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| human resource management |
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Definition
| the process of determining human resource needs and the recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals |
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| to hire best people for the job |
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| a study of what employees who hold various job titles do |
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| an accurate job description |
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| a summary of the minimal education and skills needed to do a particular job |
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| specifies the objectives of the job, the type of work, the responsibilities and duties, working conditions and relationship to other jobs |
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| putting the best people in place |
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| the set of activities for obtaining the right number of qualified people at the right time |
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| hiring from outside sources |
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| The process of gathering information and deciding who should be hired, under legal guidelines, to fit the needs of the organization and individuals |
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Workers who don't have the same expectations of full-time employment
1. Includes part-time, temp workers, seasonal workers, independent contractors, interns, and co-op students
2. Don’t have to pay benefits, can pay lower wage, opportunity to screen applicants |
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| focuses on short term skills (vs. development--long term abilities) |
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| employee learns about the company and their job (policies, etc) |
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| using equipment to duplicate job situations (military, medical, etc) |
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| on-the-job coaching, mentoring, networking |
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| an evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination |
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| based on job tiers or pay ranges |
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| bonuses based on improvement and performance |
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| gives employees some freedom to choose which hours to work as long as they work the required number of hours |
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| employees work the full number of work hours but in fewer than the standard number of days |
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customer, service, and profit orientation
-a commitment to fulfilling customer needs and creating customer loyalty |
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| finding out what customers want and then providing it |
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four factors (P's) of marketing
1. product
2. price
3. place
4. promotion |
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| a good, service, or idea that satisfies a consumer's want or need |
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| develop an accurate description, find out if people will buy the product |
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| word/letter/group that differentiates a good or service from competitors |
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| all the techniques sellers use to inform people about their products and motivate them to purchase those products |
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| analyzing markets to determine challenges and opportunities, and finding the info needed to make good decisions |
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| a business' own research--more accurate, especially for new ideas |
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| info that's already there (internet)-- accessible, accurate, cheap |
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| question and answer panel with consumers |
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| all the individuals or households that want goods and services for personal use and have the resources to buy them |
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individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others
--industrial goods |
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| dividing the consumer market into smaller groups |
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| targeted to market segments |
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| psychographic segmentation |
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Definition
| dividing the market by group values, interest, opinions |
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| dividing the market by age, income, education, and other demographic variables |
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finding small but very profitable market segments built around custom products or services
--very little competition |
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developing products or promotions geared toward large groups
--usually involves mass media |
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| to keep individual customers; moves toward custom marketing |
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| importance of accounting information |
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Definition
| Need to be able to read, understand, analyze financial statements |
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| to give managers basic financial info to make better decisions |
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| how is accounting info useful? |
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| reveals the health of a business |
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used to provide info and analysis to managers
--reporting costs, preparing budgets, designing financial strategies for taxes, etc |
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| process of preparing financial statements |
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provides services to individuals or multiple businesses for a fee
--CPA |
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| works for one organization, agency, or non-profit |
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| reviewing and evaluating financial statements that accountants prepare |
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| reports the firm’s financial conditions on a specific date [snapshot] |
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| reports revenues, expenses, and profits over a certain period of time |
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| summary of money coming in and out of an organization |
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acquires funds and manages those funds inside the organization
--managing the organization’s resources (strategies, etc) |
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| not enough funds to start out with (leads to cutting corners) |
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| overall objective of financial planning |
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Definition
How much money do we need?
Where are we going to get the money? |
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| establishing financial controls |
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| borrowing money to raise capital for financing activities (bond) |
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| giving away part of ownership (stock); retained earnings; venture capitalists |
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