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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