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44 Cards in this Set
- Front
- Back
core labeling requirements |
bilingual labeling nutrition facts contact information |
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difference between invention and innovation |
invention is the creation of the product or introduction of the process for the first time (telephone) innovation happens when someone improves something that has already been invented, usually by technology (cellphone) |
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traditional product |
-introduction -growth -maturity -decline -decision point -sales (side) and time (bottom) on axis |
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fad |
-very popular for short period -last under a year -make or lose a lot of money -people create cheaper versions=knockoffs -fads die quickly -yo yo |
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niches |
short growth stage -leads to solid maturity -niches invent product -a lot in tech industries -gluten free restaurant |
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seasonal |
-product only popular during particular time/season -new season= new styles -keep adequate stock -atleast 3 cycles -Christmas tree |
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A in AIDA |
Attract- attention: attract attention of the customer
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I in AIDA |
-interest of the customer |
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D in AIDA |
desire: convince customers that they want and dire the product and that is will satisfy their needs
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A (last) in AIDA |
Action: leads customer towards taking action and purchasing -contact information, logo |
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Z pattern of ad |
headline - interest visual (product/service) attract copy (information about product/service) desire signature (company name, logo, address, website, phone # (action) |
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primary industries |
agriculture fishing mining water fuel and energy logging and forestry |
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4 P's |
Product- design, quality, features, benefits Price- how our product compares to the competition Place- how our product gets to the customer Promotion- how our company encourages people to buy our product |
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2 C's |
competition- other businesses that compete with us for more money consumer- characteristics of people who buy our product |
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6 factors of production |
natural resources raw materials labour capital information management |
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elements to make package more appealing |
large image vibrant colors promotion (free t-shirt inside) |
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natural resources |
agriculture, fishing, mining , water, fuel and energy, logging and forestry |
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raw materials |
-any good used in manufacturing of other goods -all natural resources were consume are raw materials -exception of fish and vegetables -wheat, a natural resource is the raw material that makes flour -flour is the raw material that makes bread |
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labour |
all physical and mental work needed to produce goods and services |
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capital |
-money invested in a business -cash, bonds -use capital to buy things |
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information |
-need information to produce goods competitively in a global economy -information about new tech, competition, sources of supply |
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management |
-people who control the factors of production -allocate the company's resources, capital, and decides what to buy |
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ethical dilemma |
complex situation that has 2 options, both will bring a negative result to society |
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whistle blower |
person who informs a person or organization is engaged in illicit activity |
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ethics |
dealing with morals, doing the right or wrong |
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values |
personal or corporate belief about what is important |
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insider trading |
illegal buying or selling of shares of a company based on confidential information that isn't available to the public |
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morals |
a rule used to decide what is good or bad |
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code of ethics |
documents that describe specially how a company's employees should respond to different situations |
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fraud |
crime of lying or pretending |
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duty to report |
obligation to disclose all important information |
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glass ceiling |
invisible barriers said to be faced by women, the disabled or people from visible minorities as they approach senior leadership in companies |
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corporate social responsibility |
conducting business in a way that is in line with society's values |
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extractive |
taking out of the earth |
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supplies |
raw materials that are not part of the final product used in running business |
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automated labour |
done of machines |
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consolidated labour |
small manufacturing sites close down and centralized to work in one major site |
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otusource labour |
hire another company to do the task cheaper |
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liquid capital |
cash stocks bonds account receivable |
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intellectual property |
ideas or talent or workforce |
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capital goods |
any tangible assets that an organization cares to produce product |
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break even |
break even practice |
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erin brockovich production problem |
Hexatonic Chromium was used by PG & E in a town which caused disease and birth problems |
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erin brockovich ethical dilemma |
has to choose between being a good mother to her children or doing her job, something she is passionate about, which is stopping Pg&E |