Exam 2: Intro To Business Management

Empowerment

giving employees authority & responsibility to make decisions about their work

Team

group of people with certain skills who are commited to a common purpose, approach, and set performance goals.

Work Team

groups of people who are commited to a common purpose.

Problem-Solving Team

temporary combination of workers who gather to solve a specific problem & then disband

Self-Managed Team

teams that are empowered to decide how they complete their daily goals

Cross-Functional Team

teams that are made up of members from different functions, or parts, of a firm

Virtual Team

groups of geographically and/or organizationally dispersed co-workers who use a combination of telecommunications & information technologies to accomplish an organizational task

Team Level

average level of ability, experience, personality, or any other factor on a team

Team Norm

informal statement that identifies key values & clarifies team member’s expectations

External Communication

meaningful exchange of information through messages transmitted between organizations & their audience

Conflict

when 1 person or group’s needs do not match those of another & attempts may be made to block opposing side’s intentions of goals

Cognitive Conflict

focuses on problem-related differences of opinion & reconciling these differences strongly improves team performance. 

Affective Conflict

emotional reactions that can occur when disagreements become personal rather than professional

Communication

meaningful exchange of information through messages.

Listening

recieving a message & interpreting its genuine menaing by grasping facts & feelings conveyed

Grapevine

internal channel that passes information from unoffical sources

Human Resource Management

attracts, develops, and retains employees to perform jobs necessary to accomplish organizational objectives.

Human Resource Inventory

skills inventory

Performance Appraisal

used to evaluate an employee’s performance

Compensation

amount employees are paid in money & benefits

Wages

Hourly Pay

Salary

annual pay

Employee Separation

 loss of an employee for any reason

Downsizing

cutting jobs due to costs

Expectancy Theory

• used to evaluate likelihood that their efforts will yield wanted results. 

Equity Theory

• individual’s perception of fair & equitable treatment in terms of efforts & rewards. 

Goal-Setting Theory

people motivated to the extent to which they accept challenging goals & receive feedback that indicates their progress towards that goal.

Management by Objectives

 allows managers to focus on attainable goals & achieve best results based on an organization’s resources.

Labor Union

 group of workers who have banded together to achieve common goals in areas of wages, hours, and working conditions.

Collective Bargaining

•  process of negotiation between management & union representatives. 

Operations

step-by-step actions that are carried out in the production process

Production

use of resources, such as workers & machinery, to convert matierals into finished goods & services

Production & Operations Management

overseas production process by managing people & machinery in converting matierals & resources to finished goods & services

Mass Production

system for manufacturing products in large quantities by combining employees with specialized skills, mechanization, and standarization

LEED (Leadership in Energy & Environmental Design)

voluntary certifcation porgram by U.S. Green Building Company, aimed at promoting most substainable contruction process available

Computer-Aided Design (CAD)

allows engineers to design computers & entire products on computer screens more efficiently than traditional drafting systems

Computer-Aided Manufacturing (CAM)

computer tools to analyze CAD output & enable a manufacturer to analyze steps for that a machine must take to produce a product or service.

Flexible Manufacturing System

production facility that can be modified to manufacture different products

Computer-Integrated Manufacturing (CIM)

production system in which computers assist, in an intergrated function; in design of products, control machines, handle matierals & control production function

Make, Buy, Lease Decision

choosing whether to manufacture a needed product or component in-house; purchase, or lease

3D Printing

etching of plastic layers into different shapes by laying down successive layers to material to form a 3D object

Inventory Control

balancing stock-on-hand against carrying costs

Just-In-Time (JIT) System

broad managemnet philosophy that reaches beyond narrow activity of inventory control to influence entire system of production & operational management. Providing the right product at the right place at the right time.

Matierals Requirement Planning (MRP)

computer-based production planning system to track parts & matierals needed for production

Production Planning

determines amount of resources (including raw matierals & other components) an organization needs to produce a certain output.

Production Control

creates a well-defined set of procedures for coordinating people, matierals, & machinery for production efficiency.

Quality

goods & services free of deficiences

Benchmarking

process of analyzing other firms’ best practices. 

