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44 terms

Intro to Business Final

STUDY
PLAY
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