Random Unit 3 Key Terms
Keeping accurate and useful financial records; and analyzing and interpreting the recorded information.
What is Accounting?
An individual who had specialized training in accounting procedures.
What is an accountant?
Polite behavior; good manners
What is Courtesy?
All the stock a business has on hand.
What is Inventory?
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products.
What is a Price
The process or activity of producing goods and services.
What is Production?
Decisions that determine which projects a business will invest in , how the investment(s) will be financed, and whether to pay dividends to shareholders.
Activities and/or benefits that are given to customers by a business in exchange for their goodwill or satisfaction.
What is Customer Service?
The buying of goods and services for a business.
What is Purchasing?
Marketing element referring to what goods,services, or ideas a business will offer its customers.
What is a Product?
The ability to communicate, interact, and build relationships with others
What is Interpersonal skills?
A financial statement that captures the financial condition of the business of that particular moment.
What is a Balance Sheet?
When a customer tells others (people they know like friends or family) about their satisfaction or dissatisfaction with a business.
What is Word-of-mouth promotion?
The day-to-day activities for continued business functioning.
What is Operations?
A marketing function needed to communicate information about goods, services, images and/or ideas to achieve a desired outcome.
What is a Promotion?
Long-range planning for the company as a whole.
What is Strategic planning?
Debts that a business owes.
What are Liabilities?
Focusing on a customer's needs and wants.
What is Customer-centric?
Managing the flow of goods and services from production to consumption.
What is Logistics?
What is publicity?
Loyalty to a particular business.
Patronage
Finance activity involving making decisions about financing.
The people who work within the business to achieve business goals.
What is Internal customers?
What is Bottom line?
Marketing element focusing on considerations in getting a selected product in the right place at the right time.
What is Place?