Term
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Definition
| any activity that seeks to provide goods and services to others while operating at a profit |
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Term
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Definition
| surrounding factors that either help or hinder the development of business |
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Term
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Definition
| electronic storage file where info is kept |
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Term
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Definition
| statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender, and income |
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Term
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Definition
| giving frontline works the responsibility, authority, and freedom to respond quickly to customers requests. |
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Term
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Definition
| a person who risks time and money to start and manage a business |
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Term
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Definition
| the resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge |
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Term
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Definition
| tangible products such as computers, clothing, cars, and appliances |
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Term
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Definition
| the obtaining of private information about a person, such a social security number and/or credit card number; and using that information for illegal purposes, such as buying things with it |
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Term
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Definition
| when a business's expenses are more than its revenues |
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Term
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Definition
| an organization whose goals do not include making a personal profit for its owners or organizers |
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Term
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Definition
| assigning various functions, such as accounting, production, security, maintenance, and legal work, to outside organizations |
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Term
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Definition
| amount of output you generate given the amount of input |
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Term
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Definition
| amount of money a business earns above and beyond what it spends for salaries and other expenses |
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Term
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Definition
| general well-being of a society in terms of political freedom, a clean natural environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy |
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Term
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Definition
| value of what is received for goods sold, services rendered, and other financial sources |
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Term
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Definition
| chance of loss, degree of probability of loss and the amount of possible loss |
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Term
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Definition
| intangible products (i.e. products that acn't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism |
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Term
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Definition
| all the people who stand to gain or lose by the policies and activities of a business |
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Term
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Definition
| amount of goods and services people can buy with the money they have |
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Term
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Definition
| everything from phones and copiers to computers, medical imaging devices, personal digital assistants and various software programs that make business processes more efficient and productive |
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Term
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Definition
| advantage that exists when a country as a monopoly on producing a specific product or is able to produce it more efficiently than all other countries |
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Term
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Definition
| difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment |
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Term
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Definition
| total value of a nation's exports compared to its imports over a particular period |
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Term
| comparative advantage theory |
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Definition
theory that states that a country should sell to other countries those products that it produces most effectively and efficiently and buy from other countries those products that it cannot produce as effectively of efficiently |
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Term
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Definition
a foreign country's production of private-label goods to which a domestic company then attaches its brand name or trademark; also called outsourcing |
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Term
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Definition
| a complex form of bartering in which several countries may be involved, each trading goods for goods or sevices for service |
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Term
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Definition
| lowering the vlaue of a nation's currency relative to other currencies |
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Term
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Definition
| selling products in a foreign country at lower prices than those charged in the producing country |
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Term
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Definition
| a complete ban on the import or export of a certain product or stopping all trade with a particular country |
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Term
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Definition
| value of one nation's currency relative to the currencies of other countries |
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Term
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Definition
| selling products to another country |
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Term
| foreign direct investment |
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Definition
the buying of permanent property and businesses in foreign nations |
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Term
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Definition
| a company owned in a foreign country by another company (called the parent company) |
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Term
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Definition
| the movement of goods and services among nations without political or economic barriers |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions |
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Term
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Definition
| buying products from another country |
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Term
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Definition
| a limit on the number of products in certain categories that a nation can import |
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Term
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Definition
| a partnership in which two or more companies (often from different countries) join to undertake a major project |
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Term
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Definition
global strategy in which a firm (the licensor) allows a foreign company (the licensee) to produce its product in exchange for a fee (a royalty) |
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Term
| multinational corporation |
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Definition
| an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| agree that created a free trade area among the U.S., Canada, and Mexico |
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Term
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Definition
| a long term partnership between two or more companies established to help each company build competitive market advantages |
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Term
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Definition
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Term
