deca notes

Finance:

• Lease = a contract between a landlord and a business that allows the business to rent a property for its operations

• Credit Standing → Your credit score, High or low

• Mortgage Money = A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed

• Interest rates = the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

• Cost-benefit analysis → Benefits of buying things

• Intangible Costs - An intangible cost is a cost that can be identified but cannot be quantified or easily estimated. Common intangible costs include impaired goodwill, loss of employee morale, or brand damage. 

• Reporting procedures - Reporting activities that dont follow work policies

• Resource issue - Assigning more work than one can handle

• Transitional period - One job to another job

• Organizational risk assessment - assessing risk 

• Labor Productivity - How productive and how much the workers work in a company.

• Supply chain - Procedure of manufacturing & more.

• Capital expenditure - A capital expenditure is a one-time purchase that a business makes (e.g., land, building, equipment) that will provide long-term benefits in the future.

• Corporate Culture

• Non disclosure agreements

• Contingency Fee

• Sole proprietorship - 1 owner

• Partnership - two or more people partnering to make an agreement

• LLC - Limited liability company is a state issued company that does not give high responsibility or stake to the sole owner or investors.

• Corportations - board of people to manage company

• Venture capital

• Equity

• Accrual accounting: payments and expenses are credited and debited when earned or incurred

• Equity financing: type of financing in which companies raise capital by selling to investors, giving them an ownership stake

• Fixed cost - Fast fashion & shein are examples because of  mass production costs are low. 

• As production increases the cost decreases, quality also decreases.

• Economies of scale 

• Independent audits

• Debt financing 

• A balance sheet is a financial statement that captures the financial condition of the business at that particular moment. 

• Purchase order =  A purchase order is a form that a business fills out to order goods.

• Sales contract. Because the order indicates that the business is willing to do something (pay for the items it orders) in exchange for something else (take possession of the goods), the purchase order serves as a sales contract.

• An open order is a type of purchase order in which buyers place the order with the supplier that can best meet the needs or criteria (e.g., price) for a particular item. 

• Because accounts receivable is an accounting activity that involves collecting payment for the goods and services that the business offers, a purchase order is not an accounts-receivable document. 

• Legal costs vs administrative costs 

Business management:

• Express, voidable, implied agreements

  • Express: an agreement where parties explicitly spell out the contract terms, either orally or in writin

  • Voidable: a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons (basically a breakable agreement)

  • Implied: not written or oral agreements, contracts formed by the actions, conduct, or circumstances of parties to an agreement

• Employee grievances: an official complaint or concern that an employee experiences at the workplace or with a particular individual that includes the management

• Shareholders and board of directors: 

• Corporate governance 

• Industry association guidelines  

• Supply chain management 

• Legally binding contracts 

• Business use, . Transformational, Wholesale,  Retail businesses

• Enterprise risk management =  top-down business activity that involves planning, controlling, preventing, and procedures used by management to limit company losses.

• A letter of intent is a letter that declares the writer's intention to do something

• Contingency plan = A contingency plan is a set of specific guidelines to help respond to undesirable circumstances

• Work experience can lead to new business ventures.

• Continuation planning is the creation of a strategy to handle threats and risks so that the company can resume operations and functionality without much resource loss

• Operations

Tech stuff: 

• Data mining is the process of sorting through data to discover underlying connections and predict future trends

• Businesses establish specifications for selecting hardware/software systems to provide consistency and compatibilities among users; to maintain a clean, productive system/network environment; to enable the computer system to grow with evolving technology; and to provide a basis for maintaining system operability and reliability

• CRM system keeps records of sales history

• Intranet

• Secondary data analysis is a way to learn competitor goals.

Marketing:

• Micro-Marketing methods - marketing strategy that targets specific group

• Niche - 

• Mass media marketing

• Sales promotions

• Customer relationship management - pull strategy involves promoting directly.

• Trade show- an exhibition at which businesses in a particular industry promote their products and services.

• Push marketing -Product → Person → Audience (Indirect)

• Push (Pushing to someone else) strategies involve promoting products to intermediaries, who then promote the products to customers. 

• Ex : business tells kim k to promote their soap, influencers 

• Pull marketing - Product →Audience (direct)

  • Pulling people through the advertising and more

  • Ex: Rare beauty creates an advertisement to promote their blush.

• Give and take negotiation tactic - Both parties have to give or offer some product to each other.

• Corrective & contingency plans - 

• Business press kit - 

• Perishability

• Intensity

• Segmentation

• Promotion

• Regulation

• Segregation of duties

• Brand promise is a business’s agreement with a customer that it will consistently meet with their expectations and deliver on it’s brand characteristics 

• Market planning helps organizations strategize to align marketing tactics with goals

• A product being “in the right place at the right time” means a skilled salesperson has added utility, or usefulness, to it.

•  Prescriptive analysis vs predictive analysis

• Quality control

  • This is comprehensive 

• Elastic vs inelastic demand 

• Market segments 

• A unique selling proposition answers this question for a customer—"Why should I buy from you instead of someone else?

• Exclusive distribution means selling a product through just one middleman in a geographic area. Marketers use this method when they need to maintain tight control over a product.