides limited liability to its owners.

A

Corporation

57
Q

A business organization that is recognized by the law as having a separate legal existence.

A

Legal Entity

58
Q

An ordinary corporation, taxed by the federal government as a separate legal existence.

A

C-Corporation

59
Q

A document that establishes a corporation’s existence.

A

Corporate Charter

60
Q

A document specifying the number of shares owned by a stockholder.

A

Stock Certificates

61
Q

The right of stockholders to buy new shares of stock before they are offered to the public.

A

Preemptive Right

62
Q

A situation in which the courts conclude that incorporation has been used to perpetuate a fraud, skirt a law, or commit some wrongful act and remove liability protection from the corporate entity.

A

Piercing the Corporate Veil

63
Q

A partnership with at least one general partner and one or more limited partners.

A

Limited Partnership

64
Q

A partner in a limited partnership who has unlimited personal liability.

A

General Partner

65
Q

A partner in a limited partnership who is not active in its management and has limited personal liability.

A

Limited Partners

66
Q

A type of corporation that offers limited liability to its owners and passes taxable income or losses on to stockholders.

A

S Corporation (Subcharter S Corporation)

67
Q

A form of organization in which owners have limited liability but pay personal income taxes on business profits.

A

Limited Liability Company

68
Q

A form of corporation that shields owners from liability and is set up for individuals in certain professional practices.

A

Professional Corporation

69
Q

A form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes; not for generation of profits.

A

Nonprofit Organization

70
Q

Verification of whether a nonprofit organization is staying true to its stated purpose.

A

Organizational Test

71
Q

An organizational relationship that links two or more independent business entities in a common endeavor.

A

Strategic Alliance

72
Q

The governing body of a corporation, elected by the stockholders.

A

Board of Directors

73
Q

A group that serves as an alternative to a board of directors, acting only in an advisory capacity.

A

Advisory Board

74
Q

A facility that provides shared space, services, and management assistance to new businesses.

A

Business Incubator

75
Q

An analysis of how a firm plans to create profits and cash flows given its revenue sources, its cost structures, the required size of investment, and sources at risk.

A

Business Model

76
Q

A business model based on selling to business customers electronically.

A

Business-to-Business (B2B) Model

77
Q

A business model based on selling to final consumers electronically.

A

Business-to-Consumer (B2C) Model

78
Q

Web-based business offering participants the ability to list products for consumer bidding.

A

Auction Sites

79
Q

A business model in which a website simply provides information about a business, its products, and other related matters.

A

Information-Based Model

80
Q

A business model in which a website provides information (content) that attracts visitors, usually with the hope of generating revenue through advertising or by directing those visitors to other websites.

A

Content-Based Model

81
Q

A business model in which a website provides a mechanism for buying or selling products or services.

A

Transaction-Based Model

Management (33 decks)

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