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Definition
an unfavorable balance of trade; occurs when the valueo f a country's imports exceeds that of its exports |
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Term
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Definition
| use of government regulations to limit the import of goods and services. Advocates of trade protectionism believe that it allows domestic producers to survive and grow, producing more jobs |
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Term
| world trade organization (WTO) |
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Definition
| the international organization that replaced the General Agreement on Tariffs and Trade, and was assigned the duty to mediate trade disputes among nations |
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Term
|
Definition
| total value of a nation's exports compared to its imports over a particular period |
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Term
|
Definition
| loss of the best and brightest people to other countries |
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Term
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Definition
| periodic rises and falls that occur in all economies over time |
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Term
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Definition
| economic system in which all or most of the factors of production and distribution are privately owned and operated for profit |
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Term
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Definition
| economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow |
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Term
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Definition
| an economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production |
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Term
| consumer price index (CPI) |
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Definition
| monthly statistics that measure that pace of inflation or deflation |
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Term
|
Definition
situation in which prices are declining |
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Term
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Definition
| quantity of products that people are willing to buy at different prices at a specific time |
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Term
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Definition
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Term
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Definition
| a situation in which price increase are slowing (teh inflation rate is declining) |
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Term
|
Definition
study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groupos and individuals |
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Term
|
Definition
| federal government's efforts to keep the economy stable by increasing efforts to keep the economy stable by increasing or decreasing taxes or government spending |
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Term
|
Definition
| economic system in which the market largely determines what goods and services get produced, who gets them and how the economy grows |
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Term
| gross domestic product (GDP) |
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Definition
| total value of final goods and services produced in a country in a given year |
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Term
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Definition
| general rise in the prices of goods and services over time |
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Term
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Definition
| phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefit for all |
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Term
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Definition
| part of economics study that looks at the operation of a nation's economy as a whole |
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Term
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Definition
| price determined by supply and demand |
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Term
|
Definition
| part of economics study that looks at the behavior of people and organizations in particular markets |
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Term
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Definition
| economic systems in which some allocation of resources is made by the market and some by the government |
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Term
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Definition
| management of the money supply and interest rates |
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Term
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Definition
| market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different |
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Term
|
Definition
| market in which there is only one seller for a product or service |
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Term
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Definition
| sum of government deficits over time |
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Term
|
Definition
| form of competition in which just a few sellers dominate the market |
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Term
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Definition
| market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product |
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Term
| producer price index (PPI) |
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Definition
| an index that measures prices at teh wholesale level |
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Term
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Definition
| two or more consecutive quarters of decline in teh GDP |
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Term
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Definition
| study of how to increase resources and to create the conditions that will make better use of those resources |
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Term
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Definition
| an economic system based on the premises that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people |
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Term
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Definition
| quantity of products that manufacturers or owners are willing to sell at different prices at a specific time |
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Term
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Definition
| number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks |
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Term
| conventional (C) corporation |
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Definition
| a state-chartered legal entity with authority to act and have liability separate from its owners |
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Term
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Definition
| a legal entity with authority to act and have liability separate from its owners |
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Term
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Definition
| right to use a specific business's name and sell its products or services in a given territory |
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Term
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Definition
| an arrangement whereby someone with a good idea for a business sells that rights to use the business name and sell a product or service to others in a given territory |
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Term
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Definition
| a person who buys a franchise |
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Term
|
Definition
| a company that develop a product concept and sells and others the rights to make and sell the products |
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Term
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Definition
| an owner (partner) who has unlimited liability and is active in managing the firm |
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Term
|
Definition
| a partnership in which all owners share in operating the business and in assuming liability for the business's debts |
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Term
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Definition
| responsibility of a business's owners for losses only up to the amount they invest |
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Term
| limited liability company |
|
Definition
| a company similar to an S corporation but without the special eligibility requirements |
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Term
| limited liability partnership (LLP) |
|
Definition
| partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision |
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Term
|
Definition
