Business Dynamics Midterm STUDY GUIDE, Chapter 7 Business Dynamics, Business Dynamics Chapter 6 , Chapter 3 Business Dynamics, Business Dynamics Chapter 10, Manufacturing and Services in persepctive

5 factors of the business environment

1. The economic and legal environment 2. The technological environment 3. The competitive environment 4. The social environment 5. The global business environment

B Corp

A certification that someone gets for having his or her business organization meet a certain standard

25 and 50 and six months to write

A good business plan is between ______ ________ and takes at least _____ __________ __ ___________

consumer wants and needs

A major theme in business is that the company's most responsive to what succeed?

quality of life and standard of living

A nation's businesses are part of an economic system that contributes to the _______ _____ ________ and the ______ _____ ________ for everyone in the country.

Gantt Chart

A time and activity bar chart that is used for planning, managing, and controlling major programs that have a distinct beginning and end.

1 percent and 1/3

About __ __________ of the thirty million small businesses in the US export, but they account for about ____ of the total exports in the US

Foreign Corrupt Practices Act (1978)

Act that makes it illegal for employees of U.S. companies to make "questionable" or "dubious" contributions to political decision makers in foreign nations

allocating resources, assigning tasks and establishing procedures

After managers have planned a course of action they must organize the firm to accomplish their goals. How can they do this

it faces increased competition from all over the world

Although American industry is more productive than ever,

prohibits employers from discriminating against qualified individuals with disabilities in hiring, advancement or compensation and requires them to adapt the workplace if necessary

Americans with Disabilities Act of 1990

didn't always deliver when they needed to and therefore manufacturers had to carry large inventories of raw materials.

Another flaw in the mass production process is that suppliers

400,000

Approximately how many businesses are started annually?

information

As a country we went from agricultural/manufacturing to service to ?

Energetic

Being able to work constantly and have a never ending motor are the traits of someone who is?

meet the needs of small markets with very little increase in cost

Both the use of CAD and CAM make it possible to custom design products to

make retention of employees easier

Businesses look for a high quality of life for managers and workers in order to

economic recovery

CDFIs play a big role in

Tyco Scandal

CEO Dennis Kozlowski and CFO Mark Swartz stole $150 million through unapproved loans and fraudulent stock sales and inflated company income $500 million dollars

long run

CSR supporters believe that Corporate social responsibility makes more money in the

Peer to Peer Crowdfunding

Companies like GoFundME and Kickstarter where companies accept small donations in exchange for perks.

Federal Trade Commission

Companies must prove to the ______________ ____________ ___________ that the new combined company does not limit competition unfairly

greater

Competition among businesses has never been

Certified Public Accountant (CPA)

Corporations often seek the help of this person in order to handle their complex corporate tax returns

Wells Fargo Scandal

Employees created accounts without owners knowledge for commission ($2B in fines, stock dropped 18%)

many producer to their plants in Malaysia, China, India, Mexico, Vietnam and other countries.

Even though labor is becoming a smaller percentage of the cost of production, availability of low-cost labor or the right kind of skilled labor remained the key reason to move

employees

Even though top managers are responsible for strategic planning, it is important for them to listen to those who might have the best Stategic insights ____________

established a minimum wage and overtime pay for working more than 40 hours a week for employees who are not otherwise exempt. Amendments expanded the classes of workers covered, raised the minimum wage, redefined regular work, raised overtime payments, and equalized pay scales for men and women.

Fair Labor standards act of 1938

The need to inspect work required extra people and resources If an error was found someone had to correct the mistake or scrap the product which is costly if the customer found the mistake he or she might be dissatisfied and might even buy from another firm after

Firms used to conduct quality controls at the end of each production line. What three problems did this result in?

an accurate production schedule and excellent coordination with carefully selected suppliers who are connected electronically so they know what will be need and when

For a JIT system to wokr correctly a company requires

another company

For contract manufacturing a company makes goods for

personnel

For many years human resource management was called?

the independence

For people that do not enjoy working for someone else one of the benefits of entrepreneurship is?

soveriegn wealth funds

Funds to invest in other countries controlled by The gov but can be used only in the Domestic country

175,000 businesses

How many businesses close every year in the United States

3/4

How many of US citizens don't volunteer for reasons of thinking it will take too much time?

labor

Human effort directed toward producing goods and services (being replaced by technology)

is the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

Human resource managament

expropriated (taken over by the foreign government)

If relationships with a host country faulter the firm's assets could be

committing business mail practice resulting in a judgment that takes your assets

If you are a limited partner in an LLP you don't have to worry about one of your partners?

Entrepreneurs looking for a business idea

Imagine a search party, walking in the dark, shining lights, looking around, asking questions, and looking for informations? This is an analogy often used for

6 people

In 1980 it took 25 people to produce $1million worth of manufacturing output. Today it takes

United States-Mexico-Canada Agreement (USMCA)

In 2018 NAFTA was revised to become the

choose between equally unsatisfactory alternatives

In ethical dilemmas sometimes you must

doctors, professors, software developers, engineers or other professionals

In what fields is free-rein leadership often most successful?

What are some exceptions to the ADEA regulation?

It does not allow restrictions for certain jobs such as airline pilot or bus drive if evidence shows that the ability to perform significantly diminishes with age or that age imposes a danger to society

embrace and manage change

Managers strive to produce order and stability whereas leaders

CEO

Many companies today have eliminated the COO and combined that with the

code of ethics

More and more companies are adopting this which are general guidelines on ethics

70 and 80

More than __ percent of the US GDP is consumer spending and about __ percent of jobs are now in the service sector

corrupt

Officials that make it difficult to act as business by accepting bribes and making entrepreneurship difficult

people (they tend to cluster where smart and talented people are like silicon valley)

Often what is the most important resource for companies

items in storage for later use

One major cost of production is the expense of holding

effectiveness , job satisfaction

Participative leadership may not always increase ___________ but it almost always increases __________

ability to serve additional customer groups, ability to expand product lines, ability to transfer skills and technology to new products, failing trade barriers in attractive foreign markets, complacency among rival firms, ability to grow due to increase in market demand.

Potential external opportunities?

sensor can detect immediately and notify someone to make the needed changes

Products are starting to be able to be tracked from the beginning of production to the point of delivery, The moment that anything goes wrong a

above and beyond

Profit is everything _________ and __________ the money you pay for equipment, salaries, and your own salary

engineers and software developers

Rather than relying on low-skill assembly-line workers, modern factories depend on ______________ and ______________ _____________ to operate their cutting edge equipment and technology

keep them

Remember it isn't enough to get customers you have to

giving entrepreneurs advice, and in some cases rescheduling loan payments

SBICS keep defaults to a minimum by identifying a business's trouble spots early

executive summary

Section one of comprehensive business plan - begins with a two-page or three page management summary of the proposed venture. Includes a short description of the business and discusses the major goals and objectives of the company

suppliers and other companies in order to satisfy customer needs

Service sector businesses must develop relationships with

in a deficit meaning we have imported more than we exported

Since 1975 the balance of payments in the US has been

The service Sector

Since the mid 1980s what field has generated almost all the increases in employment in the US?

laterally

Since there is a flat organizational structure employees move ___________ rather than up

knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources (information technology has revolutionized this part of business)

unethical

Societies run into trouble when they consider only what is illegal as

form

Sole proprietorships and partnerships are relatively easy to

less than 1%

Technology has made the number of farmers drop from 33% of the population to

Preseident

The CEO is often the same person of the

70%

The continued Intergration of AI could take over almost ___ of routine jobs currently performed by managers with in the next four years

a market need

The goal of creating a business is to fill

online

The internet has changed the purchasing function because businesses can now search for the best prices

computer-aided manufacturing (CAM)

The next step was to bring computers directly into production process with

much larger and much more lucrative than just the US market

The world market is

Lehman Brothers Scandal

This global financial services firm hid over $50 billion in loans as sales and the company went bankrupt as a result

bernie l madoff investment securities

Tricked investors out of 64.8 billion in the largest Ponzi scheme ever paid investors returns out of their pocket or money of other investors instead of profits.

make the most profit

Usually enterprises that take the most risk

businesses, nonprofits, and government agencies

What 3 agencies are required to maintain a high quality of life?

Land, Labor, Capital, Entrepreneurship, and knowledge

What are the 5 factors of production? (resources used to create wealth)

If companies tell anyone they must tell everyone

What does fair disclosure mean?

The business stops existing

What happens if you die and you own a sole proprietorship?

