Studied by 3 peopleAppropriation (Tort)
Involves a business or person who uses, without permission, another person's name, likeness, and other unique characteristics for the benefit or gain of the user
Torts
Civil wrongdoings that cause harm or injury to another party
Wrongful Interference (Tort)
Predatory behavior undertaken by a business to draw either customers or employees away from a competitor
Defamation (Tort)
Making false, malicious statements about a person or organization
Conversion (Tort)
When personal property is taken from the owner and given to someone else to use
Corporation
A type of business that is operated by several people and owned by stockholders
Partnership
A form of business ownership in which the business is owned by two or more persons
Sole Proprietorship
Form of business ownership in which the business is owned by one person
Cooperative
Owned and operated by its user-owners to supply goods and services to its members
Channel Management
Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
Promotion
Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
Pricing
The marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value
Product/Service Management
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Intermediaries
Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers
Direct Channels of Distribution
Involve producers and either industrial or ultimate consumers
Green Marketing
Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
Consumer Protection
Deals with safety features and product labeling standards that protect the consumer
Social Awareness
The practice of enlightening the community of business actions to promote social welfare
International Marketing
Marketing goods and services in foreign countries
Hidden Complaint
Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction
Sincere Complaint
A complaint when the customer expresses an honest dissatisfaction
Service Complaint
A complaint which results from poor service
Business Complaint
A complaint in which the customer is dissatisfied with the business in general
Brand Promise
A business's agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values
Time Utility
When products are available at the time they are needed or wanted by customers
Form Utility
Usefulness created by altering or changing the form or shape of a good to make it more useful to customers
Place Utility
Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.
Possession Utility
Usefulness created when ownership of a product is transferred from the seller to the user
Quality Control
Ensuring that products met predetermined standards for excellence; also part of operations
Purchasing
Acquiring necessary goods and services; part of operations
Inventory Management
Supervising inventory levels to make sure there is an appropriate balance; part of operations
Competition
Rivalry between two or more business to attract scarce (limited) customer dollars
Profit Motive
Desire to make profit, which moves people to invest in business
Inflation
Rapid rise in prices usually occurring when demand exceeds supply
Excise Tax
A special government tax on certain items, such as gasoline, certain businesses, cars, etc.
Subsidy
Government financial help given to a business
Bonds
A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time
Discount
the amount by which the price of something is reduced
Union Stewards
Union members elected by their peers to handle any grievances or problems members might have with management
Union President
Responsibilities include leading the union as a whole rather than assisting individuals
Mediator
Involved in union negotiations, clarifying issues, and making suggestions concerning the contract
Arbitrator
Assists with (union) negotiations; In binding arbitration, this person's decisions regarding the contract are final and cannot be changed
Empathy
The ability to put yourself in another person's place
Self-Understanding
Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior
Productivity
The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Consensus
Decision-making outcome that requires the substantial agreement of each group member
Minority Rule
Few people in the group make the decision
Vision
A desire for the future that is achieved over time with determination and hard work
Store of Value
When money is saved rather than spent
Medium of Exchange
When money is used to obtain goods and services
Bartering
Trading one good or service for another good or service
Measure of Value
When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service
Commercial Bank
Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution
Taxation Department
Collects various types of taxes
High Interest Rates
A business condition that can create economic risks
Accounting
The process of keeping and interpreting financial records
Liability
Financial obligations a business has
Liquid Asset
Cash or any asset that can quickly be converted into cash
Accounts Receivable
Money owed to the business for purchases made by customers
Dividends
Sums of money paid to investors or stockholders as earnings on investments
Cash Conversion Cycle
The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials
Profit Margin
The amount of money that a business earns on sales after expenses; expressed as a ratio
Human Resources Management
The process of planning, staffing, leading, and organizing the employees of a business
Distribution Channels
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Marketing Research
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Variable
Any factor that is subject to change
Case Study
An in-depth analysis of a person, group, or event
Experiment
A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups
Hypothesis
Proposed explanation for something
Semantic-Differential Rating Scales
Measure attitude
Volume-Tracking Scanner
A method of collecting information about customers' buying habits and inventory status because the scanning system can track large volumes of goods
Secondary Data
Information that have been collected for purposes other than the project at hand.
Marketing-Information Management
This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions
Selling
This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity
Objectives
The things the business want to attain
Promotional Mix
The combination of marketing communication channels that a business uses to send its messages to consumers
Market Segmentation
Dividing the market into groups that have similar characteristics
Psychographic Segmentation
The market divided on the basis of a lifestyle choice
Geographic Segmentation
Dividing a market on the basis of location
Demographics
The physical and social characteristics of a population
Rate of Usage
A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product
Presentation
The way in which the information is communicated
Objectivity
Presenting unbiased information
Information System
A method of gathering, storing, and analyzing data for the purpose of making business decisions
Private Enterprise
An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system
Environmental Scan
An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business
Consumer Spending Habits
An economic factor that may be a threat or an opportunity
Quality Inspection
Checking a sample item for defects after it has already been produced
Quality Assurance
The process businesses use to prevent defective products from being created
Platform Project
One that creates something entirely new
Derivative Project
Enhances, adds to, or extends an existing project
Breakthrough Project
Relies on the use of new technology
R&D Project
Takes on new visions or pursuits for the business
Process Orientation
A focus on how things are done, rather than just outcomes
Lean Production
Maximizing customer value while minimizing waste
Continual Improvement
A focus on increasing efficiency and effectiveness in all areas of the organization
Concurrent Engineering
Performing the stages of product design and development simultaneously, instead of one after another
Product Innovation
Involves the development of totally new or improved products
Process Innovation
Changing the way that a product is produced or delivered
Positioning Innovation
Involves identifying new, different ways to position a product or a company
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