Operations
a network between a company and its suppliers to produce and distribute a specific product or service
What is a supply chain?
all items worth money in the business
What is an asset?
any point of contact between a business and a customer
What is a touchpoint?
the ownership of ideas, and is a collection of ideas and concepts.
What is intellectual property?
all the product lines a business offers to customers
What is a product mix?
determines when your revenues equal your costs
What is a break-even analysis?
a party to whom money is owed
What is a creditor?
all activities within a business associated with advertising, selling, and delivering a product/service to a customer.
What is marketing?
a distinctive sign which allows consumers to easily identify the particular goods or services that a company provides and protects a set or class of products or services
What is a trademark?
civil wrongdoing against an individual or organization
What is a tort?
any costs that it takes for a business to run on a day to day basis and includes unforeseeable expenses
What are Operating costs?
the statement of revenue and expense during a particular accounting period. Reports the company’s financial performance.
What is an Income Statement?
form of promotion where organizations communicate directly to customers through a variety of media
What is direct marketing?
Three elements of a business plan
What are Executive Summary, Business Description, Market Research, Management bios, or Financial Documents?
moral codes that govern behaviour of a person or group of people regarding what is morally right and wrong
What are ethics?
communication between different organizations/departments
What is diagonal communication?
transactions are recorded at the time they occur even if no money changes hands at that time.
What is accrual accounting?
Five main elements of the promotional mix
What are Personal Selling, Public Relations, Advertising, Direct Marketing and Sales Promotion (PPADS)?
Product, Process, Position, Paradigm
What are the 4P's of Innovation?
when the supply of goods matches demand
What is Equilibrium price?
type of risk where the outcome is uncertain; there are three possible outcomes - a gain, a loss, or no net change
What is speculative risk?
summarizes the amount of cash and cash equivalents entering and leaving a company
What is a Cash Flow Statement?
Two main types of word of mouth channels
What are Reviews & Testimonials, Affiliate Marketing, Influencer Marketing, Partner Programs, or Customer Referral Marketing?
a contingency plan that is executed by an investor, trader, venture capitalist, or business owner to liquidate a position in a financial asset
What is an exit strategy?
allow a company to closely monitor its sales, profits, and expenditures and demonstrates the relative profit-earning capacity of a company’s different products and consumer groups
What is profitability control?