Intro to Business Final
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44 terms
Terms | Definitions |
|---|---|
 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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