BO Finals unit 2.0

Human Resource managment

organizational activities directed at attracting, developing, and maintaining an effective workforce

Recruiting

the process of attracting qualified persons to apply for vacant jobs

internal recruiting

considering current employees as candidates for job openings

external recruiting

attracting individuals from outside the organization to apply for job openings

affirmitive action

policey to actively recruit groups who often face discrimination (race and gender)

Networking

interacting with other people to exchange info and develop contacts

Selecting HR/ hiring

gather applicants info that will predict their job success and then hire the candidate likely to be successful

job description

lists duties required to complete job

application form

collects relevant info from applicant

emplyment test

sometimes needed to aquire a position

interview

one on one Convo between job candidate and potential employer

new employee orientation

introducing new employees to the organization so that they can quickly become effective contributors

on the job training

employees learn work related tasks from an experienced employee while at work station

performance appraisals

formal evaluations that a boss provides to employees

compensation

Rewards that an organization provides to individuals in return for their willingness to perform specific task

Wages

hourly compensation paid to operating employee

Salary

compensation in the form of money paid for discharge the responsibility of a job

manadated

required by law

optional

not required by law

unemployment insurance

a way for unemployed people to receive money

social security

tax paid by workers and employers on wages earned

workers’ compensation

if you get hurt on the job, this will help you pay for medical bill, etc.

Job satisfaction

the enjoyment that people derive from preforming their jobs well

Morale

the overall attitude that workers have towards their workplace

labor union

a group of people who work together to achieve shared job-related goals

collective bargaining

the process by which union leaders and managers negotiate common terms of workers

Arbitration

a neutral 3rd part who dictates a statement between two sides

strike

when employees stop working after union votes to do so

picketing

protesting against company (can’t do on company property)

boycott

refuse to buy products of company

slowdown

when workers slow down production

Lockout

when workers don’t go to work

Hire strike breakers

replacing workers who went on strike

Labor union options

Arbitration, strike, picketing, boycott, slowdown

Management options

arbitration, lockout, hire stricken breakers

Whistle- blower

an employee who detects and tries to put an end to a company’s unethical or illegal actions

Goals

Objectives that a business hopes and plans to achieve (performance targets)

Short term goals

goals set for less than a year

Intermediate goals

goals set for a period of 1-5 years

Long term goals

Goals set for usually 5+ years

Mission statement

an organization’s statement about how it will achieve its purpose in the environment in which it conducts business

Planning

determining what an organization needs to do and how to get it done

Organizing

determining best way to arrange and organize the resources

Directing (leading)

guiding and motivating a firm’s employees to meet company objectives

Controlling

Monitoring a firm’s performance to make sure the firm is meeting its goals (performance apprasol)

Top manager

reponsible for overall performance of firm

ex. CEO, CFO

Middle Manager

implement the strategies, policies, and decisions made by top managers

ex. operation manager

First- line (supervisory) manager

supervise the work of employees

Motivating

The set of forces that cause people to behave in a certain way

Managerial styles

Patterns of behavior that a manager exibits in dealing with subordinates

Autocratic

manager controls all decisions and does not involve others in the decision making

Democratic

seeks input from employees, but responsible for final decisions

Opne/Free- rein

employees are given complete freedom

Situational

manager has the ability to adapt based to the situation

Organization chart

diagram showing a company’s employees and where they fit in operation

Delegating

assignment of a task, responsibility or authority by manager to a subordinate (everyone benefits)

Basic Management Skills

Skills needed to be an effective manager

Technical Skills

Needed to perform specialized skills (Important for first-line managers)

Human Relations Skills

Needed to understand how to get along with and manage people - ability to work effectively with and through people (Important for middle managers)

Conceptual Skills

Ability to think abstractly, diagnose and analyze various situations, See beyond the situation at hand, see the organization as a unified whole

Decision Making Skills

Ability to define problems and select the best action

Corporate Culture

Know the shared experiences, beliefs, and norms of the organization (Know how to communicate that culture and manage change within it)

Marketing

the process of developing, promoting, and distributing products

Product

a good, service, or idea

Price

balance between cost and affordability

Promotion

communicating info about products to customers

Place

The proper location for product

Consumer goods

product ready for consumption

Industrial goods

machinery, manufacturing good, and others

National brand

produced, widely distributed, and carry the name of manufacture ex. Kraft

Licenced brand

the use of an established brand name by purchasing the right from the organization who owns it

Private/ store brand

products that carry the name of the retailer, not the manufactorer ex. Walmart= great value

Packaging

physical container in which a product is sold

Concept testing

companies use market research to get consumers’ input about product benefits and price

ex. surveys

Intro stage

slow sales volume to start, make no money in this stage

growth stage

profitability begins to rise, increased competition leads to decreased prices, and cost reduced

Maturation stage

brand differentiation needed, sales volume peaks and competitors increase

Decline stage

sales volume decreases, profit becomes more of a challenge

Price skimming

a product pricing strategy by which a firm changes the highest initial price that customers will pay

Penetration pricing

it sets a low intial price for a product in order to gain quick acceptance a segment of the market

Loss leader

a product sold at a loss to attract customers

Advertising

non-personal communication, paid by sponsor to inform an audience about a product

Target market

groups of people with similar wants and needs who show interest in the same product

market segmentation

organizes consumers based on those who have similar values, lifestyles, priorities, and needs

Demographic

statistics about potential customers

ex. income, education level, age, gender

Geographic

statistics about location

ex. Rural, suburban, urban, envirnoment

Phycographic

statistics about lifestyles

ex. likes, dislikes, hobbies, interests, values

Persuasive advertising

influences consumers to buy products by emphasizes quality of goods or service

Comparitive advertising

compare two or more products directly, takes sales from competition

Reminder advertising

keeps products name in consumer’s minds, used in maturity and decline stagesp

Product placement

a practice in which owners of a good or service gain exposure for their products by paying for them to be featured in movies or TV shows

Price Gouging

when businesses respond to demand by charging overly steep prices

Collusion

occurs when two or more firms agree to collaborates on wrongful acts

Sole Proprietorship

Most basic form of business ownership, owned by one person

Partnership

Business with two or more owners

General Partner

Active management role, unlimited liability

Limited Partner (silent)

invests money to partnership

Corporation

Business that operates as one entity separate from its owners

Private corporation

offers stock to only a few people

Public corporation

stock is widely held, offered to general public