Human Resources
The term that refers to what occurs when employees leave their jobs (quit, retire, or get fired)
What is Turnover?
If an employee is paid an hourly wage, this is the amount of hours they must work in a week BEFORE they can be paid overtime.
What is 40?
A philosophy whereby the customer's point of view comes first before any marketing decisions are made
What is the Marketing Concept?
The 4 P's of the Marketing Mix
What are Product, Place, Price, & Promotion?
The Accounting Equation
What is Assets=Liabilities + Owners' Equity?
The process of considering current employees as applicants for available positions
What is Internal Recruiting?
A type of compensation that rewards outstanding job performance.
What is a bonus or merit pay?
An example of something that can be marketed
What is a product, service, idea, person, non-profit, or event?
An example of a Marketing Strategy or Technique aimed at motivating customers to buy
What is Bandwagon, Beautiful People, Testimonials, Name Calling, Statistics, etc?
A financial statement that shows a company's financial position at a specific point in time
What is a Balance Sheet?
An employee's attitude or feelings about their job, supervisors, or the firm itself
What is Employee Morale?
Two employee benefits, not including base compensation.
What are health insurance, paid time off (PTO), retirement plan, stock options, etc?
An advantage of Mass Marketing instead of Target Marketing
What is lower cost, one ad campaign needed, etc?
A benefit of Branding
What is product recognition, brand loyalty, easier to introduce a new product, etc?
A summary of a firm's revenues and expenses during a specific accounting period
One way to improve Employee Morale
What is Flex Time, Advancement Opportunity, Competitive Compensation, etc?
Programs that allow workers to choose the benefits that best meet their personal needs.
What are Cafeteria Plans?
The goal of Target Marketing
What is to identify the group most likely to become customers?
A goal of a Pricing Strategy in a Marketing Plan
What is to earn a profit, gain market share, meet the competition, etc?
Gross Profit - Operating Expenses
What is Net Profit or Net Loss?
Purpose of an Employee Performance Appraisal
What is to assess an employee's current and potential performance levels and to provide feedback to the employee?
An example of a job that might be paid on a salary and an example of someone who might be paid on commission.
What is a manager versus a car salesman?
An example of Target Marketing
What is ...??
A specific Pricing Strategy
What is Price Skimming, Penetration Pricing, Odd- Number, Bundle, Special Event, etc?
One example of how a Balance Sheet and Income Statement can help identify ways to improve profit.
What are opportunities for decreased expenses, identify liquidity opportunities, etc?