Marketing
Occurs when supply is equal to demand, maximizes both consumer and producer surplus (happiness), and provides for the greatest economic efficiency
Equilibrium Price
Member-owned cooperatives, nonprofits that specialize in providing financial services
Credit Union
The manner in which a company presents itself, the reputation it constructs for itself
Company Image
The goal to improve manufacturing quality and minimize variability, leading to lower costs of production and higher profit
Six Sigma
The ownership of ideas, and is a collection of ideas and concepts
Intellectual property
- As price increases, quantity supplied will increase due to a non-price factor such as changes in input prices or natural conditions
- As price increases, quantity demanded will decrease, the demand curve can move due to factors such as rise in income or change in price of a substitute
Law of Supply & Law of Demand
- Resources a company owns
- Debts of a company
Assets and Liabilities
- The value/experience a company’s customers can expect during every interaction with a company
- When employees analyze customer feedback to improve sales and use marketing methods to meet/exceed the expected standards to increase revenue while helping to build customer rapport and advocacy
Company's brand promise & Customer relationship management
Gives a beginning to end overview, including what the objectives are, how the project will be carried out, and who the stakeholders are
Project Charter
- used to prevent a specific invention, process, or method from being created, sold, or used by another party without permission (eg. Amazon one click shopping)
- 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. (eg. Facebook logo)
Patent & Trademark
- act as an extension of the original manufacturer and represent the product’s producer when making a sale, work directly with customers to sell products and services but do not have ownership of original companies or the products they sell
- buy a company’s products in bulk and resell them, making a profit by receiving discounts for buying in bulk, and then selling those goods (in smaller quantities) at a higher price to retailers
Agents & Wholesalers
- Statement that shows the revenues and net income (profits) of a company over different periods of time
- Statement that shows the inflows and outflows of cash from operating, investing and financing activities within a company in a certain time period
Income Statement & Cash Flow Statement
Process where employees directly communicate with upper management to provide feedback, share ideas and raise concerns regarding their day-to-day work
Upward Communication
Breaks the project into specific deliverable tasks (it breaks a big task into smaller elements, which have timelines and clear objectives)
Work Breakdown Structure (WBS)
- protects “tangible” forms of creation and original work (for example, art, music, architectural drawings, or even software codes)
- a proprietary system, formula, strategy, or other information that is confidential and is not meant for unauthorized commercial use by others (eg. Coca-Cola Recipe)
Copyright & Trade Secret
- in contact with manufacturers as intermediary entities between the producer of a product and another entity in the distribution channel, keeping the supply chain moving quickly and smoothly by providing (logistical or storage) support to manufacturers (e.x. car dealerships)
- purchase products from other channel intermediaries to sell directly to customers, usually buy smaller quantities of products than wholesalers or distributors (e.x. grocery store)
Distributors & Retailers
- The tax on the profit of a stock/bond that has been sold
- When you claim a tax credit for people you support so that you may be able to earn a tax deduction
Capital gain & Dependent
- Type of business where owners are not responsible for the debts of the organization
- Type of business where one individual runs/owns/receives all profits/is responsible for loss and debt
- Type of business where partners agree to cooperate in working toward mutual interests
- Type of business that sells shares in stock market, owned by multiple shareholders, allows for limited liability
Limited Liability, Sole Proprietorship, Partnership, Corperation
- several employees are working independently on different tasks at the same time which will later be pooled or combined to create a final product
- one worker must complete their task before the next worker can perform their own task
- one team member's work is dependent on other team members' work
Pooled Task Interdependence, Sequential Task Interdependence, Reciprocal Task Interdependence
- contingency plan that is executed by an investor, trader, venture capitalist, or business owner to liquidate a position in a financial asset or dispose of tangible business assets once predetermined criteria for either has been met or exceeded
- a marketing and business strategy that involves a reduction or a termination of investments in a product, product line, or line of business so that the entities involved can reap or harvest the maximum profits
Exit strategy & Venture harvesting strategy
List the four factors that affect buying behaviour
Culture, Social, Personal, Psychological
- A basic primary good that is sold (ex: oil, wheat, copper)
- Ownership of a part of a company, a stake in the earnings
- Investors lend their money to a company or government for interest
- A diversified fund regular people can invest in, with a high fee
- civil wrongs that cause loss or harm to another
- failure to use reasonable care, resulting in damage or injury to another
- damage or harm that someone does to you on purpose
- activities that are so risky that compensation to the injured is awarded without need to establish the defendant's fault
Tort, Negligence, Intentional, Strict liability
Name the five steps of the management process
Planning, Organizing, Staffing, Directing, Controlling
Name at least three components of a business plan (five in total)
Executive summary, Business decription + structure, Market research + strategies, Management/personnel, Financial Documents