Business Final Exam

Business 198 with Lavake at University of Wisconsin - Oshkosh

About this deck

By: Alaina Breitenfeldt
Textbook: Business Essentials
Created: 2010-12-12
Size: 122 flashcards
Views: 108

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marketing

activity set of institutions and processes for creating, communicating, delivering, and exchanging goods/services with value for customers and society at large

Four Eras of Marketing:

1. Production Era

2. Selling Era

3. Marketing Concept

4. Customer Relationship Era

Product

a good/service/idea that staisfies a consumer's want or need

Test Marketing

testing product concepts among potential product users

brand name

a word, letter, or group of words or letters that differentiate different products

Marketing Research

analyzing markets to determine challenes and opportunities, and finding the info to make good decisions

Four Steps in the Marketing Research Process

1. Defining the problem or opportunity and determining the present situation

2. Collecting research data

3. Analyzing data

4. Choosing the best solution

Seconday Data

existing data that has previously been collected by source's like the gov't

-doesn't always provide all info needed

Primary Data

in-depth information gathered by marketers from their own research

Focus Group

group of people who meet under direction of a discussion leader to communicate opinions

Business to Consumer

all the individuals or households that want goods and services for personal use and have the resources to buy them

Business to Business

individuals and organizations that buy goods and services to use in production or to sell, rent or supply to others

Market Segmentation

divides the total market into groups with similar characteristics

Target Marketing

selecting which segments an organization can serve profitably

geographic segmentation

dividing the market by cities, counties, states or regions

demographic segmentation

dividing the market by age, income, education and other demographic variables

psychographic segmentation

dividng the market by group values, interests, and opinions

Benefit segmentation

dividing the market according to product benefits the customer prefers

Volume segmentation

dividng the market by the volume of product use

Niche Marketing

identifies small but profitable market segments and designs or finds products for them

One-to-One Marketing

developing a unique mix of goods and services for each individual consumer

Mass Marketing

developing products and promotions to please large groups of people

Relationship Marketing

rejects the idea of mass production and focuses toward custom-made goods and services for customers

Value

good quality at a fair price

Total Product Offer

everything consumers evaluate when deciding whether to buy something

Product Line

a group of products that are physically similar or intended for a similar marketing

Product Mix

combination of all product lines offered by a manufacturer or service provider

product differentiation

creation of real or perceived product differences

4 Classifications of Consumer Products

1. Convenience Goods and Services

2. Shopping Goods and SErvices

3. Specialty

4. Unsought

Industrial Goods

Products used in the production of other products and sold in the B2B market

Brand

name, symbol, or design that identifies the goods or services

Trademark

brand that has exlusions legal protection for both its brand name and design

Manufacturer's Brand

Brand names of manufacturers that distribute products nationally

Generica Goods

non-branded products that sell at a discount

Brand equity

factors people associate w/ brand (value)

Brand Loyalty

degree to which consumers are satisfied

brand awareness

qickly or easily a given brand comes to mind when someone mentions a category

Product Life Cycle

theoretical look at what happens to sales and profits for a product over time Every Single Profit

Target Costing

making the final proice of a product an input in the product development process by estimating the selling price

Competition-Based Pricing

strategy based on what the competition is charging for its products

skimming price strategy

pricing new products hight to recover costs and make high profits while comp. is limited

penetraion price strategy

pricing products low with the hope of attracting more buyers and discouraging other companies from competition

Marketing Intermediaries

organizations that assist in moving goods and services from B2B+B2C

Channel of Distribution

group of marketing intermediaries that joining together to transport and store goods from producers to consumers

wholesalers

sells products to other organizations (retailers, manufacturers, and hospitals)

agents and brokers

intermediaries who bring buyers and sellers together and assist in negotiating an exhange but do not take title to the goods they offer

retailers

organization that sells products to ultimate customers

utility

the want-satisfying ability that orgs add to goods and services by making them more useful or accessible to consumers

Six Types of Utilities:

Form, Time, Place, Possession, INformation, Service

Form Utility

changes raw materials into useful products, producers generally provide form unility

Time Utility

makes products available when customers want them

place utility

adds value to products by placing them where people want them

possession utility

helps transfer ownership from one party to another, including providing credit

information utility

opens two-way flows of info between marketing participants

Service Utility

Provides service during and after a sale and teaches customers how to best use products

Whole Salers

normally make B2B sales, but some stores have retail functions

Merchant wholesalers

independently owned firms that take title to the goods they handle

Distribution Strategies

intensive distribution-puts products into as many retail outlets as possible inlcuding vending machines
selective distribution-uses only a preferred goup of the available retailers in an area
exclusive distr-use of only one retail outlet in a given area