If their borrowers don't pay back their loans, CDFIs are hit no investors

Why do CDFIs have incentives to see the businesses they loan money to succeed?

Advancements in technology and automation

Why do the numbers of factory workers continue to fall despite increases in productivity?

small business exporting

With support from the US commerce department what has drastically increased in the past decade

less workers are needed

Workers are so productive today that

Businesses and employees

_________ and their __________ pay taxes that the federal government and local communities use to build hospitals, schools, libraries, playgrounds, and roads, and other public facilities.

mentor

a corporate manager who supervises, coaches, and guides selected lower level employees by introducing them to the right people and generally acting as their organizational sponsor

distribute any dividends

a corporation pays tax on its income before it can

multinational corporation

a corporation that manufactures and markets products in many different countries and has multinational stock ownership and management

the Self employment assistance program

a few states offer assistance to qualified candidates in the entrepreneurial role by offering

contract manufacturing

a foreign company produces private-label goods to which a domestic company then attaches its own name or trademark

sole proprietorship, partnership, or corporation

a franchise can be formed as a

a bribe

a gift in one culture could be considered what in another?

Program Evaluation and Review Technique (PERT)

a method of analyzing the tasks involved in completing a give project, estimating the time needed to complete each task, and identifying the minimum time need to complete the project

a gig

a single project or task for which a worker is hired, often through a digital market place, to work on demand

ethics

a society's accepted standards of moral behavior; that is behaviors accepted by society as right rather than wrong

Malcolm Baldridge National Quality Awards

a standard was set for overall company quality with the introduction of the

influence the actions of others

a successful leader must

social audit

a systematic evaluation of an organizations progress toward implementing socially responsible and responsive programs

apprentice programs

a trainee works alongside an experience employee to master the skills and procedures of a craft

outlawed employment practices that discriminate against people 40 and older. An amendment outlaws requiring retirements by a specific age

age discrimination in employment act of 1967

land

all natural resources used to produce goods and services

SWOT analysis

an analysis that looks at a companies strengths weaknesses opportunities and threats

Database

an electronic storage file for information

Nonprofit organizations

an organization whose goals do not include making a personal profit for its owners or organizers. These organizations often do strive for financial gains, but they use them to meet their social or educational goals rather than for personal profit

cooperatives (co-ops)

an owned and controlled by the people who use it- producers, consumers or workers with similar needs who pool their resources for mutual gain

environmentalists

apply pressures by naming companies that don't abide by environmental standards

job specifications

are a written summary of the minimal education and skilled required to do a particular job

Hay Method

assigns a job grade each of which has a strict pay range. The system is set up on a point basis with three basic key factors knowledge, problem solving, and accountability

customers to serve, when to serve them, what products or services to sell, and the geographic areas in which to compete

at the strategic planning stage top managers of the company decide which

prohibits asking questions about convictions on job applications and initial interviews

ban the box rule

gain-sharing systems

base bonuses on improvements over previous performance

So=elf Nurturing

believing in your idea even when no one else does and being able to replenish your own enthusiasm are the traits of someone who is?

golden handshakes

benefits to entice older workers to retired

Policies

broad guidelines for action

commercial loan officer

can help you design an acceptable business plan and give you valuable financial advice as well as lend you money when you need it

Industrial Robots

can work 24 hours a day, seven days a week with great precision

for firms with 15 or more employees, outlawed discrimination in employment based on sex, race, color religion, or national origin

civil rights act of 1964

Brainstorming

coming up with many solutions as possible in a short period of time with no censoring ideas

market-based pay structure

compensate people based the market value of their job regardless of their level in the organization

the business environment

consists of the surrounding factors that either help or hinder the development of a business

twice

corporate income is taxed

Central American Free Trade Agreement (CAFTA)

created a free-trade zone with Costa Rica, the Dominican Republic, El Salvador, Guatemala, Nicaragua, and Honduras that has worked well since being signed in 2006

Stakeholders

customers, employees, stockholders, suppliers, dealers, bankers, people in the community, media, environmentalists, competitors, unions, critics and elected officials are all examples of

integrity based ethics codes

define the organizations guiding values, create an environment that supports ethically sound behavior and stress shared accountability

Online training

demonstrates how technology is improving the efficiency of many off the job training programs

debts of the firm no matter who is responsible for causing them

each general partner is liable for the

compliance based ethics code

emphasizing preventing unlawful behavior by increasing the control and penalizing wrongdoers

corporate social initiatives

enhanced forms of corporate philanthropy directly related to the company's competencies

specified that men and women doing equal jobs must be paid the same wages

equal pay act of 1963

Controlling

establishes clear standards to determine whether an organization is progressing toward its goals and objectives rewarding people for doing a good job and taking corrective action if they are not.

knowledge management

finding the right information, keeping it in a readily accessible place, and making it known to everyone in the firm together constitute the tasks of

Shadowing

following a person around their career is called

specific, attainable, and measurable

for managers to measure results the standards must be

flextime plans

gives employees some freedom to choose which hours to work as long as they work the required number of hours or complete their assigned tasks

Empowerment

giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests

socially conscious research organizations

groups such as Ethisphere, analyze and report on corporate responsibility efforts

Leading

guiding and motivating employees to work effectively to accomplish organizational goals and objectives, giving assignments, explaining routines, clarifying policies, and providing feedback on performance all fall under?

production management

has described the activities that helped manufacturing plants make goods

limited partnerships

has one or more general partners and one or more limited partners

gig economy

hiring contingent workers is so common that sometimes the economy is called the

it can limit absences, increase productivity, and save money

how can work at home benefit employers

Union officials

hunt down violations and force companies to comply to avoid negative publicity

absolute advatage

if it can produce a specific product more efficiently than all other countries

legal and regulatory environment.

in any economy the conduct and the direction of business are firmly tied to the

corporate responsibility

includes essentially everything that has to do with acting responsibly in society

employee turnover

increased benefits for employees reduces

whistleblowers

insiders who report illegal or unethical activities

services

intangible products such as education, health care, insurance, recreation, and travel.

WorldCom Scandal

international accounting irregularities such as not disclosing debt and falsely counting revenue that was not received made the company look $11 billion more profitable. Led to 30,000 jobs lost and 180 billion dollars in losses to investors (CEO Bernie Ebbers)

soverign wealth funds

investment funds controlled by governments holding investment stakes in foreign companies

participative (democratic) leadership

involves managers and employees working together to make decisions

The small business administration

is a US government agency that advises and assists small businesses by providing management training and financial advice/loans

Job Analysis

is a study of what employees do who hold various job titles

general partner

is an owner who has unlimited liability and is active in managing the firm

limited partner

is an owner who invests money in the business but does not have any management responsibilities or liabilities for the business if it has any losses beyond his or her own investment

Management

is carrying out a leader's vision

decision making

is choosing among two or more alternatives

leadership

is creating a vision for other to follow establishing corporate values and ethics and transforming the way the organization does business in order to improve its effectiveness and efficiency

Strategic Planning

is done by top management and determines the major goals of the organizations and the policies, procedures, strategies, and resources it will need to achieve them

vestibule training

is done in classrooms with equipment similar to that used on the job so that employees learn proper methods and safety procedures before assuming a specific job

problem solving

is less formal decision making and usually calls for quicker action to resolve everyday issues

vision

is more than a goal; its a broad explanation of why the organization exists and where it is trying to go

acquisition

is one company's purchase of the property and obligations of another company

continuous process

is one in which long production runs turn out finished goods over time

COO

is responsible for putting those changes into effect

balance of payments

is the difference between money coming into a country (from exports) and the leaving the country from (imports) plus money flows coming into or leaving the country from other factors such as tourism, foreign aid, military expenditures, and foreign investments

purchasing

is the function that searches for high quality material resources, finds the best suppliers, and negotiates the best price for quality of goods and services

free trade

is the movement of goods and services among nations without political or economic barriers

core time

is the period when all employees are expected to be at their stations

trade protectionism

is the use of government regulations to limit the import of goods and services

exchange rate

is the value of one nation's currency relative to the currencies of other countries

Form Utility

is the value producers add to materials in the creation of finished goods and services, such as by transforming silicon into computer chips or putting services together for a vacation package

the economic and competitive landscape changes so fast

it is wise to have alternative plans ready for action because

job description and job specification

job analysis are two written statements:

Understudy positions

job titles such as undersecretary and assistant are part of a relatively successful way of developing managers

horizontal merger

joins two firms in the same industry and allows them to diversify their products (soft dirt i and mineral water company)

vertical merger

joins two firms operating in different stages of related business (a car manufacturer merging with a motor manufacturer)

Dodd-Frank Wall Reform and Consumer Protection

law includes a bounty or provision that allows corporate whistleblowers who provide information that leads to successful enforcement action to collect 10-30 percent of the total penalty to the total penalty violates that exceed $1 million dollars

the responsibility for their actions

leaders need to be held accountable and need to feel

Directing

leading was once known as

Conceptual Skills

let the manager picture the organization as a whole and see the relationships of its various parts. Needed in planning, organizing, controlling, systems development, problem analysis, decisions making, coordinating and delegating.

