Thẻ ghi nhớ: Key terms TACN | Quizlet

Management

the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

Manager

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

Chief Executive Officer (CEO)

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

Planning

A management function 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 to 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 behaviour of workers towards achieving business goals.

1. Monetary

2. Non-monetary

3. Job satisfaction

job satisfaction

the enjoyment a worker gets from feeling that they have done a good job

1. Job rotation ( swapping workers around )

2. Job enlargement ( extra task to be more interesting )

3. Job enrichment ( adding tasks that require more skill )

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

theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to 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

organizational structure

the levels of management and division of responsibilities within an organization

hierachy

the levels of management in any organisation from highest to lowest

chain of command

The structure in an organisation which allows instructions to be passed down from senior management to lower levels of management.

Span of control

the number of subordinates who report directly to a manager

Directors

senior managers who lead a particular department or division of a business

Line manager

People who have responsibility for people below them in the hierarchy of an organization

Supervisors

junior managers who have direct control over the employees below them in the organisational structure

Staff managers

Specialists who provide support, information and assistance to line managers

Delegation

giving a subordinate the authority to perform particular tasks

Decentralization

Taking decision away from the centre of an organization- way from the Head Office.

Glocalization

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

the complex systems of values traits morals and customs shared by a society

The Lewis Model

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

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

a culture whereby most communications take place through verbal language and rules are directly written out or stated for all to view

power distance

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

recruitment

The process from identifying that the business needs to employ someone up to the point at which applications have arrived at the business

employee selection

the process of evaluating candidates for a specific job and selecting an individual for employment based on the needs of the organisation

a job analysis

identifies and records the responsibilities and tasks relating to a job

a job describtion

outlines the responsibilities and duties to be carried out by someone employed to do a specfic job

job specification

A document which outlines the requirements, qualifications, expertise, physical characteristics, etc. for a specified job.

Internal recruitment

When a vacancy is filled by someone who is an existing employee of the business

external recruitment

When a vacancy is filled by someone who is not an existing employee and will be new to the business

induction training

An introduction given to a new employee, explaining the firm's activities, customs and procedures and introducing them to their fellow workers.

On-the-job training

watching a more experienced worker doing the job and learning skills under their supervision

Off-the-job training

Being trained away from the workplace, usually by specialist trainers

Primary Sector

Extracts and uses the natural resources of the earth to produce raw materials used by other businesses

secondary sector

Manufactures goods using the raw materials provided by the primary sector

tertiary sector

Provides services to consumers and the other sectors of industry

A mixed economy

an economic system combining private and public enterprise.

public sector

The sector of the economy under government control.

private sector

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

Privatisation

The sale of public sector organisations to the private sector

sole trader

business owned and operated by one person

limited liabilty

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

unlimited liabilities

The owner is totally responsible for the liabilities of the business

partnership

A form of business ownership in which the business is owned by two or more persons

shareholders

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

Private limited companies

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

public limited companies

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

Job production

The production of items one at a time

flow production

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

JIT

Method of managing the flow and storage of stock. Inputs delivered as required.

logistics

the planning, movement, and flow of goods and related information throughout the supply chain

Inbound logistics

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

materials 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).

Quality

to produce a good or a service which meets customer expectations

quality control

The checking for quality at the end of the production process, whether it is the production of a product or service.

Quality Assurance

The checking for the quality standards throughout the production process, whether it is the production of a product or service.

TQM (Total Quality Management)

the continuous improvement of products and processes by focusing on quality at each stage of production

Quality

to produce a good or service to meet customer expectations

Quality control

is checking for quality at the end of the production process, whether it is the production of a product or service

Quality assurance

The checking for the quality standards throughout the production process, whether it is the production of a product or service.

Total Quality Management (TQM)

the continuous improvement of products and processes by focusing on quality at each stage of production

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 a 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

Market research (GB) or marketing research (US)

the collection, 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 requirements or buying habits

Market share

the sales of a company (or brand or product) expressed as a

percentage of total sales in marketing - the process of identifying and satisfying consumers' needs and desires

Marketing channel

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

their end users

Marketing mix

the set of all the various elements in a marketing programme, 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 indentified in a print magazine with the word "Advertisement" printed as a head across the top of the page to distinguish it from genuine (in theory unbiased) 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 an 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 Positioning

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

USP

Unique Selling Proposition/Point - a highlighted benefit of a product which makes it stand out from all rival brands

Deposit

to place money in a bank; or money placed in a bank

Liquidity

available cash, and how easily other assets can be turned into cash

Collateral

anything that acts as a security or guarantee for a loan

Mortgage

a type of loan used to purchase or maintain a home, land or other types of read estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan.

A current account

an account at a bank against which checks can be drawn by the account depositor; a checking account

Overdraft

something that occurs when you make a purchase with your debit card or write a check for an amount that exceeds your checking account's available balance. Many bank accounts offer overdraft protection to help avoid overdraft fees. Some banks don't charge overdraft fees at all.

A savings account

a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.

A deposit account

a bank account maintained by a financial situation in which a customer can deposit and withdraw money.

Solvency

when banks have enough money to cover potential losses. Banks are expected to maintain a sufÏcient level of capital to remain solvent and avoid failure, The FDIC and other federal regulators work with banks to maintain standards for solvency.

Maturity date

this is the date of expiration for the contractual obligation of a financial instrument. For example, certificated of deposit have maturity date that depends on the length of the CD term. When the CD matures, you have the option to withdraw the money. Some banks and credit unions also allow you to roll it into a new CD or enable the CD to renew automatically.

Cost accounting

calculating 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 governments (and trying to reduce this to a minimum)

Auditing

inspecting and reporting on accounts and financial records