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Definition
Any profit-seeking organization that provides goods and services designed to satisfy customer needs:
I.E. Restaurants, Banks |
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| money a company brings in through the sale of goods and services |
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a concise description of how a business intends to generate revenue
(result of plan/ realize profit) |
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| money left after all costs involved in doing business have been deducted from revenue |
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| not-for-profit organization |
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Definition
organizations that provide goods and services w/o having a profit motive
I.E. museums, charities, most universities |
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| goods-producing businesses |
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Definition
companies that create value by making things most of which are tangible; tangible= physical prescence digital products such as software are intangible and do not count
I.E. manufacturing, mining, agriculture, cocola |
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| a view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs |
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| Positive Business Contributions |
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Definition
- offers valuable goods and services
- provides employment
- pays taxes
- contributes to national growth, stability, and security
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| Negative Business Contributions |
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Definition
- generate pollution and create waste
- create health and safety risks
- disrupts communities
- causes financial instability
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| conditions and forces that affect the cost and availability of goods, services, labor, and thereby shape the behavior of buyers and sellers |
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| a companies target customers, the buying influence that shape the behavior of those customers and competitors that market similar products to those customers |
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| legal and regulatory environment |
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| laws and regulation at the local, state, national, and even international level |
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| trends and forces in society at large |
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| technological environment |
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| forces resulting from practical application of science to innovation, products, and processes |
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| functional area responsible for conceiving and designing new products |
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| systems that promote communication and information usuage through the company or allow companies to offer new services to their customers |
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| Major Functional Areas in a Business enterprise |
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Definition
- manufacturing, production and operations
- marketing
- sales
- distribution
- research and development
- information technology
- customer service
- financial
- accounting
- human resources
- business services
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| management of the people and processes involved in creating goods and services |
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| human resource specialist |
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| plan and direct HR activities that incluce recruiting, training, and development, compensation and benefits, employee and labor relations and health and safety |
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| information technology manager |
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| design, implement, and maintain systems that help deliver the right info at the right time to the right people |
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identifying and understanding market opportunities and shaping product, pricing, and promotional strategies needed to pursue opportunities
I.E. interpersonal relations |
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| responsible for building relationships w/ customers and helping them make purchase decisions |
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| responsible for collecting, analyzing, and reporting on financial matters (budgets, manufacturing costs, preparing state and fed tax returns/ audits) |
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| controls and oversees prepartion of income statements, balance sheets and other financial reports, surpervise credit accounts, monitor and control cash flow |
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| quality of performing at a high level and conduction oneself w/purpose and pride |
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| 7 Distinct Traits of Professionalism |
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Definition
- striving to excell
- being dependable and accountable
- being a team player
- communicating effectively
- demonstrating ettiquette
- making ethical decisions
- maintaining a confident, positive outlook
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| study of how society uses scarce resources to produce and distribute goods and services |
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| sum total of all economic activity in one region |
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study of how consumers, businesses, and industries collectively determine quantity of goods and services demanded and supplied at different prices
(small scale prospective) |
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| study of "the big picture" issues in an economy including competitve behavior among firms the effect of govt. policies and overall resource allocation issues |
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| land, forests, minerals, water, and other tangible assets usuable in their natural state |
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| all people who work for an organization |
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| physical human-made elements used to produce goods and services, such as factories and computers can also refer to the funds that finance operations of business |
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| combination of innovation intiative and willingness to take risks required to creat and operate new business |
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| expertise gained through experience or association collective intelligence aquisition, analysis, application |
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| economic system in which decisions about what to produce and in what to produce and in what quantities are decided by market's buyers and sellers |
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| economy based on economic freedom and competition |
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| economic system in which the govt. controls most of the factors of production and regulates their allocation |
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| economic system characterized by public ownership and operation of key industries combined w/ private ownership and operation of less-vital industries |
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the ability to sell products more cheaply because of huge buying power
e.g Walmart |
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| a voluntary approach to trading w/ artisans and farmers in developing countries, guarenteeing them above-market prices as a way to protect them from exploitation by larger more powerful trading partners |
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| international trade unencumbered by restrictive measures |
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| total value of a country's exports minus the total value of its imports over a specific amount of time |
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| a situation in which you must choose between two conflicting but arguable valid alternatives |
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| buildings, equipment, and money that a business needs in order to produce its goods and services |
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| a shared system of symbols, beliefs, attitudes, values, expectation and norms for behavior |
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| concept that the supply of factors of production is limited |
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| buisnesses that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate |
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| economic system in which decisions about what to produce and in what quantities are decided by the markets buyers and sellers |
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| not-for-profit organization |
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| organization that seeks to operate efficiently to achieve its goals without profit motive |
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| the worlds economy becoming a single, interdependent system |
