Business & Economics Glossary: Marketing, Compensation, Unions, Financial Management Terms, Quizzes of Introduction to Business Management

Download Business & Economics Glossary: Marketing, Compensation, Unions, Financial Management Terms and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 (10) Intrinsic Reward DEFINITION 1 personal satisfaction you feel when you perform well and complete goals. TERM 2 Extrinsic Reward DEFINITION 2 Something given to you by someone else as a recognition for good work TERM 3 (11) Reverse Discrimination DEFINITION 3 Discriminating against members of a majority group to correct previous discrimination TERM 4 Contingent Workers DEFINITION 4 When a company has employment needs that vary by season or something else. Positions like interns, co-ops, part- time and temporary workers TERM 5 Types of Compensation (7) DEFINITION 5 -Salary: fixed, weekly or monthly-Hourly wage or day work:- Piece-work: Get paid based on output-Commission: Pay based on % of sales-Profit-sharing: Annual bonuses based on a pool of the company's profits-Gain-Sharing: Annual bonuses based on portion of your output-Stock options: Give employees right to purchase stock at a specific price TERM 6 (12) Union DEFINITION 6 An employment organization whose main goal is representing its members in employment-management negotiations over job related issues TERM 7 Collective Bargaining DEFINITION 7 The right for people to argue as a group rather than as an individual. Group holds more bargaining power. TERM 8 4 Different Kinds of Union Shops: DEFINITION 8 -Closed Shop Agreement-Union Shop agreement-Agency Shop Agreement-Open Shop Agreement TERM 9 Closed Shop Agreement DEFINITION 9 Workers have to be members of a union before being hired for a job TERM 10 Union Shop Agreement DEFINITION 10 Workers don't have to be members of a union to be hired, but must agree to join within a period of time. TERM 21 Consumer Market DEFINITION 21 all individuals or households that want goods or services for personal use or consumption-Small $ transactions TERM 22 Business 2 Business Market DEFINITION 22 -Individuals or organizations that want goods/services to sell or produce other good and services to others.-Products are sold and re-sold before they reach consumer-Big $ transactions-Deal with 1 person, less emotions-Industrial Goods TERM 23 Market Segmentation DEFINITION 23 Dividing the broad market into groups of consumers who have common needs, priorities and characteristics TERM 24 Niche Marketing DEFINITION 24 Finding small but profitable market segments and designing and finding products for them TERM 25 Relationship Marketing DEFINITION 25 Strategy with the goal of keeping individual customers over time by offering them new products that meet their requirements TERM 26 (14) Product Line DEFINITION 26 A group of products that are physically similar or intended for a similar market. TERM 27 Product Mix DEFINITION 27 The combination of all product lines offered by a manufacturer TERM 28 Product Differentiation DEFINITION 28 Any major change in your product that allows you to charge more money. TERM 29 Bundling DEFINITION 29 Strategy of packaging that combines goods and services for a single priceEx: Comcast bundle of cable, wi-fi and phone TERM 30 Trademark DEFINITION 30 A brand that has exclusive legal protection for both its brand name and design TERM 31 Private-Label Brands DEFINITION 31 Products that don't carry the manufacturers name but a distributor or retailers name instead.Ex: Kroger bread TERM 32 Generic Goods DEFINITION 32 Non-branded products that usually sell at large but cheap quantities. poor quality, basic packaging with no advertisementsEx: "Cola" TERM 33 Commercialization (2 parts) DEFINITION 33 Process of introducing a new product into the market. Promote the product to distributors and retailers to get wide distribution. Develop strong advertising and sales campaign to generate interest in the product among consumers. TERM 34 Product Life Cycle (4 steps) DEFINITION 34 1. Introduction2. Growth3. Maturity4. Decline TERM 35 Value Pricing DEFINITION 35 A fair price in the terms of value in the eyes of the consumer TERM 46 Multilevel Marketing DEFINITION 46 Upside-down Pyramid--people