On-the-job training

lets the employee learn by doing, or watching others for a while and then imitating them right at the workplace

job sharing

lets two or more part time employees share one time full time job

import quota

limits the number of products in certain categories a nation can import

Standard 7(a) loans

loans made by financial institution that the government will repay if the borrower stops making payments the max amount ending $5 million dollars

export express

loans made to small businesses wishing to export. The maximum guaranteed loan amount is $500,000

Community Adjustment and Investment Program (CAIP)

loans to businesses to create new, sustainable jobs or to preserve existing jobs in eligible communities that have lost jobs due to changing trade patterns with mexico and canada following the adoption of NAFTA

CAPLine loans

loans to help small businesses meet their short-term and cyclical working capital needs. -the maximum CAPLine loan is $5 million

no waste

many businesses aspire to be so effective and efficient that they create

modular layout

many companies are moving from an assembly line layout to a

exit interviews

many companies conduct an _______ __________ to try and understand why an employees leaves with an outside expert

micropreneurs

many home based businesses are run by

production themselves

many rapidly growing companies do very little

set direction

market based companies often simply _____ ___________ rather than set strategic detailed plans

floating exchange rates

markets operate under a system called __________ ___________ _________ which means that currencies float according to the supply and demand for them in the global market for currency

low cost quality and flexibility

mass production creates _____ _________ but also causes a drop in __________ and ____________

venture capitalists

may finance your project for hefty stake in your company in exchange for the cash to start your business

low value of the dollar

means a dollar is traded for less foreign currency

high value of the dollar

means a dollar is trading for more foreign currency that previously

mass customization

means tailoring products to meet the needs of a large number of customers is now widely practical

limited liability

means that the limited partner's liability for the debts of the business is limited to the amount they put into the company. Their personal assets are not at risk

to customize

means to make a unique product or provide service to specific individuals

control function

measures performance relative to the planned objectives and standards, rewards people for work well done, and takes corrective action when necessary

Controlling

measuring the results against corporate objectives, monitoring performance relative to standards, rewarding outstanding performance, and taking corrective action when necessary all fall under?

by computers working with vast amounts of data.

most advanced manufacturing techniques are driven

many senior mangers are male

most women have trouble networking or finding mentors because

Established collective bargaining n labor- management relations and limited management interference in the right of employees to have. a collective bargaining agent

national labor relations act of 1935

regulates safety and health conditions in most private industries and some public-sector organizations

occupational safety and health act of 1970

incubators

offer new businesses in the crucial stage of early development low cost offices with basic services such as accounting, legal advice, and secretarial help

get out of it

once you have committed to a partnership it is often difficult to

manufacturing capacity

only firms that have a _____________ _____________ are considered multinational corporations

specific supervisors, department managers, and individual employees

operational planning loos at

those who use the service

operations management in the service industry is all about creating a good experience for

on budget, and to specifications

operations managers must ensure the products are manufactured and delivered on time,

external

opportunities and threats to a organization are often

global trade

opportunities grow more interesting and more challenging each day

the risk associated with that

part of being free in a country is the ability to open your own business and accept

market

people with unsatisfied wants and needs who have both the resources and the willingness to buy

process manufacturing

physically or chemically changes materials

Manufacturing

production as historically meant

continuous or intermittent

production processes are either

SBA express

program that accelerates the SBA response time to 36 hours. Loan limit is $350,000

Title 7 of the Civil Rights Act of 1964 brought the government directly into the operations of human resource management by

prohibiting discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions or privileges based on an employees race, religion, creed, sex, or national origin.

EACs

provide hands on exporting assistance and trade finance support for small and medium sized businesses that wish to directly export goods

comprehensive employment and training act of 1973 (CETA)

provided funds for training unemployed workers

assembly process

puts components together to make a product

What is there a shortage of that human resource managers have to look for?

qualified workers

protective tariffs

raise the retail price of imported products so that domestic goods are more competitively priced

standard of living

refers to the amount of goods and services people can buy with the money they have

corporate Policy

refers to the position a firm takes on social and political issues

Culture

refers to the set of values, beliefs, rules and institutions held by a group of people

skill-based pay

rewards the growth of both the individual in team. Base pay is raised when the team members learn and apply new skills. a cross-functional compensation policy ream defines the skills.

the number of human jobs available

robots have completely changed manufacturing by improving productivity while also reducing

Appendix

section 9 of a comprehensive business plan -Include all marketing research on the product or service and other information about he product concept or market size. Provides a bibliography and demonstrates the company won't be entering a declining industry

open (public) corporations

sell stock to the general public

tripled

service businesses have also ___________ the use of artificial intelligence in the last three years

over letter

should summarize the most attack i've points of your project in as few words as possible. Be sure to address the letter to the potential name of the investor directly.

a managerial pyramid

show the organization's levels of management

Long hours and vacations

small businesses have these often and rarely take these?

Community Development financial institutions

sources of funding for businesses in lower developed areas. They have the incentive to make sure their clients succeed.

Investor zones (empowerment zones or enterprise communities)

specific geographic areas to which government attract private business investment by offering lower taxes and other government support

enterprise zones

specific geographic areas to which governments try to attract private business investment by offering lower taxes and government support

job description

specifies the objectives of the job, type of work, the responsibilities and duties, working conditions, and the job's relationship to other functions

undercapitalized

starting with an inadequate amount of money

Comparative advantage theory

states that a country should sell to other country should sell to other countries those products it produces most effectively and efficiently and buy from other countries those products it cannot produce as effectively or efficiently

will benefit

students who can see future tends and have the technological and creative skills to work in tomorrow's highly automated factories and modern service facilities

Directing

telling people what to do to meet the goals and objectives of an organization

quality of life

the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

recruiting, selecting, training, developing, appraising, compensating, and scheduling the labor force

the human resource strategic plan must address what

Labor-Intensive businesses

the primary cost of operations is the cost of labor in

Management

the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

shorter time between orders and payment, less staff needed to do ordering and order processing, reduced inventories and better customer service.

the result of MRP or ERP is

Information Technology

this includes computers, software, Wi-Fi, e-mail, voice mail, texting and so forth gives firms and employees increased flexibility to choose locations while staying competitive in mainstream markets

Incorporation

this may cost thousands of dollars and requires lawyers and accountants, but allows you to create a corporation

diversity

this means much more than recruiting and retaining minority and female employees, efforts to include older adults, people with disabilities, people with different sexual orientations, atheists, religious people, extroverts, introverts, married people and single people

Micropreneurs

those who are interested in maintains a balanced lifestyle while doing the kind of work they want are called

profits or return or investment

traditional measures of success are usually financial and they define success in terms of

short term and long term

training focuses on ____________- ____________ skills, whereas development focuses on ___________-______________

conglomerate merger

unites firms in completely unrelated industries in order to diversify business operations and investments (soft drink buying a chip manufacturer)

insider trading

uses private company information to further insiders' own fortunes or those of their family and friends

In 1972, the equal opportunity act strengthened the Equal employment opportunity commission which was created by the civil rights act by giving

very broad power (permitted to issue guidelines, mandated specific record keeping procedures, and vested it with the power of enforcement to ensure these mandates get carried out).

internal

weaknesses and strengths are often

vertical, horizontal, and conglomerate

what are the three types of mergers?

Google, apple, IBM, Cisco, and AT&T

what companies are examples of participative leadership?

Enabling workers

what is the key to success of empowerment?

executives

who finds planning to be their most valuable too?

astronauts, airline pilots, and the procedures of the job

who gets job simulation training?

managers or teams of managers at lower levels of organizations

who usually make tactical plans?

they are labor intensive

why do service organizations struggle with high employee cost?

an insurance agent

will explain all the risks associated with a small business and how to cover them most efficiently with insurance and other means like safety devices and sprinkler systems

What is one reason that the tole of human resource management has grown?

