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185 Cards in this Set

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Management
The process of planning, organizing, directing, and controlling an organization's resources in the manner most effective for it to achieve its goals
Managers
People involved in the management of organizations
The Four Basic Functions of the Management Process
-Planning
-Organizing
-Directing
-Controlling
Planning
Establishing organizational goals and deciding how best to get them achieved
Mission Statement
Statements spelling out the basic purpose of the enterprise
Strategic Goals
Long-term goals related to an organization's mission statement
Tactical Plans
Shorter-term(one to three years) plans formulated for achieving organizational strategic goals
Operating Plans
Very short-term(less than one year) plans formulated for achieving organizational strategic goals
Succession Planning
Planning related to choosing successors for top organization executives
Innovation Planning
Planning to instill more of an entrepreneurial spirit into an organization
Contingency Planning
Planning for change and for business dynamics that are subject to change
Crisis Planning
Planning for very high-magnitude, unthinkable events
Organizing
Setting up organizational structures to carry out strategic plans
Organization
A grouping of two or more people working together to achieve certain ends
Organizational Structure
Specified positions within an organization and the ways they interrelate with each other
Chain Of Command
The lines of authority or reporting relationships that exist within an organization
Organization Chart
Chap. 5
A diagram depicting an organization's structure
Job Specialization
Chap. 5
Organizational activities are broken down into specific tasks and different people designated to perform those tasks
Job Rotation
Chap. 5
Periodically shifting employees from one job to another
Departmentalization
Chap. 5
The process of grouping jobs into coordinated units
Functional Departmentalization
Chap. 5
Departmentalization based on the functions performed by that unit
Product Departmentalization
Chap. 5
Departmentalization based on the products or services sold
Geographic Departmentalization
Chap. 5
Departmentalization based on the geographic areas or locations served by the organization
Customer Departmentalization
Chap. 5
Departmentalization according to potential customers of the organization
Delegation
Chap. 5
The assignment by a manager of some of his or her authority or work to other employees
Authority
Chap. 5
Legitimate power within an organization over certain matters
Responsibility
Chap. 5
Accountability within an organization for certain matters
Centralized Organization
Chap. 5
An organization where relatively little delegation of authority occurs and authority is concentrated at the top
Decentralized Organization
Chap. 5
An organization where a significant amount of delegation of authority has occurred and authority is spread out
Span Of Control
Chap. 5
The number of employees directly reporting to, or being supervised by, a given manager
Line Authority
Chap. 5
The right to achieve organizational goals by being part of an organization's direct chain of command
Staff Authority
Chap. 5
The right to provide advice, support, and special expertise within an organization
Divisional Organizational Structure
Chap. 5
The structure of an organization with various divisions operating autonomously under a broad organizational framework
Matrix Organizational Structure
Chap. 5
The structure of an organization around team project situations where employees report to more than one manager
Directing
Chap. 5
Guiding, motivating, and leading employees toward what an organization wishes to achieve
Controlling
Chap. 5
Measuring, monitoring, evaluating, and regulating an organization's progress toward meeting its goals
Six Sigma Initiatives
Chap. 5
Organizational initiatives seeking to limit defects to 3.4 per million
Top Managers
Chap. 5
The people who run organizations
Middle Managers
Chap. 5
Managers who implement the decisions, policies, and strategies of the top managers
First-Line Managers
Chap. 5
Managers who are directly responsible for supervising and working with employees and getting the work done
Technical Skills
Chap. 5
Specific skills needed to perform a specialized task
Conceptual Skills
Chap. 5
Abilities to think broadly and abstractly, to see the big picture
Human Relations Skills
