Final Study Guide

Final Study Guide - Intro to Business Final Exam Review...

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Intro to Business Final Exam Review Term/Question Definition/Answer Utilities Want-satisfying power of a good or service Performance Appraisals Evaluation of an employee’s job performance that compares actual results with desired outcomes Skimming Pricing Pricing strategy that sets an intentionally high price relative to the prices of competing products Monitoring Quality Level Measuring goods and services against established quality standards What is a consumer product? (B2C) good or service that is purchased by end users Balance Sheet Statement of a firm’s financial position, what it owns and claims against its assets, at a particular point in time Income Statement Financial record of a company’s revenues, expenses, and profits over a period of time Statement of Cash Flows Statement showing the sources and uses of cash during a period of time Outsourcing Using outside vendors to produce goods or fulfill services and functions that were previous handled in-house or in-country Ways of empowering employees Giving employees authority and responsibility to make decisions about their work without traditional managerial approval and control A Gantt Chart A bar chart showing a project schedule and the breakdown of the work schedule Steps in the Marketing Strategy (1) study/analyze potential target markets and choose among them, (2) create marketing mix to satisfy chosen market; section of business plan
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