at the bottom buy products from companies, everyone at the top gets commission TERM 47 Supply Chain (Value chain) DEFINITION 47 Consists of all linked activities that organizations perform to move goods/services from the source of raw materials to the consumerSupplier of all kinds--> Manufacturers-- >Wholesalers-->Retailers-->Consumers/Customers TERM 48 Inbound Logistics DEFINITION 48 brings raw materials and other goods + services from the suppliers to the producers TERM 49 Outbound Logistics DEFINITION 49 Manages the flow of finished products and info to business buyers and ultimately consumers TERM 50 Business-2-Consumer (B2C) 4 steps: DEFINITION 50 How the seller interacts with the consumer face to face.1. Approach (How can i help you)2. Presentation (answer questions)3. Close the sale4. Follow up TERM 51 (16) Integrated Marketing Communication (IMC) DEFINITION 51 Combines all the promotional tools into one comprehensive, unified promotional strategy. Creates positive brand, meets need of consumer, meets marketing/promotional goals of the firm TERM 52 Sales Promotion DEFINITION 52 Promotion tools that stimulates consumer purchasing and dealer interest by short-term activities like coupons and trade shows TERM 53 Push Strategy DEFINITION 53 Producer uses advertising and all promotional tools to convince wholesalers and retailers to stock and sell merchandise TERM 54 Pull Strategy DEFINITION 54 Heavy advertising and sales promotion efforts are directed towards consumersso they'll request products from retailers. TERM 55 (17) Auditing DEFINITION 55 The job of reviewing and evaluating the information used to prepare a company's financial statement TERM 56 Balance Sheet DEFINITION 56 Snapshot of how a company is financially doing at a specific time, composed of 3 major accounts:-Assets-Liabilities- Owners' equity TERM 57 Assets DEFINITION 57 Economic resources (things of value) owned by a firm TERM 58 Liquidity DEFINITION 58 the ease with which an asset can be converted into cash TERM 59 Liquidity Measures DEFINITION 59 How ready the company is to pay off bills that will be presented to them. TERM 60 Liabilities DEFINITION 60 What the business owes to others (debt) TERM 71 Debt Financing DEFINITION 71 Funds raised through various forms of borrowing that must be repaid TERM 72 Equity Financing DEFINITION 72 Money raised from within the firm, from operations or through the sale of ownership/stock TERM 73 Income Statement DEFINITION 73 Financial statement that shows a firm's profit after costs, expenses, and taxes. Shows Net income and net loss TERM 74 Secured Loan DEFINITION 74 A loan backed by collateral, something valuable. TERM 75 Unsecured Loan DEFINITION 75 Doesn't require any collateral, more difficult to obtain. Normally lenders give these to only highly regarded customers TERM 76 Fiscal Year DEFINITION 76 A period for calculating annual financial statements, doesnt always constitute with the calendar year TERM 77 Dividend DEFINITION 77 Part of a firms profits that the firm may or may not distribute to investors as either cash or additional stock. Declared by the corporation's Board of directors and paid quarterly TERM 78 Inflation DEFINITION 78 Rise in prices, too much money with little or no value. TERM 79 (19, misc.)Initial Public Offering (IPO) DEFINITION 79 First public offering of a company's stock TERM 80 Primary Securities Markets do what? DEFINITION 80 Handle new stocks (IPOs) TERM 81 Secondary Securities Markets do what DEFINITION 81 Handle the trading of these securities between investors , with the proceeds going to whoever sold the stock...not the corporation TERM 82 SEC (Securities and Exchange Commission) DEFINITION 82 Federal agency responsible for regulating various stock exchanges TERM 83 Investment Bankers DEFINITION 83 Specialists who assist in the the issue and sale of new securities, can help companies prepare for financial analysis from SEC TERM 84 Institutional Investors DEFINITION 84 Large organizations that invest their own funds or funds of others and are a powerful force in the markets. Pool and invest money into stocks TERM 85 Common Stock DEFINITION 85 Most basic form of ownership in a firm. Have the right to vote and receive dividends.