Key Business Concepts and Terminology

Flashcards covering key business concepts and terminology from the lecture notes.

What is the organizational structure that limits service properties in companies?

Limited service property Divisional organizational structure

What term refers to the power held by legitimate distribution channels?

Legitimate channel power

What is a visualization tool that helps organize thoughts or concepts?

Mind maps

What refers to the various factors influencing distribution in marketing?

Place (distribution) factors

What is a measure of a country's international economic transactions?

Balance of payments

What type of unemployment results from economic downturns or cycles?

Cyclical unemployment

What term describes a community or group with shared power and influence?

Power subculture

What does FOB stand for in shipping terms?

FOB Shipping Point

What is the formula used to calculate the efficiency of inventory?

Stock turnover rate

What is a method used for decision-making in complex scenarios?

Decision matrix

What typography terms refer to spacing adjustments in text?

Kerning and tracking

What refers to the study of visual balance between colors?

Color harmonies

What type of proof is used to showcase print products before production?

Laminate proof

What is a collection of promotional materials gathered by a company?

Press kit

What quantifies marketing performance through specific metrics?

Marketing processing measures

What term refers to coupons that combine time-based incentives?

Time fused coupons

Who are the primary managers responsible for overseeing the first level of employees?

First line managers

What is the practice of managing product and service channels?

Channel management

What distinction separates prospecting from screening in business?

Prospecting vs screening in business

What is a quality management program aimed at reducing defects?

Six sigma model

What is a unit that performs multiple processing tasks simultaneously?

Multiprocessing unit

What type of software integrates various functions in a business?

Integrated software

What equation calculates how well a company turns inventory into sales?

Stock turnover formula

What marketing strategy focuses on specific destinations?

Destination marketing

What approach assesses product feasibility through consumer feedback?

Concept testing and business analysis

What is a web feed that allows users to access updates to online content?

RSS Feed

What signifies variations in currencies across different nations?

Different currency systems

What type of control is mandated by law or regulation?

Statuary control

What type of data collection uses original sources for research?

Primary vs secondary data

What type of transportation involves moving goods over land?

Ground transportation

What legal system is based on court decisions and precedents?

Common law

What defines the values and beliefs that shape a company's environment?

Corporate culture

What term refers to situations when workers are denied entry to work as a protest?

Corporate lockouts

What model represents a hierarchical approach to human needs?

Maslow hierarchy of needs

What refers to processing fees associated with credit transactions?

3 processing fees of credit cards

What type of statistical analysis describes data sets?

Descriptive statistics

What functions encompass the activities related to marketing strategies?

Marketing functions

What term refers to promotional efforts made by institutions?

Institutional promotion

What differentiates sales promotion from advertising?

Sales promotion vs advertisement

What is the additional utility created through the use of products?

Task utility

What is the primary function of the HR department?

Purpose of hr department

What indicates the highest level of brand preference?

Brand insistence

What is the barrier faced when changing prices in marketing?

Price ticket switching

What evaluation method allows for systematic analysis in budgeting?

Repertory grid

What is the difference between zero-based budgeting and traditional budgeting?

Zero based vs master budgeting

What type of segmentation considers consumer lifestyles and values?

Psychographic segmentation

What term refers to credit accounts where balances are carried over?

Revolving credit account

What distinguishes promotion from advertisement and marketing?

Promotion vs advertising vs marketing

What is the customer's ultimate decision point in brand interaction?

Ultimate moment of truth

What outlines the strategy for brand and multi-channel communication?

Communications plan

What are the phases consumers go through in their relationship with brands?

Stages of brand loyalty

What distinguishes Customer Experience Management from Customer Relationship Management?

CEM vs CRM

What term refers to pivotal interaction points in customer service?

Moments of truth

What fee structure involves only charging for services without commissions?

Fee only financial advisor

What type of budgeting allows for adjustments throughout the fiscal period?

Rolling/continuous budget

How do accounting and finance departments differ in focus?

Accounting vs finance department

What signifies the cash generated that remains after expenses?

Free cash flow

What are the different forms through which consumers derive satisfaction from products?

Types of utility - form, possession, etc

What negotiation principle stands for 'Best Alternative to a Negotiated Agreement'?

BATNA

What analytical technique identifies root causes of problems?

Fish bone diagram

What are factors necessary for producing goods and services?

Factors of production

What method of accounting recognizes revenues and expenses when they occur?

Accrual accounting method

What formula quantifies the cash flow available for expansion and dividends?

Free cash flow meaning/equation

What metrics help organizations assess potential risks?

Key risk indicators

What are the two styles of product bundling in marketing?

Pure vs mixed bundling

What type of promotion is aimed at public institutions rather than individuals?

Institutional promotion

What equation helps determine the profitability of a company?

Gross profits equation