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Intro to Business Enterprise Chapters 9-18
Terms for the Final Exam
67
Business
Undergraduate 2
03/28/2011

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Term
Production Management
Definition
The term used to describe all the activities managers do to help their firms create goods.
Term
Operations Management
Definition
A specialized area in management that converts or transforms resources (including human resources) into goods and services.
Term
Form Utility
Definition
The value producers add to materials in the creation of finished goods and services.
Term
Lean Manufacturing
Definition
The production of goods using less of everything compared to mass production.
Term
Six Sigma Quality
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
Quality
Definition
Consistently producing what the customer wants while reducing errors before and after delivery to the customer.
Term
Scientific Management
Definition
Studying workers to find the most efficient ways of doing things and then teaching people those techniques.
Term
Extrinsic Reward
Definition
Something given to you by someone else as recognition for good work; extrinsic rewards include pay increases, praise, and promotions.
Term
Intrinsic Reward
Definition
The personal satisfaction you feel when you perform well and complete goals.
Term
Motivators
Definition
In Herzberg’s theory of motivating factors, job factors that cause employees to be productive and give them satisfaction.
Term
Equity Theory
Definition
The idea that employees try to maintain equity between inputs and outputs compared to others in similar positions.
Term
Reinforcement Theory
Definition
Theory that positive and negative reinforcers motivate a person to behave in certain ways.
Term
Goal –Setting Theory
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
Affirmative Action
Definition
Employment activities designed to “right past wrongs” by increasing opportunities for minorities and women.
Term
Job Description
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
Job Specifications
Definition
A written summary of the minimum qualifications required of workers to do a particular job.
Term
Job Analysis
Definition
A study of what employees do who hold various job titles.
Term
Recruitment
Definition
The set of activities used to obtain a sufficient number of the right employees at the right time.
Term
Flextime Plan
Definition
Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours.
Term
Mentor
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
Union
Definition
An employee organization whose main goal is representing its members in employee-management negotiation of job-related issues.
Term
Craft Union
Definition
An organization of skilled specialists in a particular craft or trade.
Term
Collective Bargaining
Definition
The process whereby union and management representatives form a labor-management agreement, or contract, for workers.
Term
Grievance
Definition
A charge by employees that management is not abiding by the terms of the negotiated labor-management agreement.
Term
Arbitration
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
Lockout
Definition
An attempt by management to put pressure on unions by temporarily closing the business.
Term
Injunction
Definition
A court order directing someone to do something or to refrain from doing something.
Term
Marketing
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
Marketing Concept
Definition
A three-part business philosophy: (1) a customer orientation, (2) a service orientation, (3) a profit orientation.
Term
Marketing Mix
Definition
The ingredients that go into a marketing program: product, price, place, and promotion.
Term
Brand Name
Definition
A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.
Term
Mass Marketing
Definition
Developing products and promotions to please large groups of people.
Term
Target Marketing
Definition
Marketing directed toward those groups (market segments) an organization decides it can serve profitably.
Term
Focus Group
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
Value
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
Product Line
Definition
A group of products that are physically similar or are intended for a similar market.
Term
Product Mix
Definition
The combination of product lines offered by a manufacturer.
Term
Product Differentiation
Definition
The creation of real or perceived product differences.
Term
Bundling
Definition
Grouping two or more products together and pricing them as a unit.
Term
Brand
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
Trademark
Definition
A brand that has exclusive legal protection for both its brand name and its design.
Term
Wholesaler
Definition
A marketing intermediary that sells to other organizations.
Term
Retailer
Definition
An organization that sells to ultimate consumers.
Term
Utility
Definition
In economics, the want-satisfying ability, or value, those organizations add to goods or services.
Term
Time Utility
Definition
Adding value to products by making them available when they’re needed.
Term
Place Utility
Definition
Adding value to products by having them where people want them.
Term
Service Utility
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
Telemarketing
Definition
The sale of goods and services by telephone.
Term
Advertising
Definition
Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message.
Term
Infomercial
Definition
A full-length TV program devoted exclusively to promoting goods or services.
Term
Personal Selling
Definition
The face-to-face presentation and promotion of goods and services.
Term
Publicity
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
Sampling
Definition
A promotional tool in which a company lets consumers have a small sample of a product for no charge.
Term
Push Strategy
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
Pull Strategy
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
Annual Report
Definition
A yearly statement of the financial conditions, progress, and expectations of an organization.
Term
Auditing
Definition
The job of reviewing and evaluating the information used to prepare a company’s financial statements.
Term
Bookkeeping
Definition
The recording of business transactions.
Term
Ledger
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
Balance Sheet
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
Liquidity
Definition
The ease with which an asset can be converted to cash.
Term
Depreciation
Definition
The systematic write-off of the cost of a tangible asset over its estimated useful life.
Term
Finance
Definition
The function in a business that acquires funds for the firm and manages those funds within the firm.
Term
Budget
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
Venture Capital
Definition
Money that is invested in new or emerging companies that are perceived as having great profit potential.
Term
Leverage
Definition
Raising needed funds through borrowing to increase a firm’s rate of return.
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