Business Management - Terms

Target Markets

• are specific groups of consumers targeted by a business.

• are only defined by geographic location.

• refer to all potential customers regardless of demographics.

• are the total population of a country.

4 p’s of Marketing

• Product, Price, Place, Process
• Product, Price, Position, Promotion
• Product, Price, Place, Promotion
• Product, Price, Place, People

What’s measured gets_____________________.

• forgotten
• overlooked
• managed
• ignored

Theory X employee

• Theory X employee is highly motivated and works independently.
• Theory X employee thrives in a flexible work environment.
• Theory X employee is always seeking new challenges and responsibilities.
• Theory X employee is one who is assumed to be lazy and requires supervision.

Theory Y employee

• Employees who require constant supervision.
• Self-motivated and engaged employees who seek responsibility.
• Individuals who are only motivated by financial incentives.
• Workers who avoid taking on new challenges.

Marketing- one-word definition

• Sales
• Advertising
• Branding
• Promotion

Environmental scanning

• is only useful for marketing.

• is irrelevant to business operations.

• is essential for strategic planning.

• is a one-time process.

Environmental scanning

• is the process of gathering and analyzing information about external factors affecting an organization.

• is the process of monitoring internal company performance.

• refers to the evaluation of employee satisfaction within an organization.

• is the method of assessing financial reports for investment decisions.

What is the largest cost in business? -

• Labor costs
• Travel costs
• Office supplies
• Marketing expenses

80/20 rule

• The 80/20 rule states that 20% of effects come from 80% of causes.
• The 80/20 rule applies only to financial investments.
• The 80/20 rule indicates that 80% of people contribute to 20% of the work.
• The 80/20 rule states that 80% of effects come from 20% of causes.