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Legal Procedure

The process of reviewing disputes and resolving them in a fair manner.

Sole Proprietorship

A form of business ownership in which a business is owned by one person.

Partnership

Form of business ownership in which a business is owned by two or more people.

Corporation

Owned by issuing stock; difficult to form and operate.

Monopoly

Market is controlled by one supplier.

Marketing - Information Management

The marketing function that gathers, evaluates, and distributes data about customer preferences and trends.

Product/Service Management

Involves obtaining, developing, maintaining, and improving a product or service mix.

Selling

Determining client needs and wants and responding through personalized communication.

Promotion

Communicating information about goods and services to achieve a desired outcome.

Wholesaler

A business that buys goods from producers and sells them to retailers.

Agents

Assist in selling and promoting a producer's goods.

Producers

Growers, providers, or manufacturers of goods or services.

Retailers

Businesses that buy goods and sell them to customers.

Integrated Data Between Channel Members

Technology that enables integrated data among channel members.

Vertical and Horizontal Channel Integration

Methods of organizing distribution channels.

Finance Department

Utilizes methods to share data.

Horizontal Channel Conflict

Occurs between businesses at the same level.

Vertical Channel Conflict

Occurs between different levels of the same channel.

Marketing Research

Systematic gathering and analyzing data about problems relating to goods and services.

Businesslike Telephone Answering

Identify the firm/department and yourself.

Casually Operated Groups

Purpose is to give and find opinions without strict rules.

Complimentary Closing

Commonly used phrase like 'Yours truly' in letters.

Employee Policy

Policies explaining how employees should act and deal with customers.

Possession Utility

Ownership of a product is transferred from seller to customer.

Place Utility

Making goods/services available at desired locations.

Form Utility

Altering the shape or form of a product to enhance usability.

Economy Peak Phase

When economic prosperity is at its highest point.

Expansion Phase of Business Cycle

The beginning of growth in economic activity.

Contraction

When the economy is in decline.

Trough

Lowest level of economic activities.

Subculture

Group with distinguishing characteristics existing within a culture.

Negative Feedback Purpose

Expresses disapproval about specific behavior.

Conflict Response Mode

How people react to conflict.

Truth-in-Lending Act

Requires businesses to provide credit customers with relevant information.

Equal Credit Opportunity Act

Prohibits credit denial based on gender, race, etc.

Fair Credit Billing Act

Mandates a business respond within 30 days to credit inquiries.

Fair Credit Reporting Act

Gives customers the right to inspect and correct their credit history.

First Step to Financial Plan

Knowing your spending habits.

Usage of Accounting Info by Managers

To find out available funds for budget allocation.

Cost of Goods Sold

All costs in obtaining or producing goods/services sold.

Return on Capital

Measure of how well a business generates cash flow.

Desired Budget Report Format

Can change to meet a manager's needs.

Human Resources Manager Involvement

Developing a benefits plan and determining employee eligibility.

Reducing Quantity Discrepancy

Breaking down large quantities into smaller for retailers.

Cookies

Text files used to track website visitor habits.

Concept Testing

Exploring product concepts to obtain feedback.

Research Objectives

Used by businesses to answer research problems.

Processing Survey Info

Giving each answer a numerical value.

Questionnaire Writing

Should be concise and objective.

Marketing Concept

Based on satisfying customer needs and wants.

Plan of Action

A marketing strategy to help businesses achieve goals.

Spreadsheet

Used for potential calculations.

Invoice

Formal, printed record of a sale.

Computer Aided Design Usefulness

Useful in operational processes.

Project-Planning Tools

Show what has to be done and who is responsible.

Benefits of Effective Purchasing

Lowers costs for businesses.

Production

Process of producing goods out of resources.

Importance of Timeliness in Employees

Employees are paid to work specific hours.

Self-Management

Ability to control one's own activities and behaviors at work.

Implied Warranty

Understood assurance that a product will perform as expected.

Magnuson-Moss Warranty Act

Regulates warranties offered by businesses.

First Step in Promotional Plan

Set objectives.

Experienced Personnel Knowledge

Knowledge about technical product information.

Difference in Selling Approaches

Varies based on the nature of the customer.