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155 Cards in this Set
- Front
- Back
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Chapter 11
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Marketing
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A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting, services, and ideas.
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Exchange
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the act of giving up one thing in return for something else
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Market concept
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a customer subjective assessment of benefits relative to costs in determine the worth of a product
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Market Orientation
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the idea that an organization should try to satisfy customers needs through coordinated activities that also allow it to achieve its own goals
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Market strategy
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an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
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Total market approach
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an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
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market segmentation
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a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
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Market segment
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a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
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concentration approach
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a market segmentation approach whereby a company develops one marketing strategy for a single market segment
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Multi-segment approach
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a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
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Marketing mix
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the four marketing activities- price, promotion, product, and distributions- that the firm can control to achieve specific goals within a dynamic marketing environment
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price
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a value placed on an object exchanged between a buyer and a seller
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distribution
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making products available to customers in the quantities desired
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promotion
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a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
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marketing research |
a systematic, objective process of getting information about potential customers to build marketing decisions |
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primary data
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marketing information that is observed, recorded, or collected directly from respondants |
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Secondary data
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information that is compiled inside or outside and organization for some purpose other than changing the current situation
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buying behavior
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the decision processes and actions of people who purchase and use products
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perception |
the process by which a person selects, organized, and interprets information received form his or her sense |
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motivation
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inner drive that directs a person behavior toward goals
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learning
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changes in a persons behavior based on information and experiences
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attitude
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knowledge and positive or negative feelings about something
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personality
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the organization of an individuals distinguishing character traits, attitudes, or habits
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social roles
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a set of expectations for individuals based on some position they occupy
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reference groups
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groups with whom buyers identify and whose values or attitudes they adopt
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social classes
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ranking people into higher or lower positions of respect
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culture
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the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
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Chapter 12
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test market
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a trial minilaunch of a product in limited areas that represent the potential market
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commercialization
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the full introduction of a complete marketing strategy and the launch of the product for commercial success
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consumer products
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products intended for household of family use
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business products
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products that are used directly or indirectly in the operation of manufacturing processes of business
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product line
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a group of closely related products that are traded as a unite because of similar marketing strategy, production, or end use considerations
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product mix
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all the products offered by and organization
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branding
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the process of naming and identifying products
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trademark
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a brand that is registered with the U.S Patent and Trademark Office and is thus legally protected from use by any other firm |
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manufacturer brands
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brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
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private distributor brands
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brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
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generic products
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products with no brand name that often come in simple packages and carry only their generic name
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packaging
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the external container that holds and describes the product
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labeling
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the presentation of important information on a package
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quality
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the degree to which a good, services, or idea meet the demands and requirements of customers
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price skimming
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charging the highest possible price that buyers who want the product will pay
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penetration price
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a low price designed to help a product enter the market and gain market share rapidly
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psychological pricing
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encouraging purchases based on emotional rather than rational responses to the price
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reference pricing
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a type of psychological pricing in which a lower-priced item is compared to a more expensive brand in hopes that the consumer will use the higher price as a comparison price.
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discounts
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temporary price reductions, often employed to boost sales
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marketing channel
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a group of organizations that moves products from their producer to customers; also called a channel of distribution
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intensive disribution
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a form of market converge whereby a product is made available in as many outlets as possible
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selective distribution
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a form of marketing coverage whereby only a small number of all available outlets are used to expose products
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exclusive distribution
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the awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
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physical distribution
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all the activities necessary to move products from producers to customers- inventory control, transportation, warehousing, and materials handling
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integrated marketing communications
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coordinating the promotion mix elements and synchronizing promotion as a unified effort
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advertising
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a paid form of nonpersonal communication transmitted through a mass medium, such as television commercials or magazine advertisements
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advertising campaign
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designing a series of advertisements and placing them in various media to reach a particular target markert
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personal selling
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direct, two-way communication with buyers and potential buyers
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publicity
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non-personal communication transmitted through the mass media but not paid for directly by the firm
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sales promotion
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direct inducements offering added value or some other incentive for buyers to enter into an exchange.
