.NNDECA Business Management and Administration Cluster CORE - Performance Indicators (LAMINATED TRI-FOLD)
Terms in this set (34)
BUSINESS LAW: Discuss the nature of law and the sources of law in the United States.
Law is created at the local (city, town, county), state and federal level by the legislative branch.
elected representatives write and approve legislation and government agencies executie laws by writing regulations.
Nature of Law:
Criminal Law - prohibit crimes harming others/property
Civil Law - disputes between people or groups
Constitutional Law - challenging the U.S. Constitution, which is subject to interpretation by the courts (common law)
Administrative Law - governs duties and powers of U.S. federal agencies
International Law - treaties, trade agreements, etc.
Sources of Law:
The U.S. and state Constitutions contain rights enumerated to citizens as well as general regulations considered key to society. Laws can also be passed in the form of statutes by the U.S. Congress ans state legislatures. They can be struck down by the U.S. and state Supreme Courts if found unconstitutional.
BUSINESS LAW: Describe the nature of legally binding contracts.
A contract that is legally binding is considered valid and enforceable in a court of law. A contract is a clear outline of an agreement between at least two parties. usually contracts define each party involved and any terms used within the agreement, the duration and/or timelines of the contract, payment terms and provisions that protect each party. legally binding contracts required to have "consideration" which means both parties are willingly entering into the agreement and are not being coerced.
Describe legal issues affecting businesses.
Wrong Termination Lawsuits - former employee sues if (s)he believes (s)he was unjustly fired
Harassment/Discrimination Cases - employee/customer was harassed or treated inferiorly due to demographic differences
Immigration Audits - requirement of businesses to file Form I-9 in order to verify employee eligibility
IP Issues - disputes over ownership of trademarks, copyrights, and/or patents
Dissatisfied Customers - consumers feel misled and deceived
Explain types of business ownership.
Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt
Partnership - partners agree to cooperate in working toward mutual interests in the ownership and operation of the business; jointly responsible for the business outcomes
Corporation - Sells shares in stock market, company is owned by multiple shareholders, allows for limited liability
Private LLC - limited liability, no shares of stock
Nonprofit - uses revenue to achieve social goals
Franchise - chain of suppliers providing goods/services
Cooperative/Joint Venture - run/managed by employees
COMMUNICATION SKILLS: Identify sources that provide relevant, valid written material.
When evaluating material, determine if content is fact, opinion or marketing information.
Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. if you are validating written material, ensure that you have cross-checked information that is provided by the source. Government publications, reputable news outlets, textbooks, and professional research papers provide relevant, valid written material. One should verify an author's credentials to determine credibility.
COMMUNICATION SKILLS: Handle telephone calls in a businesslike manner.
A businesslike manner on the telephone includes a formal greeting including "Good Morning/Afternoon", name of the business and name of the department or person answering the call. Calls should be answered promptly, take messages as needed and use the hold button if needed. State your contact information, say "How may I help you?", speak as if it were a real business meeting
COMMUNICATION SKILLS: Explain the nature of effective written communications.
Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly.
"The words we write are very real representations of our companies and ourselves." Janis Fisher Chan. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action. Effective written communications should contain all of the necessary information, have proper formatting/conventions, answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.and attempt to persuade or inform the reader.
CUSTOMER RELATIONS: Explain the nature of positive customer relations.
Customers are the life of any business; any interactions should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward. By being customer-centered, employees can build customer rapport and advocacy.
CUSTOMER RELATIONS: Handle difficult customers.
There are a variety of difficult customers including those who are angry, impatient, demanding, and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer.
Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer's' behalf. Whenever possible, offer choices. Difficult customers should have their needs heard and handled professionally through employees explaining policies and negotiating terms.
Types of Difficult Customers:
Domineering - acts like a know-it-all
Suspicious - doesn't trust anyone
Slow/Methodical - takes forever to make a decision
Dishonest - lies about pricing, promotion rules, etc.
Disagreeable - tells you how to do your job
CUSTOMER RELATIONS: Discuss the nature of customer relationship management.
The goal of CRM is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers; provide outstanding service to customers; maximize customer satisfaction; attract and retain loyal customers; cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.
Employees analyze customer feedback to improve sales and marketing methods to meet/exceed the expected standards to increase revenue
Types of Customer Buying Behavior:
Variety-Seeking - routine items, desire to try diff. things
Risk-Taking - expensive items from unfamiliar business
Status-Oriented - desire to have best quality/trendiness
Brand-Insisted - only buy from certain brand
ECONOMICS: Distinguish between economic goods and services.
Good - tangible, purchased for manual use. It is something that you can sue or consume. You buy a good witht he idea that you will sue it, either just once or over and over again.
Service - intangible, purchased for one to perform a task on behalf of the client. It si something that someone does for you, like give you a haircut or fix you dinner.
ECONOMICS: Explain the role of business in society.
The role of business in society is "to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society." In summary, "the role of business in society is a coherent way of thinking about a company's impact and interaction with society." Niall Fitzgerald KBE and Mandy Cormack, the Rule of Business in Society.
An Agenda for Action; Harvard John F. Kennedy School of Government.
Businesses satisfy unlimited human wants by providing goods and services to society.
ECONOMICS: Explain the types of economic systems.
There are four types of economic systems commonly studied:
Traditional - unregulated perfect competition; relies on custom and ritual to make its choices.
Command - government monopolies; relies on the government making all choices for consumers.
