COMPLETE EXAM REVIEW Notes 市场营销Word文档下载推荐.docx

COMPLETE EXAM REVIEW Notes 市场营销Word文档下载推荐.docx

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3.Capital:

Thisincludesmachines,tools,buildings,orwhateverelseisusedintheproductofgoods.Itdoesnotincludemoney;

isusedtobuyfactorsofproduction.

4.Entrepreneurship:

peopleandpolicieswhichpromotenewventures

5.Knowledge:

askilledandeducatedworkforce

InformationTechnology（IT）:

Technologythathelpscompanieschangebusinessbyallowingthemtousenewmethods.

Economics:

Thestudyofhowsocietychoosestoemployresourcestoproducegoodsandservicesanddistributethemforconsumptionamongcompetinggroupsandindividuals.

Macroeconomics:

Thepartofeconomicsthatlooksattheoperationofanation’seconomyasawhole.

Microeconomics:

Thepartofeconomicsthatlooksatthebehaviorofpeopleandorganizationsinaparticularmarkets.

AdamSmith:

Wrote“WealthofNations”in1776,whereheputforwardmanyoftheideasbehindthemodernfreemarketeconomicsystemknownasCapitalism.

Invisiblehand:

AphasecoinedbyAdamSmithtodescribetheprocessthatturnsself-directedgainintosocialandeconomicbenefitsforall.

Capitalism:

Aneconomicsysteminwhichallormostofthefactorsofproductionanddistributionareprivatelyownedandoperatedforprofit.

EquilibriumPrice:

Wherethedemandandsupplycurvesintersect.

MarketPrice:

Thepricedeterminedbythedemandandsupplycurves.

PerfectCompetition:

Themarketsituationinwhichtherearemanysellersinamarketandnosellerislargeenoughtodictatethepriceoftheproduct.

MonopolisticCompetition:

Themarketsituationinwhichalargenumberofsellersproducesproductsthatareverysimilarbutthatareperceivedbybuyersasdifferent.

Oligopoly:

Aformofcompetitioninwhichjustafewsellersdominatethemarket.

Monopoly:

Amarketinwhichthereisonlyonesellerforaproductorservice.

Socialism:

Aneconomicsystembasedonthepremisethatsome,ifnotmost,basicbusinessesshouldbeownedbythegovernmentsothatprofitscanbeevenlydistributedamongthepeople.

Mixedeconomy:

Economicsystemsinwhichsomeallocationofresourcesismadebythemarketandsomethegovernment.

GrossDomesticProduct（GDP）:

Thetotalvalueofgoodsandservicesproducedinacountryinagivenyear.

Productivity:

Thetotaloutputofgoodsandservicesinagivenperioddividedbythetotalhoursoflabourrequiredtoprovidethem.

TheUnemploymentRate:

Thepercentageofthetotallabourforcethatactivelyseeksworkbutisunabletofindworkatagiventime.

Inflation:

Ageneralriseinthepricesofgoodsandservicesovertime.

Consumerpriceindexes（CPI）:

Monthlystatisticsthatmeasurethepaceofinflationordeflation.

TheBusinessCycle---

Businesscycle:

Theperiodicrisesandfallsthatoccurineconomiesovertime.

Recession:

TwoormoreconsecutivequartersofdeclineintheGDP.

Depression:

Asevererecession.

Recovery:

Occurswheneconomystabilizesandstartstogrowagain.

BalanceofTrade:

Anation’sratioofexportstoimports.

StrategiesForReachingGlobalMarkets

-Exporting

Istheeasiestwaytogointernational.

-Licensing:

Aglobalstrategyinwhichafirm（thelicensor）allowsaforeigncompany（thelicensee）toproduceitsproductinexchangeforafee（aroyalty）.

-Franchising:

isanarrangementwherebysomeoneisgiventherighttouseabusinessnameandsellaproductorservicewithinagiventerritory.

-ContractManufacturing:

Aforeigncountry’sproductionofprivatelabelgoodstowhichadomesticcompanythenattachesitsbrandnameortrademark;

alsocalledoutsourcing.

-JointVenture:

Apartnershipinwhichtwoormorecompanies（oftenfromdifferentcountries）jointoundertakeamajorproject.

-StrategicAlliance:

Along-termpartnershipbetweentwoormorecompaniesestablishedtohelpeachcompanybuildcompetitivemarketadvantage.

-ForeignDirectInvestment:

Thebuyingofpermanentpropertyandbusinessesinforeignnations.

-ForeignSubsidiary:

Acompanyownedinaforeigncountrybyanothercompany（calledtheparentcompany）.

-MultiNationalCorporation:

Anorganizationthatmanufacturesandmarketsproductsinmanydifferentcountriesandhasmultinationalstockownershipandmultinationalmanagement.

ForcesEffectingGlobalization

Culture:

Thesetofvalues,beliefs,rules,andinstitutionsheldbyaspecificgroupofpeople.

Ethnocentricity:

Anattitudethatone’sowncultureissuperiortoallothers.