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push strategy
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an attempt to motivate intermediaries to push the product down to their customers
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pull strategy
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the use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available
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promotional positioning
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the use of promotion to create and maintain an image of a product in buyer's minds
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chapter 13
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e-business
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carrying out the goals of business through utilization of the internet
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digital media
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electronic media that function using digital codes via computers, cellular phones, smartphones, and other digital devices that have been released in recent years
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digital marketing
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uses all digital media, including the internet and mobile and interactive channels, to develop communication and exchanges with customers
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social network
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a website where users can create a profile and interact with other users, post information, and engage in other forms of web-based communication
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blog
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a web-based journal in which a writer can editorialize and interact with other internet users
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wiki
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software that creates and interface that enables users to add or edit the content of some types of websites
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viral marketing
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a marketing tool that uses the internet, particularly social networking and video sharing sites, to spread a message and create brand awareness
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podcast
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an audio or video file that can be downloaded from the internet with a subscription that automatically delivers new content to listening devices or personal computers
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identity theft
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when criminals obtain personal information that allows them to impersonate someone else in order to use their credit to access financial accounts and make purchases
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online fraud
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an attempt to conduct fraudulent activities online |
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chapter 14
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accounting
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the recording, measurement, and interpretation of financial information
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certified public accountant (CPA)
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an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records
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private accountants
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accountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements
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Certified management accountants
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private accountant who, after rigorous examination, are certified by the National Association of Accountants and who have some managerial responsibility
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Managerial Accounting
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the internal use of accounting statements by managers in planning and directing the organizations activities
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cash flow
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the movement of money through an organization over a daily, weekly, monthly, or yearly basis
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budget
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an internal financial plan that forecasts expenses and income over a set period of time
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annual report
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summary of a firms financial information, products, and growth plans for owners and potential investors
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assets
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a firms economic resources , or items of value that it owns, such as cash, inventory, land, equipment, buildings, and other tangible and intangible things
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liabilities
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debts that a firm owes to others
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owners equity
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equals assets minus liabilities and reflects historical values
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accounting equation
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assets equals liabilities plus owners equity
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double-entry bookkeeping
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a system of recording and classifying business transactions that maintains the balance of the accounting equation
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accounting cycle
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the four step procedure of an accounting system: examining source documents, recording transactions in an accounting journal, posting recorded transactions, and preparing financial statements
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journal
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a time ordered list of account transactions
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ledger
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a book or computer file with separate sections for each account
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income statement
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a financial report that shows an organizations profitability over a period of time - month, quarter, or year
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revenue
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a total amount of money received from the sale of goods or services, as well as from related business activities
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cost of goods sold
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the amount of money a firm spent to buy of produce the products it sold during the period to which the income statement applies
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gross income (profit)
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revenues minus the cost of goods sold required to generate the revenues
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expenses
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the cost incurred in the day-to-day operations of an organization
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depreciation
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the process of spreading the costs of long lived assets such as buildings and equipment over the total number of accounting periods in which they are expected to be used
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net income
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the total profit after all expenses, including taxes, have been deducted from revenue; also called net earnings
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balance sheet
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a "snapshot" of an organizations financial position at a given moment
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current assets
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assets that are used or converted into cash within the course of a calendar year
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accounts receivable
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money owed a company by its clients or customers who have promised to pay for the products at a later date
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current liabilities
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a firms financial obligations to short term creditors, which must be repaid within one year
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accounts payable |
the amount a company owes to suppliers for goods and services purchased with credit
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accrued expenses
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is an account representing all unpaid financial obligations incurred by the organization
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statement of cash flows
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explains how the company's cash changed from the beginning of the accounting period to the end
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ratio analysis
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calculations that measure an organizations financial health
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chapter 15
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finance
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the study of money; how its made, how its lost, and how its managed
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money
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anything generally accepted in exchange for goods and services
