PSE: Terms 2
Terms in this set (134)
a primary source of lae that is based on previous court decisions
the supreme law of the land and is based upon the us constitution
address issues such as trade and commerce; provide legal consistency among the states that adopt them
law enacted by the us government
a private wrongdoing that potentially harms another person or entity
Duty of care
basic principle that expects all individuals and businesses to exhibit socially responsible behavior by using caution to prevent harm ad by watching out for one another
doctrine of sovereign immunity
the universally accepted principle that each nation has the right to manage its own government develop its own laws
selling a product through just one middleman in a geographic area
businesses or individuals that assist in the sale and/or promotion of goods and services but do not take title to them
businesses that buy goods from producers or agents and sell to retailers
businesses that buy consumer and services and sell them to ultimate consumers
businesses that buy materials or goods that will be used to make other goods and services or in the operation of a business
establishing on or more vertical marketing system, building strong consumer brand loyalty, arranging alternative retailers
legal avenues manufacturers take to gain more control in product distribution channels to consumers?
disagreement among channel members that perform distribution activities at the same level
channel of distribution in which goods and services move directly from the producer to the consumer or industrial user
new personnel regulations
what type of information concerning policies and procedures do employees often extract from an internal business report?
maintaining eye contact
how can listeners support and encourage a speaker?
sharing and understanding
what two elements are necessary for effective two way communication to take place?
offer to get the information and call back
what should an employee do if a customer calls asking for information that the employee doesn't have?
when a business evaluates its business processes to make them more efficient and effective
the economic process or activity of using goods and services
ultimate goal of all economic activity?
studying and analyzing customer satisfaction
what are marketers in charge of?
organizational business structure
the way a company sets up its workflow
sharing authority, delegating responsibility among employees, and cultivating broad range job skills an knowledge among workers
primary characteristics of organizational business structure?
what country has a private enterprise economic system?
economic system in which individuals and groups own or control most or all of the means of production
indicator of a strong and growing economy is a rise in what?
rising employment, wages, profits, and an increase in the amount of goods produced
indicators if economic growth?
helps us to see the reasons people behave the way they do
make a job change
getting a good recommendation as an honest employee is most likely to help a worker to do what?
what should you always try to see when facing a change?
acknowledging differences and believing that they are assets instead of problems
to reduce anxiety/conflict and to improve self-esteem,mutual respect and understanding,cooperation, and the general quality of relationships
goals of assertive behavior?
control over employees
leadership styles can be classified according to the leader's..?
time value of money
a measure of its opportunity cost.or what the spender is foregoing by spending now instead of saving.
a fee that the government charges on retail products
a specific type of sales tax on specific goods such as gasoline, cigarets, and alcohol
a tax on the income a person earns such as wages earned by performing work for an employer
a tax on land and buildings
24 hour account access
an advantage of using an online brokerage firm?
the differences between what they had forecast and what actually happened, variances.
businesses analyze their financial information to determine what?
debts owed by the business
to provide external resources with accurate financial information
why do some governments require businesses to use specific accounting methods?
collects and records the financial information in the appropriate format
accrual accounting method
records transactions at the time they occur even if no money changes hands at that them .
it provides investors,creditors,and customers with a more accurate picture of a businesses cash flow over time.
advantage of accrual method?
to plan purchases, to know how much money will be available to spend on purchases
why do businesses use budgets to estimate income?
part of the HR management activity of employee relations
career and education planning
an example of an employee-assistance program?
the marketing environment is constantly changing
why do marketers continue to gather information?
selling consumer information without consent
what is an example of an ethical issue that may make it difficult for marketers to gather data?
to merge a variety of data into one database
why do many businesses use computer technology to manage marketing information?
exists outside the organizations "in-house" information system
an article written by an industry expert
an example of external data?
a tool that is often used to gather background information about a current business situation or problem
the process of comparing a businesses income statement with that of its competitors to see how it is doing by industry standards
a marketing tool that investigates a businesses strengths,weaknesses,opportunities,and threats in an organized fashion
a financial analysis whose purpose is to identify the level of sales needed to reach the break-even point at various prices
the course of action for gathering marketing information from a section or portion of a target market
it represents a larger group
what is true about a survey sampling plan?
balanced itemized scale
provides an equal number of favorable responses as it does unfavorable responses
a non-comparative scale that allows respondents to place a slash mark on a line that is bounded by two opposite variables
the formal printed record of a sale that includes all necessary information as to the buyer,seller,items purchased, amounts,prices,delivery date,credit,discount terms,and other data regarding the sales transaction
summarize financial data
invoices that relate to the transportation of goods
a common method of collecting research data that often involves the use of questionnaires
a marketing-research method that involved asking consumers questions in order to learn their opinions and the reasons behind those opinions
what is an indirect mechanical-observation data-collection method that a business can use to obtain accurate info about the specific types of products that its customers are buying?
