Studied by 2 peoplemarketing concept
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm is called
geographic
segmenting a market based on where the customers live
Product, Distribution/Placement, Price, and Promotion
What are the 4 Ps of the Marketing Mix?
distribution
the locations and methods used to make products available to customers
behavioral
dividing a market based on the way customers use a product or attitude toward a product
market share
The percentage of total sales volume generated by all companies that compete in a given market
consumers
purchase smaller quantities for their own use.
demoraphic
statistics that describe a population. (age, gender, marital status, ethnic background)
promotion
ways to make customers aware of products, encourages customers to buy
marketing
the process of planning, pricing, promoting, selling, and distributing ideas, goods and services to create exchanges that satisfy customers
product
what a business offers to satisfy needs
target market
____ profile is the detailed description of the typical consumer in a market segment
psychographic
dividing a market based on mental and emotional characteristics of customers
speaker
most listening is done in the presence of a
tone
is verbal attitude, attitude shown through the voice
price
what is exchanged for the product
census
the count of all the people in a country made by the government on a regular basis is
substantial defense
disprove, justify, or excuse the alleged crime (criminal insanity, immunity, self-defense)
probable cause
a reasonable ground for belief
punishment
any penalty provided by law and imposed by a court
extortion
commonly known as blackmail, is obtaining money or other property from a person by wrongful use of force, feat or the power of office.
false pretenses
one who obtains money or other property by lying about a past or existing fact is guilty of
procedural defenses
a defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried or punished.
arson
the willful and illegal burning or exploding of a building
plea bargain
agreeing to plead guilty to a less serious crime in exchange for having a more serious charge dropped.
Vicarious criminal liability
the holding of a corporation or one of its officers criminally liable for the actions of one of its employees is referred to as
self defense
the use of force that appears reasonably necessary to prevent death, serious bodily harm, rape, or kidnapping to the person using force.
conspiracy
the agreement between two or more people to commit a crime
contempt of court
action that hinders the administration of justice
defense
a legal position taken by an accused to defeat the charges against him or her
forgery
falsely making or materially altering a writing to defraud another
bribery
unlawful offering or giving anything of value to influence performance of an official in the carrying out of his or her public duties
larseny
commonly known as theft, is the wrongful taking of money or personal property belonging to someone else, with intent to deprive the owner of it.
society
a crime is a punishable offense against
I9
Verify ability to work in the US
W4
Form telling employer how much tax to withhold from your paycheck
W2
Form telling how much tax you paid within a given year
Social Security
(6.2%) Provides a small amount of income to elderly, disabled, and orphaned minors
Medicare
(1.45%) Provides health insurance for everyone over 65 and the disabled
Federal Income Tax
(Variable) What runs the federal government
State Tax
(3.07%) Provides a portion of what it takes to run state programs
Occupational Privilege Tax
$10 - For the right to work in PA
What are some other items that come out of your paycheck?
Retirement, Union Dues, and Medical/Dental/Eye Insurance
Disposable income
money available after taxes and deductions
Unearned income
income you didn’t earn
Earned income
money you earned by working
Gross Pay
Amount earned before taxes
Net Pay
amount earned after taxes
Primary purpose of a checking account
pay bills
How to access money in a checking account
ATM, checks, debit
how much interest do you earn on a checking account
little to none
primary purpose of a savings account
to save money or for larger purchases in the future
what type of interest is earned in a savings account
very low interest
2 types of credit
loans, credit card
primary purpose of credit
to get something you may not be able to afford otherwise
How to pay for a less amount of interest
select a mortgage with a shorter repayment period, higher monthly payment, find lower interest rates
principal
the amount you borrow
interest
the amount you get charged for borrrowing the money
P2P
Peer to Peer, a way to send money to friends. The person receiving the money may get up to a 3% vendor fee.
Impact of social media on decision making
we buy things because we see what everyone else has
one of the primary reasons of poor decision making in debt
being too emotional
emotional or logical decisions?
logical decisions
loss aversion
buying something because you are afraid you will be disappointed later
rose tinted glasses
buying something because you’ll think it’ll make you do better at whatever it is you’re doing.
FOMO
fear of missing out
50/30/20 rule
Necessities 50%, Savings 20%, Wants 30%
series discount
when there are multiple discounts
sales tax
6% in the state of PA
gratuity
tip (we usually pay 18%-20%)
Unit Price
the price per unit of a product. It’s used to determine what the best value is.
Associates Degree
a two-year degree earned at a community college
Bachelor’s Degree
A four-year degree earned at college/university
Master’s Degree
A degree beyond bachelor’s, usually +36-40 credits
Doctorate’s Degree
The highest degree that could be earned, requiring extensive research and additional credits.
Technical Academic
A career pathway requiring specialized training at a vocational-technical HS and a 2-year technical/trade school.
Technical Academic
A career/pathway requiring four or more years of education at a college or university
Post - secondary school
An educational program beyond a high school degree
Technical / trade school
An educational program specializing in a particular occupation without taking the humanities classes.
Community / junior college
An educational institution specializing in a two-year degree or certificate. (Associate’s degree, 2 yrs.)
College / university
An educational institution specializing in a Bachelors of Science or Arts, Master's or Doctorate’s degree.
Job
an employment position obtained to earn money
goal
something you want to accomplish
lifestyle
the way a person lives their life
trade
an occupation requiring a specific skill
career
the occupation you plan on pursuing the rest of your life where you use your skills, abilities, and training.
occupation
the list of any types of career/job/trade you may choose from
opportunity cost
loss based on choosing something else
ability
something you are capable of doing
value
something that is important to someone
interest
something you enjoy doing
trait
personality or characteristic
hobby
something that someone pursues outside of one’s occupation.
Hypothetical
Used to assess problem-solving skills, reply speed is assessed. (What would you do if someone broke a jar of pickles)
Close-ended
Usually a yes or no question and is asked to get a specific piece of info.
Behavioral
used to check the behaviors of candidates. The purpose is to determine what a candidate will do by knowing what they did in a similar situation. (When was a time you were stressed out and what did you do to calm yourself down?)
Leading
They are assumptive. Their purpose is to confirm info and allow you to expand. (So, you have a lot of experience in the customer service field, don’t you?)
Multi-barreled
They check your reasoning skills and the questions are linked in such ways that what seems to be one question is actually more than one question about the topic.
assets
anything of value
liabilities
things you own
liabilities
things you owe
Note 
Flashcard (20)