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Business Fundamentals
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Business Fundamentals
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25 Questions

1. Goal set for the very near future

2. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

3. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade

4. Customer value created when someone takes ownership of a product

5. A business firm that does things for you instead of making or makerting products

6. Product development stage in which a product is sold on a limited basis - a trial introduction

7. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations

8. Being accountable or being able to justify an action

9. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability

10. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large

11. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive

12. The willingness and ability of producers to offer a good or service for sale

13. Objective that a business hopes and plans to achieve

14. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product

15. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit

16. Process through which a manager allocates work to subordinates

17. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique

18. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions

19. The quantity of a good that an average worker can produce in an hour

20. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment

21. Obligations that must be next within a year

22. Study of statistical characteristics of a population

23. Products having nonphysical features - such as information - expertise - or an activity that can be purchased

24. Location

25. Legal principal holding owners responsible for paying off all debts of a business

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