A shift from traditional manufacturing industries to service and high-tech manufacturing industries requires businesses to hire workers with highly technical job skills.

getting the right information into the plan

Getting the completed business plan into the right hands is almost as important as

smooth running elevators, fine restaurants, comfortable beds, and a front desk that processes people quickly.

In example what would operations management include in the Hilton hotels

empower employees and give the freedom to become self-directed and self motivated

In large corporations what is the trend with leading

high quality goods good value goods outstanding service

In order to be successful in today's markets companies must offer what three things

global environment for business

In terms of the 5 factors that influence business success the most important is the

where business activity flows and contacts are made

In the 1988 the us supreme court ruled it illegal to bar woman from certain clubs

giving assignments, explaining routines, clarifying policies, and providing feedback on performance

In traditional organizations directing includes

just in time to go on the assembly line

JIT systems keep a minimum inventory on the premises and work to deliver parts suppliers and other needs

tech industry

Many American factories have struggled to fill positions as engineers and computer experts have migrated to the

Insourcing

Many foreign companies are setting up design and production facilities here in the United states. This is known as

outside consulting

Most small businesses should look for ___________ ______ on things they don't understand

96%

Of all non farm businesses what percentage of them are considered small business?

inexpensive research study

One of the best resources you can have is an _____________ ___________ ______________ because it may help you locate, who to select as your target, and what is an effective strategy for reaching it

apprentice with a training period, and then offer to the owner that you will take over if they want to step down and only take 40% of the profits

One way to take over a successful business is to find a businessperson who owns a small business and tell him or her you are eager to learn the business and would like to serve as an

Financial plan

Section 4 of a comprehensive business plan - process a five year projection of income, expenses and funding sources. Assumptions should be reasonable and used to determine the estimates. Make sure all totals add up and are consistent throughout the plan and if necessary hire a professional accountant or financial analyst to prepare these statements

quality

Some businesses have found a competitive edge by focusing on _________, with the goal for the companies to have 0 defects

loyalty

Studies have show that companies with good ethical reputations have greater customer _________ and draw more customers in

a favorable or positive balance of payments (money is flowing into the country)

The goal when it comes to a balance of payments that goal is to have

Global markets

The hurdles to success are much higher and more complex what type of market?

The Business to Business market (B2B)

The internet is crucial for communication in what business related market?

a reduced salary to work for a socially responsible company

The majority of millennials surveyed said they would take

a large business

The management of small charities, government agencies, churches, schools and unions, is much the same as the management of

family members and business associates

The most common source of financing for a business after personal savings are

goods, services, and ideas

The production process consists of taking the factors of production and using those inputs to produce

have three years experience in a comparable business

The rule of thumb for staring a business is to

one that is independently owned and operated for profit and is not dominant in its field (also has some requirements of size in terms of employees and of annual receipts)

The small business administration defines a small business as

never ending process of continually improving what a company produces

The struggles associated with end of the line quality checks made companies realize that quality is not an outcome; it is a

computer-integrated manufacturing (CIM)

The uniting interface of computer aided design and computer aided manufacturing

Export Assistance Centers (EACs)

To meet increasing global demand for competition the US department of Commerce created

show quality in key areas such as leadership, strategic planning, customer and market focus, information analysis, human resource focus, process management, and business results.

To qualify for a Malcolm Baldridge National Quality Award companies must

than men

Today more women are working in the paid workforce

China

Today the US runs its highest trade deficit with what country?

service

Todays economy overwhelmingly depends on ____________ rather than manufacturing

What are some challenges present in human resources?

Uncertainty in global politics and increased attention on hiring immigrants technology such as talent networks, crowdsourcing, and internal social networks Multigenerational workforces shortages of trained workers in growth areas such as computer technology, biotechnology, robotics, green technology and the sciences large numbers of skilled and unskilled workers from declining industries such as steel and automobiles, who are unemployed or underemployed and need retaining. Underemployed workers are those who have more skills or knowledge than their current jobs require or those with part time jobs that want to be full time workers A growing percentage of new workers who are undereducated and unprepared for jobs in the contemporary business environment a shortage of workers in skilled construction trades due to the retirement of skilled baby boomers retiring The baby boomer brain drain. 10,000 baby boomers retiring every year an increasing number of both single parents and two income families resulting in demand for job sharing, maternity and paternity leave, and special career advancement programs for women. a shift in employee attitudes toward work, leisure time has become much higher priority an increased demand for temporary part time workers a challenge from overseas labor pools whose members work for lower wages and are subject to fewer laws and regulations that US workers an increased demand for benefits tailored to the individual cost effective to the company growing concern over child care regulations a decreased sense of employee loyalty which increases turnover implementation of human resource information systems

Computer Aided design and manufacturing, flexible manufacturing, lean manufacturing, mass customization, robotics, and 3D printing

What 6 things made US companies much more competitive:

Samuel Adams Boston Lager

What US brewer is collaborating with Germany's Bitburger brewer to produce Oktoberfest beer?

They offer more personal customer service and the ability to respond quicker to opportunities

What advantages do small businesses have over larger ones?

the right to safety, the right to be informed, the right to choose, and the right to be heard

What are JFKs four basic rights of consumers?

Integrity, respect for human life, self control, honesty courage, and self sacrifice are right. Cheating, Cowardice, and cruelty are wrong.

What are common ethical values among many cultures?

Filling little niches in the market

What are small business and markets better at doing than large markets?

getting new customers, managing time, keeping work and family tasks separate, abiding by city ordinances, managing risk

What are some challenges of home based entrepreneurship?

Venezuela, Syria, North Korea, and Cuba

What are some countries that the US has embargos with?

sociocultural forces, economic and financial forces, legal and regulatory forces, and physical and environmental forces

What are some differences that cause hurdles for countries doing work in foreign countries?

The EU, Mercosur, the association of Southeast Asian nations or the common market for eastern and southern markets

What are some examples of Common markets?

Antitrust law, labor relations, patents, copyrights, trade practices, taxes, product liability, child labor, and prison labor

What are some examples of laws that differ from country to country?

Consultants, video producers, architects, and bookkeepers

What are some examples of micropreneurs?

setting annual budgets, deciding on other activities necessary to meet strategic objectives.

What are some examples of tactical plans?

-businesses that need a lot of personal attention to customers such as salon are not easily accessed in large businesses -If the area is unattractive to businesses because of things such as high crime small business can step into these areas and do well -The owners have better access to making quick changes based on other competitors actions

What are some factors that contributed to success in small business?

Enforceable Contracts Tradable Currencies minimal government intervention

What are some factors that play a role in making the economic or legal environment good for entrepreneurship?

Conform to outside standards avoid criminal misconduct, lawyers are a major feature of education, reduce employee discretion, and controls and penalties

What are some features of a compliance based ethics codes?

-No stock -Fewer incentives -Taxes -Paperwork

What are some of the disadvantages of LLC?

Limited financial resources, management difficulties, overwhelming, time commitments, few fringe benefits, unlimited liability, limited growth, and limited life span

What are some of the disadvantages of sole proprietorships?

one partner can learn the other's technology and business practices shared technology may become obsolete ventures may become to large to be as flexible as needed

What are some of the drawbacks of joint ventures?

entry of lower cost foreign competitors, rising sales of substitute products, slower market growth, costly regulatory requirements, vulnerability to recession and business cycles, changing of buyer needs and tastes

What are some positive external threats?

core competencies in key areas, an acknowledgement of market leader, well conceived functional area strategies, proven management, cost advantages, and better advertising campaigns

What are some potential internal strengths of a business?

no clear strategic direction, obsolete facilities, subpar profitability, lack of managerial depth and talent, weak market image, too narrow of a product line

What are some potential internal weaknesses of a business?

To keep a good reputation, to maintain customers and attract new ones, to avoid lawsuits, to reduce employee turnover, to avoid government intervention in the form of new laws and regulations controlling business activities, to please customers, employees and societies and simply to do the right thing

What are some reasons be managed ethically for what reasons?

-underpricing/overpricing -Starting with too little capital and being careless in its use. -lacking experience -borrowing too much money -not accounting for set backs in production -forgetting about taxes, insurance and other costs of doing business -mistaking freedom for the ability to work only when you want

What are some reasons small businesses fail?

cover letter, executive summary, company background, management team, financial plan, capital required, marketing plan, location analysis, manufacturing plan, appendix

What are the 10 sections of a business plan?

prepare a human resource inventory of the employees, prepare a job analysis, assessing future human resource demand, assessing future labor supply, and strategically plan

What are the 5 tasks that human resource managers usually do?

