All Chapters Flashcards
(232 cards)
1
Q
Etching of plastic layers into different shapes by laying down successive layers of material to form a 3D
solid
A
3D printing
2
Q
Process of measuring, interpreting, and communicating financial information to support internal and external business decision making
A
Accounting
3
Q
Set of activities involved in converting information and individual transactions into financial statements.
A
Accounting cycle
4
Q
Formula that states that assets must always equal the sum of liabilities and owners’ equity.
A
Accounting equation
5
Q
Accounting method that records revenues and expenses when they occur, not necessarily when cash actually changes hands
A
Accrual accounting
6
Q
Paid nonpersonal communication, usually targeted at large numbers of potential buyers.
A
Advertising
7
Q
Marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities
A
Affinity program
8
Q
Outside supplier that provides both the computers and the application support for managing an
information system.
A
Application service provider (ASP)
9
Q
Anything of value owned by a company.
A
Asset
10
Q
Statement of a company’s financial position—what it owns and claims against its assets—at a particular point in time.
A
Balance sheet
11
Q
Situation in which total revenues raised by taxes equal the total proposed spending for the year.
A
Balanced budget
12
Q
Process of determining how well other companies perform business functions or tasks.
A
Benchmarking
13
Q
Information collected in massive amounts and at unprecedented speed from both traditional and digital sources that is used in business decision making.
A
Big data
14
Q
A network of PCs that have been infected with one or more data-stealing viruses.
A
Botnet
15
Q
Added value that a respected and successful name gives to a product.
A
Brand equity
16
Q
Part of the brand consisting of words or letters included in a name used to identify and distinguish the
company’s offerings from those of competitors.
A
Brand name
17
Q
Breakeven analysis
A
Pricing technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs.
18
Q
Situation in which the government spends more than the amount of money it raises through taxes.
A
Budget deficit
19
Q
Excess funding that occurs when government spends less than the amount of funds raised through taxes and fees.
A
Budget surplus
20
Q
Good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
A
Business (B2B) product
21
Q
Activities and technologies for gathering, storing, and analyzing data to make better competitive
decisions.
A
Business intelligence
22
Q
Mix of a company’s debt and equity capital.
A
Capital structure
23
Q
Vendor that is designated by the business customer as the major supplier to assume responsibility for dealing with all the other vendors for a project and presenting the entire package to the business buyer
A
Category advisor
24
Q
Form of institutional advertising that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process
A
Cause advertising
25
Marketing that promotes a cause or social issue, such as preventing child abuse, anti-littering efforts, and stop-smoking campaigns
Cause marketing
26
Executive responsible for managing a company's information system and related computer technologies
Chief information officer (CIO)
27
Powerful servers store applications software and databases for users to access via the web using anything from a PC to a smart phone
Cloud computing
28
Cooperative arrangement in which two or more businesses team up to closely link their names on a single product.
Cobranding
29
Cooperative arrangement in which two businesses jointly market each other's products.
Comarketing
30
Economic system in which all property would be shared equally by the people of a community under the direction of a strong central government.
Communism
31
Strategy that tries to reduce the emphasis on price competition by matching other companies' prices and concentrating their own marketing efforts on the product, distribution, and promotional elements of
the marketing mix
Competitive pricing
32
Process that allows engineers to design components as well as entire products on computer screens faster and with fewer mistakes than they could achieve working with traditional drafting systems
Computer-aided design (CAD)
33
Computer tools to analyze CAD output and enable a manufacturer to analyze the steps that a machine must take to produce a needed product or part
Computer-aided manufacturing (CAM)
34
Information systems that rely on computer and related technologies to store information electronically in
Computer-based information systems
35
Production system in which computers help workers design products, control machines, handle materials, and control the production function in an integrated fashion
Computer-integrated manufacturing (CIM)
36
Good or service that is purchased by end users.
Consumer (B2C) product
37
Actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions
Consumer behavior
38
Measurement of the monthly average change in prices of goods and services.
Consumer Price Index (CPI)
39
Function of evaluating an organization's performance against its objectives.
Controlling
40
Allowances provided by marketers in which they share the cost of local advertising of their company's product or product line with channel partners
Cooperative advertising
41
Inflation rate of an economy after energy and food prices are removed.
Core inflation rate
42
Organization's system of principles, beliefs, and values.
