COMM 1010 Final Review Summary

Sole Proprietorship

A business owned and run by one person with no distinction between the owner and the business.

Partnership

A business owned by two or more people who share profits, and are either general or limited partners.

General Partners

Partners in a partnership who have unlimited liability and are actively involved in managing the company.

Limited Partners

Partners in a partnership who have limited liability and are not involved in the daily operations.

Corporation

A legal entity that is separate from its owners, providing limited liability and easy transfer of ownership.

Franchise

A business model where a franchisee pays a franchisor for the rights to operate a business under its brand.

Co-operative

An organization owned and operated by a group of individuals for their mutual benefit.

Small Business

Independently owned and operated business that is not dominant in its field.

Entrepreneurship

The process of starting and running one's own business, usually with a new idea.

Motivations for Entrepreneurship

Reasons for starting a business, including opportunity, profit, challenge, independence, and family influence.

Attributes of Successful Entrepreneurs

Characteristics that effective entrepreneurs possess, such as self-direction and high energy.

Economic Importance of Small Business

Contributes to job creation and maintains economic independence.

Ways to Enter Entrepreneurship

Methods of starting a business, including buying an existing one or starting from scratch.

Common Challenges in Small Business

Problems faced by small businesses including insufficient capital and poor time management.

Financing Options

Methods of funding a business such as bootstrapping, angel investors, and crowdfunding.

Going Global

The process of expanding a business into international markets.

Management

The art of getting things done through organizational resources.

Four Functions of Management

Planning, organizing, leading, and controlling.

Middle Managers

Managers who require strong human relations skills.

Top Managers

Managers who require strong conceptual skills.

Supervisory Managers

Managers who require strong technical skills.

Leadership

The process of creating a vision for others to follow, differentiated from management.

Fayol's Principles

Management principles emphasizing unity of command, authority, and equity.

Weber's Bureaucratic Principles

Organizational principles focusing on clear job descriptions and consistent procedures.

Structure Issues

Considerations regarding specialization vs. decentralization and tall vs. flat organizations.

Organizational Culture

The values and norms that shape the behavior of individuals within an organization.

Scientific Management

An approach emphasizing efficiency through standardized work methods and time management.

Hawthorne Effect

The phenomenon where individuals modify their behavior in response to being observed.

Maslow's Hierarchy of Needs

A psychological theory that classes human needs into five levels from physiological to self-actualization.

Herzberg's Motivating Factors

Factors that lead to job satisfaction versus those that prevent dissatisfaction.

Theory X and Theory Y

McGregor's theories about managerial assumptions regarding employees' motivations.

Intrinsic Rewards

Internal rewards that motivate employees based on self-satisfaction.

Extrinsic Rewards

External rewards such as pay or praise that motivate employees.

Goal-Setting Theory

A theory that emphasizes setting specific and challenging goals for motivation.

Expectancy Theory

A theory that explains how individuals’ expectations about outcomes influence their motivation.

Job Enrichment

Enhancing a job by adding variety, autonomy, and significance.

Flexible Work Options

Work arrangements that allow for flexibility, such as flextime and telecommuting.

HRM (Human Resource Management)

The process of managing an organization's workforce to meet business goals.

Key HR Functions

These include recruitment, training, performance appraisal, compensation, and career management.

Training Methods

Approaches to employee training including on-the-job, online, and job simulation.

Legal Considerations in HR

Laws and regulations affecting employment, such as gender equity and workplace rights.

Production Era

An early marketing phase focused on maximizing production due to high demand.

Selling Era

A period where the focus shifted to selling and promoting products due to overproduction.

Marketing Concept Era

A phase characterized by a focus on customer needs and service orientation.

Customer Relationship Era

An era emphasizing long-term relationships and customer loyalty.

Four Ps of Marketing

Product, Price, Place, and Promotion: core concepts for marketing strategy.

Consumer Behavior

The study of how individuals make decisions to spend their available resources.

Relationship Marketing

A strategy focused on building long-term relationships with customers.

Total Product Offer

The complete value that a company provides to consumers, including all product aspects.

Product Differentiation

Creating distinct differences in products to stand out in the market.

Branding

The process of creating a unique name and image for a product in the consumer's mind.

Pricing Strategies

Approaches to setting prices based on costs, competition, and perceived value.

Promotional Mix Components

Elements of promotion such as advertising, sales promotions, and public relations.

Distribution Channels

Paths through which goods and services flow from producers to consumers.