KEYTERM TACN1

Management

The process used to accomplish organization goals through planning, organizing, leading, ad controlling people and other organizational resources.

Manager

An individual who is in charge of a certain group off tasks, or a certain area or department of a business.

Chief Excutive Officier

The most senior manager responsible for the overall performance and success of a company

Planning

A manager funtion that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Organizing

A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.

Leading

Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively the achieve the organization's goals and objectives.

Controlling

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

Motivation

factors that influence the behavior of workers towards achieving business goals.

Job satisfaction

The enjoyment a worker gets from feeling that they have done a good job. There are three ways to motivate workers to be more committed to their job and work more effectively:

Job rotation

-(swapping workers round and only doing a specific task for a limited time before swapping round again).

Job enlargement

• (extra tasks are added to the job to make it more interesting)

Job enrichment

• (adding tasks that require more skill and/or responsibility)

Theory X

The average person does not like work. Workers must be constantly supervised so they will work. Motivation is from external factors, e.g. pay schemes where the workers are paid more for increased output.

Theory Y

The average person is motivated by internal factors. To motivate workers, you need to find ways to help workers take an interest in their work, e.g. give rewards, incentives.

Maslow’s hierarchy of needs

A theory of motivation which states that five categories of human needs dictate an individual's behavior. Those needs are physiological needs, safety needs, love and belonging needs, esteem needs, and self-actualization needs.

Frederick Herzberg’s motivation theory

Humans have two sets of needs: one is for the basic needs, which he called hygiene factors or needs, and the second is for a human being to be able to grow psychologically, which he called motivational needs or motivators.

Hygiene factors

The factors that must be present in the workplace to prevent job dissatisfaction.

Glocalization

is a combination of the words "globalization" and "localization." The term is used to describe a product or service that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market.

Culture

is defined as the complex system of values, traits, morals, and customs shared by a society.

Context

refers to the stimuli, environment, or ambience surrounding an event.

The Lewis model

was developed by linguist and leading cross-cultural specialist Richard D.Lewis. The model divides humans into 3 clear categories, based not on nationality or religion but on BEHAVIOUR, namely, Linear-active, Multi-active and Reactive.

High-context culture

is a culture by which the rules of communication are primarily and dominantly transmitted through the use of contextual elements. These include specific forms of body language, the social or familial status of an individual, and the tone of voice employed during speech. High-context cultures usually do not have rules that are explicitly written or stated.

Low-context culture

-refers to a culture where by most communications take place through verbal language and rules are directly written out or stated for all to view.

Power distance

is the distribution of power among individuals within a culture and how well unequal levels of power are accepted by those with less power.

The primary production

of industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses.

The secondary production

of industry manufactures goods using the raw materials provided by the primary sector.

The territory production

of industry provides services to consumers and the other sectors of industry.

A mixed economy

has both a private sector and a public (state) sector.

Public sector

the sector of the economy in which organizations are owned and controlled by the state (government)

Private sector

The sector of the economy in which organizations are owned and controlled by individuals.

Privatization

The sale of state-owned assets such as public corporations to the private sector.

Sole trader

a business owned and operated by one person.

Limited liabilities

the liability of shareholders in a company is limited to only the amount they invested.

Unlimited liabilities

the owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business.

Partnership

a form of business in which two or more people agree to jointly own a business.

Shareholders

the owners of a limited company. They buy shares which represent part- ownership of the company.

Job production

the production of items one at a time.

Priavate Limited companies

businesses owned by shareholders but they cannot sell shares to the public.

Public Limited companies

businesses owned by shareholders but they can sell shares to the public and their shares are tradable on the Stock Exchange.

Lean production

the production of goods and services with the minimum waste of resources.

Batch production

-the production of goods in batches. Each batch passes through one stage of production

Flow production

the production of very large quantities of identical goods using a continuously moving process.

JIT( Just-in-time)

-is a production method that involves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of the finished product.

Production

The process of converting inputs such as land, labour and capital into saleable goods, for example shoes and cell phones.

Inventories

The stock of raw materials, work-in-progress and finished goods held by a business

Logistics

the business activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.

Inbound logistics

the area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers.

Material handling

the movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations.

Outbound logistics

the area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me).