Corporate culture
43
Formulas that calculate total costs per unit and then add markups to cover overhead costs and generate profits
Cost-based pricing
44
Persuasive type of promotional presentation.
Creative selling
45
People who are out of work because of a cyclical contraction in the economy.
Cyclical unemployment
46
Raw facts and figures that may or may not be relevant to a business decision.
Data
47
The task of using computer-based technology to evaluate data in a database and identify useful trends.
Data mining
48
Customer database that allows managers to combine data from several different organizational
functions.
Data warehouse
49
Process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and assessing the results
Decision making
50
Centralized integrated collection of data resources.
Database
51
Gives direct support to business-people during the decision-making process
Decision support system (DSS)
52
Opposite of inflation, occurs when prices continue to fall.
Deflation
53
Managerial process of assigning work to employees.
Delegation
54
Willingness and ability of buyers to purchase goods and services.
Demand
55
Graph of the amount of a product that buyers will purchase at different prices.
Demand curve
56
Distinguishes markets on the basis of various demographic or socioeconomic characteristics.
Demographic segmentation
57
Process of dividing work activities into units within the organization.
Departmentalization
58
Guiding and motivating employees to accomplish organizational objectives.
Directing
59
Less expensive and simpler versions of existing products and services that target an entirely new group
of customers
Disruptive innovations
59
Path that products—and legal ownership of them—follow from producer to consumers or business user.
Distribution channels
60
Deals with the marketing activities and institutions involved in getting the right good or service to the
company's customers
Distribution strategy
61
Sale of assets by a company.
Divestiture
62
Process by which accounting transactions are entered; each individual transaction always has an offsetting transaction
Double-entry bookkeeping
63
Social science that analyzes the choices people and governments make in allocating scarce resources.
Economics
64
Giving employees authority and responsibility to make decisions about their work.
Empowerment
65
Marketing strategy that focuses on the precise way a B2B purchaser will use a product.
End-use segmentation
66
Many different types of hardware networked together to create a seamless data flow between organizations
Enterprise computing
67
Analysis of external environmental factors by marketers to understand how they impact business and
marketing decisions
Environmental scanning
68
Prevailing market price at which you can buy an item.
Equilibrium price
69
Marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances
Event marketing
69
Is a strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting
tactics such as cents-off coupons, rebates, and special sales
Everyday low pricing (EDLP)
70
Activity in which two or more parties give something of value to each other to satisfy perceived needs.
Exchange process
71
Infrastructure that facilitates the trading of equity securities and stocks.
Exchanges
72
Lets senior executives access the company's primary databases, often by touching the computer screen, pointing and clicking a mouse, or using voice recognition.
Executive support system (ESS)
73
Government actions to increase the money supply in an effort to cut the cost of borrowing, which
encourages business decision makers to make new investments, in turn stimulating employment and economic growth
Expansionary monetary policy
74
Federal agency that insures deposits at commercial and savings banks.
Federal Deposit Insurance Corporation (FDIC)
75
Computer program that imitates human thinking through complicated sets of if-then rules.
Expert system
76
Central bank of the United States.
Federal Reserve System (Fed)
77
Planning, obtaining, and managing a company's funds to accomplish its objectives as effectively and efficiently as possible
Finance
78
Organization responsible for evaluating, setting, or modifying GAAP in the United States.
Financial Accounting Standards Board (FASB)
79
Executives who develop and implement the firm's financial plan and determine the most appropriate sources and uses of funds.
Financial managers
80
Markets in which securities are bought and sold.
Financial markets
81
Document that specifies the funds needed by a company for a period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds
Financial plan
82
Process by which money flows from savers to users.
Financial system
83
Limits data transfers to certain locations and log system use so that managers can identify attempts to log on with invalid passwords and other threats to a system's security
Firewall
84
Government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth.
Fiscal policy
85
Production facility that can be quickly modified to manufacture different products
Flexible manufacturing system (FMS)
86
Marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other
premiums
Frequency marketing
87
Applies to members of the workforce who are temporarily not working but are looking for jobs.
Frictional unemployment
88
Principles that encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time
Generally accepted accounting principles (GAAP)
89
Dividing a market into homogeneous groups on the basis of their locations.
