Freshman Seminar - FINAL!!

marketing concept

The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm is called

geographic

segmenting a market based on where the customers live

Product, Distribution/Placement, Price, and Promotion

What are the 4 Ps of the Marketing Mix?

distribution

the locations and methods used to make products available to customers

behavioral

dividing a market based on the way customers use a product or attitude toward a product

market share

The percentage of total sales volume generated by all companies that compete in a given market

consumers

purchase smaller quantities for their own use.

demoraphic

statistics that describe a population. (age, gender, marital status, ethnic background)

promotion

ways to make customers aware of products, encourages customers to buy

marketing

the process of planning, pricing, promoting, selling, and distributing ideas, goods and services to create exchanges that satisfy customers

product

what a business offers to satisfy needs

target market

____ profile is the detailed description of the typical consumer in a market segment

psychographic

dividing a market based on mental and emotional characteristics of customers

speaker

most listening is done in the presence of a

tone

is verbal attitude, attitude shown through the voice

price

what is exchanged for the product

census

the count of all the people in a country made by the government on a regular basis is

substantial defense

disprove, justify, or excuse the alleged crime (criminal insanity, immunity, self-defense)

probable cause

a reasonable ground for belief

punishment

any penalty provided by law and imposed by a court

extortion

commonly known as blackmail, is obtaining money or other property from a person by wrongful use of force, feat or the power of office.

false pretenses

one who obtains money or other property by lying about a past or existing fact is guilty of

procedural defenses

a defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried or punished.

arson

the willful and illegal burning or exploding of a building

plea bargain

agreeing to plead guilty to a less serious crime in exchange for having a more serious charge dropped.

Vicarious criminal liability

the holding of a corporation or one of its officers criminally liable for the actions of one of its employees is referred to as

self defense

the use of force that appears reasonably necessary to prevent death, serious bodily harm, rape, or kidnapping to the person using force.

conspiracy

the agreement between two or more people to commit a crime

contempt of court

action that hinders the administration of justice

defense

a legal position taken by an accused to defeat the charges against him or her

forgery

falsely making or materially altering a writing to defraud another

bribery

unlawful offering or giving anything of value to influence performance of an official in the carrying out of his or her public duties

larseny

commonly known as theft, is the wrongful taking of money or personal property belonging to someone else, with intent to deprive the owner of it.

society

a crime is a punishable offense against

I9

Verify ability to work in the US

W4

Form telling employer how much tax to withhold from your paycheck

W2

Form telling how much tax you paid within a given year

Social Security

(6.2%) Provides a small amount of income to elderly, disabled, and orphaned minors

Medicare

(1.45%) Provides health insurance for everyone over 65 and the disabled

Federal Income Tax

(Variable) What runs the federal government

State Tax

(3.07%) Provides a portion of what it takes to run state programs

Occupational Privilege Tax

$10 - For the right to work in PA

What are some other items that come out of your paycheck?

Retirement, Union Dues, and Medical/Dental/Eye Insurance

Disposable income

money available after taxes and deductions

Unearned income

income you didn’t earn

Earned income

money you earned by working

Gross Pay

Amount earned before taxes

Net Pay

amount earned after taxes

Primary purpose of a checking account

pay bills

How to access money in a checking account

ATM, checks, debit

how much interest do you earn on a checking account

little to none

primary purpose of a savings account

to save money or for larger purchases in the future

what type of interest is earned in a savings account

very low interest

2 types of credit

loans, credit card

primary purpose of credit

to get something you may not be able to afford otherwise

How to pay for a less amount of interest

select a mortgage with a shorter repayment period, higher monthly payment, find lower interest rates

principal

the amount you borrow

interest

the amount you get charged for borrrowing the money

P2P

Peer to Peer, a way to send money to friends. The person receiving the money may get up to a 3% vendor fee.

Impact of social media on decision making

we buy things because we see what everyone else has

one of the primary reasons of poor decision making in debt

being too emotional

emotional or logical decisions?

logical decisions

loss aversion

buying something because you are afraid you will be disappointed later

rose tinted glasses

buying something because you’ll think it’ll make you do better at whatever it is you’re doing.

FOMO

fear of missing out

50/30/20 rule

Necessities 50%, Savings 20%, Wants 30%

series discount

when there are multiple discounts

sales tax

6% in the state of PA

gratuity

tip (we usually pay 18%-20%)

Unit Price

the price per unit of a product. It’s used to determine what the best value is.

Associates Degree

a two-year degree earned at a community college

Bachelor’s Degree

A four-year degree earned at college/university

Master’s Degree

A degree beyond bachelor’s, usually +36-40 credits

Doctorate’s Degree

The highest degree that could be earned, requiring extensive research and additional credits.

Technical Academic

A career pathway requiring specialized training at a vocational-technical HS and a 2-year technical/trade school.

Technical Academic

A career/pathway requiring four or more years of education at a college or university

Post - secondary school

An educational program beyond a high school degree

Technical / trade school

An educational program specializing in a particular occupation without taking the humanities classes.

Community / junior college

An educational institution specializing in a two-year degree or certificate. (Associate’s degree, 2 yrs.)

College / university

An educational institution specializing in a Bachelors of Science or Arts, Master's or Doctorate’s degree.

Job

an employment position obtained to earn money

goal

something you want to accomplish

lifestyle

the way a person lives their life

trade

an occupation requiring a specific skill