Define the situation Describe and collect needed information develop alternatives Decide which alternative is best Do what is indicated determine whether the decesion was a good one and follow up

What are the 6 Ds of the decesion making model?

establishing performance standards, communicating those standards, evaluating performance, discussing results with employees, taking corrective action, using the results to make decisions

What are the 6 steps of the performance appraisals?

Top Management must adopt and unconditionally support an explicitly corporate code of conduct employees must understand that expectations for ethical behavior begin at the top and that senior management expected all employees to act according Managers and others must be trained to consider the ethical implication of all business decisions an ethics office must be set up with which employees can communicate anonymously and these whistleblowers must feel protected from retaliation outsiders such as suppliers, subcontractors, distributors, and customers must be told about the ethics program. pressure to put aside ethical considerations often comes from the outside and it helps employees resist such pressure when everyone knows about the ethical standards the ethics code must be enforced with timely action if any rules are broken. Firing for example is the most forceful way to communicate to all that ethics codes are taken seriously

What are the 6 steps that can improve business ethics?

limited liability, choice of taxation, flexibility ownership rules, flexible distribution of profits and losses, and operating flexibility

What are the advantages of forming an LLC?

Management and marketing assistance, personal ownership, nationally recognized name, financial advice and assistance, lower failure rate

What are the advantages of franchising?

more financial resources, shared management and pooled complementary skills and knowledge, longer survival, and no special taxes

What are the advantages of having a partner?

Overseas buyers often enjoy dealing with individuals rather than large corporate bureaucracies small companies can usually begin shipping much faster, small companies can provide a wide variety of suppliers small companies can give customers personal service and undivided attention because each overseas account is a major source of business to them

What are the advantages of small businesses over seas?

limited liability, ability to raise more money for investment, size perpetual life, ease ownership change, ease of attracting talented employees, separation of ownership from management

What are the benefits of a corporation?

shared technology and risk shared marketing and management expertise entry into markets where foreign companies are often not allowed unless goods are produced

What are the benefits of international joint ventures?

planning your business financing your business knowing your customers managing your employees keeping records looking for help

What are the best ways to improve your management?

Employers must know and act in accordance with the legal rights of their employees or risk costly court cases. Legislation affects all areas of human resource management, from hiring and firing to training and compensation new court cases and legislation change human resources management continuously; the only way to keep current is to read the business news and stay familiar with emerging issues.

What are the challenges associated with working in human resources?

Managers used to be bosses that would tell people what to do but now they have a much more collaborative roll.

What are the differences between managers of the past and managers of today?

licensing, exporting, franchising, contract manufacturing, international joint ventures and strategic alliances, foreign subsidiaries, and foriegn direct investments

What are the different strategies used by businesses to compete in global markets?

initial cost, extensive paperwork, double taxation, two tax returns, size, difficulty of termination, possible conflict with stockholders and the board of directors

What are the disadvantages of a corporation?

large start up costs, shared profit, management regulation, coattail effects, restrictions on selling, fraudulent franchisors

What are the disadvantages of franchising?

unlimited liability, division of profits, disagreements among partners, difficulty in termination

What are the disadvantages of partnerships?

socially conscious investors, socially conscious research organizations, environmentalists, union officials, and customers

What are the five types of groups that serve as watchdogs to monitor how well companies enforce their ethical and social responsibilities

planning, organizing, leading, and controlling

What are the four major management functions?

opportunity, profit, independence, and challenge

What are the four reasons many consider taking entrepreneurial risk?

Health insurance, disability insurance, pension plan, sick leave and vacation pay

What are the fringe benefits you lose when you are your own boss?

Financing is often difficult to find, would be exporters don't know how to get started and do not understand the cultural differences between markets the bureaucratic paperwork can threaten to bury any small business

What are the hurdles of going oversees?

whether customer wants and needs are being met and whether customer satisfaction ratings are better than those of competitors

What are the major criteria for earning the award

Ease of starting and ending the business, ability to be your own boss, pride of ownership, leaving a legacy, retention of company profits, and no special taxes

What are the six advantages of being a sole proprietor?

obtaining complete application forms conducting initial and follow up interviews giving employment tests conducting background investigations obtaining results from physical exams establishing trial periods

What are the six steps typically associated with selection?

analyzing and sequencing tasks that need to be done, estimating the time needed to complete the tasks, drawing a PERT network illustrating information from steps 1 and 2, and identifying the critical path.

What are the steps used in pert?

Knowledge, problem solving, and accountability

What are the three basic factors of the Hay structure?

(1) to build and deliver products in response to the demand of the customer at a scheduled delivery time, (2) to provide an acceptable quality level, and (3) to provide everything at the lowest possible cost

What are the three basic requirements of production:

Sole proprietorship, partnerships, and corporations

What are the three major forms of business ownership?

general partnerships, limited partnerships, and master partnerships

What are the three types of partnerships?

-It fills a customers' needs -You have the skills and resources to start a business -You can sell the product or service at a price that customers are willing and bale to pay and still make a profit -You can get your product or service to customers before your window of opportunity closes

What are the traits of a business idea that make it a potential good idea?

protective and revenue

What are the two kinds of tariffs?

organizations' recognition of employees as their ultimate resource and changes in the law that rewrote many traditional practices

What are the two main factors of human resource management?

Business to Business (B2B) and Business to Consumer (B2C)

What are the two major types of e-commerce transactions?

Integrity ethics and compliance based ethics codes

What are the two types of code of ethics?

personal savings family and business associates banks and finance institutions angels crowdfunding venture capitalists government agencies such as the SBA

What are the ways an entrepreneur can find sources of capital for a business?

Sugar and Beef

What are two goods the US has import quotas on?

the growth of global competition and the negotiation of trade agreements among nations

What are two important issues in the global environment?

the corporation's name, names of the people who incorporate it, its purposes, its duration, the number of shares that can be issued, their voting rights and any other rights that shareholders have, the corporation's minimum capital, the name and addresses of the first directors, any other public information the incorporators wish to include

What are usually the requirements of filing for a corporation?

manufacturing, services, small businesses, nonprofit/government, education, and health care

What areas can companies apply for the Malcolm Baldridge National Quality Awards in?

new customers who admire the company's social efforts

What can be the payoff for socially conscious behavior?

demand capital, good ideas, planning, information management, budgets, accounting, marketing, good employee relations, and good managerial know how

What common ideas are apparent among all organizations?

Nike

What company has been accused by human rights and labor groups of treating workers poorly while lavishing million of dollars on star athletes?

Enron

What company in 2000 made off the books partnerships to unlawfully hide its debts and losses

Google, but they realized managers were necessary for communicating strategy, helping employees prioritize projects, facilitating operations and ensuring that processes and systems align with companies goals

What company tried to do without managers? and what did they realize?

Socialism

What did Milton Friedman think hat doing anything besides making money for stock holders was moving dangerously towards?

it allows domestic producers to survive and grow, producing more jobs

What do advocates for trade protectionism believe?

to guide, train, support, motivate, and coach

What do are the goals of managers?

They outsource engineering, design, manufacturing, and other tasks to companies such as Flex and Sanmina that specialize in those functions

What do rapidly growing companies do instead of producing themselves?

Set a positive tone, communicate effectively, and relate to employees at every level

What do the most effective ethics code officers do?

Have no more than 100 shareholders Have shareholders that are individuals or estates and are citizens or permanent residents of the U.S. Have only one class of stock Derive no more than 25% of income from passive sources

What do you need to have in order to be considered an S corporation?

A sense of purpose and it establishes a common destiny

What does a vision give an organization?

retention rates, increased productivity, and greater job satisfaction

What does a well designed training program often leads to higher

try's to prevent people from gathering information every time a decision must be made

What does knowledge management intend on doing?

Inventory management, quality control, production scheduling, follow-up services and more

What does operations management usually entail?

management buys all the stocks back (burger king, dell, X)

What does taking a firm private mean?

It helps improve GDP, it is estimated that exports make the US $1 trillion dollars annually

What effect do Exports have on the US economy?

Freddie Mac

What federally backed mortgage lending giant intentionally misstated and understated $5 billion in earnings

self directed, action-oriented, highly energetic, and tolerant of uncertainty

What four traits does it take to be an entrepreneur?

they released transparent locations of their factories and monitor 700 contract factories

What has Nike done to improve its reputation?

you lose many benefits

What is a downside of being a contingent worker?

need to commit funds ant technology to foreign boundaries

What is a major downside to a subsidiary?

planning teams, and they help monitor the environment, find business opportunities, and watch for challenges

What is a trend today in the planning department and what do they do?

