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68 Cards in this Set
- Front
- Back
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Business
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Any activity that seeks to provide goods and services to others while operating at a profit.
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Entrepreneur
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A person who risks time and money to start and manage a business.
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Profit
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The amount of money a business earns above and beyond what it spends for salaries and other expenses.
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Revenue
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The Total amount of money a business takes in during a given period by selling goods and services.
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Loss
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Occurs when a business's expenses are more than its revenues.
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Risk
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Is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
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Goods
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Tangible products such as computers, food, clothing, cars, and appliances.
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Services
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Intangible products such as education, health care, insurance, recreation, and travel and tourism.
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Standard of living
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Refers to the amount of goods and services people can buy with the money they have.
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Quality of life
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The 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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Stakeholders
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All the people who stand to gain or lose by the policies and activities of a business.
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E-commerce
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The guying and selling of goods and services over the internet.
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Productivity
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The amount of output you generate given the amount of input.
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Database
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An electronic storage fil where information is kept; one use of databases is to store vast amounts of information about consumers.
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Demographics
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The 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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Brand name
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A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.
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B2B marketing
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All the individuals and organization that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
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B2C marketing
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All the individuals or households that want goods, and services for personal consumption or use.
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Customer relationship management (CRM)
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The process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations 0 with goods and services over time.
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Demographic segmentation
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Dividing the market by age, income, and education level.
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Environmental scanning
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The process of identifying the factors that can affect marketing success.
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Focus group
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A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
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Marketing mix
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The ingredients that go into a marketing program: product, price, place, and promotion.
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Market segmentation
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The process of dividing the total merket into groups whose members have similar characteristics.
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Mass marketing
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Developing products and promotions to please large groups of people.
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Niche marketing
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The process of finding small but profitable market segments and designing or finding products for them.
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Primary data
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Data that you gather yourself (not from secondary sources such as books and magazines).
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Promotion
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All the techniques sellers use to motivate people to buy their products or services.
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Relationship marketing
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Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
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Secondary data
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Information that has already been compiled by others and published in journals and books or made available online.
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Target marketing
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Marketing directed toward those groups an organization decides it can serve profitably.
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Test marketing
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The process of testing products among potential users.
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Aggregate planning
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Use in a manufacturing environment and determines not only the overall output levels planned but the appropriate resource input mix to be used for related groups of products.
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Computer-aided design
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The use of computers in the design of products.
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Computer-aided manufacturing
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The use of computers in the manufacturing of the products.
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Continuous process
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A production process in which long production runs turn out finished goods over time.
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Critical path
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In a PERT network, the sequence of tasks that takes the longest time to complete.
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Just-in-time inventory model
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A production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line.
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Gantt chart
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Bar graph showing production managers what projects are being worked on and what stage they are in at any given time.
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Linear programming
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Mathematical approach to the problem of allocating limited resources among competing activities in an optimal manner.
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Capacity planning
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Systematic determination of resource requirements for the projected output, over a specific period.
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ISO 9000
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The common name given to quality management and assurance standards.
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Quality
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Consistently producing what the customer wants while reducing errors before and after delivery to the customer.
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Six sigma quality method
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A quality measure that allows only 3.4 defects per million opportunities.
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Quality control
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Subset of quality assurance (QA) process, it comprises of activities employed in detection and measurement of the variability in the characteristics of output attributable to the production system, and includes corrective responses.
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PERT (Program Evaluation and Review Technique)
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A method for analyzing the task involved in completing a given project, estimating the time needed to complete each task, and identifying the minimum time needed tom complete the total project.
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Enterprise resource planning
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A computer application that enables multiple firms to manage all of their operations on the basis of a single, integrated set of corporate data.
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Facility layout
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The physical arrangement of resources in the production process.
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Facility location
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The process of selecting a geographic location for a company's operations.
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Lean manufacturing
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The production of goods using less of everything compared to mass production.
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Constrained optimization
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Optimization with the restrictions imposed on the availability of resources and other requirements. Techniques such as linear programming (LP) and the Lagrangean multipliers are used for this purpose.
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Mass customization
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Tailoring products to meet the needs of individual customers.
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Management
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The process used to accomplish organizational goals, through planning, organizing, leading, and controlling people and other organizational resources.
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Organizing
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A 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 goals and objectives.
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Planning
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A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.
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Leading
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Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.
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Controlling
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A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.
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Brainstorming
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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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Contingency planning
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The 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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Decision making
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Choosing among two or more alternatives.
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Knowledge management
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Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.
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Mission statement
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An outline of the fundamental pruposes of an organization.
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Vision
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An encompassing explanation of why the organization exists and where it's trying to head.
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SWOT analysis
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A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
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Staffing
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A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.
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Strategic planning
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The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
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Participative (democratic) leadership
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Leadership style that consists of managers and employees working together to make decisions.
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Organizational chart
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A 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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