| an owner who invests money in the business but does management responsibility or liability for losses beyond the investment |
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Term
|
Definition
| partnership with one or more general partners and one or more limited partners |
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Term
|
Definition
a legal form of business with two or more owners |
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Term
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Definition
| unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships |
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Term
|
Definition
| a business that is owned, and usually managed, by one person |
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Term
|
Definition
responsibility of business owners for all of the debts of the business |
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Term
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Definition
| a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners |
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Term
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Definition
| specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support |
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Term
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Definition
| a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product |
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Term
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Definition
| accepting the risk of starting and running a business |
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Term
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Definition
| centers that offer new businesses low-cost offices with basic business services |
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Term
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Definition
| creative people who work as entrepreneurs within corporations |
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Term
|
Definition
| people with unsatisfied wants and needs who have both the resources and the willingness to buy |
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Term
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Definition
| entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offer them a balanced lifestyle |
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Term
|
Definition
| a business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Adminstration) in terms of employees or annual receipts |
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Term
| Small Business Adminstration (SBA) |
|
Definition
| a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans |
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Term
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Definition
| leadership style that involves making managerial decisions without consulting others |
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Term
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Definition
| coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas |
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Term
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Definition
| skills that involve the ability to picture the organization as a whole and the relationship among its various parts |
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Term
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Definition
| process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives |
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Term
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Definition
| a management function that involves establishing clear standards to determine whether or not an organization is progressing for doing a good job, and taking corrective action if they are not |
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Term
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Definition
| choosing among two or more alternatives |
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Term
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Definition
| giving workers the education and tools they need to make decisions |
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Term
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Definition
| dealers, who buy products to sell to others, and ultimate customers (or end customers), who buy products for their own personal use |
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Term
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Definition
| leadership style involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives |
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Term
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Definition
| broad, long-term accomplishments an organization wishes to attain |
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Term
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Definition
| skills that involve communicaiton and motivation; they enable managers to work through and with people |
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Term
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Definition
| individuals and units within thhe firm that receive services from other individuals or unit |
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Term
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Definition
| finding the right info, keeping the info in a readily accessible place, and making the info known to everyone in the firm |
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Term
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Definition
| creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizations goals and objectives |
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Term
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Definition
| process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources |
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Term
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Definition
| level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling |
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Term
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Definition
| outline of the fundamental purposes of an organization |
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Term
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Definition
| specific, short-term statements detailing how to achieve the organization's goals |
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Term
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Definition
| process of setting work standards and schedules necessary to implement the company's tactical objectives |
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Term
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Definition
| visual device that shows relationships among people and divides the organization's work; it shows who is accountable for the completion of specific work and who reports to whom |
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Term
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Definition
| management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goal and objectives |
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Term
| participative (democratic) leadership |
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Definition
| leadership style that consists of managers and employees working together to make decisions |
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Term
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Definition
| management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives |
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Term
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Definition
| listing all the pluses for a solution in one column, all the minuses in another; and the implications in a third column |
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Term
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Definition
| management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives |
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Term
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Definition
| process of solving the everyday problems that occur |
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Term
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Definition
| process of determing the major goals of the organization and the policies and strategies for obtaining and using resources to achieve thos goals |
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Term
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Definition
| managerswho are directly responsible for supervising workers and evaluating their daily performance |
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Term
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Definition
| planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats |
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Term
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Definition
| process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done |
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Term
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Definition
| skills that invovle the ability to perform tasks in a specific discipline or department |