Fast food

What is an example of a business that is heavily lead by direction?

Laws

What is narrower laws or ethics

Production Controls (Planning, routing, scheduling, dispatching, follow up)

What is needed to turn the inputs of a society into outputs?

to be dishonest with them

What is one certain way to fail please a customer?

Listing all the pluses, minuses and implications of a process

What is the PMI technique?

measuring whether what actually happens meets the organization's goals

What is the basic meaning of controlling?

Do unto other as you would have them do unto you

What is the golden role?

Owners (elect board of directors), board of directors (hire officers), Officers (set corporate objectives and select managers), managers (supervise employees), employees

What is the hierarchy of management operations?

top management

What is the highest level of management, consists of president and other key company executives who develop strategic plans?

Double Taxation

What is the major advantage of an S corporation miss out on that makes it a major advantage over C corporations?

Plagiarizing

What is the most common form of cheating in schools today?

market based

What is the most commonly used pay structure today?

you wont be the only hunter out there

What is the only thing certain when you go hunting for money to start a business:

a company maintains complete control over any technology or expertise it may possess.

What is the primary advantage of subsidiaries?

Social media

What is the primary tool that companies use to make people aware of social responsibility efforts?

including employees age, names, education, capabilities, training, specialized skills, and other relevant information.

What is the process of obtaining a human resource inventory of an organization's employees consist of

A series of steps managers follow to make logical, intelligent, and founded. situations

What is the rational decision-making model?

Those 75 and older

What is the richest demographic?

Being able to get the good from home

What is the ultimate convenience when it comes to facility location?

Middle management

What job does MIT professor David Autor believe are at the greatest risk from AI?

lawyers, doctors, and teachers as well as business services like accounting, finance, and management consulting

What jobs are considered service?

Both the laws of the home country (where the parent firm is located) and the host country (where the subsidiary is located)

What laws must a foreign subsidiary act within?

Nestle

What major company has many foreign subsidiaries and over 2,000 brands in its markets including, Gerber Baby Foods, Ralston Purina and Chef America?

Sunoco

What major gas station is a master limited parternship?

it is taxed like a partnership avoiding double taxing, and are limited to oil real estate, and gas industries

What makes a master limited partnership different than a corporation?

The EU demands that companies that want to do work in the EU are certified by ISO 9001

What makes the ISO 9001 important

communicate a vision and rally others around that vision, establish corporate values, promote corporate ethics, embrace change and stress accountability and responsibility

What must leaders do?

Fairness, honesty, openness, and moral integrity

What must trust and cooperation between workers and managers be based on?

facility location, facility layout, materials requirement planning, purchasing, inventory control, and quality control

What of the many problems does operations planning help solve?

51%

What percent of high schoolers admitted that they had cheated on tests in the last year?

6% more

What percentage are consumers willing to pay more for goods from socially responsible companies?

85%

What percentage of workers does the service sector make up in the US?

what is the situation now? what are the factors affecting success in the industry and how do we compare? what is the state of the economy and other environments? what opportunities for meeting people's needs are there? What products and customers are most profitable? who are our major competitors? what threats are there to our business? How can we go from here?

What questions does planning intend to answer?

Is this legal? Is this balanced? How will this make me feel about myself?

What three questions should you ask yourself when referring to ethical decisions?

Walmart and Rakuten

What two massive companies formed a strategical alliance to help with the opening a massive ecommerce chain

a skilled communicator, team players, planner, organizer, motivator, and leader

What type of person is a good manager?

to make a large number of limited variety of products at a very low cost

What was the idea of mass production

Many officials were given mild prison sentences or fined large amounts of money, but less than they earned

What were the punishments for the Enron Scandal?

Bartering

When a nation's currency is so weak the only way to obtain goods is through __________, the exchange of merchandise or service for service with no money traded

In situations where absolute followership is needed. Fighting fires, working with unskilled workers, or even in football coaching approaches

When can autocratic leadership be effective?

weather delays

When could JIT run into failures

war

When political conditions are poor one of the biggest risks to a business is the uncertainty of

cheaper

When the US dollar is high trading for foreign goods is

more expensive

When the US dollar is trading high US good become

At the top

Where do organizations ethics begin in a large company or corporation?

Chief executive officer, chief operating officer, chief financial officer, and chief information officer sometimes called chief knowledge officer

Who are the CEO, COO, CFO, CIO/CKO?

Greedy Borrowers and Lenders

Who brought the US economy to the 2008 financial crisis?

Adam Smith is the father of capitalism and he believed that self interested pursuit of profit was wrong and that benevolence was the highest virtue

Who is Adam Smith and what were his opinions on CSR?

Harry Markopolos

Who is the forensic accountant that spent nearly a decade uncovering evidence that Bernie Madoff operated a wealth management company as a gigantic Ponzi Scheme?

Milton Friedman

Who said the only social responsibility of a business is to make money for stockholders?

top management

Who usually sets the vision for the organization?

one reason is that the cost of terminating employees is prohibitively high in terms of lost training costs and possible damages and legal fees for wrongful discharge suits.

Why are companies hesitant to fire employees?

changes occur so fast that plans may be obsolete very quickly

Why is strategic planning becoming more and more difficult?

Team members can combine creative strengths with production and marketing skills right from the start

Why might a team of entrepreneurs be better than an individual entrepreneur?

one of the main workers is on leave, there is an increase in demand or a quick service to customer becomes a priority.

Why might companies have to higher a contingent workers?

The consider labor costs: availability of resources, including labor; access to transportation that can reduce time to market; proximity to suppliers; proximity to customers; crime rates; quality of life for employees; cost of living; and the need to train or retrain the local workforce

Why would companies spend millions of dollars to move their facilities from one location to another?

sole prioprietorship

a business owned and usually managed by one person is called a

decreasing its need for resources

a company becomes lean by continuously increasing its capacity to produce high quality gods while

Intrapreneurship

a company has employees work to try and make new inventions within that product. This is known as?

foreign subsidiary

a company owned in a foreign country by another company called a parent company

moral dilemma

a conflict in which you have to choose between two or more actions that both are equally unsatisfactory alternatives

Genral Agreement on Tariffs and Trade (GATT)

a global forum between 124 nations for reducing trade restrictions on goods, services, ideas, and cultural programs

modular layout

a layout in which teams of workers combine to produce more complex units of the final product

embrace change

a leaders most important job may be to transform the way the company does business so that its mor effective and more efficient

corporation

a legal entity with authority to act and have liability apart from its owners

partnership

a legal form of business with two or more owners

it acts like a corporation and is traded on the stock exchange like a corporation

a master limited partnership looks much like a corporation because

Enterprise resource planning (ERP)

a newer version of MRP combines computerized functions of all divisions and subsidiaries of the firm such as finance, human resources and order fulfillment into a single integrated software that uses a single database

entrepreneur

a person who risks time and money to start and manage a business

benefit corporation

a profit-seeking corporation whose charter specifies a social or environmental goal that the company must pursue in addition to profit

Small business investment company Porgam

a program through which private investment companies licensed by the small business administration lend money to small businesses

six sigma quality

a quality measure that allows only 3.4 defects for every million opportunities

on the job coaching

a senior manger assists a lower level manager by teaching needed skills and providing direction, advice and helpful feedback

S corporation

a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships

International Organization for Standardizations

a worldwide federation of national standard bodies from more than 170 countries that set global measure for the quality of individual products

Entrepreneurship

accepting the risk of starting a new business is

analyzing changing technology and being proactive

accessing future human resource demand consists of

information technology

advertisers and businesses have created ways to communicated with suppliers and customers using

employment activities intended to right the past wrongs by increasing opportunities for minorities and women

affirmative action

stuck and think they can't get out because they have too much time and effort invested

after many years of being in a small business many owners feel as if they are

income tax

after stockholders receive dividends they must also pay

general partnerships

all owners share in operating the business and assuming the liability for the business's debt

Organizing

allocating resources, assigning tasks, and establishing procedures for accomplishing goals, preparing structure showing lines of authority and responsibility, recruiting, selecting, training and developing employees, and placing employees where they'll be most effective all fall under?

fixed position layout

allows workers to congregate around a product for it to be completed

Microloans

amounts ranging from $100 to $50,000 to people such as single mothers and public hosing tenants

Service Corps of Retired Executives (SCORE)

an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses)

Ethnocentrism

an attitude that your own culture is superior to other cultures

performance appraisal

an evaluation that measures employee performance against established standards in order to make their decisions about promotions, compensation, training and termination

ethics code officer

an important factor in enforcing the ethics code is selecting a good?

