Business 101 Final Exam - Johnson

Ticker Symbol

A unique abbreviation used to identify the shares of a publiclytraded company

Value

The monetary worth of a good or service as determined by the market (utilized by marketing in the form of creating, communicating, and delivering)

Myers-Briggs

A personality test that's importance allows employers to know their worker's strengths, and to build different personalities in the company

Management Functions

Planning, organizing, leading, controlling, communicating

CAE Step 1

Organize the Information

CAE Step 2

Define the problem

CAE Step 3

Analyze the data

CAE Step 4

Construct arguments that address the problem

CAE Step 5

Critique the arguments

CAE Step 6

Communicate your conclusions

4 Critical Thinking Skills

Data literacy, Communication effectiveness, Critical reasoning and evaluation, Constructing and critiquing an argument

Mission Statement

A short statement used by a company to explain its purpose being (the "what" and "how" of the company)

Vision Statement

A short description of an organization's aspirations and the wider impact it aims to create (the "why")

Mission & Vision Statement

the two main factors that forms a company's culture (ex. Chick-fli-a)

Debt Financing

An obligation to pay the principal money back to an investor with interest over a stated time period (ex. Mallory borrowing from Joaquin)

Equity Financing

A non-obligation in which people have ownership of a company through the sale of stock (investor does not expect interest) [ex. Shark Tank]

Initial Public Offering (IPO)

A company's first sale of stock to the public

(ex. Ella sells a company to RJ. He sells stocks to Bree. He makes all the money, while Ella only makes the IPO)

Tactical are to Strategic

Short term goals are to long term goals as....

Supply Chain

when severe weather conditions such as hurricanes occur, the functional area of a business most effected is...

All Functional Areas of Business

When a department makes a new decision (ex. I.T. department), it creates an effect on...

Real Estate Valuation

the process of putting a value on property (controlled by the finance sector due to their job of valuing assets)

Enterprise

When it comes to MIS, the E in E.T.S stands.. (the entirety of it all)

Target Demographic

The audience who you are trying to sell your product towards

Market Segmentation

The process of separating, identifying, and evaluating the layers of a market in order to identify a target market

Network Segmentation

Architectural design of a network to manage security and access (ex. advisors cannot access teacher's grades, but they can access a student's PSAT score)

Keeping information secure

The goal of good I.T. practice is to..

The security of information & technology

M.I.T studies...

Securities and Exchange Commission (S.E.C.)

ensures accurate financial information for investors' safety

Lack of Contingency Plan

When a primary factor within a business has no backup, it has a... (ex. the kicker on St. Joseph's)

Inventory Management

The determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory

HireAggies.com

website advertised by career advisors

Supply Chain Sustainability

The management of environmental, social, and economic impacts, and the encouragement of good governance practices, throughout the lifecycles of goods and services (ex. meat > McDonald's; leather > Nike)

Contingency plan

a plan that outlines alternative courses of action that may be taken if something such as a strike or weather conditions

Perception of a Company

what people think about a company; can easily ruin it (ex. Starbuck's coffee beans)

Shareholder

A person who owns part of a company

Stakeholder

A person or organization affected by a business

5 P's of Marketing

Product, Price, Promotion, Place, People

Gross Product

Revenue - Costs of Goods Sold

Net Profit/Income

Gross Profit - Other Expenses

Cost of Goods Sold (COGS)

the direct costs (ex. inventory, salary, etc.)

Other Expenses

Expenses that cannot be traced directly to operations (ex. equipment, property rent, etc.)

Decreasing COGS or increasing Revenue

You can increase net profit/income by either..

Decrease in net profit/income

If you increase other expenses you will...

Word Processing Software

the use of a computer and specialized software to write, edit, format, print, and save text (ex. Microsoft Word & PowerPoint)

Database

a collection of organized data that allows access, retrieval, and use of data (ex. Microsoft Access)

Spreadsheet

a program that allows you to use rows and columns of data to manage, predict, and present information (ex. Microsoft Excel)

Promotional Mix

the combination of promotional tools such as advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization's overall goals

B2B Company

a company who sells to other companies and heavily relies on personal selling (ex. Girl Scouts or RJ's friend's fracking company)

Asking a Question

How to end an elevator pitch

Raw materials, supplier, manufacturer, distributor, retailer, customer

Order of a Supply Chain

Shrinkage Increased

When given the pie chart for one of the case studies..

Marketing

Promotion in the form of creating, communicating, and delivering value

Personal Selling

Direct, One-to-one marketing

Sales Promotion

Direct, short-term marketing; (ex. coupons/discounts)

PR

Indirect marketing, revolving a company's reputation/image; outreach/community engagement

Traditional Advertising

Indirect marketing, using paid communication (ex. radio, TV, billboards)