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40 terms

business in action final exam review

STUDY
PLAY
Conflict
a perceived incompatibility of actions, goals, or ideas
Management
the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
Performance gap
A disparity between existing and desired performance levels
Whistleblower
Individuals who raise ethical concerns or issues to others inside or outside the organization.
Prejudice
A judgment or opinion formed without due examination of the facts.
Motivation
the force that moves people to act. motivation may be either instinctive (drives) or learned.
Intrapreneurship
entrepreneurship within an organization, allowing employees flexibility and authority in pursuing and developing new ideas
Glass ceiling effects
invisible barrier that prevents women and minorities from advancing in the workplace
Delegation
The process managers use to transfer authority and responsibility to positions below them in the hierarchy
Active listening
empathic listening in which the listener echoes, restates, and clarifies
Decision making process
begining with identificatuin of a problem and ends with evalution of implemented solutions
steps in dicision making
1.identify and define the problem
2. generate and evaluate possible solutions
3.choose a solution
4. implement the solution
5. evaluate results
Policy
a standing plan that communicates broad guidelines for decisions and action
Code of ethics
Principles of conduct within an organization that guide decision making and behavior.
Globalization
The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world.
Discrimination
unfair treatment of a person or group on the basis of prejudice
Personal wellness
the pursuit of one's full potential through a personal health promo program
4 functions of management
planning, organizing, leading, controlling
body language
nonverbal communication through gestures, facial expressions, behaviors, and posture
Product life cycle
Four stages that product goes through over its life: introduction, growth, maturity, and decline.
merger
the combination of two or more commercial companies
ownerships
sole proprietors, partnerships, and corporations
perception
how one sees things
feedback
The receiver's response to a message
crisis
a situation that suddenly becomes very dangerous or difficult
Strategic leadership
inspires people to continuously change, refine, and improve strategies and their implementation.
social loafing
the tendency for people in a group to exert less effort when pooling their efforts toward attaining a common goal than when individually accountable
group think
the mode of thinking that occurs when the desire for harmony in a decision making group overrides a realistic appraisal of alternatives
Entrepreneur
a person who starts up and takes on the risk of a business
controlling
determines to what extent the business is accomplishing the goals it set out to reach in the planning stage
organizing
management process of determining how best to arrange an organization's resources and activities into a coherent structure
partnership
general partnership
limited partnership
limited liability
MNC Multinational corporations
a corporation that operates on a worldwide scale, without significant ties to any one nation or region
Product life cycle
Introduction, Growth, Maturity, Decline
Equity finance
the sale of stock to raise money
Dept
money owed by one personor compant to somone else
Conflic
is a disagreement over issues of substance and or an emotional antagonism
conflict resolution
avoidance
accommodation
competition
compromise
collaboration
types of leadership
Autocratic, Democratic, Laissez-Faire
stages of team development*****
a synthesis of research on small groups suggest that here are five distinct phases in the life cycle of any team;
1 forming- a stage of initial orientation and interpersonal testing
2. Storming- a stage of conflict over tasks and working as a team
3. Normong- a stage of consolidation around task and operation
4. Performing- a stage of teamwork and focused task

5. Adjourning- a stage of task completion and disengagement
leadership styles
Authoritarian
Democratic
Laissez-faire
acquisition
The taking over the control of one company by another.