Referral sampling
getting individual who meet the criteria and then asking them to refer/recruit more people that follow the criteria
Judgement sampling
selecting individuals based on criteria set/ predetermined by the researcher
Obsolescence
The risk that a process, product or technology used or produced by a company will become obsolete and will no longer be competitive in the workplace
Lien
A legal claim to an item or property that protects the seller if the buyer does not complete his/her payments
Subculture
Secondary group within a dominant culture
Dominant culture
The culture which a person most identifies with
Interest rates increase when
There is a tight money supply
Estate tax
Tax on inherited things
Excise tax
“Sin tax” on nonessential products like alcohol, gasoline, cigarettes
Matrix organizational structure
Share resources and employees with certain skills will be assigned different types of projects based on the organization’s needs
Adhocracy organizational structure
Work teams to create new processes (adopted by tech companies like google)
Machine bureaucracy organizational structure
Provide a simple work environment that involves standardization of work process or specialization by work task
Agents
Business or individual that assists in the sale and/or promotion of products but does not buy them
industrial distributor
wholesaler
market changes
increases/decreases in demand for particular goods or services
economic changes
increases/decreases in consumer disposable income
population changes
lead to increase/decrease in population in a business market area
changes to sales forecasts occur when
competitors enter or leave the market
valid research
research based on collecting the most appropriate and up-to-date information available to use in solving a problem or addressing in issue
budgets prepared in period of
a fiscal year
disbursement journal
tracks/records daily expenditures
sales journal
a special book, or computer software that records daily receipt and would provide the daily sales figures the business needs
credit cards are beneficial for customers because of
convenience
you can build trust in negotiations by
showing respect by actively listening
exclusive/unique benefit
advantage that is only available for your good/service
obvious benefits
advantages that need little to no explanation by the salesperson, easily recognizable
individual customers
individual people that purchase goods such as clothing, food, and services like insurance or car washes
industrial customer
business that buy from other businesses
free-standing insert (promotion)
an advertising leaflet or brochure that is inserted into a magazine, newspaper, or other publication
point-of-sale promotion
any display, sign, or other visible advertisement that is placed next to a product in a retail setting to draw customers/ attention
secondary (product) promotion
can also be called “selective” promotion, used to stimulate demand for a specific brand of products
primary (product) promotion
aims to stimulate demand, or desire for an entire class of goods or services
individual brand
using different brands for products owned by one company
family brand
using the same brand for related products in a product line
private brand (store brand)
owned by an intermediary, supplier produces product and puts the intermediary’s brand on it
manufacturer’s brand (national brand)
manufacturer assumes all responsibility for branding and makes all decisions regarding the use of the brand
implied warranty
not written or stated orally, but simply understood by both the seller and the customer that the product will perform as expected
full warranty
states that if the product does not work properly, is defective, or does not live up to the warranty, it must be made good within reasonable time
limited warranty
warranty that does not have all of the provisions of a full warranty
standard and grades
used to establish reliability when marketing
checking account
not a price, but does have a price to open one
situation analysis
looks at the company, customer, competitor, climate, and collaborators
what is “problem oriented” used to describe?
data
qualitative data
mainly opinions or facts and NOT numbers to measure something; good for understanding how customers feel about something
applied research
seeks to solve a problem or answer a specific answer
basic research
seeks to build knowledge and understanding about a field
what is the primary question to ask about data?
is the info complete?
secondary data
existing data that can be used for other purposes (ex. customer purchases, etc)
primary data
data collected for the purpose of the market research objective
currency exchange rate equation
(base currency/quote or counter currency)
one unit of base currency will buy ____”percentage” of quote/counter currency
private enterprise
includes private property, limited government control, and the profit motive
private enterprise system
markets, not the governments, answer the economic questions of what, how, and for who to produce
gray market
buying and selling products through channels other than what was originally intended (an organized, authorized system)
consideration (relating to contracts)
requires both parties to get something out of the deal
capacity (relating to contracts)
parties entering into a contract must have the mental capacity to understand what they are signing
exploratory research
collecting research to help the business define its issue, concern, and decide how to proceed with its research
what do accounting computer software programs create?
invoices and records customer payments
what happens when a nation’s currency rate increases?
the consumer confidence increases
economic contraction
unemployment increase, consumer confidence and strength of the economy decreases
marginal cost
change in cost involved with increase and decrease in production
channel conflict
can occur when members are competing amongst themselves for customers
what are the six thinking hats?
White (facts), Red (emotions), Black (cautiousness), Yellow (positivity), Green (creativity), Blue (control)
types of unemployment
cyclical, structural, frictional, underemployed, hidden, seasonal
cyclical unemployment
unemployment that rises during recessions and based on the business cycle
structural unemployment
when there is a mismatch between the jobs available and the jobs people are looking for
frictional unemployment
when people are between jobs and are in and out of the labor force
underemployed unemployment
when people are employed but want to/can work more hours
hidden unemployment
when people are not counted as unemployed in stats
seasonal unemployed
unemployment at different points in the year from seasonal jobs
What are the types of risk management
avoidance, retention, transfer, spreading, loss prevention
avoidance of risk
avoiding the risk altogether
retention of risk
accepting the presence of the risk, no changs to actions
spreading of risk
duplicating records/documents (if risk of loss of property, etc)
loss prevention in risk
minimizing risk in severity by taking precautions
transfer of risk
transferring risk to others by contract
collective bargaining
the process in which working people through their unions,
negotiating contracts with their employers to determine their terms of employment
memorandums
used as written message that’s used for interval communications within an organization
fiat money
government-issued currency that is not backed by a commodity like gold
representative money
portable currency that is backed by a physical commodity such as a bank deposit
commodity money
objects having value or use in themselves (intrinsic value) as well as their value in buying goods
tabulating (within survey)
listing # people who “agree”, “disagree”, or “no opinion.”
consumer’s movement
advocating for the rights and welfare of consumers
Simpson’s Paradox
when association between two variables in a population emerges, disappears or reverses when the population is divided into a subpopulation
quality culture
an environment where team members genuinely care about the quality of their work, and make decisions based on achieving that level of quality
fiduciary relationship
where one part has special trust, confidence, responsibility in another part, and is influenced by another who has a fiduciary duty to act for the benefit of the party
debtor
the individual or business that owes money to another individual or business (creditor)
voluntary debtor-creditor relationship
both the debtor and the creditor enter the relationship willingly and understand the risks and expectations
innovation management
management style that embraces active participation throughout all levels of the organization
competitive aggression
a drive to win scarce customer dollars in the marketplace
cultural intelligence
being sensitive to the customs and traditions of people from different cultural backgrounds
proactive management
anticipating and advanced planning for change, which helps businesses adapt more quickly than a reactive approach
progressive tax structure
one in which those who earn more are required to pay a higher percentage of their income
regressive tax structure
the tax rate decreases (i.e. sales and excise taxes)
proportional tax structure
everyone pays the same percentage of income in taxes regardless of income level
corporate taxes
taxes that businesses structured as corporations have to pay
constructive criticism
evaluative information designed to help someone improve
benefit of a shared vision to an organization
it serves as a guide for decision making
ethnocentrism
the belief that your own culture is naturally better than other cultures
groupthink
a form of extreme cohesiveness that occurs when individuality and independent thinking within the group is discouraged
when identifiying risks that a business faces, management should focus on
the sources of the risk