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12 Cards in this Set
- Front
- Back
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rational decision making process |
1) recognizing and defining the decision situation 2) identify alternatives 3) evaluate each alternative in terms of feasibility, satisfactoriness, and consequence 4) select the best alternative 5) implement the chosen alternative 6)follow up and evaluate result |
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advantages of purchasing an existing company vs. starting from scratch |
-Less risky. -It’s easier to attract new business with an already established name. -Already existing customer base. -Starting a new business means spending a lot of time and money on basic items. -Start-ups aren’t expected to make money for the first three years. |
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disadvantages of purchasing an existing company vs. starting from scratch |
-dealing with all the problems of an existing business -not much freedom |
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Marketing Manager |
Works in areas related to the marketing function—getting consumers and clients to buy the organization’s products or services. |
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Financial Managers |
Deals primarily with an organization’s financial resources. |
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Operations Managers |
Concerned with creating and managing the systems thatcreate an organization’s products and services. |
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Human Resources Manager |
Responsible for hiring and developing employees. |
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Administrative Managers |
Not associated with any particularmanagement specialty. They have some basic familiarity with all functional areas of managementrather than specialized training in any one area. |
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Product Life Cycle |
A model that portrays how sales volume for products changes over the life of products (over time). |
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Social responsibility example |
Tom's Shoes donates one pair of shoes to a child in need for every pair a customer purchases. Ben and Jerry's developed a dairy farm sustainability program in its home state of Vermont. |
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Internal environments |
Within an organization. Internal environmental factors are easier to control. Ex) Management changes Employee morale Culture changes Financial changes and issues |
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External environment |
Outside of the organization and are harder to predict and control. External environmental factors can be more dangerous for an organization. Ex) Changes to the economy Threats from competition Government regulations |
