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Flashcards in Final Deck (75):
1

Max Weber

Bureaucracy, rational and legal authority

2

Departmentalization categories

Function, customer group, geographic location,

3

Line organization

Everyone reports to 1 supervisor, no specialists-HR-IT

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Process manufacturing

Physically or chemically changes materials

5

CAD

Computer aided design

6

CAM

Computer aided manufacturing

7

CIM

Computer integrated manufacturing, combines CAD and CAM

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Modular layout

Teams of workers produce more complex units

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process layout

Similar stuff is grouped together

10

MRP

Materials requirement planning

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ERP

Enterprise resource planning

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Six sigma quality

3.4 defects per million

13

ISO 9000

Quality management standards

14

ISO 14000

Impact on environment

15

PERT

Program evaluation and review technique.

Analyze, estimate time, draw PERT network, identify critical path

16

Gantt chart

Shows how much is getting done, not time it takes

17

Balridge award

Given to highest quality companies

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Marketing eras

Production, selling, marketing concept (customer,service, profit orientation), customer relationship management

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Marketing mix

Product, price, place, promotion

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Marketing process

Opportunities, research, target market, design product, product test, brand name and price, distribution system, promotional program, build relationship

21

Market research process

Define question, collect data, analyze, choose solution

22

B2b characteristics

Only a few large buyers, geographically concentrated, usually direct, personal selling

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Product line

products that are physically similar for a similar market

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Dealer/ private brands

Have distributor or retailers name

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Product development process

Idea generation, product screen, product analysis, development; test, commercialization

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Product life cycle

Intro, growth, maturity, decline

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Skimming price strategy

New product priced high at start

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High low pricing

Like department stores

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Possession utility

Doing whatever's necessary to transfer ownership from one party to another

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Cash and Carry wholesalers

Serve small retailers with limited products

31

Corporate distribution system

One firm owns all organizations in channel of distribution

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Wholesaler sponsored chains

Same and and act together, even tho they're independently owned and managed

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Retail cooperative

Initiated by retailers

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Administered distribution system

Producers manage all marketing functions

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Freight forwarder

Put small shipments together on train

36

Promotion mix

Advertising, personal selling, public relations, sales promotion

37

Selling process

Prospect and qualify, preapproach, approach, present, objections, close sale, follow up

38

CMA

Certified management accountant, education, exam, certified

39

Sarbanes oxley

Govt standards for traded companies, accounting regulations

40

Accounting cycle

Analyze docs, record in journal, transfer to ledger, trial balance, financial statements, analyze financial statements

41

Income statement

Revenue, cogs, gross profit, operating expense, net income, taxes ,

42

Statement of cash flows

Operations, investment, financing

43

Leverage ratio (debt)

Borrowed funds to do stuff

44

Activity ratio

How fast turning over inventory

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3 reasons firm fails

Undercapitalization, poor control of cash flow, inadequate expense control

46

Financial plan steps

Forecast needs, develop budget, establish controls to check against goals

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Financial control

Firm compares actual stuff with budget

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Operating funds needs

Day to day, credit operations, inventory; capital expenditures

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Revolving credit agreement

Guaranteed but had a fee

50

Factoring

Selling accounts receivable for cash

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Commercial paper

Unsecured promissory notes, 100,000 and up, 270 days or less

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Term loan agreement

Repay with interest in installments, tax deductible

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Leverage

Borrowing to increase firms rate of return

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Cost of capital

Rate of return company must earn to meet demands of stakeholders

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Securities and exchange act of 1934

Created SEC, mandates prospectus when issuing bonds

56

Stock advantages

No repay stockholders, no dividend requirement, improve balance sheet

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Disadvantage of stock

Shareholders can vote, dividends are paid after taxes and aren't deductible,

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Preferred stock

No voting rights, callable (sell shares back), cumulative (dividends stack)

59

Bond advantage

Bonds are creditors, interest is an expense and tax deduct, if callable can be repaid before date

60

Debenture bond

Unsecured

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Sinking fund

Reserve account to repay bond holders on specific date

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ETF

Traded like stocks than mutual funds

63

Money characteristics

Portability, divisibility, stability, durability, uniqueness

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M-2 money

Savings, money market, mutual fund, CD

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M-3 money

Institutional money market funds

66

Federal reserve system parts

Board of governors, federal open market committee, 12 federal reserve banks, 3 advisory councils, member banks of system

67

Discount rate

Interest fed charges for loans

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Demand deposit

Checking account

69

Time deposit

Savings account

70

Savings and loan association

Home mortgage loans and savings and checking

71

Credit unions

Nonprofit that help customers

72

Smart card

Combines credit and debit and drivers license

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Letter of credit

Promise by bank to pay seller given amount

74

World bank

Financing economic development

75

IMF

Cooperative policies that stabilize exchange