Business risk - -the possibility of financial loss



business risk - -the possibility of financial loss. Situations that can lead to financial gain, loss or failure.

risk management - -the systematic process of managing an organization's risks to achieve objectives in a manner consistent with public interest, human safety, environmental needs, and the law.

economic risks - -risks that result from changes in overall business conditions.

natural risks - -Risks caused by natural causes, such as floods, tornadoes, hurricanes, fires, etc.

human risk - -risks caused by human mistakes or dishonesty, or other risks that can be controlled by humans.

insurance policy - -a contract between a business and and insurance company to cover a specific business risk.

extended coverage - -an endorsement tha provides protection against types of loss that may not be covered under a basic property insurance policy.

fidelity bonds - -a type of insurance that protects a business from employee dishonesty.

performance bonds - -also called surety bonds, provide financial protection for losses that might occur when a construction project is not finished on time or as agreed due to the contractor's impaired financial condition.

brand - -name, term, design, symbol, or combination that identifies a product or service and distinguishes it from its competitors.

brand name - -also called a product brand, is a word, group of words, letters, numbers that represent a product or service.

trade name - -corporate brand, identifies and promotes company or division of a particular corporation.

brand mark - -unique symbol, coloring, lettering, or other design element.

Trade character - -a specific type of brand mark with human form or characteristics.

trademark - -a word, name, symbol, device, or a combination of these elements that is given legal protection by the federal government.

national brands - -also called producer brands, are owned & initiated by the manufacturers or by companies that provide a service.

private distributor brands - -also called private brands, store brands, dealer brands, or private labels. are developed & owned by wholesalers and retailers.

generic brand - -products with no company identity.

brand extension - -branding strategy using existing brand name to promote a new or improved product/company

brand licensing - -allow other organizations to use your company brand name or mark for a fee.

mixed brand - -combination of national, private, and generic brands

co-branding - -combine one or more brands to deliver a product or service

Package - -the physical container or wrapping for a product.

mixed bundling - -the practice of packaging different products and services together.

price bundling - -selling two or more goods or serivce as a sinlge package for one price.

blisterpacks - -packages with preformed plastic molds surrounding individual items arranged on a backing.

aseptic packaging - -a food storage process that keeps food fresh without refrigeration for extended periods of time.

cause packaging - -packaging that is used by companies to promote social and political causes.

label - -An information tag, wrapper, seal, or imprinted message that is attached to a product or its package.

brand label - -label giving the brand name, trademark, or logo.

descriptive label - -a label that gives information about the product's use, construction, care, performance, and other features.

grade label - -a label that states the quality of the product.

Problem definition - -business clearly identifies a problem and what is needed to solve it

primary data - -data obtained for the first time

secondary data - -already been collected for some prupose other than the current study

survey method - -research technique in which information is gathered from people

sample - -part of the target population that represents it accurately

observation method - -research technique in which the actions of people are watched and recoreded either by cameras or by observers

point of sale research - -powerful form of research that combines natural observation

experimental method - -research technique in which a researcher oberves the results of changing one or more marketing

Data analysis - -is the process of compiling , analyzing, and interpereting

Validity - -when the questions asked measure what was intended to be measured

Reliability - -exists when research technique produces nearly identical results in repeated trails

Open ended questions - -ask respondents to construct their own response to a question

Forced choice questions - -repondents to choose answers from posiibilities given on a questionnaire

market research - -involves the process and methods used to gather information, analyze it, and report findings.

marketing information system - -is a set of procedures and methods that regularly generates, stores, analyzes, and distributes inofrmation for use in making marketing

Database marketing - -information about individual's characteristics

Database - -collection of related inormation about specific topic

Qualitative research - -focuses on smaller numbers of people

Quantitative research - -answers questions that start with "how many" or "how much"

Attitude research - -opinion research obtains information

Market intelligence - -concerned wih the size and location of market

Media Research - -also known as advertising research, focuses on issues of media effectiveness, selection, freqency, and ratings

Product research - -evaluating product design, package design, product usage

Organizational buyers - -Buyers who purchase goods for business purposes, usually in much greater quantities than the average consumer buys.

Bill of Materials - -The total of all the materials necessary to make one individual good.

Wholesale and retail buyers - -Purchase goods for resale; they forecast customers' needs and buy the necessary products.

six-month merchandise plan - -The budget that estimates planned purchases for a six-month period.

Planned Purchase - -the retail-dollar purchase figure a firm needs to achieve its sales and inventory projections for each month. (PS + EOM stock + R) - BOM stock = P

open-to-buy (OTB) - -is the amount of money left for buying goods after all purchases received and on order have been considered. It is calculated this way:

P - (goods received + goods ordered) = OTB - -...

centralized buying - -Buying for all branches in a chain store operation done in a central location (company headquarters).

Decentralized buying - -Localchain store managers are authorized to make special purchases for their individual stores.

want slips - -Customer requests for items that are not carried in the store.

modified rebuy - -the buyer has had experience buying the good or service, but some aspect of the purchase changes.

new-task purchase - -a purchase is made for the first time.

straight rebuy - -the buyer routinely orders the goods and services purchased from the same vendor(s) in the past.

Consignment buying - -in which the supplier owns the goods until the wholesaler or retailer sells them.

