Business Basics - Mod. 1
An activity that has intangible characteristics and that provides satisfaction or benefits to consumers.
What is a Service
List at least two of the 4 P's of Marketing.
What are Product, Price, Promotion, and Place (or Distribution)?
What does TQM stands for?
What is Total Quality Management?
The Financial Statement that identifies how much Cash is actually available for use in a given time period.
What is the Cash Flow Statement?
The name of the company which has the highest Total Revenue in the world
What is Wal-Mart?
Wal-Mart is the world's largest company by total revenue since 2014 with $514 billion in sales?
A group of people who have a vested interest (a "stake") in the actions a business might take.
Who are Stakeholders>
The term for dividing up a market into different groups that can be targeted separately.
What is Segmentarion?
The process of trying to develop an efficient, relatively low cost, and high quality production process for creating specific products.
What is Production Management?
The financial statement that calculates your company's Net Profit (or Loss).
What is the Income Statement?
The most profitable company in the world.
What is Saudi Aramco?
Saudi Aramco made $111 billion in profit in 2018.
The most profitable, publicly-held company---Apple---made $59.4 billion in profit in 2018.
A mechanism that facilitates the exchange of goods and services between sellers and buyers.
What is a Market?
Description given to customers who frequently and enthusiastically purchase a particular brand and are less likely to be enticed to switch to other brands compared to non-loyal customers.
What is Brand Loyalty
The cost of each good produced decreases as the volume of production rises.
What is Economies of Scale?
The financial statement that is a financial "snap shot" of company's assets and liabilities at any point in time.
What is the Balance Sheet?
The world's richest person.
Who is Jeff Bezos?
Jeff Bezos, CEO of Amazon is worth $112 billion.
The quantity of goods and services that consumers are willing to buy at different prices.
What is Demand?
List two of the four types of Market Segmentation.
What are Geographic, Demographic, Psychographic, and Behavioral?
A method of evaluating performance by comparing it processes and efficiencies achieved by other companies.
What is Benchmarking?
The acronym "IPO" stands for what?
What is the Initial Public Offering? The first time a company sells shares to the public.
The name of the founder of McDonald's.
Who is Ray Kroc?
Ray Kroc died in 1984. He was worth $600 million at the time of his death.
List the two major types of accounting.
What is Financial Accounting and Managerial Accounting?
The pricing strategy that Wal-Mart uses.
What Value pricing, or Everyday Low Prices?
The process of regularly monitoring and improving the quality of the products produced.
What is the Total Quality Management?
True or False:
Once a company sells shares to the public, the company can never buy them back.
What is False?
The founders of Little Caesars Pizza and the owners of the Detroit Tigers (Baseball) and the Detroit Red Wings (Hockey).
Who are Mike and Marian Ilitch?
Mike passed away in 2017. Marian is currently worth $6.6 billion (U.S.)