Geographical segmentation
89
Sum of all goods and services produced within a country's boundaries during a specific time period, such as a year
Gross domestic product (GDP)
90
Innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways.
Guerrilla marketing
91
All tangible elements of a computer system.
Hardware
92
Economic situation characterized by soaring prices.
Hyperinflation
93
Financial record of a company's revenues, expenses, and profits over a period of time.
Income statement
94
Economic situation characterized by rising prices caused by a combination of excess consumer demand
and increases in the costs of raw materials, component parts, human resources, and other factors of production
Inflation
95
Form of broadcast direct marketing; 30-minute programs that resemble regular TV programs, but are devoted to selling goods or services
Infomercials
96
Knowledge gained from processing data.
Information
97
Organized method for collecting, storing, and communicating past, present, and projected information
on internal operations and external intelligence.
Information system
98
Use of material nonpublic information about a company to make investment profits.
Insider trading
99
Involves messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities
Institutional advertising
100
Coordination of all promotional activities—media advertising, direct mail, personal selling, sales promotion, and public relations—to produce a unified, customer-focused message
Integrated marketing communications (IMC)
101
Organization established in 1973 to promote worldwide consistency in financial reporting practices.
International Accounting Standards Board (IASB)
102
Standards and interpretations adopted by the IASB.
International Financial Reporting Standards (IFRS)
103
Organization whose mission is to develop and promote international standards for business, government, and society to facilitate global trade and cooperation
International Organization for Standardization (ISO)
104
A web-connected ecosystem of everyday objects with network connectivity, including TVs, cars,
household appliances, and wearable tech devices
Internet of Things
105
Computer network that is similar to the Internet but limits access to authorized users.
Intranet
106
Function requiring production and operations managers to balance the need to keep stock on hand to meet demand against the costs of carrying inventory
Inventory control
107
Assist companies in raising capital and provide merger and acquisition services.
Investment banker
108
Broad management philosophy that reaches beyond the narrow activity of inventory control to influence the entire system of production and operations management
Just-in-time (JIT) system
109
Ability to direct or inspire people to attain certain goals.
Leadership
110
Voluntary certification program administered by the U.S. Green Building Council, aimed at promoting the most sustainable construction processes available
LEED (Leadership in Energy and Environmental Design)
111
Increasing the rate of return on funds invested by borrowing funds.
Leverage
112
Transaction in which public shareholders are bought out and the company reverts to private status.
Leveraged buyouts (LBO)
113
Anything owed to creditors—the claims of a company's creditors.
Liability
114
Revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer.
Lifetime value of a customer
115
Computer networks that connect machines within limited areas, such as a building or several nearby buildings
Local area networks (LANs)
116
Process of coordinating the flow of goods, services, and information among members of the supply chain
Logistics
117
Study of a nation's overall economic issues, such as how an economy maintains and allocates resources
and how a government's policies affect the standards of living of its citizens.
Macroeconomics
118
Choosing whether to manufacture a needed product or component in-house, purchase it from an outside supplier, or lease it
Make, buy, or lease decision
119
Any malicious software program designed to infect computer systems.
Malware
120
Process of achieving organizational objectives through people and other resources.
Management
121
Information system that is designed to produce reports for managers and others within the organization.
Management information system (MIS)
122
Information systems that are designed to provide support for effective decision making.
Management support systems
123
Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
124
Process of dividing a total market into several relatively homogeneous groups.
Market segmentation
125
Company-wide consumer orientation to promote long-run success.
Marketing concept
126
Blending of the four elements of marketing strategy—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market
Marketing mix
127
Collecting and evaluating information to help marketers make effective decisions.
Marketing research
128
A system for manufacturing products in large quantities through effective combinations of employees,
with specialized skills, mechanization, and standardization
Mass production
129
Computer-based production planning system that lets a company ensure that it has all the parts and materials it needs to produce its output at the right time and place and in the right amounts
Materials requirement planning (MRP)
130
Study of small economic units, such as individual consumers, families, and businesses.
Microeconomics
131
Written explanation of an organization's business intentions and aims.
Mission statement
132
Indirect form of selling in which the representative promotes goodwill for a company or provides technical or operational assistance to the customer
Missionary selling
133
Economic system that draws from both types of economies, to different degrees.
