Marketing, HR, Management, and Accounting Practice Flashcards

Comprehensive vocabulary flashcards covering Marketing terms, HR and Management concepts, and fundamental Accounting definitions based on lecture transcripts.

Marketing

All the activities involved in getting goods and services from the businesses that produce them to the consumers who wish to purchase them.

Brand

Consists of all the features that create an identity ("personality") for a product, including name, visuals (logo), and verbal associations (slogan).

Logo

A symbolic way to create a brand, which can be monogrammatic, a visual symbol, or an abstract symbol.

Slogan

A short, catchy phrase that is attached to the brand name and logo.

Jingle

A slogan set to music.

Early Adopter (trendsetter)

Curious or adventurous consumers, or consumers who like to be first to own new products.

Odd-even pricing

"Odd" pricing means discount (ex: $19.99$). "Even" pricing gives the impression of a discount (ex: "$20$ instead of $19.99$).

Skimming

When there is no competition, a new product/service can have a high price.

Penetration Pricing

Setting a low price for a new product to attract customers.

Price Lining

Pricing all products that are one price in one place.

Everyday Low Prices (EDLP)

The store guarantees that the prices in the store are the lowest price available, resulting in fewer "sales" or "specials" than other retailers.

Multiple Unit pricing

Several products come in one package, instead of buying each separately.

Bundling

Pricing items lower if you buy them together.

Promotional pricing

Temporary reductions in price.

Loss Leader pricing

Pricing products at a loss to generate traffic to a store.

Channels of Distribution

The paths of ownership that goods follow as they pass from the producer to the consumer.

Direct Channel

A path of ownership that connects the producer directly with the consumer.

Indirect Channel

Distribution channels that use intermediaries (wholesalers, retailers) who take possession of the goods, add a markup, and then resell them.

Wholesaler

Buys goods from producers and resells them to retailers.

Retailer

Buys merchandise from wholesaler and sells it to the consumer.

Target Market

A part of the overall market that has similar characteristics.

Demographics

A way to determine a target market based on age, gender, family life cycle, income level, and ethnicity/culture.

Psychographics

A way to determine a target market based on beliefs, opinions, and interests.

Geographics

A way to determine a target market based on location, such as urban, suburban, or rural.

Promotion

All the activities that marketers use to try to directly increase sales over a specified period of time.

Advertising

A form of promotion that builds a brand over a long period of time.

AIDA

An acronym representing the stages of consumer engagement: Attention, Interest, Desire, Action.

Contests

A type of promotion where a prize is awarded to a selected participant.

Rebate

A type of promotion where the consumer sends in a UPC (bar code) to the manufacturer to receive money back for a purchase.

Coupons

Entitles the customer to a reduction in the price of a product.

Samples

Allows customers to try the product in-store or by mail.

Special event sales

Short term sales and limited time offers.

Social Media marketing

Uses social media platforms to connect businesses with their audience to build their brand, increase sales, and drive website traffic.

Market Share

The percentage that one business’s product takes of the total dollars spent by consumers on similar products.

Direct Competition

Competition between similar products in the same product category.

Indirect Competition

Competition between products in different product categories that offer a similar type of product.

Features

Any qualities the product has, such as the materials used in making it.

Benefits

The specific value or utility a product provides for the consumer.

Unique Selling Proposition (USP)

The benefit that your product offers over your competition.

4 P’s of Marketing ("Marketing Mix")

Product, Price, Promotion, Place.

Human Resources (HR)

The department responsible for coordinating all activities involving the company’s employees.

Recruitment

A process that involves writing a job description to attract people to apply for a job.

Orientation

The stage where new employees meet other employees and tour the workplace.

Training

Teaching skills that are learned by practice.

Development

Continually upgrading skills to advance within the firm.

360 degree feedback

A system where managers assess their employees and employees provide feedback to managers.

Turnover

The measurement of the number of employees who leave an organization during a specified time period.

Departure

Voluntarily leaving an organization.

Dismissal

Involuntarily leaving an organization.

Ethics

The code of moral principles that sets standards of good or bad, or right or wrong, in one’s conduct.

Ethical Dilemma

A situation requiring a choice regarding a course of action that may offer personal or organizational benefit but could be considered unethical.

Code of Ethics

A set of principles and rules to govern the decision-making process and distinguish right from wrong.

Whistleblower

Employees who inform officials or the public about an illegal or ethical violation.

Corporate Social Responsibility (CSR)

The idea that a company should play a positive role in the community, treat employees well, and consider the environmental and social impact of decisions.

Management

The function of directing and administering all, or part of, a business.

Planning

A management function involving setting long-range objectives and deciding how to achieve those goals.

Organizing

A management function involving recruiting the right people, assigning tasks, and organizing human, financial, material, and technological resources.

Leading

A management function involving motivating and inspiring people to achieve and exceed goals, leading teams, and managing conflict and stress.

Controlling

A management function that ensures company performance is going according to plan and objectives are being met.

Autocratic Leadership

Leaders that take control of the situation and do not allow employees to participate in decision making.

Laissez-Faire Leadership

Leaders that leave employees alone to do their jobs.

Democratic Leadership

Leaders that provide opportunities for employees to contribute to the decision-making process.

Discrimination

When people do not have equal access to employment opportunities and fair treatment in the workplace.

Affirmative Action (Employment Equity)

The process of improving employment practices so they are fair to people who may have been discriminated against in the past.

Harassment

Improper conduct by an individual that is offensive or uncomfortable to another individual in the workplace.

Workers Compensation Board

An entity that pays the employee while they are recovering from an injury.

Accounting

The process of recording, analyzing, and interpreting a business’s financial activities.

Economic Activity

Any activity where money is exchanged between parties.

Accountant

A professional who keeps and interprets financial records.

Asset

Anything of value that is owned by a person or business.

Cash

Money available in physical form or in bank accounts.

Accounts Receivable

Money owed to a business by customers who bought on credit.

Liability

Anything a business owes to others, such as debts.

Accounts Payable

Money a business owes to suppliers for purchases on credit.

Mortgage Payable

A long-term loan used to buy land or buildings.

Owner’s Equity

The owner’s investment in the business after liabilities are subtracted from assets; also known as Net Worth.

Balance Sheet

A financial statement showing assets, liabilities, and equity at a specific point in time.

Liquidity

How quickly an asset can be turned into cash.

Fundamental Accounting Equation

$$\text{Assets} = \text{Liabilities} + \text{Owner's Equity}$$

Transaction

A financial activity involving the exchange of goods, services, or money.

Credit

Buying now and paying later.