Deck 5 Flashcards Preview

50 Terms > Deck 5 > Flashcards

Flashcards in Deck 5 Deck (50):
1

Demand Elasticity

Degree to demand for a product

2

Assertiveness

Standing up for what you believe in

3

Better Business Bureau

Oldest organization that establishes self regulation among businesses.

4

Channel Distribution

Path a product takes from its producer or manufacturer to the final user

5

Common Carriers

Trucking companies that provide transportation services to any business in their operating area for a fee

6

Customer Relationship Management

Identifying and understanding customers to form a strong, long-lasting relationship

7

Enterprise Resource Planning

Sophisticated software that integrates all parts of a company's business management

8

Equal Employment Opportunity Commission

Federal Agency responsible for the fair and equitable treatment of employees with regard to hiring,firing, and promotions

9

Fidelity Bonds

Type of insurance that protects a business from employee dishonesty

10

Horizontal Organization

Structure where top management shares decision making with self-managing teams of workers who set their own goals and make their own decisions

11

Hypertext Transfer Protocol

Global computer protocol useed to identify and locate web pages on the Internet

12

Institutional Promotion

promotion method used to create a favorable image for a business, help it advocate for change, or take a stand on trade or community issues

13

Intensive Distribution

Sales involving the use of all suitable outlets to sell a product

14

Kiosks

Interactive point-of-purchase displays that are typically four feet high, have pedestal-mounted high-tech screens, and take up only a few square feet of floor space.

15

Limited Partnership

form of business organization in which each limited partner is liable for any debts only up to the amount of his or her investment in the company. Business's general partner is liable for all debts.

16

Maintained Markup

final difference between an item's final sale price and its costs.

17

Memorandum Buying

A buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date.

18

Occupational Safety and Health Administration

Federal agency that provides guidelines for workplace safety and enforces those regulations

19

One-Price Policy

All customers are charged the same price for the goods and services offered for sale.

20

Perpetual Inventory System

inventory system that tracks the number of items in inventory on a constant basis

21

Point of Purchase Displays

A sales promotion device manufactured units with bold graphics and sinage that hold display or dispense products.

22

Flextime

Program that allows workers to choose their work hours

23

Storage

Marketing Function that refers to the holding of goods until they are sold

24

validity

When questions asked by a questionnaire measure what was intended to be measured

25

Want Slips

customer requests for items that are not carried in the store

26

Basic Stock List

List used for those staple items that should always be in stock

27

Buying Signals

Things customers do or say to indicate a readiness to buy

28

Co-Branding

Combination of one or more brands in the manufacture of a product or in the delivery of a service

29

Consumer Product Safety Commission

Federal agency responsible for overseeing the safety of all products except food, drugs, cosmetics, medical devices, tobacco products,fireams and ammunition,motor vehicles pesticides,aircraft,boats, and fixed site amusement rides.

30

Decentralized Buying

Local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores.

31

Derived Demand

Demand for industrial goods based on the demand for consumer goods based on the demand for consumer goods and services

32

Environment Protection Agency

Federal agency that protects human health and our environment

33

Federal Trade Commission

Federal agency responsible for enforcing the principles of a free enterprise system and protecting consumers from unfair or deceptive business practices.

34

Flextime

Program that allows workers to choose their work hours

35

Hypertext Markup Language

detailed code used to write up web pages

36

Institutional Advertising

Process used to try to create a favorable image for a company and foster goodwill in the marketplace.

37

Integrated Distribution

Distribution system in which manufactures act as a wholesaler and a retailer for their own products

38

Intermediaries

Businesses in sales transactions that move products from the manufacturer to the final user; also known as middleman

39

Insurance Policy

Contract between and an insurance company to cover a specific business risk

40

Law of Diminishing Marginal Utility

An economic law stating tgat consumers will buy only so much of a given product,even though price is low

41

Limited Warranty

Warranty that excludes certain parts of the product from coverage or requires the customer to bear some of the expense for repairs resulting from defects

42

Marketing Information system

Set of procedures and methods that regularly generates stores,analyzes, and distributes information for use in making marketinf and other business decisions

43

Maintained Markup

Difference between an item's final sale price and its cost

44

Never-Out List

Inventory monitoring plan used for bestselling products that make up a large percentage of sales volume

45

Occupational Information Network

Online database that includes information on skills, abilities,knowledge,work activities, and interest associated with occupations

46

On-Approval Sale

agreement permitting a customer to take merchandise home for further consideration

47

Opening Cash Fund

Limited amount of money for the cash register provided by the manager or other designated person at the beginning of each day.

48

Physical Inventory System

Invetory system where every so often,stock is visually inspected or actually counted to determine the quantity on hand.

49

Rational Motive

Conscious logical reason for a purchase

50

Securities and Exchange Commission

Federal Agency that regulates sale of securities, licenses brokerage firms and financial advisers, and investigates dealings among corporations