MANA 3325 final study guide

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Dallas County Community College *

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101

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Business

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Feb 20, 2024

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MANA 3325-Final Study Guide Entrepreneur- An entrepreneur is one who creates a new business in the face of risk, and uncertainty with the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them. 3 Benefits of being an entrepreneur: 1. Be your own boss 2. Income stability 3. Freedom to make decisions A design patent is inferior to a utility patent: TRUE A design patent expires in 10 years: FALSE A design patent may be extended for 14 years when it expires: FALSE A copyright must be filed with the Patent Office to be enforceable: FALSE Name the four growth curves: 1. Rapid 2. Episodic 3. Incremental 4. Plateau Competitive Advantage: Any aspect of how you operate your business that is difficult for your competitors to copy and which customers appreciate and respond to. Creativity and innovation are not involved in the success of an entrepreneur: FALSE Name four of the ten types of innovation: 1. Service 2. Channel 3. Business Model 4. Customer Experience List the three elements of a Mission Statement using one word each 1. Purpose 2. Business 3. Values In the context of Assessing a Company’s Strengths and Weaknesses, define Strength: Positive internal factors a company can draw on to accomplish its mission, goals, and objectives. Which of the following threats were not listed in the book as a threat? All answers are correct Which of the following types of competitors was listed in the book and represents the greatest potential threat? Direct competitor

Goals are both: General and Long Range List the 6 attributes of Objectives: 1. Specific 2. Measurable 3. Assignable 4. Realistic 5. Timely 6. Written List the two primary revenue models: 1. Recurring 2. Non-Recurring List two additional components of a Business Model other than the Revenue Model: 1. Pricing 2. Support Describe the difference between a Trademark and a ServiceMark: A servicemark is only connected to services. A Trademark is a brand or logo that is connected to products and sets products apart from their competition. Here is a definition: “Involves developing a game plan to guide a company as it strives to accomplish its mission, goals, and objectives, and to keep it on its desired course.” Using not more than three words what is being defined? Strategic Management Define Opportunities: Positive external factors the company can exploit to accomplish its mission, goals, and objectives. Use one word each to list the three types of competitors which you should consider when performing a Competitor Analysis: 1. Direct 2. Indirect 3. Significant List the five types of controls listed in Strategy Implementation Step 9 1. Financial 2. Internal Business 3. Customers 4. Innovation 5. Citizenship Which are the two types of Research you can perform in a Product and Industry analysis? 1. Primary 2. Secondary

What does LLC stand for? Limited Liability Company What does LLP stand for? Limited Liability Partnership List three types of corporations 1. Domestic 2. Foreign 3. Alien Which of the following contains the best definition of marketing? Includes market research, advertising, selling, and customer service SERP stands for: Search Engine Results Position Advertising is primarily related to Lead Generation: TRUE Selling is the art of converting a Need to a Want: TRUE What is the primary difference between Traditional Media and Digital Media? Interactivity Place the 5 steps in the Consumer Perception Process in the proper sequence: 1. Awareness 2. Top of Mind Awareness 3. Authority 4. Trust 5. Purchase Attracting new customers costs the typical business----times as much as keeping existing customers. 7-9 Define Search Engine Optimization (SEO) – Everything that you do it the digital realm that has the purpose of reaching a customer through a Search Engine when they look for a solution to a problem that they need to solve. Regarding Keywords and Keyword Phrases….the longer the Keyword Phrase the lower the number of searches performed but the more qualified the buyer. TRUE Telling a story is the most effective marketing that you can use. TRUE True Value Hardware and Western Auto are examples of: Trade name franchising Lexus, Ford and Honda are examples of: product distribution franchising Quiznos,Subway, and McDonalds are examples of: pure business format franchising List the three groups for which a business plan might be prepared: 1. Yourself 2. Partners 3. Investors

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Define Fair Market Value: The price that an informed willing buyer who is not under and external pressure will pay for a product or service when purchased from an informed willing seller who is not under any external pressure to sell. Explain how uniqueness and commodity status affects price: Uniqueness increases the value and the more of it the better. Commoditys decrease value and are never good. List the three goals you must keep in mind when introducing a new product to the market: 1. Getting the product accepted 2. Maintaining market share 3. Earning a profit List three pricing techniques 1. Odd pricing 2. Price lining 3. Leader pricing Ratios fall into groups such as the current and quick ration are considered liquidity ratios. List three other groups or ratios not the actual ratios but the group or category names for those other ratios. 1. Leverage or debt ratios 2. Operating Ratio 3. Debt ratio What is the correct formula for the Debt to Net Worth Ratio? Total debt/tangible net worth What is the correct formula for the Quick Ratio? Quick assets/current liabilities What two things represent the context in which ratios must be considered? Industry and time trend Young, growing companies, are considered: cash sponges Profit is the difference between a company’s total Revenue and total expenses: TRUE Cash is the money that is free and readily available to use to pay expenses: TRUE Cash flow measures a company’s liquidity and its ability to pay its bills: TRUE Complete the following with the opening statement from the Lecture on Cash management….Cash is KING What are the five cash management roles of the entrepreneur? 1. Cash finder 2. Cash planner 3. Cash distributor 4. Cash collector 5. Cash conserver List the three types of Sales Forecasts that a large business would create:

1. Best Case 2. Worst Case 3. Most likely When referencing an income statement complete the following formula: Net Income=revenue-expenses When referencing a Balance sheet complete the following formula: Assets=Liabilities + Owners Equity

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