Intro to Business Test 2

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batch processing

a method of updating a database in which data are collected over some time period, but processed together

intranet

an internal, corporate-wide area network that uses internet technology to connect computers and link employees in many locations and with different types of computers

mission

an organization's purpose and reason for existing; its long term goals

business development bank of canada

bank that provides small and medium sized businesses with flexible financing, affordable consulting services, and venture capital

crown corporations

companies that only the provincial and federal governments can set up

referent power

power that is derived from an individual's personal charisma and the respect and/or admiration the individual inspires

power

the ability to influence others to behave in a particular way

information system (IS)

the combination of technology, people, and process that an organization uses to produce and manage information

efficiency

using the least amount of resources to accomplish the organization's goals (doing things right)

general partner

partners who have unlimited liability for all of the company's business obligations and who control its operations

limited partner

partners whos liability for the company's business obligations is limited to the amount of their investment. they help to finance the business but do not participate in the company's operations

sole proprietorship

a business that is established, owned, operated and often financed by one person

small business

a business that is independantly managed, is owned by an individual or a small group of investors, is based locally, and is not a dominant company in its industry

mission statement

a clear, concise articulation of how the company intends to achieve its vision-- how it is different from its competition and the keys to its success

merger

a combination of two or more companies to form a new company which often takes on a new corporate identity

computer virus

a computer program that copies itseld into other software and can spread to other computer systems

franchise agreement

a contract setting out the terms of a franchising arrangement, including the rules for operating the franchise, the services provided by the franchisor, and the financial terms. Under the contract, the franchisee is allowed to use the franchisor's business name, trademark, and logo

leveraged buyout (LBO)

a corporate takeover financed by large amounts of borrowed money; can be done by outside investors, or by a company's own management

public corporation

a corporation who shares are widely held and available to the general public

private corporation

a corporation whos number of shareholders is limited; there are normally restrictions on the transfer of shares to third parties, and its shares do not trade on a recognized stock exchange

one-person corporation

a corporation with only one person as the shareholder; common in professional practices (eg medical doctors, lawyers, accountants) and in trades (eg plumbers and electricians)

enterprise portal

a customizable internal website that provides proprietary corporate information to a defined user group, such as employees, supply chain partners or customers

management of information systems (MIS)

a discipline that involves the management of people, process, and technology around the care of information

debt

a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period

equity

a form of business financing consisting of funds raised through the sale of stock (ownership) in a business

franchising

a form of business organization based on a business arrangement between a franchiser, which supplies the product concept, and the franchisee, which sells the goods or services of the franchisor in a certain geographic area

business plan

a formal written statement that describes in detail the idea for a new business and how it will be carried out. It includes a general description of the company, the qualifications of the owner(s), a description of the product or service, an analysis of the market and a financial plan

board of directors

a group of people elected by the shareholders to handle the overall management of a corporation such as setting major corporate goals and policies, hiring corporate officers, and overseeing the companies operations and finances

computer network

a group of two or more computer systems, as well as devices (such as printers, external harddrives, routers and modems), linked together by communication channels to share data, commands, information and other resources

data warehouse

a information technology that combines many databases across a whole company into one central database that supports management decision making

free rein (laissez faire) leadership

a leadership style in which the leader turns over all authority and control to subordinates

intrapreneurs

entrepreneurs who apply their creativity, vision, and risk taking within large corporations rather than starting companies of their own

venture capital

financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money

franchisor

in a franchising arrangement, the company that supplies the product concept to the franchisee

franchisee

in a franchising arrangement, the individual or company that sells the goods or services of the franchisor in a certain geographic area

limited liability partnership (LLP)

in a limited liability partnership, each individual partner is protected from responsibility for the acts of other partners and each party's liability is limited to harm resulting from that party's own actions

angel investors

individual investors or groups of experienced investors who provide funding for start-up businesses

participative leaders

leaders that share decision making with group members and encourage discussion of issues and alternatives; includes democratic, consensual, and consultative styles

consultative leaders

leaders who confer with subordinates before making a decision but retain the final decision making authority

consensual leaders

leaders who encourage discussion about issues and then require that all parties involved agree to the final decision

democratic leaders

leaders who solicit input from all members of the group and then allow the members to make the final decision through a vote

supervisory management (operational management)

managers who design and carry out operational plans for the ongoing daily activities of the company

middle management

managers who design and carry out tactical plans in specific areas of the company

vertical merger or acquisition

mergers or acquisitions involving companies at different stages of the supply chain in the same industry; done to gain control over supplies of resources or to gain access to different markets

enterpreneurs

people with vision, drive, and creativity who are willing to take the risk of starting and managing a business to make a profit or greatly changing the scope and direction of an existing company

contingency plans

plans that identify alternative courses of action for very unusual or crisis situations; typically stipulate the chain of command, standard operating procedures, and communication channels the organization will use during an emergency

coercive power

power that is derived from an individual's ability to threaten negative outcomes

reward power

power that is derived from an individual's control over rewards

expert power

power that is derived from an individual's extensive knowledge in one or more areas

legitimate power

power that is derived from an individual's position in an organization

virtual private networks (VPNs)

private corporate networks connected over a public network, such as the Internet._____'s include strong security measures to allow only authorized users to access the network