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Term
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Definition
| highest level of management, consisting of the president and other key company executives who develop strategic plans |
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Term
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Definition
encompassing explanation of why the organization exists and where it's trying to head |
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Term
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Definition
| comparing an organization's practices, processes,and products against the world's best |
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Term
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Definition
| organization with many layers of managers who set rules and regulations and oversee all decisions |
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Term
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Definition
| organization structure in which decision-making authority is maintained at the top level of management at the company's headquarters |
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Term
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Definition
| line of authority that moves from the top of a hierarchy to the lowest level |
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Term
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Definition
| functions that the organization can do as well as or better than any other organization in the world |
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Term
| cross functional self-managed teams |
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Definition
| groups of employees from different departments who work together on a long-term basis |
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Term
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Definition
| organization structure in which decision-making is delegated to lower-level managers more familiar with local conditions than headquarters management could be |
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Term
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Definition
| dividing of organizational functions into separate units |
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Term
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Definition
| situation in which companies can reduce their production costs if they can purchase raw materials in bulk |
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Term
| flat organization structure |
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Definition
| organization structure that has few layers of management and a broad span of control |
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Term
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Definition
| structure that details lines of responsibility, authority, and position |
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Term
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Definition
| system in which one person is at the top of the organization and there is a ranked or sequential ordering from the top down of managers who are responsible to that person |
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Term
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Definition
| system of relationships and lines of authority that develops spontaneously as employees meet and form power centers |
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Term
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Definition
| organization that has contact people at the top and the chief executive officer at the bottom of the organization chart |
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Term
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Definition
organization that has direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting ot only one supervisor |
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Term
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Definition
| employees who are part of the chain of command that is responsible for achieving organizational goals |
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Term
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Definition
| part of the production process that puts together components |
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Term
| computer aided designed (CAD) |
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Definition
| use of computers in the design of products |
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Term
| computer aided manufacturing (CAM) |
|
Definition
| use of computers in the manufacturing of products |
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Term
| computer integrated manufacturing (CIM) |
|
Definition
| uniting of computer-aided design with computer-aided manufacturing |
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Term
|
Definition
| production process in which long production runs turn out finished goods over time |
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Term
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Definition
| in a PERT network, the sequence of tasks that takes the longest time to complete |
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Term
| enterprise resource planning |
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Definition
| a computer applicaiton that enables multiple firms to manage all of their operations (finance, requirements planning, human resources, and order fulfillment) on the basis of a single, integrated set of corporate data |
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Term
|
Definition
| physical arrangement of resources (including people) in the production process |
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Term
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Definition
| process of selecting a geographic location for a company's operations |
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Term
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Definition
| designing machines to do multiple tasks so that they can produce a variety of products |
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Term
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Definition
| value added by the creation of finished goods and services, such as the value added by taking silicon and making computer chips or putting services together to create a vacation package |
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Term
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Definition
bar graphs showing production managers what projects are being worked on and what stage they are in at given time |
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Term
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Definition
| production process in which the production run is short and the machines are changed frequently to make different products |
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Term
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Definition
| collection of the best practices for managing an organization's impact on the environment |
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Term
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Definition
common name given to quality management and assurance standards |
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Term
| just in time (JIT) inventory control |
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Definition
| 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 |
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Term
|
Definition
| production of goods using less of everything compared to mass production |
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Term
|
Definition
| tailoring products to meet the needs of individual customers |
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Term
| materials required planning (MRP) |
|
Definition
| computer-based production management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place |
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Term
|
Definition
| specialized area in management that converts or transforms resources (including human resources) into goods and services |
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Term
|
Definition
| part of the production process that physically or chemically changes materials |
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Term
|
Definition
| creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge |
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Term
|
Definition
| term used to describe all the activities managers do to help their firms create goods |
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Term
| program evaluation and review technique (PERT) |
|
Definition
| method for analyzing the tasks involved in completing a given project, estimating the time needed to complete each task, and identifying the minimum time needed to complete the total project |
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Term
|
Definition
| function in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services |
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Term
|
Definition
