MTTC Business, Management, Marketing, and Technology (098) cheat sheet
MTTC Business, Management, Marketing, and Technology (098) · Keep the key ideas within reach.
Business Management and Marketing
Accounting equation: Assets = Liabilities + Owner's Equity; every transaction keeps it in balance (double-entry).
Gross profit = Net sales − Cost of goods sold; Net profit = Gross profit − Operating expenses.
Break-even units = Fixed costs ÷ (Unit price − Unit variable cost); break-even dollars = Fixed costs ÷ Contribution margin ratio.
Contribution margin ratio = (Price − Unit variable cost) ÷ Price.
Current ratio = Current assets ÷ Current liabilities; a ratio below 1 signals possible short-term liquidity strain.
Marketing mix (4 Ps): Product, Price, Place, Promotion; services add People, Process, Physical evidence (7 Ps).
Product life cycle stages in order: introduction, growth, maturity, decline; price skimming suits introduction, penetration pricing targets share growth.
Market segmentation bases: demographic, geographic, psychographic, behavioral; a target market must be measurable, accessible, and substantial.
Management functions (POLC): Planning, Organizing, Leading, Controlling; controlling compares performance to standards and corrects deviation.
Business Management and Marketing
Maslow's hierarchy order: physiological, safety, social, esteem, self-actualization; lower needs must be met before higher ones motivate.
Herzberg two-factor theory: hygiene factors (pay, policy, conditions) prevent dissatisfaction; motivators (achievement, recognition, growth) create satisfaction.
Leadership styles: autocratic (leader decides), democratic (shared input), laissez-faire (hands-off); situational leadership matches style to follower maturity.
Span of control: narrow span = tall hierarchy with close supervision; wide span = flat structure with more delegation.
SWOT = Strengths, Weaknesses (internal); Opportunities, Threats (external).
SMART goals: Specific, Measurable, Achievable, Relevant, Time-bound.
Elastic demand: |price elasticity| > 1, so a price cut raises total revenue; inelastic demand: |elasticity| < 1.
Promotion mix elements: advertising, personal selling, sales promotion, public relations, direct/digital marketing.
Distribution intensity: intensive (convenience goods), selective (shopping goods), exclusive (specialty goods).