BUSI 1301 - The Final Exam Study Guide - Fall 2023.docx

Study Guide Directions Know the Meaning of each Term and Concept Below. Highly Recommend Using the Textbook, Class Assignments or Lecture PowerPoints to help you Study. If You have any Questions, please don’t Hesitate to Contact Me. Chapter 1 - Exploring the World of Business and Economics Wh...

Study Guide Directions Know the Meaning of each Term and Concept Below. Highly Recommend Using the Textbook, Class Assignments or Lecture PowerPoints to help you Study. If You have any Questions, please don’t Hesitate to Contact Me. Chapter 1 - Exploring the World of Business and Economics What is the Textbook Definition of a business? - Organized effort of individuals to produce and sell for the profit and sell for a profit gods to satisfy needs What are the 3 Components of a Business? Organized 2) satisfy needs 3) Produce a profit What is gross domestic product (GDP) Gdp : - THE TOTAL value if all goods and services produced by all people within the boundaries of a country during a specified time period Chapter 5 - Small Business, Entrepreneurship, and Franchises What is Primary Reason why many new businesses fail? Mismanagement and lack of business know how What is a Business Plan? An organized plan - Business plan is a written document that provides description and overview Chapter 6 - Understanding the Management Process What is an organization's most valuable resource? Human resource What are the 4 - Functions of Management? 1) Planning 2)Organizing 3)Leading and motivating 4)Controlling: adapt What is a SWOT Analysis? Strengths Weaknesses Opportunities THREATS What is Leadership Greatest ability? Leadership is about influence Chapter 9 - Attracting and Retaining the Best Employees What are the three phases of Human resources management (HRM)? Acquire Maintain Developing Chapter 10 - Motivating and Satisfying Employees and Teams What is motivation? - Internal process that energizes and directs Chapter 11 - Building Customer Relationships Through Effective Marketing What is marketing? Activities of set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers Chapter 13 - Distributing and Promoting Products What is a distribution channel? product to customer What is supply-chain management? What are wholesalers? Wholesaling is the act of buying goods in bulk from a manufacturer at a discounted price and selling to a retailer for a higher price, for them to repackage and in turn resell in smaller quantities at an even higher price to consumers. What is a Middleman (or marketing intermediary)? Anybody in between the producer and the customer. What is a retailer? Who is the largest retailer by sales in the U.S.? A retailer is A retailer is a business that sells goods to the public. A retailer can buy products from manufacturers, wholesalers, or distributors, and mark up the prices, the biggest retailer is Walmart. What is inventory management? What is warehousing? the act of storing goods that will be sold or distributed later. What is direct marketing? the business of selling products or services directly to the public. What is integrated marketing communication (IMC)? strategy for delivering a unified message across all the marketing channels your brand uses. What are the Four elements of the promotion mix? Advertising Personal selling Sales promotion Public relations What is Personal Selling? Door to door, face, face to face What is Advertising? Advertising is a very important part of advertising mix. What is the first step in developing an advertising campaign? The first step in developing an advertising campaign is to define your advertising goals. What are examples of an advertising media? television, radio, or social media What is sales promotion? And know the examples of each sales promotion Technique? Promotion: intended to inform, persuade, or remind target market members What is public relation? is the process of managing how others see and feel about a person, brand, or company12. PR professionals help a business or individual create and maintain a positive image and relationship with the public Chapter 14 - Exploring social media and e-Business What is the number one reason a business uses social media? Raise brand awareness Increase brand engagement Acquire new customers Increase sales, Connect with customers What is the primary revenue stream for Social Media Companies? The user Which social media company has the largest number of active users? Facebook What is LinkedIn? How is LinkedIn different than most social networking sites? Linkd in is a professional social networking. What is the first step in building a social media plan? Define social goals and KPIs The first step to an effective social media plan is reviewing your broader marketing goals and initiatives. What are key performance indicators (KPIs)? Key performance indicators – (KPIS) : quantitively measurement’s What is social media marketing? Using social media to market the business. What is inbound marketing? : describes new ways of gaining attention and ultimately customers by creating content on a website that pulls customers in What is cloud computing? Chapter 15 - Using Management and Accounting Information How is Information and Risk related to decision Making? What is Management Information System (MIS)? What is the Accounting Equation? What is an asset? What is a liability? What is owners' equity? What does a balance sheet compose of? What is liquidity? What is the most liquid asset? What is an income statement? What is revenue? What are operating expenses? What is a net loss and net income? What is the best method in evaluating financial statements?