| consistently producing what the customer wants while reducing errors before and after delivery to the customer |
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Term
|
Definition
| quality measure that allows only 3.4 defects per million opportunities |
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|
Term
| statistical process control (SPC) |
|
Definition
| process of taking statistical samples of product components at each stage of the production process and plotting those results on a graph. Any variances from quality standards are recognized and can be corrected if beyond the set standards |
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Term
stastical quality control (SQC) |
|
Definition
| process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning |
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Term
|
Definition
| idea that employees try to maintain equity between inputs and outputs compared to others in similar positions |
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Term
|
Definition
| Victor Vroom's theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome |
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Term
|
Definition
| something given to you by someone else as recognition for good work; can be pay increases, praise, and promotions |
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Term
|
Definition
| 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 |
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Term
|
Definition
| tendency for people to behave differently when they know they are being studied |
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Term
|
Definition
| Herzberg's theory of motivating factors, job factors that can cause dissatisfaction if missing ut that do not necessaily motivate employees if increased |
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Term
|
Definition
| personal satisfaction you feel when you perform well and complete goals |
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Term
|
Definition
| job enrichment strategy that involves combining a series of task into one challenging and interesting |
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Term
|
Definition
| motivational strategy that emphasizes motivating the worker through the job itself |
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Term
|
Definition
| job enrichment strategy that involves moving employees from one job to another |
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Term
| management by objectives (MBO) |
|
Definition
| a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, employees |
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Term
| Maslow's hierarchy of needs |
|
Definition
| theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs |
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Term
|
Definition
| in Herzberg's theory of motivating factors, job factors that caused employees to be productive and that give them satisfaction |
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Term
| principle of motion economy |
|
Definition
| theory developed by Frank and Lillian Gilbreth that every job can be broken down into a series of elementary motions |
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Term
|
Definition
| studying workers to find the most efficient ways of doing things and then teaching people those techniques |
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Term
|
Definition
| studies begun by Frederick Taylor, of which tasks must be performed to complete a job and the time needed to do each task |
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Term
|
Definition
| employment activities designed to "right past wrongs" by increasing opportunities for minorities and women |
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Term
|
Definition
| training programs involving a period during which a learner works alongside an experienced employee to master the skills and procedures of a craft |
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Term
| cafeteria-style fringe benefits |
|
Definition
| fringe benefits plan that allows employees to choose the benefits they want up to a certain dollar amount |
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Term
|
Definition
| work schedule that allows an employee to work a full number of hours per week but in fewer days |
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Term
|
Definition
| workers who do not have the expectation of regular, full-time employment |
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Term
|
Definition
| in a flextime plan, the period when all employees are expected to be at their job stations |
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Term
|
Definition
| activity that introduces new employees to the organization |
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Term
|
Definition
| work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours |
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Term
|
Definition
| benefits such as leave pay, vacation pay, pension plans, and health plans that represent additional compensation to employees beyond base wages |
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Term
| human resources management |
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Definition
| process of determining human resource needs then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals |
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Term
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Definition
| study of what is done by employees who hold various job titles |
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Term
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Definition
| 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 |
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Definition
| an arrangement whereby two part-time employees share one full-time job |
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Definition
| use of equipment that duplicated job conditions and tasks so that trainees can learn skills before attempting them on the job |
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Definition
| written summary of the minimum qualifications required of workers to do a particular job |
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Definition
| process of training and educating employees to become good managers and then monitoring the progress of their managerial skills over time |
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Definition
| experienced employee who supervises, coaches, and guides lower-level employees by introducing them to the right people and generally being their organizational sponsor |
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Term
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Definition
| using communications technology and other means to link organizations and allow them to work togetheron common objectives |
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Term
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Definition
| training that occurs way from the workplace and consists of internal or external programs to develop any of a variety of skills or to foster personal development |
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Term
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Definition
| training in which the employee immediately begins his or her task and learns by doing, or watches others for a while and then inmitates them, all right at teh workplace |
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Term
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Definition
| training in whcih the employee immediately beings his or her tasks and learns by doing, or watches others for a while and then imitates them, all right at the workplace |
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Term
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Definition
| an evaluation in which the performance level of employees is measured against established standards to make decisions about promitions compensation, additional training, or firing |
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Term
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Definition
| set of activities used to obtain a sufficient number of the right people at the right time |
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Term
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Definition
| discrimination against whites or males in hiring or promoting |
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Term
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Definition
| process of gathering info and deciding who should be hired, under legal guidelines, for the best interests of the individual and the organization |
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Definition
| all attempts to improve productivity by increasing an employee's ability to perform. |
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Definition
| training done in schools where employees are taught on equipment similar to that used on the job |
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Definition
| clause in a labor management agreement that says employers may hire nonunion workers |
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Term
| American Federation of Labor (AFL) |
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Definition