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| study of how society uses its scarce resources to produce and distribute goods and services to its citizens |
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| corporate social responsibility (CSR) |
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| business has obligations to society beyond the pursuit of profit |
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| person who runs the business and has unlimited liability in a limited partnership |
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| document that summarizes a proposed business venture, goals, and plans for achieving those goals (can help help persuade leaders and investors to finance the business if outside money is required) |
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| company that is independently owned and operated is not dominant in its field and meets certain criteria for the number of employees or annual sales revenue (receive more patents per employee than larger firms, employ approx 1/2 of the private sector work force in the U.S.) |
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| legal condition under which any damages or debts incurred by the business are the owner's personal responsibility |
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| 3 ways to go into business yourself |
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Definition
- start a business from scratch
- buy an existing business
- purchase a franchise
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| a legal entity distinct from any individual persons with the power to own property and conduct business |
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| an interconnected and coordinated set of elements and processes that converts inputs to desired outputs |
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| all the elements and processes that add value as raw materials are transformed into the final products made available to the ultimate customer |
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| a set of connected systems that coordinated the flow of goods and materials from suppliers all the way through to final customers |
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| pathway for the flow of authority from one managament level to the next |
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| span of control or management |
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| number of people under one manager's control |
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| concentration of decision making authority at the top of the organization |
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| contracting out certain business functions or operations to other companies |
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| assigning part of a manager's responsibility and authority to lower-level workers in the organization |
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| diagram that shows the positions and relationships within an organization |
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| interpersonal managerial role |
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| motivation, guiding, and communication with people both within and outside the organization |
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| Four Basic Functions of Managers |
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Definition
- organizing
- leading
- controlling
- planning
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| having a stable labor force, a solid customer base, and a well-known brand name |
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| process of guiding and motivating people to work toward organizational goals |
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| does not require employees to be members when they are hired but they must join the union within 90 days after hire |
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| Employee Benefits of Unionization |
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Definition
- higher compensation
- greater benefits
- influence over hiring, promotions, and layoffs
- working conditions and workplace safety
- formal process for employee grievances, discipline, and other matters
- solidarity and recognition
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| percentage of the workforce that leaves every year |
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| length of time someone has worked for his or her current employer: "Last in, first out" |
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| combination of forces that moves individuals to take certain actions and avoid other actions |
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| workforce planning efforts that identify possible replacements for specifice employees , usually senior executives |
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| mangerial assumption that employees are irresponsible are unambitious and dislike work and that managers must use force, control, or threats to motivate them |
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| process of creating value for customers and building relationships with those customers in order to capture value back from them |
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| programs and policies that help companies support diverse workforce and markets |
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| replacement of intermediaries by producers, customers, or other intermediaries when those other parties can perform channel functions more effectively or efficiently |
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| the single most important idea and advertiser hopes to convey to the target audience about its products or the company |
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| intermediaries that sell goods and services to individuals for their own personal use |
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| portion of a brand that cannot be expressed verbally (nike swoosh) |
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| systems for moving foods and services from producers to customers also known as marketing channels |
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| is charged with investigating and penalizing advertizers who violate standards for truthful advertising |
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| advertising technique in which two or more products are explicitly compared |
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| the creation and sharing of product related information among customers and potential customers |
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| promotional strategy that focuses on intermediaries motivating them to promote or push products toward end users |
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| inexpensive products that organizations generally use within a year of purchase |
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| the delivery of marketing messages to people who are not aware that they are being marketed to these messages can be delivered by either acquaintances or strangers depending on technique |
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| cash and items that can be turned into cash within one year |
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| Two types of risks of lenders loaning money |
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- financial stability of the borrower
- duration of the loan
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| planning an control tool that reflects expected revenues, operating expense, and cash receipts and outlays |
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| portion of an unsecured loan that is kept on deposit at the lending institution to protect the lender and increase the lender's return |
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| company records revenue only when the money from the sale is received |
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| assets retained for long-term use such as land, bulding, machinery, and equipment |
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| arranging funding by borrowing money |
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| arranging funding by selling ownership shares in the company publicly or privately |
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| contracts to buy or sell specific amounts of commodities for a set prices at a future date |
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| nonbank institutions that lend money to consumers and businesses for cars and other vehicles, home improvements, expansion, purchases, and other purposes |
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| difference between the assets and liabilities as listed on the balance sheet |
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| firms that offer a variety of services related to initial public stock offerings, mergers, and acquisitions, ad other investment matters |
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| method of funding in which issuer borrows from an investor and provides a written promise to make regular interest payments and repay the borrowed amount in the future |
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| ownership or equity in a company |
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