Market - unregulated, various forms of competition; relies on the consumption choice of consumers.
Mixed - regulated, various forms of competition; relies on limited government involvement in a market based economy.
EMOTIONAL INTELLIGENCE: Identify desirable personality traits important to business.
your personality is a set of characteristics that relate to a person's emotions, motivations, interpersonal interactions and attitudes. highly desired personally traits most often include professionalism, being "high energy", confidence, the ability to work independently and intellectual curiosity. Some desirable personality traits for business include multitasking, strategic thinking, diligence, confidence, decisiveness, leadership, initiative, and team-orientedness.
EMOTIONAL INTELLIGENCE: Demonstrate ethical work habits.
To exhibit ethical work habits, an employee will be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive mater, manage their time, show respect by interacting in a positive manner with co-workers, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship. Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation.
EMOTIONAL INTELLIGENCE: Exhibit cultural sensitivity.
Cultural sensitivity is the ability of an individual to understand and relate to people of other races/cultures through ways such as refraining from racial slurs and accepting others' differences.
A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another's cultural norms and be willing to learn traditions and characteristics of other cultures..
FINANCIAL ANALYSIS: Describe the concept of insurance.
Insurance is the practice or arrangement by which a company or government agency provides a guarantee of compensation for specific potential losses (specified loss, damage, illness, or death) in return for payment of a premium. This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.
FINANCIAL ANALYSIS: Explain the role of finance in business.
the role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate government. The financial department of a business seeks to lower costs and utilize budget through methods such as budgeting, reporting, and forecasting.
FINANCIAL ANALYSIS: Describe the nature of budgets.
A budget is an itemized forecast of an individual or company's income and expenses for a designated period of time. This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt. Budgets include monetary sums set aside for various activities such as purchase, savings, and investments.
HUMAN RESOURCES MANAGEMENT: Discuss the nature of human resources management.
HRM is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.
Functions of HRM:
Planning/Analysis - assessing employees' performance and training
Employee Relations - liaisons between managers and subordinates
Health/Safety - ensuring compliance of workplace with OSHA regulations
Compensation/Benefits - payroll and benefits such as health insurance
HR Development - operations of dept.
Staffing - hiring
Equal Employment - working to make workplace more diverse
HUMAN RESOURCES MANAGEMENT: Explain the role of ethics in human resources management.
Ethics are standards set by organization that help ensure that people are treated fairly and honesty. In human resources management this includes making decisions that promote workplace cohesion, establish standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of HR can include discrimiantion, secual harrassment and treatment of employees. Ethical breaches in this area can damage a company reputation, reduce employee loyalty and create litigation. HR managers must hire based on merit regardless of gender, age, race, religion, or sexual orientation.
HUMAN RESOURCES MANAGEMENT: Orient new employees.
Providing an orientation is a process that allows an organisation to integrate a new employee and enable him/her to contribute to a the team quickly.
At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document. New employees should know all major company policies, as well as how to dress, act, behave, and perform their duties.
INFORMATION MANAGEMENT: Evaluate quality and source of information.
Information is widely accessible in today's market so evaluation tools can be used to determine validity. A reader should determine who the intended audience is, if the data provided is fact or opinion and if a credible author is attached to the information. Further, factual documents should be supported with evidence including primary and secondary information. Quality information should be timely.
INFORMATION MANAGEMENT: Discuss the nature of information management.
Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. This can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.
MARKETING: Explain marketing and its importance in a global economy.
As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets. Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.
Marketing is the concept of promoting a product to an audience with the goal of selling it to consumers. All businesses market their products and attempt to allow it to appeal to a global market in order to increase opportunity for profit.
MARKETING: Explain factors that influence customer/client/business buying behavior.
buying behavior explains the purchase decisions that consumers make on a daily basis. As a business functions, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
Culture - adapt to food, music, customs, etc.
Social - appeal to initiator, influencer, and buyer
Personal - appeal to lifestyle
Psychological - motivation and perception
MARKETING: Discuss actions employees can take to help the company achieve its desired results.
One of the most important tasks an employee has is to work towards a company's goals in order to create a profit. Employees can complete tasks on time in order to add to company meeting quotas at set deadlines.
OPERATIONS: Explain the nature of operations.
Operations include the activities involve in the daily functions of the business to generate revenue. Operations is the business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible.
OPERATIONS: Describe health and safety regulations in business.
In 1970, the Occupational Safety and Health Act was passed to create the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment. Health and safety regulations exist to foster a safe workplace for all employees.
OPERATIONS: Explain the nature of project management.
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management:
initiating, planning, executing, monitoring, and controlling and closing.
Project management is the concept of leaders and employees handling a task including the design, development, marketing, and sales of a product.
PROFESSIONAL DEVELOPMENT: Maintain appropriate personal appearance.
Maintaining your personal appearance is necessary as employees represent the business in which he/she is employed. personal appearance includes facial expressions, body language, as well as clothes and grooming. Personal hygiene can be maintained through showers, brushing of teeth, use of deodorant, haircuts, shaving, etc. Women can use makeup if they wish.
PROFESSIONAL DEVELOPMENT: Explain the need for innovation skills.
Innovation and creativity is necessary for an organization to continue to move forward int the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well s the basic tasks of reading, writing, and mathematics.
PROFESSIONAL DEVELOPMENT: Analyze employer expectations in the business environment.
When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.
STRATEGIC MANAGEMENT: Explain the concept of management.
Management is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker, this includes both marketing and innovations.
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