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Unit 3 Vocab
Business Essentials
| Term | Definition |
|---|---|
| Financial analysis | The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources. |
| Human resource 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 business knowledge, facts, or data. |
| Marketing | The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
| Operations | The day-to-day activities required for continued business functioning. |
| Outsourcing | The usage of outside organizations or consultants to perform one or more of the primary business activities. |
| Production | The process or activity of producing goods and services. |
| Strategic management | The process of planning, controlling, and organizing an organization or department. |
| Human resources | People who work to produce goods or services. |
| Information Management | The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision-making. |
| Management Function | Groups of activities related to management (i.e., planning, organizing, staffing, directing, and controlling). |
| Management Information System (MIS) | An integrated technology that assists with an organization’s information management needs. |
| Staffing | A human resources management activity that involves recruiting, interviewing, hiring, orienting, and dealing with job changes for a company’s employees. |
| Strategic Planning | Long-range planning (three to five years) for the company as a whole. |
| Tactical Planning | Short-range planning (one year) of specific actions the business will take. |
| Courtesy | Polite behavior; good manners. |
| Customer Relations | All the activities a business engages in to interact with its customers. |
| Customer Service | Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction. |
| Internal Customers | The people (i.e., employees) who work cooperatively together to achieve business goals. |
| Productivity | The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs). |
| Word-of-Mouth-Promotion | Promotion for a business provided by customers who tell others of their satisfaction with the business. |