Chap. 5
Abilities to get along and deal effectively with people
International Skills
Chap. 5
Abilities to understand foreign cultures, markets, politics, languages, and so on
Job Analysis
Chap. 6
A systematic evaluation of the elements and requirements needed for a job
Job Description
Chap. 6
A list of the duties of the job, working conditions, responsibilities, people to be supervised, and so on
Job Specification
Chap. 6
A detailed listing of the individual qualifications needed for a job
Recruiting
Chap. 6
Attracting qualified job applicants
Applicant Pool
Chap. 6
The pool of people applying for a particular job or jobs
Internal Recruiting
Chap. 6
Considering present employees as candidates for available jobs
External Recruiting
Chap. 6
Considering individuals outside the organization as candidates for the job
Selection
Chap. 6
Choosing the best individual from the applicant pool
Structured Interviews
Chap. 6
Interviews where all job applicants are asked a specific set of questions
Reference
Chap. 6
Someone who can provide information about a job applicant's suitability for a job
Orientation
Chap. 6
The process of introducing new employees to the organization
Fair Labor Standards Act(FLSA)
Chap. 6
A federal law passed in 1938 regulating employee wages and work hours
Wages
Chap. 6
Monies paid to employees for time worked
Salary
Chap. 6
Monies paid to employees for fulfilling job responsibilities
Wage And Wage Salary Surveys
Chap. 6
Data collection on prevailing wages and salaries within an industry or geographic area
Seniority
Chap. 6
Longevity on the job
Employer Pay Confidentiality Rules
Chap. 6
Employer rules mandating that employees not speak to others about their pay
Equal Pay Act
Chap. 6
A federal law passed in 1963 requiring equal pay for men and women doing equal work
Performance Appraisals
Chap. 6
Formal evaluations of the effectiveness of employees' job performance
Objective Evaluation Methods
Chap. 6
Performance appraisals based on specific and clear criteria such as sales mode
Subjective Evalution Methods
Chap. 6
Performance appraisals based on less well-defined criteria
Forced Distribution Methods
Chap. 6
Performance appraisals requiring a defined ranking of performance into diferent levels
360-Degree Feedback
Chap. 6
Full-circle evaluation of an employee by supervisors, peer, subordinates, and so on
Employment-At-Will
Chap. 6
Legal rule stating that an employer can fire an employee at any time for any reason, and an employee can quit at any time
Norris-La Guardia Act
Chap. 6
New Deal legislation of 1932 limiting employer rights
Yellow Dog Contract
Chap. 6
Employment contract where employee agrees not to join a union
National Labor Relations Act(NLRA)
Chap. 6
A federal agency with regulatory authority over U.S labor laws
Company Unions
Chap. 6
Unions that are supported and dominated by the employer
Labor Organization
Chap. 6
Any sort of employee organization that deals with the employer about working conditions
Bargaining Unit
Chap. 6
The specifically defined group of employees eligible for union representation
Labor Arbitration
Chap. 6
The resolution of a labor dispute by a neutral outside third party
Just Cause Provision
Chap. 6
The labor contract provision stating that an employer can only fire or discharge an employee for a legitimate business reason
Taft-Hartley Act
Chap. 6
A federal law of 1947 cutting back on the poewr of labor unions
Right-To-Work Laws
Chap. 6
Laws allowing workers represented by unions the right to be employed without paying dues to the union
Landrum Griffin Act
Chap. 6
A federal law of 1959 regulating internal union activities
Equal Employment Opportunity Commission(EEOC)
Chap. 6
The federal agency that administers U.S employment discrimination laws
Equal Employment Opportunity
Chap. 6
The principle that all groups of employees should be treated equally in the employment relationship
Affirmative Action
Chap. 6
The principle that some groups of employees should receive a degree of preference in the employment relationship
Executive Order 11246
Chap. 6
The presidential executive order mandating affirmative action in employment by large federal government contractors
Motive
Chap. 7
A specific need or desire that arouses an individual and directs his or her behavior toward achieving a goal
Motivation
Chap. 7
The drive to achieve a goal in life
Primary Drives
Chap. 7
Instinctive or unlearned motives like hunger, thirst, and sex that direct behavior that is vital to survival
