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