Mixed market economies
134
Government actions to increase or decrease the money supply and change banking requirements and
interest rates to influence bankers' willingness to make loans
Monetary policy
135
Market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price
Monopolistic competition
136
Market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes
Monopoly
137
Money owed by government to individuals, businesses, and government agencies who purchase Treasury bills, Treasury notes, and Treasury bonds sold to cover expenditures
National debt
138
Consists of advertising, sales promotion, direct marketing, and public relations.
Nonpersonal selling
139
Guideposts by which managers define the organization's desired performance in such areas as new-product development, sales, customer service, growth, environmental and social responsibility, and
employee satisfaction
Objectives
140
Pricing method using uneven amounts, which sometimes appear smaller than they really are to consumers.
Odd pricing
141
Market structure in which relatively few sellers compete and high start-up costs form barriers to keep out new competitors
Oligopoly
142
Information systems designed to produce a variety of information on an organization's activities for both
internal and external users.
Operational support systems
143
Form of selling, mostly at the wholesale and retail levels, that involves identifying customer needs, pointing them out to customers, and completing orders.
Order processing
144
Structured group of people working together to achieve common goals.
Organization
145
Marketing strategy that influences consumers to accept the goals of, receive the services of, or contribute in some way to an organization
Organization marketing
146
Process of blending human and material resources through a formal structure of tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives.
Organizing
147
Funds contributed by owners plus profits not distributed to owners in the form of cash dividends.
Owners' equity
148
Strategy that sets a low price as a major marketing weapon.
Penetration pricing
149
Use of efforts designed to attract the attention, interest, and preference of a target market toward a person.
Person marketing
150
The most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer
Personal selling
151
Actual movement of products from producer to consumers or business users.
Physical distribution
152
Attempt to attract people to a particular area, such as a city, state, or nation.
Place marketing
153
Economic system in which government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms
Planned economy
154
Process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
Planning
155
Displays or demonstrations that promote products when and where consumers buy them, such as in retail stores
Point-of-purchase (POP) advertising
156
Form of promotion in which marketers attempt to establish their products in the minds of customers by communicating to buyers meaningful distinctions about the attributes, price, quality, or use of a good or
service.
Positioning
157
Strategies that establish relatively high prices to develop and maintain an image of quality and exclusiveness.
Prestige pricing
158
Exchange value of a good or service.
Price
159
Financial markets in which corporations and governments issue securities and sell them initially to the general public
Primary markets
160
Conversion of government-owned and operated companies into privately held businesses.
Privatization
161
Operational support system to monitor and control physical processes.
Process control systems
162
Bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants.
Product
163
Consists of messages designed to sell a particular good or service.
Product advertising
164
Four basic stages—introduction, growth, maturity, and decline—through which a successful product progresses
Product life cycle
165
Group of related products marked by physical similarities or intended for a similar market.
Product line
166
The assortment of product lines and individual goods and services that a firm offers to consumers and business users
Product mix
167
Dividing consumer markets into groups based on buyers' relationships to the good or service.
Product-related segmentation
167
Form of promotion in which marketers pay placement fees to have their products showcased in various
media, ranging from newspapers and magazines to original online television and movies.
Product placement
168
Use of resources, such as workers and machinery, to convert materials into finished goods and services.
Production
169
Oversee the production process by managing people and machinery in converting materials and resources into finished goods and services.
Production and operations management
170
Creates a well-defined set of procedures for coordinating people, materials, and machinery to provide
maximum production efficiency
Production control
171
Common objectives included in the strategic plans of most companies.
Profitability objectives
172
Relationship between the number of units produced and the number of human and other production inputs necessary to produce them.
Productivity
173
Function of informing, persuading, and influencing a purchase decision.
Promotion
174
Combination of personal and nonpersonal selling components designed to meet the needs of a company's target customers and effectively and efficiently communicate its message to them
Promotional mix
175
Dividing consumer markets into groups with similar psychological characteristics, values, and lifestyles.
Public accountant
176
Organization's communications and relationships with its various public audiences.
Public relations
177
Promoting a product by generating consumer demand for it, primarily through advertising and sales
promotion appeals.
Pulling strategy
177
Nonpersonal stimulation of demand for a good, service, place, idea, event, person, or organization by
unpaid placement of information in print or broadcast media.
