MGT 386 Exam 4
Discrimination
In the workplace, hiring, dismissal, level of pay, or promotions based on race, color, gender, religious beliefs, or national origin of the employee. Such actions are prohibited by federal and state laws
Contract Sales Force
Independent salespeople with a wide variety of experiences and contacts, provided by a company on a contract basis
Occupational Safety and Health Administration
Is charged with protecting the health of workers.
Workers Compensation
Laws designed so that employees who are disabled or injured while on the job are provided with some type of compensation.
Anchor Stores
Major retail stores, such as department stores in a mall. They serve as the anchor for the retail establishment.
Bootstrap Marketing
Marketing efforts that require little capital
Cost-Plus Pricing
Pricing in which the entrepreneur initially determines her cost structure and then determines what profit margin is desired and adds that to the cost.
Pure Promotions
Promotions that are strictly financial arrangements in which you pay for some outputs, such as radio advertisements
Mixed-Model Promotions
Promotions that cost something but also have an element of community support
Virtually free Promotions
Promotions that have very limited financial cost but have time-commitment requirements from individuals in the firm
Independent Representatives
Representatives for a variety of products for a number of companies in a given domain who try to sell those products.
Performance Review
Review by the entrepreneurial business owner of the employees' goals and outcomes on those goals over some given period.
Bonus
Similar to profit sharing, a reward offered to the employees based on their performance. Typically, bonus systems are not as well defined as profit sharing; instead, the level of reward is left to the discretion of the entrepreneur.
Legitimacy
The acceptance by key stakeholders such as customers and suppliers that you are a genuine business that will still be in operation next year
Fair Labors Standards Act (FLSA)
The act that established a minimum wage for workers
Hourly Wage
The amount paid per hour for work performed
Pricing Floor
The break-even point, or the lowest amount that can be charged for a product or service while still making a minimal profit.
Strategic Alliances
The joining together of firms to form long-term, mutually beneficial relationships.
Promotion
The means by which a business advances its product or service.
Sales Management
The methods employed to, and the individuals who build and maintain relationships with customers.
Marketing Plan
The plan developed by the entrepreneurial business to specify who the customers are and how they will be attracted to the company
Equity Theory
The theory that we all judge how we are treated relative to how we see others being treated
Job Description
document that described the job that is to be filled
Product Chart
A chart that provides a detailed understanding of a firm's production process.
Hybrid compensation System
A compensation system where there is a salary along with commission
Loss Leader
A product pr service that is sold at a nonoperating loss (i.e., the price only accounts for the actual cost of the product) to simply get customers in the store
Commission
A set amount of compensation for a given time period
Salary
A set amount of compensation for a giving time period
Strip Shopping Center
A small retail center located typically along a major road, The center has only small businesses and the center itself occupies only a small strip of land along the major street
Profit Sharing
An example of a hybrid compensation system. The firm may set some relatively low level of salary but offer to share a percentage of the profits at the end of the year or some other period of time with the employees
Human Resources
As defined in economics the quantity and quality of human effort directed toward producing goods and services
Critical Path Chart
Chart that demonstrates how the activities necessary to start the firm fit together and build on each other. This chart allows you to understand which activities can occur concurrently and which must already be in place before the next activity can occur
Unemployment Compensation
Financial assistance for some period of time to those people who lose their jobs through no fault of their own; provided in every state by law