| organization of craft unions that championed fundamental labor issues |
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Term
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Definition
| 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 |
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Term
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Definition
range of options between the initial and final offer that each party will consider before negotiations dissolve or reach an impasse |
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Term
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Definition
| Formal process whereby a union is recognized by the National Labor Relations Board (NLRB) as the bargaining agent for a group of employees |
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Term
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Definition
| clause in a labor management agreement that specified workers had to be members of a union before being hired (was outlawd by the Taft Hartley Act in 1947) |
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Term
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Definition
| process whereby union and management representatives form a labor management agreement, or contract for workers |
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Term
| Congress of Industrial Oraganizations |
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Definition
| union organizations of unskilled workers; broke away from the AFL in 1935 and rejoined in 1955 |
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Term
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Definition
| when workers in a critical industry return to their jobs while the union and management continue negotiations |
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Term
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Definition
| organization of skilled specialists in a particular craft or trade |
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Definition
| process by which workers take away a union's right to represent them |
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Definition
| concessions made by union members to management |
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Term
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Definition
| charage by employees that management is not abiding by the terms of negotiated labor-management agreement |
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Definition
| labor organizations of unskilled and semiskilled workers in mass-production industries such as automobiles and mining |
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Term
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Definition
| court order directing someone to do something or refrain from doing something |
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Definition
| first national labor union; formed in 1869 |
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Term
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Definition
| attempt by management to put pressure on unions by temporarily closing the business |
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Term
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Definition
| use of a third party, called a mediator; who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute |
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Term
| negotiated labor-management agreement (labor contract) |
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Definition
| agreement that sets the tone and clarifies the terms under which management and labor agree to function over a period of time |
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Definition
| agreement in right to work states that gives workers the option to join or not join a union, if one exists in their workplace |
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Term
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Definition
| when a union encourages both its members and the general public not to buy the products of a firm involved in a labor dispute |
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Definition
| legislation that gives workers the right, under an open shop, to join or not join a union if it is present |
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Definition
| attempt by labor to convince others to stop doing business with a firm that is the subject of a primary boycott; prohibited by teh Taft-Hartley Act |
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Definition
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Term
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Definition
| union officials who work permanently in an organization and represent employee interests on a daily basis |
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Definition
| union strategy in which workers refuse to go to work |
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Definition
| workers hired to do the jobs of striking workers until the labor dispute is resolved |
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Term
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Definition
| employee organization that has the main goal of representing members in employee-management bargaining over job-related issues |
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Term
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Definition
| provision in a negotiated labor-management agreement that stipulates that employees who benefit from a union must either officially join or at least pay dues to the union |
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Term
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Definition
| clause in a labor management agreement that says workers do not have to be members of a union to be hired, but must agree to join the union within a prescribed period |
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Term
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Definition
| type of contract that required employees to agree as a condition of employment not to join a union; prohibited by the Norris-LaGuardia Act in 1932 |
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Term
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Definition
| dividing the market by determing which benefits of the product to talk about |
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Term
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Definition
| word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors |
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Term
| business-to-business (B2B) market |
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Definition
| all the individuals and organizations that want goods and services to used in producing other goods and service or to sell, rent, or supply goods to others |
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Term
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Definition
| all the individuals or households that want goods and services for personal consumption or use |
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Term
| customer relationship management (CRM) |
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Definition
| process of learning as much as possible about customers and doing everything you can to satisfy them--or even exceed their expectations--with goods and services over time |
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Term
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Definition
| dividing the market by age, income, and education level |
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Term
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Definition
| process of identifying the factors that can affect marketing success |
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Term
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Definition
| small group of people who meet under the direction of discussion leader communicate their opinions about an organization, its products, or other given issues |
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Term
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Definition
| dividing the marketing with market by geographic area |
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Term
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Definition
| process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives |
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Term
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Definition
| a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation |
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Term
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Definition
| ingredients that go into a marketing program: product, price, place, and promotion |
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Term
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Definition
| analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions |
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Term
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Definition
| process of dividing the total market into groups whose members have similar characteristics |
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Term
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Definition
