Accounting
Cash, land, and office supplies
What are assets?
A collection of facts analyzed by managers
What is data?
The process of bringing goods or services into a country from abroad for sale
What is importing?
In the context of opening a McDonald's franchise, McDonald's is the __ and you are the __.
Who are the franchisor and franchisee?
Product, Price, Place, and Promotion
What is the marketing mix?
Rent, taxes, and wages
What are liabilities?
The process of collecting and interpreting large sets of data
What is data analysis?
The process of sending goods or services from one country to another for sale
What is exporting?
A legal arrangement enabling a small business to use another company's brand, trademark, or product in exchange for a fee or royalty.
What is licensing?
Introduction, Growth, Maturity, and Decline
What is the product life cycle?
Costs that depend on the number of units produced
What are variable costs?
The systematic process of gathering information for analysis and decision-making.
What is data collection?
A government-imposed limit on the quantity of a specific good that can be imported or exported during a given time period
What is a quota?
The benefits include established brand recognition, comprehensive support and training, and reduced risk of failure when starting a business.
What are the advantages of franchising?
Arizona Jean Co. sold by JC Penny
What is a private label brand?
This is the number of units that must be sold to cover all fixed and variable costs, resulting in neither profit nor loss.
What is the breakeven quantity?
A private network within an organization
What is an Intranet?
United States, Canada, and Mexico are part of this agreement aimed at promoting trade and economic cooperation
What is the USMCA (formerly NAFTA)?
A situation where the owners of a business are personally responsible for all debts and obligations of the business, putting their personal assets at risk.
What is unlimited liability?
Bread and chewing gum
What are convenience products?
A report showing the profit or loss in a business over a specified time.
What is the income statement?
Using computer software technology to control machine tools and automate manufacturing processes.
What is computer-aided manufacturing?
This economic concept refers to a country's ability to produce a good or service more efficiently than another country
What is a comparative advantage?
The top governing body of a corporation.
What is a board of directors?
Draper’s range of products - audio visual equipment, window coverings, and gymnasium equipment
What is their product mix?
A merger between two firms selling similar products in a similar industry
What is a horizontal merger?
Using computer systems to aid in design
What is computer-aided design?
Hiring workers in other countries for product
What is outsourcing?
An independently owned and operated company that is limited in size and revenue, often characterized by a small number of employees and a local market focus.
What is a small business?
A group of marketing organizations directing where a product is inventoried and sold
What is a Marketing Intermediary?