What is Owner's Equity ?

What is Owner's Equity ? Answer: The amount of the owner's interest/investment in the busines...

What is Liability ?

What is Liability ? Answer: An amount owed by a business to an external part...

What is Asset ?

What is Asset ? Answer: An item of value owned by a business which will give some future benefi...

What is Expenses ?

What is Expenses ? Answer: An outflow of resources used to run a busines...

What is Revenue ?

What is Revenue ? Answer: An inflow of resources earned by a busines...

What is Accounting ?

What is Accounting ? Answer: Accounting is the discipline which measures, records and processes financial information about an entity, and...

What is Unique Selling Point/ Unique Selling Proposition/ USP ?

What is Unique Selling Point/ Unique Selling Proposition/ USP ? Answer: Real or perceived benefit of a good or service that differentiates it from...

What is Product Positioning Map ?

What is Product Positioning Map ? Answer: The use of perceptual or positioning maps by firms to help them develop a market positioning strategy for...

What is Marketing Plan ?

What is Marketing Plan ? Answer: Product specific, market specific, or company-wide plan that describes activities involved in achieving specific...

What is Mass Market ?

What is Mass Market ? Answer: Un-segmented market in which products with mass appeal products are offered to every customer through mass retailers...

What is Niche Market ?

What is Niche Market ? Answer: Concentrating all marketing efforts on a small but specific and well-defined segment of the of the population. ...

What is Consumer Profiles ?

What is Consumer Profiles ? Answer: Assembling a database of consumer shopping habits, lifestyles, motivations, preferences, demographics, and ps...

What is Target Markets ?

What is Target Markets ? Answer: A particular market segment at which a marketing campaign is focused. ...

What is Market Segments ?

What is Market Segments ? Answer: An identifiable group of individuals, families, businesses, or organisations, sharing one or more characteristics...

What is Market Leadership ?

What is Market Leadership ? Answer: A company that sells the most of a product or service in a particular market, and hence creates a direction for...

What is Market Share ?

What is Market Share ? Answer: A percentage of total sales volume in a market captured by a brand, product, or company. ...

What is Marketing Mix ?

What is Marketing Mix ? Answer: A planned mix of the controllable elements of a product's marketing plan commonly termed as 4 P's: Product,  Price,  Place...

What is Social Marketing ?

What is Social Marketing ? Answer: Application of commercial marketing concepts, knowledge, and techniques to non-commercial ends (such as campaigns...

What is Commercial Marketing ?

What is Commercial Marketing ? Answer: The sale of products and services to end-users, and, public and private companies, but not to governmental...

What is Product Orientation ?

What is Product Orientation ? Answer: Business approach in which whatever a company makes or supplies is the focus of the management's attention....

What is Market Orientation ?

What is Market Orientation ? Answer: Identification and meeting of the stated or hidden needs or wants of customers. ...

What is Marketing ?

What is Marketing ? Answer: Activities employed by a company to advertise, sell and deliver products to people. The activity, set of institutions,...

What is Marketing ?

What is Marketing ? Answer: Activities employed by a company to advertise, sell and deliver products to peopl...

What is Hierarchical organizations ?

What is Hierarchical organizations ? Hierarchical organizations is an organizational structure where every entity in the organization, except one,...

What is Tall/vertical organizations ?

What is Tall/vertical organizations ? Tall/vertical organizations is one that has a pyramid-look when charted out on paper. At the top is the company...

What is Flat/horizontal organizations ?

What is Flat/horizontal organizations ? also known as horizontal organization or de-layering has an organizational structure with few or no levels...

What is Organization charts ?

What is Organization charts ? A graphic representation of the structure of an organization showing the relationships of the positions or jobs within...

What is Delayering ?

What is Delayering ? To reduce the size of a business hierarchy, especially in terms of a reduction in management. This creates a flatter (less layered)...

What is Decentralization ?

What is Decentralization ? Transfer of decision making power and assignment of accountability and responsibility for results. ...

What is Centralization ?

What is Centralization ? 1.The concentration of management and decision-making power at the top of an organization's hierarchy. 2.The location of...

What is Bureaucracy ?

What is Bureaucracy ? A system of administration distinguished by its (1) clear hierarchy of authority, (2) rigid division of labor, (3) written...

What is Levels of hierarchy ?

What is Levels of hierarchy ? A ranking pyramid of ideas, individuals, items, etc., where every level (except the top and the bottom ones) has one...

What is Span of control ?

What is Span of control ? The number of subordinates that a manager or supervisor can directly control. This number varies with the type of work ...

What is Delegation ?

What is Delegation ? General: Grant of authority by one party (the delegator) to another (the delgatee) for agreed purpose(s). ...

What is Variable Costs ?

What is Variable Costs ? Answer: Expenses that are tied to the sale of each unit, primarily direct labor and materials costs (aka Cost of...

What is Period Costs ?

What is Period Costs ? Answer: Costs that are not tied directly to the cost of producing a unit. Examples include administration, salespeople,...

What is Leverage ?

What is Leverage ? Answer: Total Assets ÷ Total Equity. Leverage provides insights into a company's Financial Structure. It is a measure of risk...

What is Balance Sheet ?

What is Balance Sheet ? Answer: A snapshot of company's financial position. The equation is Assets = Liabilities + Owners' Equity. The "left...

What is Forecasting ?

What is Forecasting ? Answer: The art and science of predicting demand such that you supply adequate products to satisfy demand and yet not accumulate...

What is Emergency Loans ?

What is Emergency Loans ? Answer: A loan automatically given in the simulation when a company runs out of cash. In the real world, emergency...

What are inbound logistics, outbound logistics, and reverse logistics?

What are inbound logistics, outbound logistics, and reverse logistics? Answer: Inbound logistics brings raw materials, packaging, other goods...

How does logistics differ from distribution?

How does logistics differ from distribution? Answer: Distribution generally means transportation. Logistics is more complex, and includes planning,...

What four systems have evolved to tie together members of the channel of distribution?

What four systems have evolved to tie together members of the channel of distribution? Answer: The four systems that have evolved to tie together...

What kinds of products would call for each of the different distribution strategies; intensive, selective, exclusive?

What kinds of products would call for each of the different distribution strategies; intensive, selective, exclusive? Products that need intensive...

Why do we need intermediaries? Illustrate how intermediaries create exchange efficiency.

Why do we need intermediaries? Illustrate how intermediaries create exchange efficiency. Answer: We need intermediaries perform certain task...