Podcast
Questions and Answers
What is form utility?
What is form utility?
- Specialization of jobs to increase productivity
- Availability of goods at convenient locations
- Transferring ownership of goods from seller to buyer
- Changing raw materials to make them more useful (correct)
What does ownership utility satisfy?
What does ownership utility satisfy?
Wants by transferring ownership easily
What is place utility?
What is place utility?
Availability of goods at convenient locations
What characterized the production era?
What characterized the production era?
What should the focus be during the marketing era?
What should the focus be during the marketing era?
What is value in the context of business?
What is value in the context of business?
What does customer relationship management involve?
What does customer relationship management involve?
What is a characteristic of limited relationships in business?
What is a characteristic of limited relationships in business?
What is a full partnership relationship in business?
What is a full partnership relationship in business?
Customer loyalty is about lower production costs.
Customer loyalty is about lower production costs.
What defines a well-chosen target market?
What defines a well-chosen target market?
What is the target market?
What is the target market?
What is a promotion strategy?
What is a promotion strategy?
What does the marketing mix consist of?
What does the marketing mix consist of?
On what do business buyers base purchases?
On what do business buyers base purchases?
What is the step after asking for opinions on laptops?
What is the step after asking for opinions on laptops?
What is cognitive dissonance?
What is cognitive dissonance?
What do UNO Pizzeria and LensCrafters have in common?
What do UNO Pizzeria and LensCrafters have in common?
What is an actual product?
What is an actual product?
What must businesses focus on for raw materials?
What must businesses focus on for raw materials?
What does cannibalization refer to?
What does cannibalization refer to?
What slows the rate of diffusion?
What slows the rate of diffusion?
What does a high diffusion rate indicate about an Apple iPhone?
What does a high diffusion rate indicate about an Apple iPhone?
What is the relative advantage of an innovation?
What is the relative advantage of an innovation?
What is marketing promotion?
What is marketing promotion?
What is publicity?
What is publicity?
What is word of mouth?
What is word of mouth?
What do trends in technology create for promotion?
What do trends in technology create for promotion?
What is integrated marketing communication?
What is integrated marketing communication?
What is a viral web campaign?
What is a viral web campaign?
Publicity is less credible than advertising.
Publicity is less credible than advertising.
What is closing in sales?
What is closing in sales?
What does follow-up entail in sales?
What does follow-up entail in sales?
What are channels of distribution?
What are channels of distribution?
What does a distribution strategy plan?
What does a distribution strategy plan?
What is service utility?
What is service utility?
Non-store retailers are growing faster than at the beginning of the decade.
Non-store retailers are growing faster than at the beginning of the decade.
What are the challenges of non-retail stores?
What are the challenges of non-retail stores?
What is multi-level marketing?
What is multi-level marketing?
What is every-day low pricing?
What is every-day low pricing?
What is penetration pricing?
What is penetration pricing?
What are important factors about business?
What are important factors about business?
What is loss-leader pricing?
What is loss-leader pricing?
What is prestige pricing?
What is prestige pricing?
What is product strategy?
What is product strategy?
What is marketing mix 2?
What is marketing mix 2?
What does being secretive about ideas allow in primary data?
What does being secretive about ideas allow in primary data?
What does a management accountant do?
What does a management accountant do?
What is accounting?
What is accounting?
What is a certified public accountant (CPA)?
What is a certified public accountant (CPA)?
What does a certified public accountant do?
What does a certified public accountant do?
What does GAAP stand for?
What does GAAP stand for?
What is a balance sheet?
What is a balance sheet?
What are assets?
What are assets?
How do you calculate total assets?
How do you calculate total assets?
Where do you look for a firm's debt?
Where do you look for a firm's debt?
What is cash in accounting?
What is cash in accounting?
What are the two broad sources of financing?
What are the two broad sources of financing?
What are current liabilities?
What are current liabilities?
What is the equation for firm worth?
What is the equation for firm worth?
