Buisness Chapter 9-11

Human resources management (HRM)

all the activities involved in acquiring, maintaining, and developing an organization's Human Resources

Human resources plaining

the development of strategies to meet a firm's future human resources needs

replacement chart

a list of key personnel and their possible replacements within a firm

skills inventory

a computerized data bank containing information on the skills and experience of all present employees

Workplace diversity

differences among people in a workforce owing to factors such as age, race, ethnicity, gender, sexual orientation, and ability

Job analysis

a systematic procedure for studying jobs to determine their various elements and requirements

job description

a list of the elements that make up a particular job

job specification

a list of the qualifications required to perform a particular job

Recruiting

the process of attracting qualified job applicants

Selection

the process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant

Onboarding

the process of integrating new employees into an organization

Orientation

the basic introduction of new employees to an organization

Compensation

the payment employees receive in return for their labor

compensation system

the policies and strategies that determine employee compensation

wage survey

a collection of data on prevailing wage rates within an industry or a geographic area

Job evaluation

the process of determining the relative worth of the various jobs within a firm

Hourly wage

a specific amount of money paid for each hour of work

Salary

a specific amount of money paid for an employee's work during a set calendar period, regardless of the actual number of hours worked

Commission

a payment that is a percentage of sales revenue

Incentive payment

a payment in addition to wages, salary, or commissions

Lump-sum Salary Increase

An entire pay raise taken in one lump sum

Profit sharing

the distribution of a percentage of a firm's profit among its employees

employee benefit

a reward in addition to regular compensation that is provided indirectly to employees

flexible benefit plan

compensation plan whereby employees receive a predetermined amount of benefit dollars to spend on a package of benefits they have selected to meet individual needs

Employee training

the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently

Management development

the process of preparing managers and other professionals to assume increased responsibility in both present and future positions

Mentors

older, higher-ranked employees who instruct, advise, and offer support to younger employees in the ways of the organization and industry

Performance appraisal

the evaluation of employees' performance to allow managers to make objective human resources decisions

Turnover

when employees leave their jobs

terminations involuntary separations

downsizing eliminating positions

Motivation

the individual internal process that energizes, directs, and sustains behavior; the personaly "force" that causes you or me to behave in a particular way

Morale

an employee's feelings about the job, about superiors, and about the firm itself

scientific management

the application of scientific principles to management of work and workers

Human relations

the study of people and groups in the workplace and what motivates them to achieve organizational goals

Maslow's hierarchy of needs

a sequence of human needs in the order of their importance

motivation-hygiene theory

the idea that satisfaction and dissatisfaction are separate and distinct dimensions

motivation factors

job factors that increase motivation, although their absence does not necessarily result in dissatisfaction

hygiene factors

job factors that reduce dissatisfaction when present to an acceptable degree but that do not necessarily result in high levels of motivation

Theory X

motivation generally consistent with Taylor's scientific management; assumes that employees dislike work and will function only in a highly controlled work environment

Theory Y

a concept of employee motivation generally consistent with the ideas of the human relations movement; assumes responsibility and work toward organizational goals, and by doing so employees also achieve personal goals

Theory Z

the belief that some middle ground between type A and type J practices is best for American business

Reinforcement theory

a theory of motivation based on the premise that rewarded behavior is likely to be repeated, whereas punished behavior is less likely to recur

equity theory

a theory of motivation based on the premise that people are motivated to obtain and preserve equitable treatment for themselves

Expectancy theory

a model of motivation based on the assumption that motivation depends on how much we want something and on how likely we think we are to get it

Goal-setting theory

a theory of motivation suggesting that employees are motivated to achieve goals that they and their managers establish together

organizational culture

the inner rituals, traditions, processes, and values of a firm

Management by objectives (MBO)

a motivation technique in which managers and employees collaborate in setting goals

Job enrichment

a motivation technique that provides employees with more varlety and responsibility in their jobs

job enlargement

expanding a worker's assignments to include additional but similar tasks

Job redesign

a type of job enrichment in which work is restructured to cultivate the worker-job match

Behavior modification

a systematic program of reinforcement to encourage desirable behavior

Flextime

a system in which employees set their own work hours within empfoyer-determined limits

compressed workweek

allows employees to work a 40-hour work week in four days instead of five

Part-time work

permanent employment in which individuals work less than a standard work week

Job sharing

an arrangement whereby two people share one fulltime position

telecommuting

working remotely all the time or for a portion of the work week

Empowerment

making employees more involved in their jobs by increasing their participation in decision making

employee ownership

a situation in which employees own the company they work for by virtue of being stockholders

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Value

A customer's estimation of the worth of a product based on a comparison of its costs and benefits, including quality, relative to other products

Relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationships

Customer relationship management (CRM)

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Customer lifetime value (CLV)

A measure of a customer's worth (sales minus costs) to a business over one's lifetime

utility

the ability of a good or service to satisfy a human need

form utility

utility created by converting production inputs into finished products

place utility

utility created by making a product available at a location where customers wish to purchase it

Time Utility

Utility creating by making a product available when customers wish to purchase it

Possesion Utility

utility created by transferring title (or ownership) of a product to a buyer

marketing concept

a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives

market

a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them

marketing strategy

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

marketing mix

a combination of product, price, distribution, and promotion developed to satisfy a particular target market.

Target Market

a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

undifferentiated approach

directing a single marketing mix at the entire market for a particular product

Market Segment

a group of individuals or organizations within a market that shares one or more common characteristics

market segmentation

the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market

marketing plan

a written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group

sales forecast

an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort

marketing analytics

the collection, organization, and interpretation of data about marketing performance

marketing research

the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem

buying behavior

the decisions and actions of people involved in buying and using products

consumer buying behavior

the purchasing of products for personal or household use, not for business purposes

Business buying behavior

the purchasing of products by producers, resellers, governmental units, and institutions

personal income

the income an individual receives from all sources

disposable income

personal income less all personal taxes

discretionary income

disposable income less savings and expenditures on food, clothing and housing