Secondary Drives
Chap. 7
Motives that are acquired through learning, such as a work ethic
Intrinsic Motivation
Chap. 7
Motivation for which the reward is provided by the activity itself
Extrinsic Motivation
Chap. 7
Motivation for which the reward is obtained as a consequence of the activity
Classical Theory: Taylor's Scientific Management Theory
Chap. 7
-Workers were interested only in money
-only one best way on getting a job done
Scientific Management
Chap. 7
Figuring out and using the best way of getting a job done by dissecting the work into its logical components
Piece-Rate System
Chap. 7
A compensation method where employees are paid on the basis of the number of units they produce
Time-And-Motion Studies
Chap. 7
Studies that measure the time taken to conduct each subactivity of a job in order to determine the best approach to performing the total job efficiently
Behavior Theory: The Hawthorne Studies
Chap. 7
Studies conducted by a group of engineers at the Hawthorne plant of Western Electric Company in Chicago in 1925 to determine the impact of changing light intensity on worker productivity
Behavior Theory: Hawthorne Effect
Chap. 7
The principle that when employees are given autonomy to control their work environment, they become more motivated, and this has a positive impact on employee morale, job satisfaction, and productivity
Maslows' Hierarchy Of Needs
Chap. 7
The principle that physiological needs are basic and must be satisfied before a person is motivated to satisfy higher levels of needs that have more subtle origins
Levels Of Maslows' Hierarchy Of Needs
Chap. 7
1. Physiological Needs
2. Safety Needs
3. Social Needs
4. Esteem Needs
5. Self-Actualization Needs
Herzberg's Motivation-Hygiene Theory: Motivation Factors
Chap. 7
Factors such as the job itself, responsibilty, and advancement which determine job satisfaction
Herzberg's Motivation-Hygiene Thoery: Hygiene Factors
Chap. 7
Factors that influence the work environment which determine job dissatisfaction
Herzberg's Motivation-Hygiene Theory
Chap. 7
The theory that job satisfaction and dissatisfaction are not part of the same spectrum
Motivation Factors
Chap. 7
-Achievement
-Advancement
-Recognition
-Responsibility
-The work itself
Hygiene Factors
Chap. 7
-Supervision
-Working conditions
-Interpersonal relations
-Pay and job security
-Company policies
McGregor's Theory X and Y: Theory X
Chap. 7
The theory that is based on the distrustful vision of human nature in general and employees in particular
McGregor's Theory X and Y:
Theory Y
Chap. 7
The theory that is based on the positive view of employees
Ouchi's Theory Z: Type Z
Chap. 7
A mix between U.S and Japanese business practices
Expectancy Theory
Chap. 7
The theory that an individual will be motivated to work hard to achieve a coveted reward, provided the prospect of receiving that reward is reasonalbe, or the individual will not bother at all
Equity Theory
Chap. 7
The theory that employees are motivated to work smart and contribute to the success of the firm as long as they believe that they are treated and compensated fairly relative to others with similar levls of education and professional experience
Reinforcement Theory
Chap. 7
The theory that is based on the principle that rewarding good behavior will lead to continued good performance, while penalizing unacceptable behavior will lead to reducing unacceptable conduct
Positive Reinforcement
Chap. 7
Giving of rewards by managers to try to strengthen employees' good behavior
Negaive Reinforcement
Chap. 7
Reprimanding of an employee by a manager to reduce unacceptable behavior
Reinforcer
Chap. 7
Any consequence that strengthens a specific behavior
Management By Objective(MBO)
Chap. 7
A top down approach to management that requires full collaboration of employees right down the line to be a success
Leadership
Chap. 7
The art of motivatin employees to enhance their performance in order to achieve corporate goals ethically
Servant Leadership
Chap. 7
The leader creating a work environment that induces participants to function at their best
Transactional Leadership
Chap. 7
The leader providing followers reward for good performance or reprimanding followers for unacceptable performance
Transformational Leadership
Chap. 7
The leader gaining the trust of and inspiring followers to work jointly to achieve the leader's vision for the organization and to benefit the members of the organization
Charismatic Leaders