this cuts the cost of distribution and makes communication easier

another way to work closely with suppliers to satisfy customers' needs is to locate production facilities near supplier facilities because

Business

any activity that seeks to provide goods and services to other while operating at a profit

unlimited liability

any debts or damages damages incurred by the business are your debts and you must pay them even if it means selling your home your car to whatever else you own

Part-time workers

anyone who works less than 35 hours per week

stakeholders

are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

Goals

are broad, long term accomplishments an organization wishes to attain

Quasi-public corporations

are charted by the government as an approved monopoly to perform services to the general public.

revenue tariffs

are designed to raise money for governments

internal customers

are individuals and units within the firm that receive services from other individuals or units

stockholders

are not liable for debts or other problems of the corporation beyond the money they invest in it by buying ownership shares, or stock in the company

professional corporations

are owned by those who offer professional services. Shares in professional corporations aren't publicly traded

angel investors

are private individuals who invest their own money in potential hot new companies before they go public

CEO

are responsible for introducing change into an organization

objectives

are specific short term statements detailing how to achieve the organization's goals.

technical skills

are the ability to perform tasks in specific discipline or department

time to market

as manufactures attempt to compete globally, they need sites that allow products to move quickly to increase their

make sure workers are present in all varieties, age race and gender

assessing future labor supply consists of

successful in foreign markets

because of difference in wealth in many countries the wealth of a nation can heavily influence what is

work closely with companies to design, produce and ship products to customers

companies create relationships with suppliers to form and interfirm process in which they

quality care and attention

companies in the service sector must focus on providing customers with

inexpensive resources

companies need _____________ ______________ like water, electricity, wood, coal, and other basic resources

1. Establishing clear performance standards. 2. Monitoring and recording actual performance or results 3. Comparing results against plans and standards 4. Communicating results and deviations to the appropriate employees 5. Taking corrective action when needed and providing positive feedback for work well done

controlling consist of what five steps

privately held

corporations may chose to offer ownership to outside investors or remain

multinational corporations

corporations that operate in many countries

intrapreneurs

creative people who work as entrepreneurs within an organization

North American Free Trade Agreement (NAFTA)

crested a free trade area among the US, Canada, and Mexico

Strategies

determine the best way to use resources

domestic corporations

do business in the business in the state in which they are chartered

alien corporations

do business in the but are charted in another country

nonprofit corporations

don't seek personal profit for their owners

never employ as many people as it did in 50s

due to advances in technology, American industry will likely

3D printing

during this advanced procedure also known as additive manufacturing, a product is created one layer at a time by a nozzle similar to those found in inkjet printers

Databases

enable stores to carry only merchandise that their local customers want by having data filled information sets

export-trading companies (export management companies)

for firms that are still hesitant to export can engage in indirect exporting through specialists called ____________ _____________ ____________ that assist in negotiating and establishing trading relationships

Kenneth Lay

former CEO Kenneth Lay of what company were found moving billions of dollars to offshore balance sheets and then selling the stocks when the price was artificially raised

closed (private) corporations

have stock that is held by a few people and isn't available to the general public

Action-orineted

having an inborn desire to realize, actualize, and build your dream into reality are the traits of someone who is

fewer levels for employees to reach than in the past

in new flatter corporate structure there are

human relations skills

include communication and motivation; they enable managers to work through and with people. Skills associated with leadership- coaching, morale building, delegating, training and development, and supportiveness

external customers

include dealers who buy products to sell to others, and ultimate customers (also known as end users) such as you and me who buy products for their own personal use

fringe benefits

include sick leave pay, vacation pay, pension plans, and health plans that provide additional compensation to employees beyond base wages

contingent workers

includes a part time worker, temporary workers, seasonal workers, independent contractors, interns, and co-op students

Training and Development

includes all attempts to improve productivity by increasing an employee's ability to perform

capital

includes all machines, tools, budlings, or whatever else is used in the production of goods. It might not include money, money is used to buy factors of production and is not always considered a factor itself

ethical behavior

includes an unfailing demand for honesty and an insistence that everyone in the company gets treated fairly

Planning

includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

internal sources

includes current employees who can be transferred or promoted or who can recommend other to hire.

Organizing

includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goal and objectives

corporate philanthropy

includes donations to nonprofit groups of all kinds from corporations

intellectual capital

includes employee knowledge and skills that can be used to create new products, attract new customers, and increase profits

middle management

includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling

supervisory management

includes those directly responsible for supervising workers and evaluating their daily performance; they are often known as first line managers because they are the first level above workers

ISO 14001

is a collection of the best practices for managing organization's impact on the environment

embargo

is a complete ban on the import or export of a certain product, or stopping of all trade with a particular country

countertrading

is a complex form of bartering in which several countries each trade goods or services for other goods and services

Materials Requirement Planning (MRP)

is a computer based operations management system that uses sales forecasts to make sure needed parts and materials are available at the right time and place.

Franchising

is a contractual agreement whereby someone with a good idea for a business sells other the rights to use the business name and sell a product or service in a give territory in a specified manner

a business plan

is a detailed written statement that describes the nature of the business, the target market the advantages the business will have over competition, and the resources and qualifications of the owners

entrepreneurial team

is a group of experienced people from different areas of business who join to form a managerial team with skills to develop, make, and market a new product

planning and plan

is a key management function because the other management functions rely heavily on having a good ___________

strategic alliance

is a long term partnership between two or more companies established to help each company build competitive market advantages

ISO

is a nongovernmental organization established to promote the development of world standards to facilitate the international exchange of goods and services

crisis planning

is a part of contingency planning that anticipates sudden changes in the environment

joint venture

is a partnership in which two or more companies join to undertake a major project

common market (trading bloc)

is a regional group of countries with a common external tariff, no internal tariffs, and coordinated laws to facilitate exchange among members

a conventional (C) corporation

is a state chartered legal entity with authority to act and have liability separate from its owners- its stock holders

Operations Management

is a term used in both manufacturing and service industries, is a specialized are in management that converts or transforms resources, including human resources like technical skills and innovation, into goods and services

Inclusion

is about having your voice heard

franchise agreement

is an agreement whereby someone with a good idea for a business (the franchiser) sells the rights to use the business name and sell a product (franchise) to others (the franchisees) in a given territory

a leveraged buy out

is an attempt by employees or a group of private investors to buy out stockholders in a company primarily by borrowing money

process layout

is one in which similar equipment and functions are grouped together

reassignments

is one way of motivating experienced employees to remain in accompany with few advancement opportunities

staffing

is recruiting, hiring, motivating, and retaining the best people available to accomplish the company's objectives

CIO/CKO

is responsible for getting the right information to other managers so they can make the correct decisions

CFO

is responsible for obtaining funds, planning budgets, collecting funds, and so on.

Dumping

is selling products in a foreign country at lower prices that those charged in the producing country

LLC (Limited Liability Company)

is similar to an S corporation but without the special eligibility requirements

orientation

is the activity that initiates employees; to fellow employees, to their immediate supervisors, and to the policies, practices, and objectives of the firm

Profit (bottom line/Income)

is the amount businesses earn above and beyond what it spends on salaries and other expenses to the company

productivity

is the amount of output you generate given the amount of input you put in

e-commerce

is the buying and selling of goods online

Foreign Direct Investment (FDI)

is the buying of permanent property and businesses in foreign nations.

