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The legal procedure

The process of reviewing disputes and resolving them in a fair manner

Sole proprietorship

A form of business ownership in which a business is owned by one person

Partnership

Form of business ownership in which a business is owned by two or more people

Corporation

Owned by issuing stock, difficult to form and operate

Monopoly

Market is controlled by one supplier

Marketing - information Management

Marketing function that involves gathering, accessing, evaluating, and distributing data about customer preferences, opinions, habits and trends to use in business decisions

Product/service management

Involves obtaining, developing, maintaining and improving a product or service mix

Selling

Determining client needs and wants and responding through personalized communication which influences purchase decisions

Promotion

Communicating info about goods, sercices, images or ideas to achieve a desired outcome

Wholesaler

A business that buys goods from producers or agents and sells them to retailers

Agents

Assist in selling and promoting a producer's goods

Producers

Growers, providers, or manufacturers of goods or services

Retailers

Businesses that buy consumer goods or services and sell them to customers

Integrated data between channel members

Technology of electronic billing, purchase-order verification, bar coding and image processing enabling integrated data

Vertical and horizontal channel integration

Methods of organizing distribution channels

Finance department

Utilizes methods to share data

Horizontal channel conflict

Occurs between businesses at the same level

Vertical channel conflict

Occurs between different levels of the same channel (i.e. local branch vs. Corporate office)

Marketing research

Systematic gathering, recording, and analyzing data about problems relating to goods and services

Businesslike telephone answering

Identify the firm/department and yourself

Casually operated groups

Purpose is to give and find out opinions. No "rules" exist

Complimentary closing

Yours truly

Work related problems should be discussed with...

Their immediate supervisor

How to make customers feel important

Use their names in conversation

Employee policy

Policies that explain how employees are to act and deal with customers

Things to avoid doing with slow, methodical customers

Show them a large selection of products

Possession utility

Ownership of a product is transferred from the seller to the customer (credit plans)

Place utility

Making goods and services avaliable at the location wanted by customers

Form utility

When the shape or form of a product is altered to make it more useful

When do prices increase?

When buyers will be willing to pay higher prices

Matrix organizational structure

Uses horizontal authority to integrate departmental functions with product orientation

Oligopoly

Market structure with relatively few sellers where industry leaders determine prices

Technical monopoly

Type of monopoly in which seller controls the market with one or more technical products

Advantages of specialization of labor

It's easier to train employees

Peak phase of the business cycle

When economy prosperity reaches a high point and demand exceeds capabilities of producers

Expansion phase of the business cycle

The beginning of growth in economic activity

Contraction

When the economy declines

Trough

Economic activities are at lowest level

Subculture

Group with distinguishing characteristics that exist within a culture

Purpose of negative feedback

Expresses disapproval about a specific behavior

Conflict response mode

How people react to conflict

Truth-in-Lending Act

Requires businesses to provide credit customers with the info that applies to their accounts and sends regular updated statements about their account statuses

Equal Credit Opportunity Act

Makes the granting of credit fair by prohibiting credit denial based on gender, race, etc.

Fair Credit Billing Act

Requires business which extend credit to respond within 30 days about customer inquiries

Fair Credit Reporting Act

Gives customers the right to inspect files of their credit history and have mistakes corrected

First step to creating a financial plan

Knowing your spending habits

How do business managers use accounting info?

To find out how many funds are avaliable in order to make budgets. It tells them how to allocate their funds

Cost of goods sold

All costs used in obtaining or producing the goods or services a business sells

Return on capital

The measure of how well a business generates cash flow

Desired characteristic of the format of a particular budget report

Can change to meet a manager's needs

How might a human resources manager be involved in employee benefits?

Developing a benefits plan and determine eligibility and costs for employees

How to reduce a descrepancy of quantity

Breaking down a large quantity of products into smaller quantities for retailers

Cookies

Text files that are put on a website visitors hard drive and later retrieved to track shopping and buying habits

Concept testing

Explores concepts for a product in order to obtain feedback

Research Objectives

Businesses use these to help answer research problems

How might businesses use info in salespeople's lost business reports that indicate customers are dissatisfied?

To revise it's marketing strategy

How do businesses process survey info?

Giving each answer a numerical value

How must questionnaire's be written?

Concise and objective

Marketing concept

Based on satisfying the needs and wants of customers

Plan of action

A type of marketing strategy used to help businesses achieve their goals and objectives

Spreadsheet

Can be used to calculate potentential calculations

Invoice

Formal, printed record of a sale

Where is computer aided design useful?

Operations

Project-Planning tools

Show you what has to be done, who's doing it and how it will be monitored

How does effective purchasing benefits businesses?

Lowers costs

Production

Process of producing goods out of resources

Why is it important for employees to be on time?

Companies pay them to work a specific amount of time

Self-Management

The ability to control one's own activities, behaviors, or attitudes in the workplace

Implied warranty

Not written or spoken, but is understood by the marketer and customer that the product will perform as expected

Magnuson-Moss Warranty Act

Regulates warranties offered by businesses

First step in a promotional plan

Set objectives

Experienced personnel should know about

Technical product info

Difference between selling approaches in retail vs. Manufacturing industries

The nature of the customer