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Exam 2 Terms
Chapters 7, 9, 11, 13
113
Business
Undergraduate 1
11/01/2011

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Term
Four Functions of Management:
Definition
Planning, Organizing, Leading, Controlling
Term
Planning
Definition
A management process used to accomplish organizational goals, through planning, organizing, leading, and controlling people and other organizational resources.
Term
Organizing
Definition
A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization goals and objectives.
Term
Leading
Definition
Creating a vision for the organization and guiding, training, coaching, and motivating, others to work effectively to achieve the organizations goals and objectives.
Term
Controlling
Definition
A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives.
Term
Vision
Definition
An encompassing explanation of why the organization exists and where it is trying to head.
Term
What is the Mission Statement and what does it include?
Definition
An outline of the fundamental purposes of an organization.

- the organizations self-concept
- its philosophy
- long term survival needs
- Social responsibility
- Nature of the product or service
Term
Goals
Definition
the broad, long-term accomplishments an organization wishes to attain.
Term
Objectives
Definition
Specific, short-term statements detailing how to achieve the organizations goals.
Term
SWOT Analysis
Definition
Planning tool used to analyze organizations strengths, weaknesses, opportunities, and threats.
Term
Strategic Planning
Definition
the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve goals.
Term
Tactical Planning
Definition
the process of developing, short-term statements about what is to be done, who is to do it, and how it is to be done.
Term
Operation Plan
Definition
the process of setting to work standards and schedules necessary to implement the company's tactical objectives.
Term
Contingency Planning
Definition
the process of preparing alternative courses of action that can be used if there is a problem.
Term
Decision Making
Definition
choosing among two or more alternatives.
Term
Problem Solving
Definition
the process of solving the everyday problems that occur. Less formal than decision making.
Term
Brainstorming
Definition
coming up with as many solutions to a problem as possible in a short period of time with no censoring of idea.
Term
PMI
Definition
listing all the pluses for a solution in one column, all the minuses in another, and the implications in the third.
Term
Organization Chart
Definition
a visual device that shows relationships among people and divides the organizations work.
Term
Top Management
Definition
highest level management, consisting of the president and other key company executives who develop strategic plans.
Term
Middle Management
Definition
the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.
Term
Supervisory Management
Definition
Managers who are directly responsible for supervising workers and evaluating their daily performances
Term
Technical Skills
Definition
skills that involve the ability to perform tasks in a specific discipline or department.
Term
Human Relation Skills
Definition
skills that involve communication and motivation; enable managers to work for and with the people.
Term
Conceptual Skills
Definition
skills that involve the ability to picture the organization as a whole and the relationship among its various parts.
Term
Staffing
Definition
a management function that includes hiring, motivation, and retaining the best people available to accomplish the company's objectives.
Term
Transparency
Definition
the presentation of a company's facts and figures in a way that is clear and apartment to all stake holders.
Term
Autocratic Leadership
Definition
leadership that incolves making managerial decisions without consulting others.
Term
Participative (Democratic) Leadership
Definition
leadership style that consists of managers and employees working together to make decisions.
Term
Free-rein Leadership
Definition
leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.
Term
Enabling
Definition
giving workers the education and tools they need to make decisions.
Term
Knowledge Management
Definition
finding the right information, keep the information in a readily accessible place, and making the information known to everyone in the firm.
Term
External Customers
Definition
dealers, who buy products to sell to others, and ultimate customers, who buy products for person uses.
Term
Internal Customers
Definition
individuals and units withing the firm that receive services from other individuals.
Term
How to Maintain Competitive Advantage:
Definition
- Focusing more on customers
- maintain closer relationships with suppliers and other companies to satisfy customer needs.
-practicing continuous improvement
- focusing on quality
- saving costs through site selection
- relying on internet to unite companies
Term
Production
Definition
teh creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.
Term
Production Management
Definition
the term used to describe all the activities managers do to help their firms create goods.
Term
Operations Management
Definition
a specialized area in management that converts or transforms resources into goods and services.
Term
Form Utility
Definition
the value producers add to materials in the creation of finished gods and services.
Term
Process Manufacturing
Definition
that part of the production process that puts together components
Term
Continuous Process
Definition
a productions process in which long production runs turn out finished goods over time.
Term
Intermittent Process
Definition
a production process in which the productions run is short and the machines are changed frequently to make different products.
Term
Computer-Aided Design (CAD)
Definition
the use of computers in the design of products.
Term
Computer-Aided Manufacturing (CAM)
Definition
the use of computers in manufacturing of products.
Term
Computer-Integrated Manufacturing
Definition
the uniting of CAD and CAM
Term
Flexible Manufacturing
Definition
designing machines to do multiple tasks so that they can produce a variety of products.
Term
Lean Manufacturing
Definition
the production of goods using less of everything compared to mass productions.
Term
Mass Customization
Definition
tailoring products to meet the needs of individual customers.
Term
Facility Location
Definition
the process of selecting geographic location of a company's operations.
Term
Telecommuting
Definition
working from home via computer and modem.
Term
Facility Layout
Definition
the physical arrangement of recourse in the production process.
Term
Materials Requirement Planning (MRP)
Definition
a computer based operations management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place.
Term
Enterprise Resource Planning
Definition
a newer version of materials requirement planning that combines the computerized functions of all the divisions and subsidiaries of the firm into single integrated software program that uses a single database.
Term
Purchasing
Definition
the function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services.
Term
Just-In-Time (JIT) Inventory Control
Definition
a production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line.
Term
Quality
Definition
consistently producing what the customer wants while reducing errors before ad after delivery to customer.