"non store retailers"

electronic, telemarketers, vending machines

Supply chain

all the linked activites various orgs must perform to move goods from the source of rare materials to ultimate consumers

supply chain management

managing the movement of raw materials, parts, works in progress, finished goods, and related info through all the orgs in the supply chain

logistics

planning, implementing and controlling of the physical flow of material, final goods and related information from points of origin to points of consumption

inbound logistics

brings raw materials, packaging, other goods and services and information from suppliers to producers

materials handling

movement of goods within a warehouse, from warehouse to the factory floor

outbound logistics

manages the flow of finished products and info to business buyers and consumers

reverse logistics

brings goods back to the manufacturere because of defects or for recycling

freight forwarder

puts many small shipments together to create a single large shipment that can be transported cost-effectively by truck/train

intermodal shipping

uses multiple modes of transportation to complete a single long-distance movement of freight

financial accounting

recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide interested parties needed financial info

Managerial Accounting

provides info and analysis tomanagers inside the org to assist them in desicion making

annual report

a yearly report of the financial condition, progress, and expectations of the firm

private accountants

work in a single firm, government agency, or nonprofict organization

Certified Public Accountants (CPA)

accountants who have passed a series of examinations and met requirements for education and experience

Forensic accountants

look for proof a company is "cooking the books" fraud or accounting wrongdoings

auditing

reviewing and evaluating the info used to prepare a company's financial statements

independent auditing

an evaluation and unbiased opinion about the accuracy of a company's financial statements

certified internal auditors

have a bachelor degree-two years experience in internal auditing and pass an exam

tax accountants

accountants trained in tax law and are responsible for preparing tax returns or developing tax strategies

accounting cycle

six step procedure results in prep and analysis of the major financial statements

bookkeeping

recording of business transactions into a record book or computer program called a journal

double-entry bookkepping

record all transactions in two places so they can check one list of transactions against the other for accuracy

ledger

specializd accounting book where all info is categorized by similaritytrial

trial balance

a summary of all the info in the account ledgers

financial statements

summary of all the financial transactions that have occured over a particular period

the accounting equation

assets= liabilities + owners equity

assets

economic resources owned by a firm items can be tangible or intangible

current assets

items that can be or will be converted into cash within one year

fixed assets

long term assets that are relatively permanent: land, buildings, equipment

intangible assets

long-term assets have no physical form but do have value: patents

liabilities

what the business owes to others-its debts

owner's equity

the amount of the business that belongs to the owners minues any liabilities of the owners

retained earnings

accumulated earnings from the firm's profitable ops that are reinvested in the business

income statement

financial statement that shows the firm's bottom line

revenues

the monetary value a firm received for goods sold, services redered, or other payments

costs of goods sold

measure the cost of merchandise the firms seels or cost of raw materials and supplies it used in producing items for resale

gross profit

how much a firm earned by buying and selling merchandise

operating expenses

expenses a firm incurs in selling goods and servies such as rent, salaries, and supplies

statement of cash flows

reports cash inflows and cash outflows over a period of time related to 3 major activities of a firm

cash flow

the difference b/w cash coming in and cash going out of a business

ratio analysis

the assesment of a firm's financial condition using calculations and financial ratios developed from the firms financial statements

liquidity ratios

measure a firm's ability to turn assets into cash to pay its short-term debts

leverage ratios

measure the degree to which a firm relies on borrowed funds in its operations

profitability ratios

measure how effectively a firm's managers are using the firms various resources to achieve profits

activity ratios

measure how effectively management is turning inventory

finance

the function in a business that acquires funds for a irm and manages them within the firmf

finactial management

job of managing a firms resources to meet its goals and objectives

financial managers

examine financial data and recommend strategies for improving financial performace

budget

sets forth management's expectations for revenues and allocates the use of specific resources

capital budget

highlight's a firm's spending plans for major asset purchases tht often require large sums of money

cash budget

estimates cash inflows and outflows during a praticular period like a month or a quarter

operating (master) budget

ties together all the firm's other budgets and summarize its proposed financial activities

financial control

a process in which a firm periodically compares its actual revenues, costs, and expenses with its budget

debt financing

funds raised through various forms of borrowing that must be replaced

data processing

name for business technology in 70s; primarility used to improve the flow of financial information

equity financing

funds raised via retained earnings and for sale of ownership in the firm (stock)company can secure equity financing by selling shares of stock/earning profits and using the retained earnings

data

raw, unanalyzed and unorganized facts and figures

information

processed and organized data that managers can use for decision making

information system

the first name for business technology

information technology

tech that helps change business by allowing companies to use new methods

data warehouse

stores data on a single subject for a firm over a specific period

data mining

a technique for looking for hidden patterns and previously unknown relationshipsintranet

intranet

a compnay wide network closed to the public access that used internet

About this deck

By: Alaina Breitenfeldt
Textbook: Business Essentials
Created: 2010-12-12
Size: 122 flashcards
Views: 108

About StudyBlue

“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy