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Business ch 6-10
| Question | Answer |
|---|---|
| Affiliate Marketing | Internet-based marketing strategy that rewards businesses or individuals for each visitor or customer they send to a website. |
| Enterprise zone | Geographic area in which business growth is encouraged by government through tax relief and other financial incentives. |
| Intrapreneurs | Employees within a company who are assigned to develop a special project like an entrepreneur would. |
| Incubator | Entities organized to deliver support services to businesses during start-up phase of operation. |
| Venture Capitalist | Investors who provide capital to startup companies in exchange for ownership interests. |
| Small business | Business that is independently owned and operated, organized for profit and not dominant in its field. |
| SCORE | SBA organization with volunteers from business and industry who offer counseling services to businesses |
| SBA | U.S. government agency that advises and assists small businesses through training, financial advice and loans. |
| SBIC | Privately-owned investment company licensed by SBA that supplies small businesses with financing. |
| Market | Groups of consumers or organizations with the desire and ability to buy a product. |
| Business Plan | Written document describing nature of the business, target market, financial information and owner qualifications. |
| Entrepreneurship | Accepting the risk of starting and running a business. |
| Tactical Plan | Plan that translates general goals developed by strategic managers into more specific objectives and activities. |
| Contingency Plan | Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective. |
| Strategic Plan | Plan that establishes organization’s major goals and objectives and allocates resources to achieve them. |
| Technical Plan | Knowledge of and proficiency in completing specific tasks |
| Conceptual skills | Ability to see the organization as a whole and visualize how it fits into the broader environment. |
| Middle management | People within a company who are in charge of departments or groups but below those in charge of the whole company. |
| PMI | Decision making tool for weighing the pros and cons of a decision. |
| Top Management | The most senior staff of an organization; i.e., Vice President, CEO, COO. |
| Mission statement | Written declaration of purpose that affirms the highest priorities of the organization. |
| Objectives | Statements of short-term, specific outcomes that are to be achieved by the firm. |
| Vision | The answer to the question, “Why does this organization exist”? |
| Goals | Long-term, measurable accomplishments to be achieved by the firm within a specified time frame. |
| Free-rein leader | Leader who favors autonomy and allows group members to make decisions and take action as needed. |
| Autocratic leader | Leader who maintains individual control over all decisions and accepts little input from subordinates |
| Democratic leader | Leader who involves subordinates in goal setting, problem solving and decision making. |
| Transparency | The full, accurate and timely disclosure of pertinent information to stakeholders of the firm. |
| Leading | The process of guiding, influencing and motivating others to work toward common goals. |
| Organizing | The grouping of people, resources and activities to accomplish the objectives of the organization. |
| Planning | The process of establishing organizational goals and determining how to accomplish them. |
| Controlling | The process of evaluating and regulating ongoing organizational activities to ensure that goals are achieved. |
| Brainstorming | The process of generating creative ideas and solutions through unrestricted group discussion. |
| Problem solving | The process of working through details of a predicament in order to reach a solution. |
| Decision making | The process of selecting one alternative from the available alternatives. |
| Management | Organization and coordination of activities of the firm in order to achieve defined goals and objectives. |
| Assembly Process | Manufacturing method in which value is added by putting together components to create a product |
| Continuous process | Manufacturing method to produce or process materials without interruption for long periods of time. |
| Mass customization | Production of personalized or custom-tailored goods or services to meet customers’ individual needs. |
| Critical Path | In a PERT chart, the sequence of activities that takes the longest time from start to finish. |
| Facility location | The process of determining the geographic placement of facilities to serve the firm’s clients or customers. |
| Intrinsic reward | A valued outcome that comes from within the individual, such as a sense of accomplishment and self-esteem |
| Extrinsic reward | A valued outcome that is tangible, visible to others and external, such as a raise, promotion or praise. |
| Theory X | Management view that employees are lazy, uninterested in work, and need to be prodded to perform their jobs. |
| Theory Y | Management view that employees enjoy work and take responsibility for meeting their work requirements. |
| Theory Z | Management view that employee involvement in the organization and decision-making leads to productivity. |
| Job enrichment | Motivation technique to improve job satisfaction by incorporating task variety and responsibility. |
| Job enlargement | Increasing the scope of the job by combining several tasks into a single, more challenging assignment. |
| Job rotation | Motivation strategy in which employees are moved between two or more jobs in a planned manner. |
| Hygiene factors | Factors in a job necessary to avoid worker dissatisfaction but do not improve job satisfaction |
| Motivators | Workplace factors that provide employees with job satisfaction and presumably motivation. |
| MBO | Motivation technique in which managers and subordinates collaborate in establishing performance goals and objectives. |
| Scientific Method | Management approach concerned primarily with the physical efficiency of the work process. |
| Self-actualization | The process of growing and developing as a person to achieve individual potential. |
| Equity theory | Motivation theory stating that employees seek a balance between their inputs/outputs compared to others in similar positions |
| Hierarchy of needs | equence of human motivation needs arranged by ascending order of importance, developed by Abraham Maslow. |
| Expectancy theory | Motivation theory stating that motivation depends on how much we want something and how likely we believe we are to get it. |
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taylorlynn