Memorandum buying - -in which the buyer pays for all goods but is later reimbursed for unsold goods

reverse auction - -An auction where companies post what they want to buy and suppliers bid for the contract.

promotional advertising - -when the goal is to increase sales

institutional advertising - -tries to create a favorable image for a company and foster goodwill in the marketplace

media - -agencies or instruments used to convey advertising messages to the public

types of media - -print, broadcast, online, specialty

print media - -includes advertising in newspapers, magazines, direct mail, signs, and billboards

transit advertising - -found on public transportation

broadcast media - -radio and television

networks - -ABC, CBS, NBC, and Fox

online advertising - -uses email or the World Wide Web

banner ads - -usually a rectangle at the top, bottom or side of a web page

pop-up ads - -windows that pop up on your screen when online

specialty media - -relatively inexpensive, useful items featuring the an advertiser's name or logo

media planning - -process of selecting the advertising media and deciding the time or space in which the ads should appear

audience - -number of homes or people exposed to an ad

impression - -a single exposure to an advertising message

frequency - -number of times an audience sees or hears an ad

Cost Per Thousand - -the media cost of exposing 1,000 readers or views to an advertising impression (CPM)

crucial - -of extreme importance

spot radio - -the geographical area an advertiser wants to reach

spot commercials - -advertising messages of one minute or less that can be carried on network or spot radio

visual merchandising - -all the physical elements used to project an image to customers

display - -visual and artistic aspects of presenting a product to a target group

concept - -A general idea or thought about something

storefront - -a store's sign, logo, marquee, banners, awnings, windows, and the exterior design, ambiance and landscaping

marquee - -architectural canopy that extends over a store's entrance

store layout - -ways that store uses floor space to facilitate and promote sales and serve customers

fixtures - -main installations in a store; permanent or movable store furnishings that hold and display merchandise

point-of-purchase displays - -consumer sales promotion devices; manufactured units that hold, display, or dispense products

kiosks - -interactive point-of-purchase displays

color wheel - -a chart in which complementary colors (or their names) are arranged on opposite sides of a circle

complementary colors - -found opposite each other on color wheel; used to create high contrast

adjacent colors - -located next to each other on color wheel and share same undertones; analogous colors

triadic colors - -three colors equally spaced on the color wheel

focal point - -an area in the display that attracts attention first, above all else

proportion - -relationship between and among objects in a display

formal balance - -large items with large items; small with small; large on one side, large on the other

informal balance - -several small items with one large one

direction - -moving a viewer's attention from one part of the display to another

texture - -smooth or rough; the look of the surfaces on display

motion - -animation; use to accentuate, no overpower the merchandise

promotion - -persuasive communication

product promotion - -convincing prospects to select products or services over a competitor's brand

institutional promotion - -creating a favorable image for a business, helping advocate for change, or taking a stand in the community

advertising - -form of nonpersonal promotion

direct marketing - -type of advertising directed to a targeted group of prospects

sales promotion - -represents all marketing activities--other than personal selling, advertising, & public relations--that are used to stimulate purchasing and sales

public relations - -activities that enable an organization to influence a target audience

news release - -an announcement sent to the media

publicity - -involves bringing news or newsworthy info about the organization to the public's attention

promotional mix - -combination of strategies and cost-effective allocation of resources to inform the public about the business

push policy - -mainly promotes the product ONLY to the next person in the distribution channel

pull policy - -mainly directs promotion to consumers to create customer interest

trade promotions - -sales promotion activities to get support for a product from manufacturers, wholesalers, retailers

consumer promotions - -sales strategies that encourage customers and prospects to buy

coupons - -certificates that entitle customers to cash discounts on goods or services

premiums - -low-cost items given to customers at a discount or free

incentives - -higher-priced items are earned and given away through contests, sweepstakes, and rebates

promotional tie-ins - -cross-promotional & cross-selling campaigns that involve promo arrangements between more than one retailer or manufacturer

via - -by the way of

distribution - -the commercial activity of transporting and selling goods from a producer to a consumer

management - -getting work done through the effort of others

vertical organization - -a chain-of-command, hierarchial structure where tasks & responsibilities are clearly defined

top management - -make decisions that affect the whole company

top - -CEO, president, COO, CFO, vice president

middle management - -implements the decisions of top management, plans for dept success

supervisory-level management - -supervise the activities of employees who carry out the tasks assigned by top & middle mgt.

resources - -anything that is used to produce goods or services

horizontal organization - -top management shares decision making with self-managing teams of workers who set their own goals & make their own decisions

empowerment - -encouraging team members to contribute to & take responsibility for the management process

individual - -one person

planning - -setting goals for a project & determining how to reach them

organizing - -establishing a time frame to achieve the goal, assigning employees to the project, determining the method to do the work

controlling - -setting standards and evaluating performance

identify - -pick out; recognize or distinguish, label; point out

mission statement - -brief description of the ultimate goals of a company

require - -to impose an obligation upon, to demand

remedial action - -encouraging appropriate workplace behavior in order to improve employee performance

preventive discipline - -prevents improper behavior before it happens

corrective discipline - -an effort to fix improper behavior after it happens

exit interview - -interview between employee and human resources dept when the employee is leaving company

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