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This 3 page Study Guide was uploaded by Austin Hansen on Tuesday April 26, 2016. The Study Guide belongs to BA 1010 at Southern Utah University taught by Greg Powell in Fall 2015. Since its upload, it has received 80 views. For similar materials see in Business at Southern Utah University.
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Date Created: 04/26/16
BA 1010 Business in Society EXAM #5 Study Guide Ch. 13 Distribution channel Producer > Consumer Producer > Retailer > Consumer Poducer > Wholesaler > Retailer > Consumer Levels of Market Coverage Intensive Distribution ALL OUTLETS ARE USED Selective Distribution Use of only a portion of retail outlets Exclusive Distribution Use of a single retail outlet Supplychain management Distribution system working to become more efficient and satisfy customers Types of Retail Stores Independent retailer Operates one retail outlet Chain Retailer Operates more than one retail outlet The Promotion Mix: Promotional methods used to reach their target market. Advertising: Paid message through mass media Personal Selling (ex. DoortoDoor Sales) Sales Promotion: Incentives like discounts and or giveaways Public Relations: Activities to create a good name for the company Steps in the personal selling process 1. Prospecting: Evaluate potential customer (s) 2. Approach: First impression. Be friendly, confident and knowledgable 3. Presentation: Present the features, benefits, etc. Be Direct and Honest. 4. Objection: Eliminate objections and move on. Do NOT waste time here. 5. Closing the Sale: Ask “Yes or Yes” questions. Do not allow for ways out. 6. Follow Up: Show them you care by following up. This will increase their chance to return to your business. Sales promotion (shortterm incentives) examples: Coupons Samples Pointsforpurchase Discounts Rebates Types of Public Relations Tools Event Sponsorship Speeches Publicity (new releases, featured articles, press conference, etc.) Ch. 14 Social Media Tools for Business Use (blogs, podcasts, etc.) Blogs Photos, Videos, and podcasts Youtube, Facebook, Linked In, Snapchat, Twitter, etc Business Ratings Social Games Forums and Wikis Forumns are places to Brainstorm, where anyone can post ideas Wiki is more organized and edited by users Crowdsourcing Taking work and outsourcing it to a crowd of workers. (Ex: Wikipedia). Steps to Build a Social Media Plan 1. “Listen” and find oppurtunites (what do people like?) 2. Make Objectives and Goals 3. Target a specific Target Market 4. Select Social Media (FB, Instagram, Twitter, etc.) 5. GO: Implement plan Ebusiness Online Business. B2B vs. B2C B2B Business to Business B2C Business to Consumer Ch. 15 Why do we keep track of accounting data? Tax Deductibles Helps Reduce Risk when making decisions Public vs. private (or management) accounting PublicCertifications and more Professional Private More Personal and Friendly Key financial statements (Balance sheet, Income statement, Statement of Cash Flows) – what they are and what each shows – know your “financial statement vocabulary.” Financial ratios: (1) Current ratio, (2) return on sales, (3) inventory turnover. Current Ratio= Current assets/Current liabilities Return on Sales= Net income after taxes/Net Sales Inventory Turnover= Cost of goods sold/average inventory Ch. 16 Financial managers vs. accountants – what do they do? Manager Finance: Information for Employees and Manages INSIDE the company Manager accounting: Information and statements for Stockholders OUTSIDE Financial Planning (budgeting, etc.) 1. Establish Goals 2. Budget the money 3. Identify the sources of funds a. Sales revenue b. Equity capital (Moneu from stocks) c. Debt capital (CREDIT; shortterm or longterm) (Ex; mortgages) d. Sale assets Debt vs. equity capital Debt Capital borrowed through loans Equity Capital Owner gives up some of his shares Risk and return High Risk for a High Reture!! Sources of funds (short and longterm financing) ShortTerm Loans Selling assets LonTerm Corporate Bonds LongTerm Agreements and Loans IPO (Initial Public Offering) Bond and Stock vocabulary – features, advantages/disadvantages Venture Capital Someone with lots of money who invests and buys the best ideas and makes them bigger with their money. (Ex= Warren Buffet)
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