Where do you look to find a firm's profit or loss?
Where do you look to find a firm's profit or loss?
What is an income statement?
What is an income statement?
What is profit?
What is profit?
What is revenue in accounting?
What is revenue in accounting?
What is managerial accounting focused on?
What is managerial accounting focused on?
What are dividends?
What are dividends?
Who are stockholders?
Who are stockholders?
Companies always pay dividends to stockholders.
Companies always pay dividends to stockholders.
What is common stock?
What is common stock?
What is a capital gain?
What is a capital gain?
Who do preferred stockholders receive dividends over?
Who do preferred stockholders receive dividends over?
What is a bond?
What is a bond?
What is maturity in the context of bonds?
What is maturity in the context of bonds?
What is the coupon rate?
What is the coupon rate?
What is diversification in investing?
What is diversification in investing?
What is professional management?
What is professional management?
Study Notes
Utilities in Business
- Form Utility: Enhancing raw materials or components to create more useful products.
- Ownership Utility: Simplifying the transfer of goods and services from sellers to buyers for a hassle-free purchase experience.
- Place Utility: Ensuring goods and services are available in convenient locations for customers.
- Service Utility: Adding value by offering quick and friendly service and educating customers on product use.
Historical Marketing Eras
- Production Era: Focus on specialization of jobs leading to increased productivity; introduction of assembly lines.
- Marketing Era: Emphasis on consumer satisfaction as the primary focus of marketing efforts.
Market Valuation Concepts
- Value: Customer's perception of benefits versus costs to determine product worth.
- Customer Relationship Management: Process of collecting and applying data to improve customer interactions.
Target Market Strategies
- Well-Chosen Target Market: Defined by size, profitability, accessibility, and limited competition.
- Target Market Definition: Specific demographic group targeted for marketing initiatives.
Marketing Approaches
- Promotion Strategy: Combination of personal selling, advertising, publicity, and promotions to drive purchases.
- Marketing Mix: Blend of product, place, promotion, and pricing strategies to facilitate beneficial exchanges.
Consumer Behavior
- Cognitive Dissonance: Discomfort felt by buyers following a purchase, leading to regret or second-guessing.
- Buyer Behavior: Decisions based on specific criteria rather than personal bias.
Product Management
- Actual Product: Tangible items or delivered services fulfilling customer needs.
- Cannibalization: New product sales adversely affecting existing product sales.
- Rate of Diffusion: The speed at which a new product is adopted by consumers; often slowed by lack of understanding.
Marketing Tactics
- Publicity: Free, credible information distribution about a product or organization through the media.
- Word of Mouth: Informal exchanges of information about products and experiences between consumers.
Pricing Strategies
- Every-Day Low Pricing: Consistently low pricing strategy that conveys value.
- Penetration Pricing: Initially low product pricing to gain market share.
- Loss-Leader Pricing: Pricing products below typical costs to attract customers, hoping for additional purchases.
- Prestige Pricing: Setting high prices to maintain a luxury image.
Financial Principles
- Accounting: Organized recording and analysis of financial activities for various stakeholders.
- GAAP: Set of guidelines that govern accounting practices.
- Balance Sheet: Snapshot of assets, liabilities, and owner's equity at a specific date.
- Income Statement: Document that details revenue and expenses over a fiscal period.
Investment Concepts
- Common Stock: Basic form of ownership in a company that includes voting rights.
- Preferred Stock: Offers dividends before common stock; appeals to risk-averse investors.
- Bonds: Debt securities offering periodic payments; characterized by maturity dates and coupon rates.
Risk Management
- Diversification: Strategy of investing in various assets to mitigate risk.
- Professional Management: Expertise in managing mutual funds; attracts investors seeking risk-reducing strategies.
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Description
Test your knowledge with these flashcards covering essential concepts in Intro to Business. From various forms of utility to different production eras, this quiz will help reinforce your understanding of key business principles. Perfect for students looking to enhance their studies!
