Business
An organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs
What is Business
To or more people working together in a predetermined way to achieve common goals is known as
What is organization.
The consumer spends little time in planning the purchase of these
What is convenience product
The least expensive form of short-term financing is
What is trade credit
This company giving $10 million from Trump's corporate tax rate savings to save the planet
What is Patagonia (Yvon Chouinard)
The total dollar value of all goods and services produced by all people within the boundaries of a country
What is Gross Domestic Product
The process of providing reasons for people to work in an organization’s best interests
What is Motivating
A combination of product, price, distribution (place), and promotion
What is marketing mix
The lowest rate of interest charged by a bank for a short-term loan is know as
What is prime interest rate
Using the consumer for feedback and suggestions on product
What is concept testing.
For a business to be organized, it must combine four kinds of resources
For a business to be organized, it must combine four kinds of resources
Statement of the basic purpose that makes an organization different from others.
What is Mission
The income of particular interest to marketers because consumers have the most choice in spending it
What is discretionary income.
Accounting equation
Assets = Liabilities + Owner's Equity
v
What is Limited partner
Belief that society will benefit most when business is left alone to produce and market profitable products that society needs.
What is Economic Model of Social Responsibility
The steps in the delegation process
What is (1) assign responsibility, (2) grant authority, (3) assign accountability.
When a company changes one or more of a product's characteristics to manage its product mix, it is engaging in ____ .
What is product modification
§Do not exist physically but have a value based on the rights or privileges they confer on the firm
What is intangible assets
Highest paid YouTuber (2018)
Who is Markiplier ($17.5 million)
It is easy to invest money in a partnership, but it is sometimes quite difficult to get it out.
What is Frozen investment
When authority is spread to lower-level management, a business is said to be
What is Decentralization
During this stage of the product life cycle management will narrow distribution to the most profitable existing markets.
What is decline.
involves outsourcing tasks to a group of people in order to tap into the ideas of the crowd
What is crowdsourcing
Employees informing the press or government officials about unethical practices within one’s organization.
What is Whistle Blowing.