Term
Six Sigma Quality
Definition
a quality measure that only 3.4 defects per million opportunities.
Term
Statistical Quality Control (SQC)
Definition
the process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning.
Term
Human Resource Management
Definition
the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.
Term
Affirmative Action
Definition
employment activities designed to “right past wrongs” by increasing opportunities for minorities and women.
Term
Reverse Discrimination
Definition
discrimination against members of a dominant or majority group.
Term
Americans with Disabilities Act of 1990 (ADA)
Definition
requires employers to give applicants with physical and mental disabilities the same consideration for employment as people without disabilities.
Term
Age Discrimination in Employment Act of 1967 (ADEA)
Definition
protects individuals 40 or older from employment and workplace discrimination.
Term
Job Description
Definition
a summary of the objectives of a job, the type of work to be done, the responsibilities and duties, the working condition, and the relationship of the job to other functions.
Term
Job Specifications
Definition
a written summary of the minimum qualifications required of workers to do a particular jobs.
Term
Recruitment
Definition
the set of activities used to obtain a sufficient number of the right employees at the right time.
Term
Selection
Definition
the process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization.
Term
What is the Selection process?
Definition
o Obtaining complete application forms
o Conducting initial and follow-up interviews
o Giving employment tests
o Conducting background investigations
o Obtaining results from physical exams.
o Establishing trial periods
Term
Contingent Workers
Definition
employees that include part-time workers, temporary workers, seasonal workers, independent contractors, interns, and co-op students.
Term
Training and Development
Definition
all attempts to improve productivity by increasing an employee’s ability to perform. Training focuses on short term, development is long term.
Term
Orientation
Definition
the activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm.
Term
On-The-Job Training
Definition
training at the workplace that lets the employee learn by doing or by watching others for a while than imitating them.
Term
Apprentice Programs
Definition
training programs during which a learner works alongside an experienced employee to master the skills and procedures of a craft.
Term
Off-The-Job Training
Definition
internal or external training programs away from the workplace that develop any of a variety of skills or foster personal development.
Term
Online Training
Definition
training programs in which employees complete classes via the internet
Term
Vestibule Training
Definition
training done in schools where employees are taught on equipment similar to that used on the job.
Term
Job Simulation
Definition
the use of equipment that duplicates job conditions and tasks so trainees can learn skills be attempting on the job.
Term
Management and Development
Definition
the process of training and educating employees to become good managers, and then monitoring the progress of their managerial skills over time.
Term
Networking
Definition
the process of establishing and maintaining contacts with key managers in and outside the organization and using those contacts to weave strong relationships that serve as informal development systems.
Term
Mentor
Definition
an experienced employee who supervises, coaches, and guided lower-level employees by introducing them to the right people and generally being their organizational sponsor.
Term
Performance Appraisal
Definition
an evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination.
Term
What are the 6 steps of performance appraisal?
Definition
o Establishing performance standards
o Communicating those standards
o Evaluating performance
o Discussing results with employees taking corrective action
o Using the results to make decisions
Term
Marketing
Definition
the activity, set of institutions, and processes for cheating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
4 Eras of Marketing
Definition
Production
selling
Marketing Concept
Customer Relationship
Term
Production Era
Definition
general philosophy was to produce as much as you can, because there is a limitless market for it.
Term
Selling Era
Definition
more selling of goods because technology was advancing.
Term
Customer Relationship Management (CRM)
Definition
process of learning as much as possible about present customers and doing everything you can over time to satisfy them with goods and services.
Term
Four P's of Marketing?
Definition
Product
Price
Place
Promotion
Term
Product
Definition
any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of consumers, such as a brand name.
Term
Test Marketing
Definition
the process of testing products among potential users.
Term
Brand Name
Definition
a word, letter, or group of words or letters that differentiates one seller’s goods and services from a competitors.
Term
Promotion
Definition
consists of all the techniques sellers use to inform people about and motivate them to buy their products and services.
Term
Marketing Research
Definition
marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions.
Term
Marketing Research Process?
Definition
Define the question
collecting research data
analyzing research data
choosing the best solution and doing it
Term
Secondary Data
Definition
gather information already compiled by others and published in journals and books or made available online.
Term
Primary Data
Definition
results of new data
Term
Focus Group
Definition
a group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
Term
Environmental Scanning
Definition
the process of identifying factors that can affect marketing success.
Term
Consumer Market
Definition
consists of all the individuals or household that wants goods and services for personal consumption or use and have the resources to buy them.
Term
Business-To-Business (B2B) Market
Definition
consists of all the individuals and organizations that wants goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
Term
Market Segmentation
Definition
process of dividing the total market into groups with similar characteristics.
Term
Target Marketing
Definition
selecting groups or segments an organization can serve profitability.
Term
Geographic Segmentation
Definition
dividing the market by cities, counties, states, or regions.
Term
Demographic Segmentation
Definition
dividing the market by age, income, and education level.
Term
Pyschographic Segmentation
Definition
dividing the market using the group’s values, attitudes, and interests.
Term
Benefit Segmentation
Definition
dividing the market by determin ing which benefits of the product to talk about.
Term
Volume Segmentation
Definition
dividing the market by usage (volume of use)
Term
Niche Marketing
Definition
the process of finding small but profitable market segments and designing or finding products for them.
Term
One-To-One Marketing
Definition
Developing a unique mix of goods and services for each individual customer.
Term
Mass Marketing
Definition
developing products and promotions to please large groups of people.
Term
Relationship Marketing
Definition
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
Term
Product Line
Definition
products that are closely related, either in terms of how they work or the customers they serve.
Term
Product Mix
Definition
total number of product lines by a single firm.
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