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TermDefinition
Accounting The process of gathering, recording, organizing, and reporting financial data.
Authority Power to influence or control the opinions or behavior of others.
Builders A type of producer that constructs roads, bridges, buildings, or houses.
Business An organized effort to produce and/or distribute goods and services.
Business ethics The basic principles that govern a business’s actions.
Competitive aggression A negotiating style in which one or both parties view the negotiation as a game-like challenge or a rivalry; one or both parties consider only their interests to achieve a desired outcome.
Consumer demands Manner in which individuals act that determines what they buy and sell.
Customer Relations All the activities a business engages in to interact with its customers.
Ethics The basic principles that govern your behavior.
Finance The process of obtaining funds and using them to achieve the goals of the business.
Globalization The rapid and unimpeded flow of capital, labor, and ideas across national borders.
Human Resources Management The process of planning, staffing, leading, and organizing the employees of the business.
Information Management The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.
Innovative management A style of management that is more participative and facilitative than traditional, controlling management.
Line authority Formal, direct authority that affects a business’s day-to-day operations.
Line of command The flow of authority within an organization; also called line of command.
Management The process of coordinating resources in order to accomplish an organization's goals.
Manufacturers A type of producer that changes the shapes or forms of materials so that they will be useful to customers.
Market orientation A strong focus on meeting customer needs and wants.
Marketing The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Operations The day-to-day activities for continued business functioning.
Organizational learning A concept that refers to a firm’s ability to accept and respond to change appropriately, becoming as effective and efficient as it can be.
Proactive management A style of management that involves anticipating and planning in advance for change, rather than simply reacting to outside events when they occur.
Producers The people who make or provide goods and services.
Production The economic process or activity of producing goods and services.
Raw-goods producers A type of producer that provides goods in their natural state.
Regulations An established set of rules.
Responsibility Fulfilling one’s obligations in a dependable, reliable manner. The duty to get the job done.
Retailers . A business that buys consumer goods or services and sells them to the ultimate consumer.
Service businesses A type of business that performs intangible activities that satisfy the wants of consumers or industrial users.
Slack resources Resources above and beyond what are needed to operate an organization.
Social responsibility The duty of business to contribute to the well-being of society.
Span of control The measurement of how many workers are supervised by one manager.
Staff authority Advisory authority, often without the ability to enforce or take action.
Trade industries Businesses that buy and sell goods to others; retailers and wholesalers.
Wholesalers Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers
Created by: drakon0130
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