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| dictator like; very little outside input |
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| brings staff together, appreciates group ideas |
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| promotes employee empowerment and freedom |
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| centralized organization hiearchy |
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| authority focused at the top level |
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| the higher up in the hierarchy the less people you directly control |
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| org functions separated through different units and there can be a lot of miscommunication |
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| changing your organizational chart/model, changes the lines of authority and communication |
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| complete radical redesign |
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| managing every business activity across all business disciplines from supplier to customer |
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| the management and flow of goods from creation to consumption |
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| the acquisition of materials: including purchasing of materials, quality management, vendors, and cordinations with other departments |
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| looks at inbound materials to make sure they are up to par |
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frequent small shipments
kanban, andon |
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| material requirements planning systems which analyze inbound logistics |
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| customer expectations have risen |
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| selling and storing goods, extending credit,assembling, sorting, make/break bulk |
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| markets or sells merchandise to retailers |
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markets or sells merchandise to consumers
purchase products to resell |
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| vics= voluntary inter-industry communication standards committeee |
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Definition
quick response and efficient customer response
supplier commits to specific performance and retailer commits to providing solid demand and data
made qr code |
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| distribution requirements planning - effective at maintain customer service level consistency |
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| cost associated with inventory |
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| all activities in providing goods and services for profit or not to satisfy customer requirements |
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| anything that increases business efficiency and productivity |
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| computer readable language with numbers for identification. barcodes and qrs |
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| changes in organization empowerment |
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| distinctive economic organization of interacting people who share a geographical region, common sense of identity and culture |
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| the study of human population; size, density, age, race, gender |
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| study of how a society employs resources to produce various goods and services and distribute them for consumption among various competing groups and individuals |
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| individual parts of the economy like single households, individuals and firms, and how these decisions interact to form the prices of goods and services |
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| study and analysis of the overall economy using data as unemployment, inflation, production, gdp, industrial production and price levels |
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| role of self interest in the economy, function of markets, divison of labor, impacts of lassiez faire, benefits of specialization, invisible hand, benefits of free trade, freedom of ownership |
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Definition
+creation of wealth and high standards of living
- greed can have detrimental effects |
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Definition
government owns and operates most of basic production.
some small busiess but they have high taxes
+ subsizes health, education, retirement and unemployment
- low business incentives lead to brain drain and less inventions |
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government makes almost all economic decisons and owns the factors of production
- inability to determine what to produce, shortages are common |
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| GDP, Price indexes, unemployment rate |
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| amount of people over 18 who are unemployed and looked for work in the last month |
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| measured economy over time through inflation or deflation |
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| the amount of things made in the U.S. per year |
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| rise in price so a decline in purchasing power. bigger demand than supply |
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| more money than product so higer supply then demand, makes prices lower |
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| use of government spending and taxation to influence the level of economic activity |
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influences interest rates, credit rate availibity, and inflation through changes in the supply of money available in the economy
- done by the federal reserve |
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being the only owner of your business . most common. no special taxes
- unlimited liability |
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ownership with two or more people. you share profits and liability.
- like a marriage |
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individuals can also incorporate
+ limited liability, ability to sell stock, growth of longevity, ease of transfer, moral persons
- expensive |
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| conventional standard business type |
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| many restrictions but less taxes of a sole proprietorship |
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| like s corp without as many restirictions |
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| when two firms join together |
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| acquisition or leveraged buyout (lbo) |
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| when one firm purchases another |
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| merging together companies so they benefit each other |
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owning a brand and letting people buy stores. so you give them financial help, security, advise and a brand and a protected region
ex) auntie annes, mcdonalds, 7 eleven, sylvan amco |
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a member owned buisness
ex) land o lakes, rei |
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| planning, leading, controlling, organizing, |
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| an explanation of why an organization exists and where its attempting to head |
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| outlines and organizations fundamental purpose by detailing such elements such as self concept, philosophy, goals, customer relations, social responsibility and management standards |
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| determines the major goals of the organization |
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| detailed directives about who what and when |
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| establishing standards and process to execute tactical plans |
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| alternate courses in the event of changing circumstances |
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| product, placement, price, and promotion |
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| problem recognition, information search, alternative evaluation, purchase desciosion, post purchase evaluation |
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| The amount remaining after all expenses have been deducted from the revenues of a business |
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| The probability of loss associated with any business activity |
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| The total amount that a business actually receives from its activities |
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| A person who takes the risk of organizing and operating a new business venture |
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o Entities that can gain or lose by the activities of any given business
Ex. Customers, employees, shareholders, suppliers community |
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| The output of a business or individual in relation to the resources (time, labor, materials, etc.) it consumes |
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| The study of how society chooses to employ resources, to produce carious goods and services and distribute them for consumption, among various competing groups and individuals |
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o All physical equipment, hardware and software that make business processes more efficient and productive
Barcodes |
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Definition
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| equillibrium point/ market price |
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Definition
| the point where demand and supply meet |
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a few sellers dominate the market
ex) cellphones and airlines |
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| market where theres only one seller. illegal in america. natural monopolies and power companies are allowed |
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