ExchangeRate:

Thevalueofonenation’scurrencyrelativetothecurrenciesofothercountries.

WorldTradeOrganization（WTO）:

TheinternationalorganizationthatreplacedtheGeneralAgreementonTariffsandTrade,andwasassignedthedutytomediatetradedisputesamongnations.

TheIMFandTheWorldBank

InternationalMonetaryFund（IMF）:

Aninternationalbankthatmakesshort-termloanstocountriesexperiencingproblemswiththeirbalanceoftrade.

WorldBank:

AnautonomousUnitedNationsagencythatborrowsmoneyfromthemoreprosperouscountriesandlendsittotheless-developedcountriestodeveloptheirinfrastructure.

SoleProprietorship:

Abusinessthatisowned,andusuallymanaged,byoneperson.

AdvantagesofSoleProprietorships;

1.Easeofstartingandendingthebusiness

2.Beingyourownboss

3.PrideofOwnership

4.Leavingalegacy

5.Retentionofownershipprofits

6.Nospecialtaxes

DisadvantagesofSoleProprietorships;

1.UnlimitedLiability

2.LimitedFinancialResources

3.ManagementDifficulties

4.OverwhelmingTimeCommitment

5.Fewfringebenefits

6.LimitedGrowth

7.LimitedLifespan

Partnerships:

Alegalformofbusinesswithtwoormoreowners.

GeneralPartnership:

Apartnershipinwhichallownersshareintheoperatingthebusinessandinassumingliabilityforthebusinessesdebts.

LimitedPartnership:

Apartnershipwithoneormoregeneralpartnersandoneormorelimitedpartners.

GeneralPartner:

Anownerwhohasunlimitedliabilityandisactiveinmanagingthefirm.

LimitedPartner:

Anownerwhoinvestsmoneyinthebusinessbutdoesnothaveanymanagementresponsibilityorliabilityforlossesbeyondtheinvestment.

LimitedLiability:

Theresponsibilityofabusinessesownersforlossesuptotheamounttheyinvested;

limitedpartnersandshareholdershavelimitedliability.

PartnershipAgreements:

Legaldocumentthatspecifiestherightsandtheresponsibilitiesofeachpartner.

AdvantagesofPartnerships

1.MoreFinancialResources

2.Sharedmanagementandskillset

3.LongerSurvival

4.SharedRisk

5.Nospecialtaxes

DisadvantagesofPartnerships

2.DivisionofProfits

3.Disagreementsamongpartners

4.Difficulttoterminate

Corporations

Corporations:

Alegalentitywithauthoritytoactandhaveliabilityseparatefromit’sowners.

PublicCorporation:

Corporationthathastherighttoissuesharestothepublic,soit’ssharesmaybelistedonastockexchange.

AdvantagesofCorporations

1.Limitedliability

2.Moremoneytoinvest

3.Size

4.PerpetualLife

5.Easeofownershipchange

6.Easeofdrawingtalentedemployees

7.Separationofownershipfrommanagement

DisadvantagesofCorporations

1.Extensivepaperwork

2.Doubletaxation

3.Twotaxreturns

4.Size

5.Difficultyoftermination

6.PossibleconflictswithstockholdersandBoardofDirectors

7.Initialcost

Franchise:

Therighttouseaspecificbusiness’snameandsellit’sgoodsorservicesinagiventerritory.

FranchiseAgreement:

Anarrangementwherebysomeonewithagoodideaforabusinesssellstherightstousethebusinessnameandsellitsproductsinagiventerritory.

Acceptingthechallengeofstartingandrunningabusiness.

WhyPeopleBecomeEntrepreneurs

1.NewIdea,process,orproduct

2.Independence

3.Challenge

4.FamilyPattern

5.Profit

6.Immigrant

Whatdoesittake?

Mustbe…..

1.Self-directed

2.Determined

3.Action-oriented

4.Highlyenergetic

5.Tolerantofuncertainty

6.Abletolearnquickly

EntrepreneurialTeams:

Agroupofexperiencedpeoplefromdifferentareasofbusinesswhojointogethertoformamanagerialteamwiththeskillsneededtodevelop,make,andmarketanewproduct.

SmallBusiness:

Abusinessthatisindependentlyownedandoperated,isnotdominantinitsfield,andmeetscertainstandardsofsizeintermsofemployeesorannualrevenue.

CausesofSmallBusinessFailure

-poormarketresearch

-notestmarketing

-underpricingandoroverpricing

-underestimatingtimeitwilltaketobuildmarketshare

-tolittlestartupcapital

-tomuchdebt

-notunderstandingthebusinesscycle

-poortimemanagement

-poorfinancialmanagement

Increasingthechanceforbusinesssuccess

-Customersrequirealotofpersonalattention

-Ingrowthindustry

-Goodmarketingmanagement

-Goodfinancialmanagement

BusinessPlan:

1.CoverLetter

2.ExecutiveSummary

3.CompanyBackground

4.Managem