Chap. 7
Energetic transformational leaders who are often considered heroes by the organization in their pursuit of a rosy vision for the future
Contingency Theories Of Leadership
Chap. 7
Theories that assert that leadership effectiveness is maximized when leaders make their behavior dependent ont he characteristics of their followers and the business environment
Leadership Style
Chap. 7
The behavior that top managers exhibit when dealing with their employees and professional staff
Autocratic Style
Chap. 7
A top-down approach to management where all decisions are made by the top manager with little if any input from employees or subordinates
Democratic Style
Chap. 7
A bottom-up approach to management where management receives input from its members and major policies are accepted for implementation on the basis of majority vote
Free-Rein Style
Chap. 7
An approach to management where employees are given complete freedom to perform their jobs the way they want within company rules and objectives
Contingency Approach To Leadership
Chap. 7
An approach to management where managers study the environment in which their companies operate to determine the appropriate leadership style to adopt
Marketing Mix
Chap. 8
The combination of products or services, prices, promotion, and distribution used to market products or services to specific markets over a specific period of time
Psychological Factors
Chap. 8
Learning, perceptions, motives, attitudes, and self-concept that affect what, why, and how consumers purchase goods and services
Learning
Chap. 8
Acquiring information, preferences, and habits that determine what, why, and how consumers purchase goods and services
Perception
Chap. 8
The awareness of cues or stimuli from the physical surroundings that affect what, why, and how consumers purchase goods and services
Attitudes
Chap. 8
Consistent ways of acting that determine what, why, and how consumers purchase goods and services
Self-Concept
Chap. 8
The combination of self-image, ideal image, looking-glass self, and real self that determines what, why, and how consumers purchase goods and services
Marketing Environment
Chap. 8
Areas outside the firm(competition, technology, economy, legal and political arenas, and culture) that companies need to monitor and react to
Competitor Intelligence(CI)
Chap. 8
Information about competitors
Business-To-Business Market
Chap. 8
The market where businesses purchase goods and services from other businesses.
Technology
Chap. 8
The development of new products and processes
Sherman Antitrust Act 1890
Chap. 8
Prohibits various activites that restrain trade. Puts restraints on attempts to monopolize
Clayton Act 1914
Chap. 8
An amendment to the Sherman Antitrust Act, it outlaws such specific practices as price discrimination, exclusive dealer arrangements, and tying arrangements where a customer has to buy a product from a company related to the one already being purchased from that company
Federal Trade Commission Act 1914
Chap. 8
Created the Federal Trade Commission and give it power to prevent unfair methods of competition
Robinson-Patman Act 1936
Chap. 8
Prohibits price discrimination that lessens competition among wholesalers and retailers
Wheeler Lee Act 1938
Chap. 8
Even if competition is not injured, acts and practices deemed to be unfair or deceptive are prohibited
Lanham Trademark Act 1946
Chap. 8
Provides protection for companies' brand names, brand marks, trade names, and trademarks
Marketing Information Systems(MIS)
Chap. 8
System that continually monitor, with heavy use of computers, a company's market, competition, customers, products, and marketing operations in order to determine if problems exist
Profit Margin
Chap. 8
A company's profit divided by its revenues
Return On Assets
Chap. 8
A company's profit divided by the assets used to obtain that profit
Return On Owner's Equity
Chap. 8
A company's profit divided by the amount of assets contributed to the company by its owners
Market Share
Chap. 8
The percentage of total units sold of a product or service divided into the number of units of that product sold by a specific company
Market Value
Chap. 8
The price of a company's stock multiplied by the number of shares of the stock
Strategies
Chap. 8
Ways that companies use to achieve their objectives
Sustainable Competitive Advantage(SCA)
Chap. 8
A strategy that gives a firm a significant edge over competition and can be maintained over an extended length of time