Reverse logistics

the area of logistics that involves bringing goods back to the manufacturer because of defects or for recycling

Quality

the produce a good or a service which meets customer expectations

Quality control

the cheking for quality at the end of the production process, whether it s the production of a product or service

Quality assurance

the checking for quality standards throughout the production process, whether it is the production or service

Total quality management (TQM)

the countinuous improvement of products and processes by focusing on quality at each stage of producton

Market

the set of all actual and potential buyers of a good or service; the place where people buy and sell; the people who trade in particular good; to make goods available to buyers and to encourage them to buy them

Market leader

the company with the largest market share

Market nicher

a small company that concentrates on one or more particular niches or small market segments

Marketing research or market research

the colletion, analysis and reporting of data relevant to a specific marketing situation (e.g. a proposed new product)

Market segment

part of a market, a group of customers with specific needs, defined in terms of geography, age, sex, income, occupation, life-style, etc.

Market segmentation

the act of dividing a market into distinct groups of buyers who have different requirement or buying habits

Market share

the sales of a company (or brand or product) expressed as a prcentage of total sales in marketing - the process of identifying and satisfying consumers's needs and desires

Marketing channel

the set of intermediaries a company uses to get its goods to their end uses

Marketing mix

the set of all the various elements in a marketing progamme, and the way a company integrates them

Marketing strategy

a plan or principle designed to achieve marketing objectives

Product life cycle

the standard pattern of sales of a product over the period that it is marketed

Advertorial

A paid-for advertisement which includes editorial content; normally identified in a print magazine with the word "Advertisement" printed as a head across the top of the page to distinuish it from genuine (in theory unbaised) editorial content

Advertising agency

the organization that takes care of advertising for clients

Advertising campaign

A time-limited set of ads - campaigns may run across different media, and for one month or ten years, but can be categorized together as they are the execution of a central idea

Demographics

Describing a audience by age, gender, ethnicity, or location - i.e the facts about them

Focus Groups

Small, select groups representing a target audience who are paid to answer questions at the behest of a market research organization

Product placement

The practice of paying for a branded product to be used by a character in a movie - e.g James Bond driving a BMW Z3

Product positioning

Establing the market niche of a product - which may not be as the brand leader - and advertising to the appoprivate segment of the audience

Unique Selling Point (USP)

A highlighted benefit of a product which makes it stand out from all rival brands

Cost accounting

Caculating all the expenses involved in producing something, including materials, labour, and all other expenses

Tax accounting

Calculating how much an individual or a company will have to pay to the local and national goverments (and trying to reduce this to a minimum)

Auditing

inspecting and reporting on accounts and financial records

Accounting

preparing financial statements showing income and expenditure, assets and liabilities

management accounting

providing information that will allow a business to make decisions, plan future operations and develop business strategies

Creative accounting

using all available accounting procedures and tricks to disguise the true financial position of a company

Bookkeeping

writing down the details of transactions (debits and credits)

Cash flow statement

a statement giving details of money coming into and leaving the business, devided into day-to-day operations, investing and finaning

Income statement

a statement howing the different between the revenues and expenses of a period

Balance sheet

a statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the bussiness has that belongs to its owners

Business cycle model

a model showing the increases and decreases in a nations's real GDP over time; this model typically demonstrates an increase in real GDP over the long run , combined with short-run fluctuations in output

Expansion

the phase of the business cycle during which output is increasing

Recession

the phase of the business cycle during which output is falling

Depression

a deep and prolonged recession

Peak

the turning point in the business cycle between an expanion and a contraction

Trough

the turning point in the business cycle between a recession and an expansion

Recovery

when GDP begins to increase following a contraction and a trough in the business cycle; an economy is considered in recovery until real GDP returns to its long-run potential level

Potential output

the level of output an economy can achieve when it is producing at full employment

Growth trend

the straight line in the business cycle model, which is usually upward-sloping and shows the long-run pattern of change in real GDP over time

Positive output gap

the difference between actual output and potential output when an economy is producing more than full employment output —> the rate of unemployment is less than the natural rate of unemployment and an economy is operating outside of its PPC (the production possibilities curve)

Negative output gap

the difference between actual output and potential output when an economy is producing more than full employment output —> the rate of unemployment is greater than the natural rate of unemployment and an economy is operating inside of its PPC (the production possibilities curve)

Ethical standard

a rule for moral behaviour in a particular area

Ethical behaviour

doing things that are morally right

Ethical lapse

temporary failure to act in the correct way

Ethical dilemma

A choice between two actions that might both be morally wrong

Ethical stance

a stated opinion about the right thing to do in a particular situation

Ethical issue

an area where moral behaviour is important