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money market accounts
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accounts that offer higher interest rates than standard bank rates but with greater restrictions
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certificates of deposit (CDs)
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savings accounts that guarantee a depositor a set interest rate over a specified interval as ling as the funds are not withdrawn before the end of the period - six months or one year for example
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credit card
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means of access to preapproved lines of credit granted by a bank or finance company
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debit card
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like a credit card but has direct lines to a checking account
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federal reserve board
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an independent agency of the federal government established in 1913 to regulate the nations banking and financial industry
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monetary policy
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means by which the Fed controls the amount of money available in the economy
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open market operations
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decisions to buy or sell U.S. Treasury bills and other investments in the open market
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reserve requirement
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the percentage of deposits that banking institutions must hold in reserve
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discount rate
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the rate of interest the Fed charges to loan money to any banking institution to meet reserve requirements
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credit controls
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the authority to establish and enforce credit rules for financial institutions and some private investors
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commercial banks
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the largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of funds for loans to businesses and individuals
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savings and loan associations
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financial institutions that primarily offer savings accounts and make long term loans for residential mortgages; also called "thrifts" |
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credit union
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a financial institution owned and controlled by its depositors, who usually have a common employer, profession, trade group, or religion
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mutual savings banks
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financial institutions that are similar to savings and loan associations but, like credit unions, are owned by their depositors
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Federal Deposit Insurance Corporation
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an insurance fund established in 1933 that insures individual bank accounts
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National Credit Union Administration
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an agency that regulates and charters credit unions and insures their deposits through its National Credit Union Insurance Fund
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Pension Funds
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managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members
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mutual fund
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an investment company that pools individual investor dollars and invests them in larger numbers of well diversified securities
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brokerage firms
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firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services
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investment banker
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underwrites new issues of securities for corporations, states, and municipalities
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finance companies
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businesses that offer short term loans at substantially higher rates of interest than banks
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Electronic Funds transfer
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any movement of funds by means of an electronic terminal, telephone, computer, or magnetic tape
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Automated clearinghouse (ACH)
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a system that permits payments such as deposits or withdrawals to be made to and from a bank account by magnetic computer tape
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Chapter 16 : working capital management
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the managing of short term assets and liabilities
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transaction balances
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cash kept on hand by a firm to pay normal daily expenses, such as employee wages and bills for supplies and utilities
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lockbox
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an address, usually a commercial bank, at which a company receives payments in order to speed collections from customers
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marketable securities
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temporary investments of "extra" cash by organizations for up to one year in U.S. Treasury bills, certificates of deposit, commercial paper, or Eurodollar loans
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Treasury Bills
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short term debt obligations the U.S. government sells to raise money
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Commercial certificates of deposit
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certificates of deposited issued by commercial banks and brokerage companies, which may be traded prior to maturity
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Eurodollar market
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a market centered in London for trading U.S. dollars in foreign countries
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trade credit
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credit extended by suppliers for the purchase of their goods and services
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line of credit
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an arrangement by which a bank agrees to lend a specified amount of money to an organization upon request
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factor
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a finance company to which businesses sell their accounts receivable - usually for a percentage of the total face value
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long term assets
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production facilities, offices, and equipment - all of which are expected to last for many years
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capital budgeting
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the process of analyzing the needs of the business and selecting the assets that will maximize its value
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long term liabilities
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debts that will be repaid over a number of years, such as long term loans and bond issues
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bonds |
debt instruments that larger companies sell to raise long-term funds |
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serial bonds
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a sequence of small bond issues of progressively longer maturity
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junk bonds
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a special type of high interest rate bond that carries higher inherent risks
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retained earnings
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earnings after expenses and taxes that are reinvested in the assets of the firm and belong to the owners in the form of equity
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dividend yield
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the dividend per share dividend by the stock price
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primary market
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the market where firms raise financial capital
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secondary markets
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stock exchanges and over the counter markets where investors can trade their securities with others
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investment banking
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the sale of stocks and bonds for corporations
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securities markets
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the mechanism for buying and selling securities
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over the counter market
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a network of dealers all over all country linked by computers. telephones, and Teletype machines
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