Business ch 6-10

Business ch 6-10

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Affiliate Marketing Internet-based marketing strategy that rewards businesses or individuals for each visitor or customer they send to a website.
Enterprise zone Geographic area in which business growth is encouraged by government through tax relief and other financial incentives.
Intrapreneurs Employees within a company who are assigned to develop a special project like an entrepreneur would.
Incubator Entities organized to deliver support services to businesses during start-up phase of operation.
Venture Capitalist Investors who provide capital to startup companies in exchange for ownership interests.
Small business Business that is independently owned and operated, organized for profit and not dominant in its field.
SCORE SBA organization with volunteers from business and industry who offer counseling services to businesses
SBA U.S. government agency that advises and assists small businesses through training, financial advice and loans.
SBIC Privately-owned investment company licensed by SBA that supplies small businesses with financing.
Market Groups of consumers or organizations with the desire and ability to buy a product.
Business Plan Written document describing nature of the business, target market, financial information and owner qualifications.
Entrepreneurship Accepting the risk of starting and running a business.
Tactical Plan Plan that translates general goals developed by strategic managers into more specific objectives and activities.
Contingency Plan Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective.
Strategic Plan Plan that establishes organization’s major goals and objectives and allocates resources to achieve them.
Technical Plan Knowledge of and proficiency in completing specific tasks
Conceptual skills Ability to see the organization as a whole and visualize how it fits into the broader environment.
Middle management People within a company who are in charge of departments or groups but below those in charge of the whole company.
PMI Decision making tool for weighing the pros and cons of a decision.
Top Management The most senior staff of an organization; i.e., Vice President, CEO, COO.
Mission statement Written declaration of purpose that affirms the highest priorities of the organization.
Objectives Statements of short-term, specific outcomes that are to be achieved by the firm.
Vision The answer to the question, “Why does this organization exist”?
Goals Long-term, measurable accomplishments to be achieved by the firm within a specified time frame.
Free-rein leader Leader who favors autonomy and allows group members to make decisions and take action as needed.
Autocratic leader Leader who maintains individual control over all decisions and accepts little input from subordinates
Democratic leader Leader who involves subordinates in goal setting, problem solving and decision making.
Transparency The full, accurate and timely disclosure of pertinent information to stakeholders of the firm.
Leading The process of guiding, influencing and motivating others to work toward common goals.
Organizing The grouping of people, resources and activities to accomplish the objectives of the organization.
Planning The process of establishing organizational goals and determining how to accomplish them.
Controlling The process of evaluating and regulating ongoing organizational activities to ensure that goals are achieved.
Brainstorming The process of generating creative ideas and solutions through unrestricted group discussion.
Problem solving The process of working through details of a predicament in order to reach a solution.
Decision making The process of selecting one alternative from the available alternatives.
Management Organization and coordination of activities of the firm in order to achieve defined goals and objectives.
Assembly Process Manufacturing method in which value is added by putting together components to create a product
Continuous process Manufacturing method to produce or process materials without interruption for long periods of time.
Mass customization Production of personalized or custom-tailored goods or services to meet customers’ individual needs.
Critical Path In a PERT chart, the sequence of activities that takes the longest time from start to finish.
Facility location The process of determining the geographic placement of facilities to serve the firm’s clients or customers.
Intrinsic reward A valued outcome that comes from within the individual, such as a sense of accomplishment and self-esteem
Extrinsic reward A valued outcome that is tangible, visible to others and external, such as a raise, promotion or praise.
Theory X Management view that employees are lazy, uninterested in work, and need to be prodded to perform their jobs.
Theory Y Management view that employees enjoy work and take responsibility for meeting their work requirements.
Theory Z Management view that employee involvement in the organization and decision-making leads to productivity.
Job enrichment Motivation technique to improve job satisfaction by incorporating task variety and responsibility.
Job enlargement Increasing the scope of the job by combining several tasks into a single, more challenging assignment.
Job rotation Motivation strategy in which employees are moved between two or more jobs in a planned manner.
Hygiene factors Factors in a job necessary to avoid worker dissatisfaction but do not improve job satisfaction
Motivators Workplace factors that provide employees with job satisfaction and presumably motivation.
MBO Motivation technique in which managers and subordinates collaborate in establishing performance goals and objectives.
Scientific Method Management approach concerned primarily with the physical efficiency of the work process.
Self-actualization The process of growing and developing as a person to achieve individual potential.
Equity theory Motivation theory stating that employees seek a balance between their inputs/outputs compared to others in similar positions
Hierarchy of needs equence of human motivation needs arranged by ascending order of importance, developed by Abraham Maslow.
Expectancy theory Motivation theory stating that motivation depends on how much we want something and how likely we believe we are to get it.

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