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Introduction to Business > CH, 1, 2, 3, 6, 7, 11, 12, 13 > Flashcards

CH, 1, 2, 3, 6, 7, 11, 12, 13 Flashcards

(61 cards)

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1
Q

4 Factors of Production

A

Natural resources, capital, human resources, entrepreneurship

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2
Q

Balance of payments

A

A measure of the total flow of money into or out of the country

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3
Q

Balance of trade

A

A basic measure of all the difference in value between a nation’s exports and imports, including both goods and services

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4
Q

Board of directors

A

The individuals who are elected by stock-holders of a corporation to represent their interests

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5
Q

Branding

A

A products identity-including product name, symbol, design, reputation, and image-that sets it apart from other players in the same category

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6
Q

Budget deficit

A

Shortfall that occurs when expenses are higher than revenue over a given period of time

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7
Q

Budget surplus

A

Overage that occurs when revenue is higher than expenses over a given period of time

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8
Q

Business plan

A

A formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives

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9
Q

Business products

A

Products purchased to use either directly or indirectly in the production of other products

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10
Q

Consumer products

A

Products purchased for personal use or consumption

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11
Q

Corporation

A

A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners

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12
Q

Countertrade

A

International trade that involves the barter of products for products rather than for currency

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13
Q

Demand

A

The quantity of products that consumers are willing to buy at different market prices

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14
Q

Direct channel

A

A distribution process that links the producer and the customer with no intermediaries

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15
Q

Distribution strategy

A

A plan for delivering the right product to the right person at the right place at the right time

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16
Q

Economic environment

A

refers to all those economic factors, which have a bearing on the functioning of a business. Business depends on the economic environment for all the needed inputs. It also depends on the economic environment to sell the finished goods. Naturally, the dependence of business on the economic environment is total and is not surprising because, as it is rightly said, business is one unit of the total economy.

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17
Q

Entrepreneur

A

People who risk their time, money, and other resources to start and manage a business

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18
Q

Entrepreneurial traits/characteristics V-E-TU-SR-C-TF

A

Vision, energy, tolerance of uncertainty, self-reliance, confidence, tolerance of failure. V-E-TU-SR-C-TF

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19
Q

Exports

A

Selling products in foreign nations that have been produced or grown domestically

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20
Q

Fiscal policy

A

Government efforts to influence the economy through taxation and spending

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21
Q

Franchise

A

A licensing agreement under which a franchisor allows franchisees to use its name, trademark, products, business methods, and other property in exchange for monetary payments and other considerations

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22
Q

Global trade

A

the exchange of capital, goods, and services across international borders or territories

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23
Q

Horizontal merger

A

A combination of two firms that are in the same industry

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24
Q

Inseparability

A

to describe a key quality of services as distinct from goods

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25
Integrated marketing approach
The coordination of marketing messages through every promotional vehicle to communicate a unified impression about a product
26
Intensive distribution
Involves placing your products in as many stores as possible (or placing your stores themselves in as many locations as possible)
27
LLC
A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions.
28
Market niche
A small segment of the market with fewer competitors than the market as a whole. Market niches tend to be quite attracted to small firms
29
Market research
The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions
30
Marketing mix
The blend of marketing strategies for product, price, distribution, and promotion
31
Monopolistic competition
A market structure with many competitors selling differentiated products. Barriers to entry are low
32
Monetary policy
Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
33
Net loss
The result that occurs when expenses exceed the income or total revenue produced for a given period of time. For tax purposes, net losses in one time period can be used to counteract the income/gains generated in another time period
34
Net profit
a measure of the profitability of a venture after accounting for all costs
35
Nonstore retailers
A growing number of sales go through other channels or nonstore retailers. The key players represent online retailing, direct-response retailing, direct selling, and vending
36
Nonprofit corporation
A corporation that does not seek to earn a profit and differs in several fundamental respects from C corporations
37
Opportunity cost
The opportunity of giving up the second-best choice when making a decision
38
Partnership
A voluntary agreement under which two or more people act as co-owners of a business for profit
39
Personal selling
The person-to-person presentation of products to a potential buyer or buyers
40
Place Utility
Offering products at the right place
41
Promotion strategy
Includes all of the ways that marketers communicate about their products. Key elements today include advertising, personal selling, sales promotion, public relations, word-of-mouth, and product placement
42
Publicity
Unpaid stories in the media that influence perceptions about a company or its products
43
Selective distribution
Means placing your products only with preferred retailers (or establishing your stores only in the limited locations)
44
Sole proprietorship
A form of business ownership with a single owner who usually actively manages the company
45
Supply
The quantity of products that producers are willing to offer for sale at different market prices
46
Supply chain management (SCM)
Planning and coordinating the movement of products along the supply chain, from the raw materials to the final consumers
47
Trade deficit
Shortfall that occurs when the total value of the nations imports is higher than the total value of its exports
48
Trade surplus
Overage that occurs when the total value of the nation's exports is higher than the total value of its imports
49
Unsought products
Are the goods and services that hold little interest (or even negative interest) for consumers. Price and distribution vary widely, but promotion tends to be aggressive to drum up consumer interest. Disability insurance, prepaid burial plots, and blood donations are some examples
50
Wheel of retailing
A classic distribution theory that suggests that retail firms and retail categories become more upscale as they go through their lifecycles
51
Wholesalers
Distributors that buy products from producers and sell them to other businesses or non-final users such as hospitals, nonprofits, and the government
52
2010 entrepreneurship rates
7.6%
53
Category killer
Dominates it's category by offering a huge variety of one type of product. Example-OfficeMax, Best Buy, Staples
54
Department stores
Offers a wide variety of merchandise. Example-clothes, furniture, cosmetics. Nordstrom, Macy's, JCPenney
55
Economics
The study of the choices that people, companies, and governments make in allocating societies resources
56
Macroeconomics
The study of a country's overall economic dynamics, such as the unemployment rate, the gross domestic product, and taxation policies
57
Microeconomics
The study of smaller economic units such as individual consumers, families, and individual businesses
58
GDP
Gross Domestic Product
59
form utility
Turning inputs into finished goods
60
time utility
Providing products at the right time
61
ownership utility
Providing credit, cashing checking, delivering products

Introduction to Business (3 decks)

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