Business Dynamics Midterm

questions to ask if our business decisions are ethical

1. is it legal 2. is it balanced 3. how will it make me feel

business

Any activity that seeks to provide goods and services to others while operating at a profit.

whistleblowers

Insiders who report illegal or unethical behavior

strategic planning

Is the process of setting broad long range goals

small business

a business that is independently owned and operated, and is within size limits of a company

technical skills

ability to perform tasks in a specific discipline

Entrepreneurship

accepting the risk of starting and running a business

orientation

activity the intiates new employees into the organization to fellow employees

general partnership

all owners share in operating the business and in assuming for the businesses debt

performance appraisal

an evaluation that measures employee performance against established standards i otder to make decisons baout promotion, com

SWOT analysis

analyzes the organizations strengths and weaknesses and the opportunities and threats it faces.

unlimited liability

any debts or damages by the business is your debt and you must pay them

stakeholders

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

goals

are broad long term accoomplisments an organization wishes to attain

objectives

are specific short term statements for how to achieve the organizations goals

The two types of E-Commerce

business to business and business to consumer

incubators

centers that offer new businesses low cost offices with basic business services

ISO 14001

collective of the best on the environmental

materials requirement planning

computer based management system that uses sales forecasts to make sure needed parts and merials are available at the right time and place

business environment

consists of the surrounding factor that either help or hinder the development of businesses. (economic and legal environment, technological environment, competitive environment, social environment, global business environment)

market

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

leading

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

production

creation of finished goods and services using the factors of production

external customers

dealers, who buy products to sell to others and ultimate customers who buy products for their own personal use

integrity based ethics codes

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

human resource managment

determining HR needs then organizzing a company

compliance based ethics codes

emphasize preventing unlawful behavior increasing control and penalizing wrongdoers

vision

explanation of why the organization exists and where it is trying to go

flextime plan

gives employees some freedom to choose which hours to work, as long as they work the required number of hours

empowerment

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

limited partnership

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

intermittent process

here is where the production run is short and the producer adjust machines frequently o make different proccesess

human relations skill

include communicating and motivation; enable workers to work through people

fringe benefits

include sick leve pay, vacation pay, pension plans, and health plans that provide additional compensations to empoyess beyond base wage

planning

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

organizing

includes designing the structure of the organization and creating conditions systems where everyone works together to achieve the organizations goals and objectives

corporate responsibility

includes everything from hiring minority workers to making safe products

middle management

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

affirmative action

increasing opportunites for minorities and women

cooperative

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

sole proprietorship

is a business owned by one person

business plan

is a detailed written statement that describes the nature of the business, the target market..

corporation

is a legal entity with the authority to act and have liability apart form its owners

nonprofit organization

is a organizations whose goals do not include making a personal profit for its owners or organizers

conventional (C) corporation

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

social audit

is a systematic evaluation of and organization's progress toward implementing socially responsible and responsive programs.

S Corporation

is a unique government creation that looks like a corporation but is taxed like a sole proprietorship - only difference is the taxation

decision making

is choosing among two or more alternatives

operations managment

is converting resources into goods and services; anything that helps with operations of a business

acquisition

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

staffing

is recruiting, hiring, motivating and retaining the best people avable to accomplish the companies objective

limited liability company (LLC)

is similar to an S corporation but without the special eligibility requirements. can chose to be taxed as partnerships or as corporations

profit

is the amount a business earns above and beyond what it spends on expenses

corporate social responsibility

is the concern businesses have for the welfare of society

purchasing

is the function that searches for high quality material resources

tactical planning

is the identification of specific, short term goals

recruitment

is the set of activies for obtaning the right number of qualified people at the right time

revenue

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

form utility

is the value producers add to materials in the creation of finished goods and services; silicon to computer chips; making something from something already existing

partnership

is when two or more people legally agee to become co-owners of a business

horizontal merger

joins two firms in the same industry that allows them to diversify their products; vitamin water and gatorade

vertical merger

joins two firms operating in different stages of related businesses; like a soda company buying a sugar company

factors of production

land (natural resources), labor (workers), capital (what is used in the production of goods), entrepreneurship, knowledge

on the job training

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

job sharing

lets two or more part time employees share one fulltime job

quality

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

autocratic leadership

means making managerial decisions without consulting others

limited liability

means that the limited partner's liability for the debts of the business is limited to the amount he put in

just-in-time inventory control

minimum inventory to cut costs

ISO 9001

name given to quality management and assurance standards

continuous process

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

mission statement

outlines the organizational fundamental purposes

contingent workers

part time workers, temporary workers and seasonsal workers

intrapreneurs

people who work as entrepreneurs in a large company \micropreneurs are accepting the risk of starting and managing the type of business that remains small

management development

process of trainig and educating emplotees to become good managers

management

process used to accomplish organizational goals through planning, organizing, leading, and controlling people nd other organizations

facility location

processor selecting a geographic location for acompanys operation

lean manufacturing

production of goods using less of everything than in mass production

assembly process

puts together components to make a product

corporate policy

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

ethics

societys accepted standards of moral behavior; right versus wrong

franchise agreement

someone with a good idea for a business sells the rights to use the business name and sell a product or service

venture capitalist

stake in your company for the cash to start your company

supervisory management

supervising workers and evaluating their daily performance

production management

the activities tat helped firms create goods.

risk

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

contingency planning

the creation of backup plans in case the primary plans fail

corporate philanthropy

the dimension of social responsibility that includes charitable donation

top management

the highest level of a company; president and other key executives that make strategic plans

selection

the process of gethering information and deciding who should be hired, under legal guidelines

operational planning

the setting of work standards and schedules

computer aided design

the use of computers to design products

merger

two firms joining one firm; like a marriage

small business administration

us government agency that advises and assists small businesses by providing management training and financial advice and loans

loss

when a business's expenses are more than its revenues.

conglomerate merger

when two completely different companies join together; like a snack and drink company