When a company needs to maintain control over a compex product that requires special handling or training, such as airplanes and machines.
Expansion of Operations in Foreign Countries
To increase the companies revenues and market shares.
Cash Conversion Cycle
Time ratio of paying and recieving cash from products, must be kept short so the compnay doesn't run out of cash.
"selling under the guise of research" , a marketer pretends to be researching but is actually attempting to sell.
determining and adjusting prices to maximize return and meet customers' perception of value
Rising Inflation Rate
Rapid rise in prices, threat to companies because customer's have less money to spend on their products, reducing profit.
Process or activity of produing goods and services. Businesses must obtain appropriate resources to produce these goods and/or services/
Dark pantsuit, blouse, and low-heel shoes for business functions. Dress, short jacket, and high-heeled shoes for evening events.
The edge achieved by a business that offers something better than its competitors.
For maintaining a positive relationship with shareholders, the most effective ways of communicating are newsletters, annual reports, and the company's website.
Travel Promotion Act of 2010
Attracts international visitors to America. It will increase jobs and help the economy.
Legitimate Channel Power
Exists through the use of contractual agreements that specify the expected behavior of the parties.
Elements of communication that
involve gestures and facial expressions rather than words.
Businesses that own buildings and property must pay property taxes to the government at specific intervals based on the value of the land and
Items of value that are
not expected to change, such as buildings and equipment.
One variable increases as the other variable decreases.
People grouped together on the
basis of their knowledge, attitude, and use/response to a product.
Websites that enable customers to make reservations online; they are open 24 hours and are easily accessible.
Decision matrix is used to weigh the importance of factors/ratings of products.
Multiple coupons that are only good during
specified days, weeks, or months.
Debtor vs. Creditor
The debtor is the individual or business that owes money to another individual or business, which is the creditor.
Very beneficial for business, but many companies encounter difficulties when implementing the
technology. (too expensive, etc.)
Customer Relationship Management (CRM) Technology
Measures and analyzes a business's typical customer pattern of purchases.
A country's currency fluctuates in relation to other country's currencies, which affects profit.
Over The Counter Bulletin Board (OTCBB)
Small companies that don't meet organized exchange listing requirements as well as companies with poor credit ratings are likely to trade their stock on the OTCBB.
Calculation of debt-to-equity ratio that tells creditors whether a customer can repay the principal of the loan/interest.
Involve technology oriented activities and tasks related to employee performance reviews.
Information presented in numerical form to help identify trends.
The processes a department would use in emergency situations; internal and external.
The process of substituting a random number in place of an account number to process the transaction online. (protects customer data from fraud)
A type of intangible property because it cannot be detected by the senses. (i.e. trademarks, logos, etc.)
Form of business ownership in which the business is owned by two or more persons who combine the capital, but have unlimited financial liability.
Must have at least five members, share common goals, and share tasks appropriately.
Products move to one or more intermediaries before moving on to the consumer.
Integrated Information Sharing
Allows near-instantaneous computer decisions related to market information, customer information, supply and inventory information, etc.
make sure products are in stock before advertising a sale
Ask appropriate questions, this helps employees follow directions and lets the speaker know if the listener understands.
Clear and short; a courteous message addresses others with respect and gives all the facts/information.
Telephone Customer Service
Do not make people wait too long or connect them with several different lines, they may become irritated and hang-up. If necessary, put the customer on hold.
Employees are advised to attend group discussions to analyze problems and find solutions.
Speakers write note cards to help them remember to discuss important points they want to present to the audience.
Should be concise and easy to understand so that the reciever gets the point quickly.
Helps write effective business letters and organize thoughts.
Include things like minutes of a staff meeting, which provides a brief summary to distribute to all employees.
This is important for employees because they need to provide customer service in a quick, convenient manner.
Building a clientele
Requires businesses to interpret their policies to customers in an effective manner.
Don't Jump to Conclusions
Compromising and negotiating are important. Don't press sales on "leave-me-alone" customers, mirror the behavior of slow customers.
Products that are purchased and used by consumers.
Products have inelastic demands when the demand for them remains the same regardless of increased prices.
The thing that gives a company the initiative to sell.
Producing goods and services, keeping accurate financial records, planning for future success, and hiring qualified employees.
Change in local conditions and government spending policies. These risks can force a lowering of prices, change of products, or failure of business.
Food and Drug Administration (FDA)
regulates the labeling and safety of food, drugs, and cosmetics sold throughout the U.S.
Consumer Product Safety Commission (CPSC)
reponsible for overseeing the safety of products such as toys, electronics, and household furniture.
Equal Employment Opportunity Commission (EEOC)
responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions.
Occupational Safety and Health Administration (OSHA)
sets guidelines for workplace safety and environmental concerns, and enforces those regulations.
Securities and Exchange Commision (SEC)
regulates the sale of securities (stocks and bonds).
Environmental Protection Agency (EPA)
established in 1970 to protect human health and our environment; monitoring and reducing air/water pollution, overseeing hazardous waste disposal and recycling.
Federal Trade Commission (FTC)
enforces the principles of a free enterprise system and protects consumers from unfair or deceptive business practicess. reports to congress on its actions.
allows workers to choose their work hours.
involves working at home, usually on a computer.
nonprofit organization that helps produce public service advertising camptigns for government and other qualifying groups.
companies make an effort to produce and promote environmentally safe products.
guidelines for good behavior.
Better Business Bureau (BBB)
one of the oldest nonprofit organizations to set up self-regulation among businesses.
pricing products unreasonably high when the need is great or when consumers do not have other choices.
the process of exchanging messages between a sender and a reciever.
Channels and media
the avenues through which messages are delivered.
obstables that interfere with the understanding of a message.
specialized vocabulary used by members of a particular group.
listing items in order.
involves reporting an illegal action of one's employer.
factors of production
four categories: land, labor, capital, and entrepreneurship.
the physical development of a country.
refers to the skills of people who are willing to invest their time and money to run a business.
the difference between wants and needs.
traditions and rituals that answer the basic questions of what, how, and whom.
no government involvement in economic decisions.
a system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Gross Domestic Product (GDP)
the output of goods and services produced by albor and property located within a country.
Gross National Product (GNP)
the total dollar value of goods and services produced by a nation.
Consumer price index (CPI)
the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.
Producer Price Index (PPI)
measure wholesale price levels in the economy.
expansion and contraction of an economy.
personal financial statement
a summary of your current personal financial condition.
anything of monetary value that you own such as cash, checking and savings accounts.
debt that you owe to others such as credit card debt, school loans, car payments, or taxes.
the difference between your assets and your liabilites.
projections of how much money you will need for your first year of operation.
a summary of income and expenses during a specific period such as a month, a quarter, or a year.
the total of all sales for any period of time.
the amount left after gross sales have been adjusted for returns and allowances.
the amount left after the total expenses are subtracted from gross profit.
the money paid for the use of money borrowed or invested.
the amount you borrowed to start a business.
summary of a business's assets, liabilities, and owner's equity.
cash flow statement
monthly plan that tracks when you anticipate that cash will come into the business and when you expect to pay out cash.
selling additional goods or services to the customer.
Occupational Outlook Handbook (OOH)
the U.S. department of labor publishes a revised edition of the OOH every two years and the OOh quarterly four times each year.
types of jobs available in any field.