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