Term
|
Definition
| The term used to describe all the activities managers do to help their firms create goods. |
|
|
Term
|
Definition
| A specialized area in management that converts or transforms resources (including human resources) into goods and services. |
|
|
Term
|
Definition
| The value producers add to materials in the creation of finished goods and services. |
|
|
Term
|
Definition
| The production of goods using less of everything compared to mass production. |
|
|
Term
|
Definition
| A quality measure that allows only 3.4 defects per million opportunities. |
|
|
Term
| Just-In-Time Inventory (JIT) Control |
|
Definition
| A production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line. |
|
|
Term
|
Definition
| Consistently producing what the customer wants while reducing errors before and after delivery to the customer. |
|
|
Term
|
Definition
| Studying workers to find the most efficient ways of doing things and then teaching people those techniques. |
|
|
Term
|
Definition
| Something given to you by someone else as recognition for good work; extrinsic rewards include pay increases, praise, and promotions. |
|
|
Term
|
Definition
| The personal satisfaction you feel when you perform well and complete goals. |
|
|
Term
|
Definition
| In Herzberg’s theory of motivating factors, job factors that cause employees to be productive and give them satisfaction. |
|
|
Term
|
Definition
| The idea that employees try to maintain equity between inputs and outputs compared to others in similar positions. |
|
|
Term
|
Definition
| Theory that positive and negative reinforcers motivate a person to behave in certain ways. |
|
|
Term
|
Definition
| The idea that setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted, accompanied by feedback, and facilitated by organizational conditions. |
|
|
Term
|
Definition
| Employment activities designed to “right past wrongs” by increasing opportunities for minorities and women. |
|
|
Term
|
Definition
| A summary of the objectives of a job, the type of work to be done, the responsibilities and duties, the working conditions, and the relationship of the job to other functions. |
|
|
Term
|
Definition
| A written summary of the minimum qualifications required of workers to do a particular job. |
|
|
Term
|
Definition
| A study of what employees do who hold various job titles. |
|
|
Term
|
Definition
| The set of activities used to obtain a sufficient number of the right employees at the right time. |
|
|
Term
|
Definition
| Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours. |
|
|
Term
|
Definition
| An experienced employee who supervises, coaches, and guides lower-level employees by introducing them to the right people and generally being their organizational sponsor. |
|
|
Term
|
Definition
| An employee organization whose main goal is representing its members in employee-management negotiation of job-related issues. |
|
|
Term
|
Definition
| An organization of skilled specialists in a particular craft or trade. |
|
|
Term
|
Definition
| The process whereby union and management representatives form a labor-management agreement, or contract, for workers. |
|
|
Term
|
Definition
| A charge by employees that management is not abiding by the terms of the negotiated labor-management agreement. |
|
|
Term
|
Definition
| The agreement to bring in an impartial third party (a single arbitrator or a panel of arbitrators) to render a binding decision in a labor dispute. |
|
|
Term
|
Definition
| An attempt by management to put pressure on unions by temporarily closing the business. |
|
|
Term
|
Definition
| A court order directing someone to do something or to refrain from doing something. |
|
|
Term
|
Definition
| The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
|
|
Term
|
Definition
| A three-part business philosophy: (1) a customer orientation, (2) a service orientation, (3) a profit orientation. |
|
|
Term
|
Definition
| The ingredients that go into a marketing program: product, price, place, and promotion. |
|
|
Term
|
Definition
| A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. |
|
|
Term
|
Definition
| Developing products and promotions to please large groups of people. |
|
|
Term
|
Definition
| Marketing directed toward those groups (market segments) an organization decides it can serve profitably. |
|
|
Term
|
Definition
| A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues. |
|
|
Term
|
Definition
| Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. |
|
|
Term
|
Definition
| A group of products that are physically similar or are intended for a similar market. |
|
|
Term
|
Definition
| The combination of product lines offered by a manufacturer. |
|
|
Term
|
Definition
| The creation of real or perceived product differences. |
|
|
Term
|
Definition
| Grouping two or more products together and pricing them as a unit. |
|
|
Term
|
Definition
| A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. |
|
|
Term
|
Definition
| A brand that has exclusive legal protection for both its brand name and its design. |
|
|
Term
|
Definition
| A marketing intermediary that sells to other organizations. |
|
|
Term
|
Definition
| An organization that sells to ultimate consumers. |
|
|
Term
|
Definition
| In economics, the want-satisfying ability, or value, those organizations add to goods or services. |
|
|
Term
|
Definition
| Adding value to products by making them available when they’re needed. |
|
|
Term
|
Definition
| Adding value to products by having them where people want them. |
|
|
Term
|
Definition
| Adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time. |
|
|
Term
|
Definition
| The sale of goods and services by telephone. |
|
|
Term
|
Definition
| Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message. |
|
|
Term
|
Definition
| A full-length TV program devoted exclusively to promoting goods or services. |
|
|
Term
|
Definition
| The face-to-face presentation and promotion of goods and services. |
|
|
Term
|
Definition
| Any information about an individual, product, or organization that’s distributed to the public through the media and that’s not paid for or controlled by the seller. |
|
|
Term
|
Definition
| A promotional tool in which a company lets consumers have a small sample of a product for no charge. |
|
|
Term
|
Definition
| Promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise. |
|
|
Term
|
Definition
| Promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they’ll request the products from retailers. |
|
|
Term
|
Definition
| A yearly statement of the financial conditions, progress, and expectations of an organization. |
|
|
Term
|
Definition
| The job of reviewing and evaluating the information used to prepare a company’s financial statements. |
|
|
Term
|
Definition
| The recording of business transactions. |
|
|
Term
|
Definition
| A specialized accounting book or computer program in which information from accounting journals is accumulated in to specific categories and posted so that managers can find all the information about one account in the same place. |
|
|
Term
|
Definition
| Financial statement that reports a firm’s financial condition at a specific time and is composed of three major accounts: assets, liabilities, and owner’s equity. |
|
|
Term
|
Definition
| The ease with which an asset can be converted to cash. |
|
|
Term
|
Definition
| The systematic write-off of the cost of a tangible asset over its estimated useful life. |
|
|
Term
|
Definition
| The function in a business that acquires funds for the firm and manages those funds within the firm. |
|
|
Term
|
Definition
| A financial plan that sets forth management’s expectations, and, on the basis of those expectations, allocates the use of specific resources throughout the firm. |
|
|
Term
|
Definition
| Money that is invested in new or emerging companies that are perceived as having great profit potential. |
|
|
Term
|
Definition
| Raising needed funds through borrowing to increase a firm’s rate of return. |
|
|
