Business Administration
A business or individual's obligation to act for the benefit of society.
What is social responsibility?
Sales technique where the seller encourages the customer to purchase more expensive items, upgrades or other add-ons to make a more profitable sale.
What is upselling?
Discovering an unmet want or need.
What is the first step in entrepreneurial discovery?
A marketing technique that relies on customers telling their friends and family about a product or service, unprompted by the business
What is word-of-mouth marketing?
A cost that a business has incurred, but cannot recover.
What is a sunk cost?
Planning, organizing, controlling, leading
What are the functions of management?
Hotel products/services designed to appeal to guests by providing comfort and convenience.
What is an amenity?
Describes a business's internal and external conditions by identifying threats, opportunities, strengths, and weaknesses.
What is a SWOT analysis?
Sales promotion, advertising, direct marketing, personal selling, public relations
What are the elements of the promotional mix?
The difference in cost between two or more business decisions.
What is differential cost?
Democratic, laissez-faire, autocratic
What are examples of leadership styles?
Assurance that a product is fit for its intended purpose and fulfills the buyer's expectations.
What is an implied warranty?
A contractual agreement between a licensor and licensee that allows the business owner to use the licensor's brand to distribute products/services to customers.
What is franchising?
Length, width, depth, consistency
What are the characteristics of product mix?
An internal or external reduction in long term costs when production or operation increases in size.
What are economies of scale?
When a purchasing specialist needs to decide whether the company can manufacture needed parts or should source them from a supplier.
What is a make-or-buy decision?
A quantitative form of data used in marketing research to describe, show or summarize data in a meaningful way.
What are descriptive statistics?
Data collection, data cleaning, data preprocessing, modeling, evaluation, and interpretation of results.
What are the steps of data mining?
The elements of a brand that cannot be spoken (e.g. symbol, design, sound)
What is a brand mark?
A type of business or individual that reviews and prepares financial documents for a wide range of clients (i.e. large corporations, non-profit businesses, governments) with the intent of releasing it to the public.
What is a public accountant?
An alternative course of action a business implements when it is not sensible to carry out the original plan.
What is a contingency plan?
A document that lists goods purchased, price, terms of sale and total amount due.
What is an invoice?
Limited liability, indefinite length, ease of expansion, legal entity, and transfer of ownership
What are advantages of corporations?
A low-cost marketing technique that uses unconventional methods to spark public interest (e.g. life-size displays in the street)
What is guerilla marketing?
Financial contracts that derive their value from underlying assets (such as stocks, bonds, commodities, currencies, interest rates, and market indexes).
What are derivatives?