Core Competency
Chap. 8
The aspects of a company's operations that it is best at doing
Undifferentiated Strategy
Chap. 8
The plan of a company to make the same product and service available to all segments of a market
Niche Marketing Strategy
Chap. 8
The plan of a company to direct different market segments
First Mover
Chap. 8
The company that is first into a market with a new product or service
Positioning
Chap. 8
Endowing a new or existing product or service with attributes deemed important by a market so that the market perceives the offering as superior to competitive products on these attributes
Reliability
Chap. 8
The consistency with which a product is produced or a service rendered
Product Mix
Chap. 9
The combination of design, quality, brand name, package, warrant, and product line width and depth a company uses for its product lines
Product Design
Chap. 9
The tangible aspect of product, including materials, length, width, height, and hardness or softness
Product's Quality
Chap. 9
The physical aspects of a product tht affect its level of performance
Brand Names
Chap. 9
The name placed on a brand
National Brand
Chap. 9
Products that carry the brand name of the manufacturer
Private Brand
Chap. 9
Products that carry the brand name of the retailer
Generic Brand
Chap. 9
Products tht do not have a brand name, but contain only an indication of their contents on the package
Protective Package
Chap. 9
The package that safeguards products as they are being transported
Promotional Package
Chap. 9
The package that encloses a product whose purpose is to help sell the product as the retail level
Warranty
Chap. 9
An assurance made by a seller to a buyer about the quality of a product or service offered by the seller
Express Warranty
Chap. 9
An explicit warranty that is either written or spoken
Implicit Warranty
Chap. 9
An unwritten or unspoken warranty that exists because the Universal Product Code says that all goods are at least fit for the ordinary purpose for which they are used
Standardization Strategy
Chap. 9
Using the same product mix for internatinal and domestic markets
Adaptation Strategy
Chap. 9
Using a different product mix for products sold internationally than those sold domestically
Product Width
Chap. 9
The number of different product lines a company is marketing
Product Depth
Chap. 9
The number of specific products or brands within a product line
Brand Equity
Chap. 9
The monetary value or worth of a brand
External Source
Chap. 9
A source for new products that is located outside of a company
Lead Users
Chap. 9
High-profile firms in an industry that are good sources for new industrial products because their business methods are often emulated by other firms in the industry
Technology Transfer
Chap. 9
The adoption by one company for the development of new products of a technology that originated with another company
Internal Sources
Chap. 9
Sources for new products that are located within a firm
Screening
Chap. 9
The step inthe new product development process in which new product ideas are subjected to an initial evaluation
Concept Testing
Chap. 9
Presenting the general idea of a new product to a sample of the market in order to get its reaction
Business Analysis
Chap. 9
The step in the new product development process in which a new product's potential profits are estimated
Break-Even Formula
Chap. 9
The calculation that tells a company the number of unts a new product needs to sell in order for it to cover the cost of development and the expected profit
Product Life Cycle
Chap. 9
-Introduction Stage
-Growth Stage
-Mature Stage
-Decline Stage
Primary Market
Chap. 9
The segment of the market for new products whose needs and desires are the most compatible with a new product's features and benefits
Secondary Market
Chap. 9
The market for a new product whose needs and desires are nt as congruent with the new product's features and benefits as those of the primary market
Product Elimination
Chap. 9
The process whereby poorly performing products are dropped
20/80 Principle
Chap. 9
The idea that a small percentage of a company's products account for a large percentage of its revenues

20% effort=80% benefits
Elastic Demand
Chap. 9
A combination of prices and quantities demanded that indicates that the market is very responsive to prices
Inelastic Demand
Chap. 9
A combination of prices and quantities for a product that indicates that the market is not very responsive to a product's prices