PRINCIPLES OF BUSINESS AND MARKETING - FINAL EXAM STUDY GUIDE - SEMESTER 2

What does the code of ethics mean?

Organizational code the outlines the ethical standards to which an organization expects its member to adhere

What does the word discrimination mean?

Unfair treatment of a person or group based on the person’s or group’s characteristics (e.g., race, religion, sexual orientation or gender identity).

What is ethics?

The basic principles that govern your behavior

What is harassment?

Any kind of unwelcomed behavior that is carried our for the purpose of annoying or intimidating another person.

What is a hypocrite?

A person who says they live by certain values but in reality does not

What is an open door policy?

A communication policy in which senior managers leave their office doors open to encourage transparency within the organization

What is a whistle blower?

An employee who reports unethical or illegal business practices.

What is manager?

Individual whose job involves carrying out management functions

What are conceptual skills?

Conceptual skills is the ability to see the “big picture” and think about how things will work together.

In business, what does directing mean?

The management function of providing guidance to workers and work projects

What is executive management?

Top-Level Management

What are financial resources?

All the sources available to a business

What does Human Resources mean?

People who work to produce goods and services

What are interpersonal skills?

The ability to communicate, interact, and build relationships with others.

What is the management function?

Groups of activities related to management (ex: planning, organizing, staffing, directing and controlling

What does it mean by tactical planning?

Short-range planning (one year) of specific actions the business will take

What level of management is supervisory management?

First-line managers

What is the definition of marketing?

The activity and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

What does Target Market mean?

The particular group of customers a business seeks to attract

What does MIM mean?

The step that involves gathering, assessing, producing, appraising and distributing information

What does it mean when you are promoting an item for marketing?

It is a marketing function that communicates information about goods, services, images, and/or ideas to achieve a desire outcome

What does retailer do?

Purchases goods from a wholesaler and sells them to consumers.

What does a producer do?

Gathers raw goods

What does a wholesaler do?

Distributes finished goods

What is the reason for a PBL?

To engage students