Business Ethics & Management Flashcards

Flashcards covering key vocabulary and concepts from business ethics and management lecture notes.

Ethics

Moral principles that guide behavior in the business world.

Social Responsibility

Actions companies take to benefit society.

FDA Role

Regulates food, drugs, and cosmetics for consumer protection.

Consumerism

A movement advocating for consumer rights and power.

Human Resources

Employees and their skills.

Financial Resources

Money and credit available to a business.

Material Resources

Equipment and raw materials.

Informational Resources

Market data and customer insights.

Capitalism

Private ownership and profit-driven economy.

Socialism

Government ownership of major industries.

Mixed Economy

A combination of capitalism and socialism.

Cost Leadership

Providing products or services at the lowest cost.

Focused Strategy

Focusing on specific niche markets.

Product Differentiation

Offering unique features or superior quality.

Management Functions

Planning, organizing, leading, and controlling.

Top-Level Managers

Strategic managers.

Middle-Level Managers

Tactical managers.

First-Line Managers

Operational managers.

Technical Skills

Job-specific knowledge.

Human Skills

Communication and teamwork abilities.

Conceptual Skills

Big-picture thinking capabilities.

Financial Department

Budgets and investments.

Marketing Department

Customer engagement and advertising efforts.

Operations Department

Production efficiency.

HR Department

Hiring, training, and ensuring compliance.

Authoritative Leadership

Quick decisions and strong control.

Participative Leadership

Inclusive and promotes innovation.

Job Specialization

Focusing on a single task.

Job Rotation

Switching roles periodically.

Job Enlargement

Broadening the range of tasks.

Tuckman's Team Stages

Forming, storming, norming, performing, adjourning.

Span of Management

Number of subordinates per manager.

Org Chart Terms

Lines of authority and structure within an organization

Sole Proprietorship

Easy to start, full control, full liability, business license, personally taxed.

Partnership

More capital, shared work, joint liability, partnership agreement, personally taxed.

Limited Partnership

Limited risk for LP, no control for LP, partnership agreement, personally taxed

Corporation

Limited liability , complex, costly, articles of inc., corporate tax

S Corporation

Avoids double taxation, restrictions on ownership, IRS Approval, personally taxed.

Employee Selection Process

Job posting, resume screening, interview, background check, job offer.

Civil Rights Act - Title VII

Bans discrimination based on race, sex, religion, etc.

Equal Employment Opportunity Commission (EEOC)

Investigates and enforces compliance with discrimination laws.

Marketing Strategy Implementation

Market research, targeting, positioning, strategy execution, review.

Form Customer Utility

Physical product design that meets customer needs

Place Customer Utility

Making the product available where customers need it

Time Customer Utility

Making the product available when customers need it.

Possession Customer Utility

Ease with which customers can acquire the product.

Information Customer Utility

Providing customers with product knowledge.

Managerial Accounting

Internal accounting, for decision-making.

Financial Accounting

External accounting, follows GAAP.

Liquidity

Ease of converting assets to cash.

Current Assets

Cash and receivables.

Fixed Assets

Equipment and property.

Income Statement

Revenue minus expenses equals net income.

Balance Sheet

Assets equal liabilities plus equity.

Owner's Equity

Changes in ownership stake.

Broker

Intermediary in deals.

Board of Directors

Strategic oversight in corporations.