Publicity
178
Market structure, in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price
Pure competition
179
Personal selling to market an item to wholesalers and retailers in a company's distribution channels.
Pushing strategy
180
Good or service that is free of deficiencies.
Quality
181
Measuring output against established quality standards.
Quality control
182
Cyclical economic contraction that lasts for six months or longer.
Recession
183
Market situations in which local, state, or federal government grants exclusive rights in a certain market to a single firm.
Regulated monopolies
184
Developing and maintaining long-term, cost-effective exchange relationships with partners.
Relationship marketing
185
Government actions to reduce the money supply to curb rising prices, overexpansion, and concerns about overly rapid economic growth
Restrictive monetary policy
186
Process of maximizing the wealth of a company's shareholders by striking the optimal balance between
risk and return
Risk-return trade-off
186
Distribution channel member that sells goods and services to individuals for their own use rather than for resale.
Retailer
187
Consists of types of promotion such as coupons, product samples, and rebates that support advertising and personal selling
Sales promotion
188
Joblessness of workers in a seasonal industry.
Seasonal unemployment
189
Collection of financial markets in which previously issued securities are traded among investors.
Secondary market
190
Financial instruments that represent obligations on the part of the issuers to provide the purchasers with expected stated returns on the funds invested or loaned
Securities
191
The heart of a midrange computer network.
Server
192
Strategy that sets an intentionally high price relative to the prices of competing products.
Skimming pricing
193
Economic system characterized by government ownership and operation of major industries such as communications
Socialism
194
All the programs, routines, and computer languages that control a computer and tell it how to operate.
Software
195
Promotional items that prominently display a company's name, logo, or business slogan.
Specialty advertising
196
Involves providing funds for a sporting or cultural event in exchange for a direct association with the
event
Sponsorship
197
Software that secretly gathers user information through the user's Internet connection without his or her
knowledge, usually for advertising purposes
Spyware
198
Statement showing the sources and uses of cash during a period of time.
Statement of cash flows
199
Record of the change in owners' equity from the end of one fiscal period to the end of the next.
Statement of owners' equity
200
Companies that list stocks for public investors to buy and sell.
Stock markets
201
Price of a specific stock and performance information.
Stock quote
202
Occurs when a company decides to divide its existing shares of stock into multiple shares.
Stock split
203
People who remain unemployed for long periods of time, often with little hope of finding new jobs like their old ones.
Structural unemployment
204
Willingness and ability of sellers to provide goods and services.
Supply
205
Complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers
Supply chain
206
Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.
Supply curve
207
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. By systematically evaluating all four of these factors, a firm can then develop the best strategies for gaining a competitive advantage.
SWOT analysis
208
Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences
Target market
209
Personal selling conducted entirely by telephone, which provides a company's marketers with a high return on their expenditures, an immediate response, and an opportunity for personalized two-way
conversation
Telemarketing
210
Offer made by a company to the target company's shareholders specifying a price and the form of payment.
Tender offer
211
Introduction of a new product supported by a complete marketing campaign to a selected city or geographic area
Test marketing
212
Sales promotion geared to marketing intermediaries rather than to final consumers.
Trade promotion
213
Brand that has been given legal protection.
Trademark
214
Operational support system to record and process data from business transactions.
Transaction processing systems
215
Program that claims to do one thing but in reality does something else, usually something malicious.
Trojan horse
216
Percentage of the total workforce actively seeking work but currently unemployed.
Unemployment rate
217
Power of a good or service to satisfy a want or need.
Utility
218
Process in which the producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and automatically ship new supplies when needed.
Vendor-managed inventory
219
Common type of technology infrastructure, which consists of links that are not wired connections.
Virtual network
220
Secure connections between two points on the Internet.
Virtual private networks
221
Programs that secretly attach themselves to other programs (called hosts) and change them or destroy data
Viruses
222
Ability to perceive marketplace needs and what an organization must do to satisfy them.
Vision
223
Objects based on pricing decisions on market share, the percentage of a market controlled by a certain
company or product
Volume objectives
224
Distribution channel member that sells primarily to retailers, other wholesalers, or business users.
Wholesaler
225
Wireless network that connects various devices and allows them to communicate with one another through radio waves
Wi-Fi
226
Tie larger geographical regions together by using telephone lines and microwave and satellite transmission
Wide area networks (WAN)
