deca prelim flashcards: business admin core + general facts
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79 Terms
Management
The coordination of activities a business uses to achieve results, including marketing, innovations, and operations to meet organizational goals.
Personal Appearance
Maintaining your appearance as an employee, including grooming, clothing, facial expressions, and body language, to represent the business professionally.
Difficult Customers
Types of challenging customers including angry, impatient, demanding, and indecisive individuals; handling them requires staying calm, listening closely, acknowledging concerns, maintaining eye contact, showing compassion, offering solutions, or directing them to someone who can help.
Buying Behavior
The study of consumer purchase decisions, including what, why, when, where, and how often a product or service is used. Influenced by internal and external factors like brand perception, competition, societal norms, and consumer research.
Innovation
The process of introducing new ideas or methods within an organization to meet customer needs and remain competitive. Involves critical thinking, creativity, problem solving, research, risk management, project coordination, IT use, and foundational skills like reading, writing, and mathematics.
Law
Rules created and enforced by local, state, and federal governments, established through legislation by elected representatives and executed through regulations by government agencies.
Local Law
Legislation created at the city, town, or county level that governs local matters.
State Law
Legislation created at the state level that governs state-wide issues and regulations.
Federal Law
Legislation created at the national level that applies across all states and territories.
Customer Relationship Management (CRM)
A business strategy aimed at maximizing value and effectiveness of all customer interactions, providing excellent service, increasing satisfaction, attracting and retaining loyal customers, and developing individualized relationships.
Company Goals
The primary tasks of employees to contribute to organizational objectives and generate profit.
Contract
A legally binding agreement between at least two parties, outlining terms, duration, payment, and protections for each party. Must include consideration, meaning all parties willingly agree without coercion.
Budget
An itemized forecast of income and expenses over a designated period to plan fund allocation, achieve financial goals, and prevent debt.
Sole Proprietorship
Owned and operated by one person, who assumes all responsibility for the business.
Partnership
Owned and operated by two or more people, sharing responsibility and outcomes.
Corporation
Operated by several people and owned by stockholders, with legal separation from individual owners.
Information Management
The process of collecting, analyzing, and using data to support strategic decision-making, customer databases, electronic purchasing, and monitoring competitors.
Human Resource Management
The process of aligning people and organizations to achieve mutual goals. Focuses on results, employee development, job assignments, motivation, organizational success, and maintaining positive workplace relations.
Personality
A set of characteristics relating to emotions, motivations, interpersonal interactions, and attitudes. Desired traits often include professionalism, energy, confidence, independence, and intellectual curiosity.
Economic Systems
Methods by which societies allocate resources and make economic decisions.
Traditional Economy
Relies on customs and rituals to make economic choices.
Market Economy
Relies on consumer choices and demand to guide production and distribution.
Command Economy
Relies on government decisions for production and distribution.
Mixed Economy
Combines market forces with limited government regulation.
Orientation
The process of integrating new employees, teaching company policies, safety protocols, and job responsibilities, often including mentors, work samples, or FAQ documents.
Role of Finance
Facilitates the movement of capital from investors to businesses to support operations, investment, corporate governance, and business development.
Goods
Tangible products purchased with the intention of consumption or use.
Services
Intangible actions provided by someone, such as haircuts or meal preparation.
Insurance
A contract promising compensation for specific potential future losses in exchange for regular payments (premiums), sometimes with deductibles. Protects financial stability in case of loss.
Role of Business in Society
Businesses innovate and deliver products/services, use resources efficiently, generate value, and operate profitably while maintaining societal acceptance.
Evaluating Material
The process of determining if content is fact, opinion, or marketing, considering research validity, relevance, timeliness, author authority, and supporting evidence.
Businesslike Telephone Manner
Answering calls professionally with formal greeting, business and department names, prompt response, proper message-taking, and appropriate use of hold.
Ethics
Standards ensuring fair and honest treatment within an organization. In HR, includes workplace cohesion, equality, anti-discrimination, and sexual harassment policies. Violations can damage reputation, loyalty, and lead to legal action.
Operations
Activities involved in the day-to-day functions of a business to generate revenue.
Marketing
Using communication and technology to persuade customers and sell products or services across various markets.
Cultural Sensitivity
The willingness of employees to value diversity, adapt communication and behavior to others’ cultural norms, and learn about traditions and characteristics of other cultures.
Written Communication
The most common form of business communication, requiring clarity, relevance, focus, specificity, tact, and accuracy to inform decisions or actions.
Information Evaluation
Assessing the validity and quality of information, considering audience, fact vs. opinion, authorship credibility, evidence, and timeliness.
Project Management
Applying knowledge, skills, and techniques to achieve temporary group objectives in developing a product, service, or outcome.
Project Management Phases
Initiating, planning, executing, monitoring/controlling, and closing projects.
Understanding Management Expectations
Employees must know what is required in their roles to meet or exceed organizational standards.
OSHA
The Occupational Safety and Health Administration, created under the 1970 act to ensure employee safety, health, and welfare through risk management procedures.
Customer Relations
The practice of maintaining positive interactions with clients through appreciation, timely service, trained employees, and addressing concerns effectively.
Ethical Work Habits
Punctuality, flexibility, creativity, attentiveness, completing objectives, quality delivery, positive problem-solving, time management, respect for coworkers, leadership, and mentorship.
) and EXTRAODECA.