records all of the customers purchases
present an overview of the proposed research project
one of the functions of a marketing research brief is to?
when someone transposed some numbers as they were converting raw data into numerical values, what error occurred?
concise and objective
in addition to the wording on a questionnaire being clear, how should the wording be?
a set of written questions designed to gather information
what factor has the greatest effect on a consumers buying behavior?
plans of action for achieving marketing goals and objectives
the division of a market on the basis of characteristics people have in common that affect their purchasing power
what is a characteristic included in demographic segmentation?
to identify emerging trends
what is one reason why many businesses are engaging in environmental monitoring?
involves tracking a variety of data and statistics to identify emerging trends
obtain written permission from the copyright owner
what does one need to do before they include someone else's journal article about portfolio diversification in the newsletter that they send to their clients?
a customer registers on the company website
a method of technological information gathering businesses can use to enhance customer relations?
what aspect of a computer system acts as a go-between for software and hardware applications
runs the computer and provides security for the computer system
software that enables the users to perform specific tasks such as word processing
detailed reports, memos, and contracts
businesses often use word processing computer software to produce what?
HTML codes that display information about web pages
Hypertext Markup Language
when creating your business's web page you make it possible for Internet browsers to ID and locate various elements of your page through the proper placement of?
what type of business records would provide a company with info about the movement of its products?
all the stock that a business has on hand
on a daily basis
the operations function consists mainly of activities performed how often?
the day-to-day activities that allow a business to keep doing what it needs to do
to prevent customers from falling
why should the aisles of a business be kept free of clutter?
what skill does a project manager need to be able to guide the actions of others in a desired manner?
dividing the country into districts
what is one way that many large businesses decentralize their purchasing operations?
natural resources,the materials from which to make the products
a component that is necessary for the production of goods and services
to present a favorable business image
what is the importance to the business of employees' regularly performing housekeeping duties?
to identify the purpose of the letter and the job for which you are applying
what is the purpose of the first paragraph of the letter of application?
when dependable,willing to learn new skills, and takes initiative in the workplacr
when is an employee more likely to receive a promotion?
lowering prices during bad economic times
what is an example of a business ring flexible with pricing?
if a business sets very low prices on products to try to drive competitors out of business the practice is considered?
when prices inhibit competition
when is price discrimination illegal?
the first step in the development of new products
computer aided design
a type of software program that businesses often use to plan,modify,or customize products
computer aided design
a type of software program that allows users to draw two- or three-dimensional illustrations on a computer
the physical and social characteristics of the population
a promise made to the consumer that a products purchase price will be refunded if the product is not satisfactory
a promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
unqualified business operators
what does licensing of some businesses protect consumers from?
to encourage long-term use
what is the primary reason for some businesses to bundle products?
the practice of putting together a number of goods/services to create a one-price package
can the product be easily identified by a brand?
which question should be asked by a firm that is trying to decide whether to brand it's products?
all of the combined impressions,images, or experiences associated with a company or parent entity
what brand differentiates an organization from its competitors?
advertisements is necessarily biased
why are consumers hesitant to believe info in ads for a good or service?
they provide a higher standard of living
how do promotional activities benefit the consumer?
to reduce incidents that result in fraud
why do governments impose regulations on promotional activities such as sweepstakes and contest?
where would a small business owner concentrate the majority of her advertising budget in order to reach her target market?
what is a benefit to businesses of positive word-of-mouth communication?
provide information about a business and its employees
what is one of the functions of certain types of public-relations activities?
the main internal audience for public-relations activities
when preparing a promotional plan, which type of analysis would a business use to obtain info about the competition?
the examination of what is occurring outside the business
when selling products to be promoted, a business should make sure that it can support the promotion with what?
selling helps customers to determine their needs by providing what opportunity?
it enables businesses to build long-term relationships
what is one of the benefits of providing quality customer service in sales?
customer wants and needs
in determining a businesses selling policies, it should have little or no control over what?
when it sets unreasonable sales quotas for its salespeople
when is a business exhibiting unethical behavior?
the principles that guide an individuals actions and provide guidance for right and wrong behavior
advantages that cannot be seen or understood without the assistance of a salesperson
a customer buying a certain vehicle because it is equipped with various types of safety devices is motivated to buy for what reasons?
the process of coordinating resources in order to accomplish an organizations goals