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exam 1
intro to buisness vocab
74
Business
Undergraduate 1
03/25/2014

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Term
autocratic leadership
Definition
dictator like; very little outside input
Term
participative leadership
Definition
brings staff together, appreciates group ideas
Term
free - rein leadership
Definition
promotes employee empowerment and freedom
Term
centralized organization hiearchy
Definition
authority focused at the top level
Term
span of control
Definition
the higher up in the hierarchy the less people you directly control
Term
departmentilization
Definition
org functions separated through different units and there can be a lot of miscommunication
Term
restructuring
Definition
changing your organizational chart/model, changes the lines of authority and communication
Term
reengineering
Definition
complete radical redesign
Term
supply chain management
Definition
managing every business activity across all business disciplines from supplier to customer
Term
logistics
Definition
the management and flow of goods from creation to consumption
Term
procurement
Definition
the acquisition of materials: including purchasing of materials, quality management, vendors, and cordinations with other departments
Term
quality assurance checks
Definition
looks at inbound materials to make sure they are up to par
Term
just in time = jit
Definition
frequent small shipments
kanban, andon
Term
jit needs mrp
Definition
material requirements planning systems which analyze inbound logistics
Term
outbound logistics
Definition
customer expectations have risen
Term
wholesaler
Definition
selling and storing goods, extending credit,assembling, sorting, make/break bulk
Term
distrubutor
Definition
markets or sells merchandise to retailers
Term
retailer
Definition
markets or sells merchandise to consumers
purchase products to resell
Term
vics= voluntary inter-industry communication standards committeee
Definition
quick response and efficient customer response
supplier commits to specific performance and retailer commits to providing solid demand and data
made qr code
Term
drp
Definition
distribution requirements planning - effective at maintain customer service level consistency
Term
cost associated with inventory
Definition
carrying costs
Term
buisiness
Definition
all activities in providing goods and services for profit or not to satisfy customer requirements
Term
technology
Definition
anything that increases business efficiency and productivity
Term
symbologies
Definition
computer readable language with numbers for identification. barcodes and qrs
Term
corporate restructuring
Definition
changes in organization empowerment
Term
social environment
Definition
distinctive economic organization of interacting people who share a geographical region, common sense of identity and culture
Term
demography
Definition
the study of human population; size, density, age, race, gender
Term
economics
Definition
study of how a society employs resources to produce various goods and services and distribute them for consumption among various competing groups and individuals
Term
Micro economics
Definition
individual parts of the economy like single households, individuals and firms, and how these decisions interact to form the prices of goods and services
Term
macro economics
Definition
study and analysis of the overall economy using data as unemployment, inflation, production, gdp, industrial production and price levels
Term
wealth of the nations
Definition
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
Term
free market capitalism
Definition
+creation of wealth and high standards of living
- greed can have detrimental effects
Term
socialism
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
Term
communism
Definition
government makes almost all economic decisons and owns the factors of production
- inability to determine what to produce, shortages are common
Term
key economic indicators
Definition
GDP, Price indexes, unemployment rate
Term
unemployment rate
Definition
amount of people over 18 who are unemployed and looked for work in the last month
Term
Price indexes
Definition
measured economy over time through inflation or deflation
Term
Gross Domestic product
Definition
the amount of things made in the U.S. per year
Term
inflation
Definition
rise in price so a decline in purchasing power. bigger demand than supply
Term
deflation
Definition
more money than product so higer supply then demand, makes prices lower
Term
fiscal policy
Definition
use of government spending and taxation to influence the level of economic activity
Term
monetary policy
Definition
influences interest rates, credit rate availibity, and inflation through changes in the supply of money available in the economy
- done by the federal reserve
Term
sole proprietorship
Definition
being the only owner of your business . most common. no special taxes
- unlimited liability
Term
Partnership
Definition
ownership with two or more people. you share profits and liability.
- like a marriage
Term
corporation
Definition
individuals can also incorporate
+ limited liability, ability to sell stock, growth of longevity, ease of transfer, moral persons
- expensive
Term
c corp
Definition
conventional standard business type
Term
s corp
Definition
many restrictions but less taxes of a sole proprietorship
Term
llc corp
Definition
like s corp without as many restirictions
Term
merger
Definition
when two firms join together
Term
acquisition or leveraged buyout (lbo)
Definition
when one firm purchases another
Term
synergies
Definition
merging together companies so they benefit each other
Term
franchise
Definition
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
Term
cooperatives
Definition
a member owned buisness

ex) land o lakes, rei
Term
functions of management
Definition
planning, leading, controlling, organizing,
Term
vision
Definition
an explanation of why an organization exists and where its attempting to head
Term
mission statement
Definition
outlines and organizations fundamental purpose by detailing such elements such as self concept, philosophy, goals, customer relations, social responsibility and management standards
Term
strategic planning
Definition
determines the major goals of the organization
Term
tactical planning
Definition
detailed directives about who what and when
Term
operational planning
Definition
establishing standards and process to execute tactical plans
Term
contingency plan
Definition
alternate courses in the event of changing circumstances
Term
marketing mix
Definition
product, placement, price, and promotion
Term
consumer behavior
Definition
problem recognition, information search, alternative evaluation, purchase desciosion, post purchase evaluation
Term
Profit
Definition
The amount remaining after all expenses have been deducted from the revenues of a business
Term
Business risk
Definition
The probability of loss associated with any business activity
Term
Revenue
Definition
The total amount that a business actually receives from its activities
Term
Entrepreneur
Definition
A person who takes the risk of organizing and operating a new business venture
Term
stakeholders
Definition
o Entities that can gain or lose by the activities of any given business
Ex. Customers, employees, shareholders, suppliers community
Term
Productivity
Definition
The output of a business or individual in relation to the resources (time, labor, materials, etc.) it consumes
Term
Economics
Definition
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
Term
technology
Definition
o All physical equipment, hardware and software that make business processes more efficient and productive
 Barcodes
Term
factors of production
Definition
land, labor, capital
Term
equillibrium point/ market price
Definition
the point where demand and supply meet
Term
oligopy
Definition
a few sellers dominate the market
ex) cellphones and airlines
Term
monopoly
Definition
market where theres only one seller. illegal in america. natural monopolies and power companies are allowed
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