Business Concepts

Market Planning

• The process of analyzing and developing strategies to reach target markets.

• A method for tracking sales performance over time.

• A technique for managing customer relationships effectively.

• A strategy for reducing production costs.

Eight Interrelated Functions of Marketing

• Market Planning

• Customer Engagement

• Sales Strategy

• Market Research

Promotion

• Efforts to inform, persuade, or remind potential customers about a business's products or services.

• A strategy to reduce prices on products to increase sales.

• A method of distributing products to various locations.

• A technique to improve customer service and satisfaction.

Relation between Finance and Accounting disciplines

• These disciplines are the same and interchangeable.

• These disciplines are different, but they work together.

• Finance is a subset of Accounting.

• Accounting is primarily concerned with cash flow.

Return on Equity (ROE)

• A measure of a company's financial performance calculated as net income divided by total shareholders' equity.

• A metric used to evaluate a company's liquidity position.

• An indicator of a company's market share in its industry.

• A ratio that compares a company's total assets to its total liabilities.

Tactics in a strategy function

• The Tactics are the specific procedures and actions used to support the strategy.

• Tactics are the long-term goals of an organization.

• Tactics are the financial resources allocated for a strategy.

• Tactics are the theoretical frameworks that guide strategic planning.

Six Business Functions

• Human Resources

• Product Development

• Customer Service

• Supply Chain Management

Company Logos

• Examples of companies that manage various business functions.

• A type of graphic design used in marketing.

• A collection of symbols representing different brands.

• A legal requirement for all businesses.

Definition of Business

• A for-profit organization involved in industrial commerce.

• A non-profit organization focused on community service.

• A for-profit or non-profit organization involved in industrial, commercial, or professional commerce.

• A government entity managing public resources.

4Ps of Marketing

• Product, Price, Place, Promotion

• People, Process, Physical Evidence, Performance

• Product, Price, Positioning, Promotion

• Product, Price, Place, Partnership