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World Of Business final
vocab
93
Business
Undergraduate 2
12/09/2008

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Cards

Term
concept testing
Definition
presents an idea for a new product to potential customers to test their reactions
Term
annual report
Definition
yearly statement of financial condition, progress & expectation
Term
Douglas McGregor
Definition
who invented Theory X & Theory Y?
Term
BK: recording financial info
Acct: classifying, summarizing, & interpreting financial info
Definition
What's the difference between bookeeping and accounting?
Term
undercapitialization
Definition
when a business does not have enough money tpo do all necessary start-up things
Term
job specification
Definition
minimum qualifications required of a worker for a specific job
Term
demographic segregation
Definition
numerical statistics like age, income or education
Term
product (definition)
Definition
any physical good, service, or idea that statisfies a want or need
Term
retailer
Definition
sells to the last buyer
Term
wholesaler
Definition
intermeiary who doesn't sell to end buyer
Term
primary data
Definition
conduct surveys; you do the work
Term
sense of achievement
Definition
highest ranking motivator according to Herzberg's research
Term
self-actualization
Definition
mazlow's highest level
Term
coaching
Definition
acting as a resource by teaching, guiding & providing recommendations
Term
job sharing
Definition
two part time employees for one full time job
Term
golden handshake
Definition
big bonus for retiring early
Term
place utility
Definition
utility that adds value to goods by having them available where they're wanted
Term
compressed workweek
Definition
working 4 tens instead of 5 eights
Term
brand loyalty
Definition
always buying same brand
Term
private accountant
Definition
works for a single business or agency
Term
fringe benefit plan
Definition
accouts for 30% of payroll expense
Term
employment at will
Definition
employers can fire like employees can quit. No warning is required
Term
product differentiation
Definition
creating differences in like products
Term
trademark
Definition
name or image owned by a company
Term
product life cycle
Definition
embryo, growth, mature, decline
Term
generic name
Definition
name for all products in the industry
Term
salary
Definition
compensation fixed to amount of time
Term
cafeteria-style benefit plan
Definition
pick your benefit package
Term
intrinsic reward
Definition
knowing you've done a good job
Term
1st step in HR planning
Definition
prep HR inventory
Term
social needs
Definition
making new friends
Term
personal selling
Definition
refers to face to face interactions
Term
Universal Product Codes (UPC)
Definition
barcode
Term
finance department
Definition
acquiring and managing funds
Term
knockoff brands
Definition
illegal copies
Term
affirmative action
Definition
EEOC's big controversy
Term
loss leader
Definition
low price to attract customers
Term
Frederick Taylor
Definition
father of scientific management
Term
401k
Definition
savings plan that allows you to deposit pretax dollars and whos earnings compound ta free until withdrawl
Term
annual report
Definition
a yearly statement of the financial condition, progress and expectations of an organization
Term
benefit segmentation
Definition
dividing ehe market by determining which benefits of the product to talk about
Term
brand
Definition
a name, symbol or design that identifies the goods or services
Term
brand name
Definition
a word, letter, or group of words or letters that differentiates one seller's goods from competition
Term
break-even analysis
Definition
the process used to determine porfitability at various levels of sales
Term
channel of distribution
Definition
a whole set of marketing intermediaries such as wholesalers and retailers that join together to transport and store goods in their path from producers to consumers
Term
convenience goods & services
Definition
products that the consumer wants to purchase frequently and with a minimum effort
Term
copyright
Definition
a document that protects a creator's rights to materials such as books, articles, photos, and cartoons
Term
cross-functional team
Definition
groups of employees from different departments who work together on a long-term basis
Term
dividends
Definition
part of a firm's profits that may be distributed to stockholders as either cash payments or additional shares of stock
Term
employee orientation program
Definition
the activity that introduces a new employee to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm
Term
environmental scanning
Definition
the process of identifying the factors that can affect marketing success
Term
equity theory
Definition
the idea that employees try to mantain equity between inputs and outputs compared to others in similar positions
Term
expectancy theory
Definition
Victor Broom's theory that the amount of effort employees exert on a specific task depends on their expectations of the outcome
Term
financial statement
Definition
a summary of all the transactions that have occurred over a particular period
Term
flextime plan
Definition
work schedule that gives employees some freedom to choose when to work
Term
focus group
Definition
a small gorup of people who meet under the direction of a discussion leader to communicate their opinions aobut an organization, its products, or other given issues
Term
Hawthorne effect
Definition
the tendency for people to behave differently when they know they are being studied
Term
human resources management
Definition
the processof determining human resource needs and then recruting, selecting, developing, motivationg, evaluating, compensating, and scheduling employees to achieve organizational goals
Term
intensive distribution
Definition
distribution that puts products into as many retail outlets as possible
Term
job enrichment
Definition
a motivational strategy that emphasizes motivationg the worker through the job itself
Term
marketing
Definition
the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
Term
marketing intermediary
Definition
organizations that assist in moving goods and services from producers to industrial and consumer users
Term
marketing mix
Definition
the ingredients that go into a marketing program: product, price, place, and promotion
Term
performance appraisal
Definition
an evaluation in which the performance level of employees is measured against established standards to make decisions about promotions, copensation, additianal training, or firing
Term
product mix
Definition
the combination of product lines offered by a manufacturer
Term
product (definition)
Definition
any physical good, service or idea that satisfies a want or need
Term
promotional mixx
Definition
the combination of promotional tools an organization uses
Term
psychographic segmentation
Definition
dividing the market using the group's values, attitudes, and interests
Term
public accountant
Definition
an accountant who provides his or her accounting services to individuals or businesses on a fee basis
Term
recruitment
Definition
the set of activities used to obtain a sufficient number of the right people at the right time
Term
reverse discrimination
Definition
discrimination against whites or males in hiring or promoting
Term
scientific management
Definition
studying workers to find the most efficient ways of doing things and then teaching people those techniques
Term
secondary data
Definition
information that has already been commpiled by others and published in journals and books or made available online
Term
selective distribution
Definition
distribution that sends products to only a preferred group of retailers in an area
Term
specialty goods and services
Definition
consumer products with unique characteristics and brand identity.
Term
specialty goods and services
Definition
consumer products with unique characteristics and brand identity.
Term
target marketing
Definition
marketing directe toward those groups an organization decides it can serve profitably
Term
unsought goods and services
Definition
products that cosumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
Term
stock option plan
Definition
right to purchase stock over a specific period of time
Term
theory x
Definition
dislike work and are motivated by money and fear
Term
prototype
Definition
original type or form
Term
piece work pay
Definition
wages based on how many are produced
Term
location competition
Definition
competition is a geographical area
Term
broker
Definition
to buy and sell securities for clients
Term
competitive benchmarking
Definition
comparing yourself to the world's best to see if you can do better
Term
cashless bonus
Definition
istead of $ get a substitute that isn't money
Term
direct mail advertising
Definition
advertising to customers at home or work
Term
customer centric
Definition
focusing on what the customer wants
Term
accounting auditior
Definition
verifying that accounting procedures are accounting with accounting principals
Term
internal source employment
Definition
includes empoyees in the firm and includes employees that can be reccommended to hire
Term
ESOP
Definition
employee stock ownership plan
Term
self-directed teams
Definition
teams that are empowered to resolve everyday problems, they also have direct access to information that allows them to improve operations
Term
theory Z
Definition
developed by Ouchi employee involvement is key to increase productivity
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