Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
OLS 274 Final Exam
Purdue University OLS 274 Final Exam
| Question | Answer |
|---|---|
| economics definition | understanding the choices people make in using scarce resources |
| macro economics | the study of a country's overall economic issues |
| GDP | sum of all goods and services produced within a nation's boundaries each year |
| the two major policy tools available for controlling economic activity are | monetary and fiscal policies |
| as the price of a good or service increases, the quantity demanded __________ | decreases |
| as price rises, the quantity of a product that is supplied _______ | rises |
| demand curve shows _______ | the relationship between different prices and the quantity requested at each price |
| equilibrium is established when ________ | quantity purchased = quantity offered |
| small business example | farm |
| innovations are______ | small businesses that provide fertile ground for new ideas |
| globalization has resulted in ________ | high quality products for low cost |
| one should decide on a business that ______ | matches what you want and offers profit potential |
| reasons to choose entrepreneurship: | pursue vision, achieve financial success, or be their own boss |
| angel investor | invests money in new ventures in exchange for equity |
| management definition | process of achieving organizational objectives through people and other resources |
| technical skills needed for managerial success | techniques, tools, and equip of department |
| human skills needed for managerial success | interpersonal skills to work efficiently through people; leading and motivating |
| conceptual skills needed for managerial success | see the organization as a unified whole |
| employee empowerment: vision should be ________ | focused, yet flexible |
| empowerment definition: | policy of allowing employees to immediately respond to customer problems without having to obtain prior approvals from senior management |
| 1st step in employee recruitment process | identify job requirements |
| last step in employee recruitment process | select candidates |
| types of incentive compensation programs | profit sharing, gainsharing, pay for knowledge, bonus |
| maslow's hierarchy of needs (need to know lowest level to highest) | physiological, safety, social, esteem, self actualization |
| team norms definition | team norms are informal and unwritten standards of behavior |
| types of communication: | oral, written, formal, informal, nonverbal, internal/external |
| feedback definition | helps determine if a message was correctly interpreted |
| location decisions | proximity to raw materials, markets, labor |
| why would one offshore products | low labor costs |
| utility: time | good or service available |
| utility: place | available in location |
| utility: ownership | transfer from seller to buyer |
| consumer behavior process 1st step | recognition of problem |
| consumer behavior process last step | post-purchase evaluation |
| first step in marketing strategy | identify target market |
| examples of market segmentation | geographical, demographic, psychographic, product related |
| product categories: convenience | frequent, unimportant (milk) |
| product categories: shopping | infrequent, very important (fridge) |
| product categories: specialty | infrequent, important; high price (diamond) |
| UPC benefits | evaluate customer purchases, speed up transactions, control inventory |
| product mix: brand preferences | customers choose one brand over the other |
| when a firm tries to differentiate its products, it often applies a concept known as _______ | positioning |
| distribution definition | moving goods and services from producer to buyer |
| automatic merchandising example | vending machines |
| last step of supply chain | consumer |
| 2 types of advertising | comparative, informative |
| steps of the selling process | qualifying, demonstration |
| expert system | imitates human thinking |
| types of accountants (question gives example, need to know what type) | management, government, public |
| things on the balance sheet | assets, liabilities, and owner's equity |
| assets examples | cash, inventory, accounts receivable, patents |
| income statement things | expenses, revenues, net income |
| 2 types of stock | preferred, common |
| benefit of merger or acquisition | synergy |
| types of economic systems (just have to know list) | capitalism, planned, mixed |
| factors of production | natural resources, human resources, capital, and entrepreneurship |
| types of market structure (just have to know list) | pure competition, monopolistic competition, oligopoly, monopoly |
| financial manager does what | determines most efficient use of funds |
| what is financial risk | the uncertainty regarding the gain or loss from an investment |
| return definition | gain or loss that results from an investment over a specified unit of time |
| financial plan | specifies the funds a firm will need for period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds |
| participants in the financial system | individuals, government, and businesses |
| types of securities | stocks, bonds, money market instruments |
| banks regulation | among the most heavily regulated businesses |
| upper management: | jobs like CEO, governor, mayor |
| middle management: | jobs like regional manager, division head, director |
| lower level management: | team leaders, assistant managers, shift manager |
| profit is essential because: | it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services |
| sources of capital are | loans reinvested profits, investments from stockholders |
| human resources include | everyone who works for a company |
| invisible hand of competition: | when green lawn inc. finds itself losing contracts because loprice lawn co. charges less money. green lawn responds by lowering its bids |
| relationship era: | benefits derived from deep ongoing links with individual customers, employees, suppliers, and other businesses. began in 1990 |
| marketing era: | consumer orientation, seeking to understand and satisfy needs and preferences of customer groups |
| ethical issues and technology | technology has expanded the range of ethical issues |
| consumer behavior definition | the study of individuals, groups, or organizations and the processes they use to select, secure, use and dispose of products, services, or ideas to satisfy needs and the impact that these processes have on the consumer and society. |
| forming: | orientation, breaking the ice. leader facilitates social interchanges |
| storming | conflict, disagreement. leader encourages participation, differences surface |
| norming | establishment of order and cohesion. leader helps clarify team roles, norms, and values |
| performing | cooperation, problem solving. leader facilitates task accomplishment |
| adjourning | task completion. leader brings to closure, signifies completion |
Created by:
10153724660249315
Popular Management sets