| developing products and promotions to please large groups of people |
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Term
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Definition
| process of finding small but profitable market segments and designing or finding products for them |
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Term
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Definition
| developing a unique mix of goods and services for each individual customer |
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Term
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Definition
| data that you gather about yourself (not from secodary sources such as books and magazines) |
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Term
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Definition
| any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand |
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Term
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Definition
all the techniques sellers use to motivate people to buy their products or services |
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Term
| psychographic segmentation |
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Definition
| dividing the market using the group's values, attitudes, and interests |
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Term
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Definition
| marketing strategy with the goal of keeping individual customers over time by offering them products that exactly their requirements |
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Term
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Definition
| info that has already been compiled by others and published in journals and books or made available online |
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Term
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Definition
| marketing directed toward those groups (market segments) an organization decides it can serve profitably |
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Term
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Definition
| process of testing products among potential users |
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Term
| volume, or usage, segmentation |
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Definition
| dividing the market by usage (volume of use) |
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Term
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Definition
| name, smybol, or design (or combo thereof) that identifies that goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors |
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Term
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Definition
| linking of a brand to other favorable images |
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Term
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Definition
| how quickly or easily a given brand name comes to mind when a product category is mentioned |
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Term
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Definition
| combo of factors--such as awareness, loyalty, perceived quality, images, and emotions--that people associate with a given brand name |
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Term
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Definition
| degree to which customers are satisfied, like the brand, and are committed to furtehr purchase |
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Term
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Definition
| manager who has direct responsibility for one brand or one product line |
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Term
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Definition
| process used to determine profitability at various levels of sales |
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Term
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Definition
| grouping two or more products together and pricing them as a unit |
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Term
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Definition
| promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers |
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Term
| competition-based pricing |
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Definition
| a pricing strategy based on what lal the other competitors are doing |
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Term
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Definition
| taking a product idea to consumers to test their reactions |
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Term
| convenience goods and services |
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Definition
| products that the cosumer wants to purchase frequently and with a minimum of effort |
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Term
| dealer (private-label) brands |
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Definition
| products that don't carry the manufacturer's name but carry a distributor or retailer's name instead |
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Term
| everyday low pricing (EDLP) |
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Definition
| setting prices lower than competitors and then not having any special sales |
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Term
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Definition
| nonbranded products that usually sell at a sizable discount compared to national or private label brands |
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Term
| high-low pricing strategy |
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Definition
| setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors' |
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Term
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Definition
| products used in the production of other products |
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Term
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Definition
| illegal copies of national brand name goods |
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Term
| manufacturers' brand names |
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Definition
| brand names of manufacturers that distribute products nationally |
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Term
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Definition
| strategy in which a product is priced low to attract many customers and discourage competition |
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Term
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Definition
| procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow |
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Term
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Definition
| making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas |
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Term
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Definition
| creation of real or perceived product differences |
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Term
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Definition
| theoretical model of what happens to sales and profits for a product class over time |
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Term
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Definition
| group of products that are physically similar or are intended for a similar market |
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Term
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Definition
| combination of product lines offered by a manufacturer |
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Term
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Definition
| process designed to reduce the number of new-product ideas being worked on at any one time |
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Term
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Definition
| pricing goods and services at price points that make the product appear less expensive than it is |
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Term
| shopping goods and services |
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Definition
| those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers |
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Term
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Definition
| strategy in which a new product is priced high to make optimum profit while there's little competition |
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Term
speciality goods and services |
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Definition
| consumer products with unique characteristics and brand identity |
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Term
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Definition
| designing a product so that it satisfies customers and meets the profit margins desired by the firm |
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Term
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Definition
| all the expenses that remain the same no matter how many products are made or sold |