ISO 9001

is the common name given to quality management and assurance standards

Corporate Social Responsibility (CSR)

is the concern businesses have for the welfare of society not just their owners?

production

is the creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge

facility layout

is the physical arrangement of resources, including people to most efficiently produce good and provide services for customers

Transparency

is the presentation of a company's facts and figures in a way that is clear and apparent to stakeholders

tactical planning

is the process of developing detailed short term statements about what is to be done, who is to do it and how

Networking

is the process of establishing and maintaining contacts with key managers in your own and other organizations, and using those contacts to weave strong relationships that serve as informal development systems

Selection

is the process of gathering information and deciding who should be hired, under legal guidelines to serve the best interests of the individual and the organization

contingency planning

is the process of preparing alternative courses of actions the firm can use if its primary plans don't work out

facility location

is the process of selecting a geographic location for a company's operations

operational planning

is the process of setting work standards and schedules necessary to implement the company's tactical objectives

Statistical Process Control (SPC)

is the process of testing statistical samples of product components at each stage of production and plotting the test results on a graph

statistical quality control

is the process some managers use to continually monitor all phases of the production process and ensure quality is being built into the product from the beginning

offboarding

is the process surrounding employee exits

Outsourcing

is the process whereby one firm contracts with other companies often in other countries to do some or all of its functions

lean manufacturing

is the production of goods using less of everything than mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product

merger

is the result of two firms joining to form company

critical path

is the sequence of tasks that takes the longest to complete

recruitment

is the set of activities for obtaining the right number of qualified people at the right time. (select the right people for the organization)

revenue (top line/sales)

is the total amount of money a business takes in during a given period by selling goods and services

balance of trade

is the total value of a nation's export compared to its imports measured over a particular period

job simulation

is the use of equipment that duplicates job conditions and tasks so that trainees can learn skills before attempting them on the job

Limited Liability partnership

limits partners' risk of losing their personal assets to the outcome of only their own actions and omits those of people who are under their supervision

504 certified development company (CDC) loans

loans for purchasing major fixed assets, such as land and buildings for business in eligible communities, typically rural communities or urban areas needing revitalization -the maximum guaranteed loan amount is $5 million for meeting the job creation criteria or a community development goal. -the business must create or retain one job for every $65,000 ( $100,000 for small manufacturers ) provided by he SBA

international trade loans

long term financing to businesses that are expanding because of growing export sales or that have been adversely affected by imports and need to modernize to meet foreign competition. Loan limit $5 million

Devaluation

lowers the value of a nation's currency relative to others

customers

make buying diversions based on their social conscience and influence companies social responsibility

workers, financial resources, information, and equipment

managers must practice the art of getting things done through organizational resources, what are examples of these resources?

Off-the-job training

managers periodically go to classes or seminars for a week or more to home technical and human relations skills

free-rein leadership

managers set objective sand employees are free to do whatever is appropriate to accomplish those objectives

nanomanufacturing

means being able to manipulate materials on a molecular or even atomic scale

quality

means consistently producing what the customer wants while reducing errors before and after delivery

Outsourcing

means contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting task.

leading

means creating a vision for the organization and communicating, guiding, training, coaching and motivating others to achieve goals and objectives in a timely manner

flexible manufacturing

means designing machines to do multiple tasks so they can produce a variety of products

information technology

means everything from phones, to computers, mobile devices medical imaging machines, robot the internet, social media, and various software programs and apps that make businesses more effective, efficient and productive

Empowerment

means giving employees the authority to make a decision without consulting the manager and the responsibility to responsibility to respond quickly to customer requests

enabling

means giving workers the education and tools they need to make decisions

autocratic leadership

means making managerial decisions without consulting others

Efficiency

means producing goods and services using the least amount of resources

effectiveness

means producing your desired result in production

a favorable balance of trade/ a trade surplus

occurs when the value of a country's exports exceed the value of its imports

an unfavorable balance of trade/trade deficit

occurs when the value of a country's exports is less than its imports

a mission statement

outlines the organization's fundamental purpose

intermittent process

production run is short and the producer adjusts machines frequently to make different products

external sources

refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms

circular economy

refers to reusing, redistributing, refurbishing, and recycling products instead of dumping them, in other words keeping them in the value circle

Greening

saving energy and producing products that cause less harm to the environment is called?

Company backgrounds

section 2 of a comprehensive business plan, describes the company operations to date (if any) potential legal considerations and areas of risk and opportunity. Summarizes the firm's financial conditions, and includes past and current balance sheets, income and cash flow statements and other relevant financial records

Management Team

section 3 of a business plan- includes an organization chart, job description of listed positions, and detailed resumes for the current and proposed executives.

Capital Required

section 5 of a business plan - indicates the amount of capital needed to commence or continue operations, and describe how these funds are to be used. Make sure the total s are the same as the ones on the cash flow statements

Marketing Plan

section 6 of the comprehensive business plan where they review industry size, tends and target market segments. Discuss strengths and weaknesses of the product or service. The most important thing is that investor know what makes the product more desirable that what's already available and whether the product can be patented. Compare's pricing to competition's. Forecast sales in dollars and units. Outline sales, advertising, promotion, and public relations programs. Make sure the costs agree with those projected in financial statements

Location analysis

section 7 of a business plan, talks about the location of the business and provides a comprehensive demographic analysis of consumers in the area of the proposed business as well as a traffic pattern analysis and vehicular and pedestrian count

manufacturing plan

section 8 describes minimum plant size, machinery required, production capacity, inventory and inventory control methods, quality control methods , plant personnel requirements and so on

crowded

service providers will need to step up their game as the sector becomes increasingly

planning

settling organizational goals, developing strategies for reaching those goals, determining resources needed, and setting precise standards all fall under?

job rotation

so that they can learn about different functions of the organization, managers are often given assignments in a variety of departments

work hours

sole proprietors often have much more strenuous ___________ ______________ than someone workin g in a business

physical or environmental forces can act as barriers

some developing countries have such primitive transportation and storage systems that international distribution is ineffective if not impossible especially for perishable food. This explains how ?

buy from multiples suppliers incase one cannot deliver

some manufactures buy from only one manufacturer and form a strong relationship while others,

dishonesty in the work place

studies have found a strong relationship between academic dishonesty and

tolerant of uncertainty

successful entrepreneurs take only calculated risks but still they must have this trait because they take on so much risk?

goods

tangible products such as computers, food, and clothing.

tariffs

taxes on imports that make imports expensive to buy

What was the suffered a setback in 2009 when

the US supreme court ruled that age must be the determining reason for any employment action against older workers and not one of a number of adverse employment decision

carbon footprint

the amount of carbon released during production, distribution, consumption, and disposal

Uniform Comercial Code

the body of laws governing commercial transactions in the US. that makes enforcing contracts legal

risk

the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

risk

the chance an entrepreneur takes of losing time and money on a business that may not prove to profitable or the chance of loss the degree of probability of loss and the amount

to deviations from plans and to changes in the Enviromint that have affected perfomance.

the control process provides the feedback that lets managers and workers adjust

mercantilism

the idea was for a nation to sell more goods to other nations that it bought from them; that is to have a favorable trade balance

World Trade Organization (WTO)

the international organization that replaced the GATT and was assigned the duty to mediate trade disputes among nations

climate change

the movement of temperature of the planet up or down over time

identity theft

the obtaining of individual's personal information, such as their social security number for illegal purposes

daily and weekly operations

the operational plan is the department managers tool for

Deming Cycle (PDCA)

the quality control process in which you plan, do, check and act

Demography

the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income

computer-aided design (CAD)

the use of computers in the design of products

everyone in a community

the wealth a business can generate and the taxes the business pays can help

management development

then is the process of training and educating employees to become good managers, and then monitoring the progress of their managerial skills of all time

Business Plan Pro by Palo Alto Software

there are many software programs that can start with the production of the program like

30 Million

there are over ___ __________ small businesses in the US

Socially conscious investors

these people insist that a company extend its own high standards to its suppliers (SRI is on the rise and about $12 trillion is associated with it)

Sarbanes-Oxley Act

this act protects whistleblowers by requiring all public corporations to allow employee concerns about accounting and auditing to be submitted confidentially and anonymously. The act also requires reinstatement and back pay to people who were punished by employers for passing on information about fraudulent activities to authorities

Just in time inventory control

to cut costs associated with storage many companies have developed the

self-directed

to have self discipline, and be thoroughly comfortable being your own boss are the traits of someone who is

what the business owns, what it earns, and what makes it unique

value is based on?

franchises and cooperatives

what are the two special forms of businesses?

establish corporate values

what includes concern for employees, for customers, the Enviromint, and for the quality of a company's products

the organization's self-concept, its philosophy, its long term survival needs, its customer needs, its social responsibility, the nature of its products or services

what should a mission statement adderess?

loss

when a business's expenses are more than into revenues

licensing

when a firm (licensor) may decide to compete in a global market, giving the right to manufacture its product or use its trademark to a foreign company (the licensee) for a fee (a royalty)

cafeteria-style fringe benefits

when employees can choose their benefits they want up to a certain dollar amount

cheaper for foreigners to buy

when the US dollar value is low US goods become

expensive

when the US dollar value is low foreign goods become more

a partnership

when two ore more people legally agree to become co owners of a business the organization is called a

compressed work schedule

work schedules that allow an employee to work a full number hours per week but in fewer days

temporary workers

workers paid by temporary employment agencies

Telecommuting

working from home via a computer is a major business trend

is not nearly as intense overseas

you can sell just about any good or service used in the US to other countries and sometimes competition

coattail effect

you could be forced out of business even if your particular franchise is profitable