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Objective 3 Key Term

TermDefinition
Financial analysis the process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.
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 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 he 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.
Created by: user-1975301
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