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Term
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Definition
| everything that consumers evaluate when deciding whether to buy something |
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Term
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Definition
brand that has been given exclusive legal protection for both the brand name nad the pictorial design |
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Term
| unsought goods and services |
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Definition
| products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem |
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Term
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Definition
| good quality at a fair price |
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Term
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Definition
| costs that change according to the level of production |
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Term
| administered distribution system |
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Definition
| distributions and other government organizations created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority |
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Term
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Definition
| marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods |
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Term
| cash-and-carry wholesaler |
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Definition
| wholesalers that serve mostly smaller retailers with a limited assortment of products |
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Term
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Definition
| whole set of marketing intermediaries, such as wholesalers and retailers that join together to transport and store goods in their path (or channel) from producers to consumers |
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Term
| contractual distribution system |
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Definition
| distribution system in which members are bound to cooperate through contractual agreements |
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Term
| corporate distribution system |
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Definition
| distribution system in which all of the organizations in the channel of distribution are owned by one firm |
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Term
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Definition
| any activity that directly links manufacturers or intermediaries with the ultimate consumer |
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Term
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Definition
| selling to consumers in their homes or where they work |
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Term
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Definition
| wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer |
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Term
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Definition
| selling goods and services to ultimate customers (i.e. you and me) over the Internet |
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Term
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Definition
distribution that sends products to only one retail outlet in a given geographic area |
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Term
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Definition
| organization that puts many small shipments together to create a single large shipment that can be transported cost-effectively to the final destination |
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Term
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Definition
| area of logistics that invovles bringing raw materials, packaging, other goods and services, and info from suppliers to producers |
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Term
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Definition
| adding value to products by opening two-way flows of info between marketing participants |
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Definition
| distribution that puts products into as many retail outlets as possible |
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Term
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Definition
| use of multiple modes transportation to complete a single long-distance movement of freight |
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Term
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Definition
| marketing activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related info from points of origin to points of consumption to meet customer requirements at a profit |
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Term
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Definition
| organizations that assist in moving goods and services from producers to industrial and consumer users |
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Term
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Definition
| movement of goods within a warehouse, from warehouses to factory floor, and from the factory floor to various workstations |
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Term
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Definition
| independently owned firms that take title to (own) the goods they handle |
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Term
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Definition
| area of logistics that involves managing the flow of finished products and info to business buyers and ultimate consumers (people like you and me) |
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Term
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Definition
| doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service |
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Term
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Definition
| wholesalers that furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment |
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Term
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Definition
| organization that sells to ultimate consumers |
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Term
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Definition
| area of logistics that involves bringing goods back to the manufacturer because of defects or recycling materials |
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Term
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Definition
| distribution that sends products to only a preferred group of retailers in an area |
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Term
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Definition
adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time |
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Term
| supply chain (or values chain) |
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Definition
| sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers |
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Term
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Definition
| process of managing the movement of raw materials, parts, work in progress, finished goods, and related info through all the organizations involved in the supply chain |
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Term
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Definition
| sale of goods and services by telephone |
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Term
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Definition
| a marketing intermediary that sells to other organizations |
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Term
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Definition
| a percentage of commercial banks' checking and savings accounts that must be physically kept in the bank |
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Term
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Definition
| buying and selling of U.S. government bonds by the Fed with the goal of regulating the money supply |
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Term
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Definition
| intercharges loans interest rate that the Fed |
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Term
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Definition
| Financial organizations that accept no deposits but offer many of the services provided by regular banks (pension funds, insurance companies, commerical finance companies, consumer finance companies, and brokerage houses) |
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Term
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Definition
| profit-seeking organization that receives deposits from individuals and corporations in the form of checking and savings accounts and then uses some of these funds to make loans |
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Term
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Definition
| technical name for a checking account; can be withdrawn anytime on demand from the depositer |
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