Quality Control

measuring goods & services against established quality standards

International Organization for Standarization

provides development of standarized product to facilitate across national boarders

Marketing

set of processes for creating, communicating, and delivering value to customers & for managing customer relationships in ways that benefit organization & its stakeholders

Exchange Process

activity in which 2 or more parties provide something of value to each other to satsify percieved needs.

Utility

ability of a good or service to satisfy wants & needs of customers

Time Utility

making good or service available when customers want to purchase it

Marketing Concepts

company-wide consumer orienation to promote long-run success

Place Utility

making a product available in location convient for consumer

Ownership Utility

through an orderly transfer of goods & services from seller to buyer

Person Marketing

attracting attention, interest, and preference towards a person

Place marketing

attract people in a specific location 

Event Marketing

marketing or sponsoring events

Cause Marketing

promotes awareness or raises money for a cause or issue

Organization Marketing 

type of marketing where, consumer accepting goals of, recieving services, or contributing to a particular organization

Environmental Scanning

analysis of external environmental factors by marketers to understand how they impact business & marketing decisions

Target marketing

group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs & preferences

Consumer (B2C) Product

good or service that is purchased by end users

Business (B2B) Product

good or service purchased to be used, either directly or indirectly, in production of other goods for resale

Marketing Mix

blends 4 strategies (product, price, place, promotion) to fit needs & preferences of a specific target market.

Marketing Research

process of collecting & evaluating information to support marketing decision making

Big Data

information collected in massive amounts & speed from traditional & digital sources

Business Intelligence

activities & technologies for gathering, storing, & analyzing data to make better competive decisions.S

Data mining

computer searches of customer data to detect patterns & relationships

Data Warehouse

sophisicated databases that allow smangaers to combine data from several different organization functions like sales, finances, and customer services

Market Segmentation

process if dividing large homogeneous markets into specific & identifiable segments or groups whose characteristsics, needs, and wants are similiar.

Geographic Segmentation

dividing market into groups based on their location dem

Demographic segmentation

distinguishes markets on basis of various demographic or socioeconomic characteristics.

Psychographic Segmentation

divides consumer markets into groups with similiar psychological characteristics, values, and lifestyles

Product-Related Segmentation

sellers can divide consumer market into groups based on buyer’s relationships to goods or services

End-Use Segmentation

focuses on precise way a B2B purchaser will use a product

Consumer Behavior

actions of ultimate consumers & disposing of products & decision processes that precede & follow these activities

Relationship Marketing

developing & maintaining long-term, cost-effective exchange relationships with partners

Lifetime Value of Customer

revenues & intangible benefits (referrals & customer feedback) from a customer over life of a relationship, minus amount company must spend to acquire and serve that customer

Frequency Marketing

reward purchasers with cash, rebates, and other premiums

Affinity Programs

solicit involvement based on common interest

Comarketing

2 businesses jointly market each other’s products C

Cobranding

when 2 o more businesses link their names to a single product

Product

bundle of physical service and symbolic characteristics designed to satisfy consumer wants

Product Line

group of related products marked by physical similarities or intended for a similair market

Product Mix

assortment of product lines & individual goods & services a firm offers to consumers & business users

Distribution channels

path through which products flow from producer to consumers or business users

Physical Distribution

actual movement of products from producer to consumers or business users

Wholesaler

distribution channel members that sells primarily to retailers, other kinds of these, or business users

Product Life Cycle

basic stages - introduction, growth, maturity, and decline, through which a sucessful product progresses

Retailer

channel member that sells goods & services to individuals for their own use rather than for resale

Test marketing

introduces a new product supported by a complete marketing campaign to a selected city or geographic area

Supply Chain

complete sequence of suppliers that contribute good or service & delivering it to business users & final consumers

Brand

name, term, sign, symbol, design, or some combination that identifies products of 1 firm & differentiates them from competitor’s offerings.

Logistics

process of coordinating flow of goods and services, and information among members of a supply chain

Brand name

part of brand consisting of words or letters, included in a name used to identify & distinguish firm’s from competitor’s offerings

Vendor-Managed Inventory

producer & retailer agree that producer for wholesalers will determine how much of a product a buyer needs & will automate & ship new supplies, when needed

Trademark

brand that has been given legal protection granted soley to brand's owner