transaction processing system (TPS)

an information system that handles the daily business operations of a company. The system receives and organizes raw data from internal and external sources for storage in a database using either batch or online processing

office automation system

an information system that uses information technology systems such as word processing systems, email systems, cellphones, smartphones, pagers, and facsimile (fax) machines to improve communications throughout an organization

management support system (MSS)

an information system that uses the internal master database to perform high-level analyses that help managers make better decisions

program decisions

decisions made in response to frequently occurring routine situations

autocratic leaders

directive leaders who prefer to make decisions and solve problems on their own with little input from subordinates

cooperative

a legal entity typically formed by people with similar interests such as suppliers or customers to reduce cost and gain economic power; a cooperative has limited liability and unlimited life span, an elected board of directors and an administrative staff; all profits are distributed to the member-owners in proportion to their contributions

corporation

a legal entity with its own rights and responsibilities, separate from its shareholders, who therefore are not personally liable for the entities, actions and liabilities

expert system

a management support system that gives managers advice similar to what they would get from a human consultant; it uses artificial intelligence to enable computers to reason and learn to solve problems in much the same way that humans do

decision support system (DSS)

a management support system that helps managers make decisions by using interactive computer models that describe real world processes

executive information system (EIS)

a management support system that is customized for an individual executive; it provides specific information for strategic decisions

decisional roles

a manager's activities as an entrepreneur, resource allocator, conflict resolverm or negotiator

informational roles

a manager's activities as an information gatherer, information disseminator, or spokesperson for the company

interpersonal roles

a managers activities as a figure head company leader or liaison

horizontal merger or acquisition

a merger or acquisition involving companies at the same stage of the supply chain in the same industry; done to reduce costs, expand product offerings, or reduce competition

conglomerate merger or acquisition

a merger or acquisition involving companies in unrelated businesses; done to reduce risk

online (real time) processing

a method of updating a database in which data are processed as they become available

wide area network (WAN)

a network that connects computers at different sites via telecommunications media such as phone lines, satellites and microwaves

local area network (LAN)

a network that connects computers at one site, enabling the computer users to exchange data and share the use of hardware and software from a variety of computer manufacturers

metropolitan area network (MAN)

a network that covers a larger geographic area than a LAN, but generally smaller than a WAN

general partnership

a partnership in which all partners share in the management and profits. each partner can act on behalf of the company and has unlimited liability for all its business obligations

limited partnership

a partnership with one or more general partners who have unlimited liability and one or more limited partners, whos liability is limited to the amount of their investment

direct selling

a popular marketing structure that connects the sellers "directly" with the customers

tactical planning

a process of beginning to implement a strategic plan by addressing issues of coordination and allocation of resources to different parts within the organization; has a shorter time frame (less than 1 year) and more specific objectives than strategic planning

management

a process of guiding the development, maintenance and allocation of resources to attain organizational goals

acquisition

a purchase of one company by another company, or by an investor group; the identity of the acquired company may be lost

application service providers (ASPs)

a service company that buys and maintains software on its servers and distributes it through high-speed networks to subscribers for a set period and price

data mart

a special subset of a data warehouse that deals with a single area of data and is organized for quick analysis

hostile takeover

a takeover that goes against the wishes of the target company's management, and board of directors

friendly takeover

a takeover that is supported by the management and board of directors of the targeted company

knowledge worker

a worker who develops or uses knowledge, contributing to and benefiting from information used in performing various tasks, including planning, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing or selling functions

partnership

an association of two or more individuals who agree to operate a business together for profit

database

an electronic filing system that collects and organizes data and information

chief information officer (CIO)

an executive responsible for managing all information resources and processes in an organization

effectiveness

the ability to produce the desired results or goods (doing the right thing)

top management

the highest level of managers, including CEOs, presidents, and vice presidents; they develop strategic plans and address long range issues

managed service providers (MSPs)

the next generation of ASPs, offering customization and expanded capabilities such as businesses processes and complete management of the network servers

shareholders

the owners of a corporation who hold shares of stock that provide certain rights; also known as stockholders

controlling

the process of assessing the organization's progress towards accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from it

organizing

the process of coordinating and allocating a company's resources to carry out its plans

strategic planning

the process of creating long range (one to five years) broad goals for the organization and determining what resources will be needed to accomplish those goals

operational planning

the process of creating specific standards, methods, policies and procedures that are used in specific functional areas of the organization; helps guide and control the implementation of tactical plans

planning

the process of deciding what needs to be done to achieve organizational objectives, identifying when and how it will be done, and determining by whom it should be done

empowerment

the process of giving employees increased autonomy and discretion to make decisions, as well as control over the resources needed to implement those decisions

leading

the process of guiding and motivating others toward the achievement of organizational goals

knowledge management (KM)

the process of researching, gathering, organizing, and sharing an organization's collective knowledge to improve productivity, foster innovation, and gain competitive advantage

leadership

the relationship between a leader and the followers who want real changes resulting in outcomes that reflect their shared purposes (leading people)

leadership style

the relatively consistent way in which individuals in leadership positions attempt to influence the behaviour of others

corporate culture

the set of attitudes, values, and standards of behaviour that distinguishes one organization from another

joint venture

two or more companies that form an alliance to pursue a particular project for a specified time period


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