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Proprietorship

a business owned and run by just one person

Partnership

a business owned and controlled by two o more people who have entered into a written agreement

Corporation

a separate legal entity formed by documents filed with a state. It is owned y one or more shareholders and managed by a board of directors

Contingent Worker

one who has no explicit or implicit contract for long-term employment

Joint Venture

a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership

Span of Control

the number of employees who are assigned to a particular work task and manager

Mission Statement

a short, specific written statement of the reason a business exists and what it wants to achieve

Goal

a precise statement of results the business expects to achieve

Small Business

an independent business with fewer than 500 employees

Service Business

a business that carries out activities that are consumed by its customers

Business Plan

a written description of the business idea and how it will be carried out, including all major business activities

Management

the process of accomplishing the goals of an organization through the effective use of people and other resources

Executives

top-level managers with responsibilities for the direction and success of the entire business

Core Values

the important principles that guide decisions and actions in the company

Target Market

a specific group of customers that have similar wants and needs

Marketing Research

find solutions to problems through carefully designed studies involving customers

Markup

the amount added to the cost of a product to set the selling price

Channel of Distribution

the route a product follows and the businesses involved in moving a product from the producer to the final consumer

Pricing

setting and communicating the value of products and services

Consumer Decision Making Process

the specific sequence of steps consumers follow to make a purchase

Advertising

any paid form of communication through mass media directed at identified consumers to provide information and influence their actions

Promotion

any form of communication used to inform, persuade, or remind; communicating information about products and services to potential customers

Insurance

a form of risk protection that exchanges the uncertainty of a possible large financial loss for a certain smaller payment

Insurance Agent

an agent who represents the insurance company and sells insurance policies to individuals and businesses

Workers' Compensation

an insurance plan that provides medical and survivor benefits for people injured, disabled, or killed on the job

Counterfeiting

illegal uses of intellectual property, patents, trademarks, and copyrights

Economic Risk

a risk that can result in financial loss, including personal risk, property risk, and liability risk

Uninsurable Risk

when a risk is not common or if it is impossible to predict the amount of loss that could be suffered

Baby Boomers

the large number of people born between 1946 and 1964; they have dominated the labor market since they began working in the 1960s

Organization Chart

a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships amount those classifications

Functional Organizational Structure

work is arranged within main business functions such as production, operations, marketing, and human resources. All of the people with jobs related to one of the functions will work together.

Matrix Organizational Structure

work is structured around around specific projects, products, or customer groups. People with varied background are assigned together because their expertise is required for the projector to serve the customer

Mid-Managers

specialists with responsibilities for specific parts of a company's operations

Supervisors

responsible for the work of a group of employees; plan day-to-day work of the employees they supervise

Formal Communication

communication methods that have been established and approved by the organization

Informal Communication

communication- common but unofficial was that information moves in an organzation

Internal Communication

communication between managers, employees, and work groups

External Communication

communication between those inside the organization and outsiders such as customers, suppliers, etc

Vertical Communication

communication moves up or down an organization between management and employees

Horizontal Communication

communication moves across the organization at the same level- employee to employee or manager to manager

Position Influence

ability to get others to accomplish tasks because of the position the leader holds

Reward Influence

results in the leader's ability to give or withhold rewards

Expert Influence

arise when group members recognize that the leader has special expertise in the area

Identity Influence

stems from the personal trust and respect members have for the leader

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