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introduction to bus
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| Question | Answer |
|---|---|
| Management | The process of coordinating people and resources to achieve organizational goals efficiently and effectively. |
| Efficiency | Using the least amount of resources to accomplish objectives. |
| Effectiveness | Achieving organizational goals as intended. |
| Planning | Setting organizational goals and deciding how to achieve them. |
| Organizing | Structuring resources and activities to accomplish objectives efficiently. |
| Leading | Influencing and motivating people to work toward organizational goals. |
| Controlling | Measuring performance and taking corrective action when necessary. |
| Strategic Plan | A long-term plan that sets broad goals for the entire organization. |
| Tactical Plan | A smaller-scale plan developed to implement parts of a strategic plan. |
| Operational Plan | A plan designed to implement tactical plans within a shorter period. |
| Top Management | Executives who guide and control the organization’s overall fortunes. |
| Middle Management | Implements strategies and major policies developed by top management. |
| First-line Management | Supervises and coordinates employees’ day-to-day activities. |
| Decision-Making Process | Recognizing a problem, generating alternatives, evaluating alternatives, choosing and implementing one, and evaluating results. |
| Leadership Styles | Autocratic (directive), Democratic (collaborative), and Laissez-Faire (hands-off). |
| Operations Management | The development and administration of all activities that transform resources into goods and services. |
| Production | The creation of goods and services using labor, materials, and equipment. |
| Mass Production | Efficiently producing large quantities of standardized products. |
| Customization | Producing goods and services to meet individual customer preferences. |
| Operations Process | Inputs (resources) → Transformation process → Outputs (goods/services). |
| Capacity Planning | Determining how much a firm can produce during a given time. |
| Location Planning | Determining where to produce goods for maximum efficiency. |
| Layout Planning | Arranging physical facilities to optimize production flow. |
| Quality Control | Ensuring products meet design specifications and quality standards. |
| Just-In-Time (JIT) Inventory | Inventory system reducing waste by receiving materials only as needed. |
| Lean Manufacturing | Production approach focused on minimizing waste and improving efficiency. |
| Supply Chain Management | Coordination of all parties involved in producing and delivering goods. |
| ISO 9000 | A set of international quality standards for management and assurance. |
| Human Resource Management | All activities involved in acquiring, maintaining, and developing an organization’s human resources. |
| Job Analysis | Determining tasks and skills required for a specific job. |
| Job Description | A written statement of duties, responsibilities, and working conditions. |
| Job Specification | A list of qualifications needed for a specific job. |
| Recruiting | Attracting qualified applicants for a job. |
| Selection | Choosing the most qualified applicant from the pool. |
| Training and Development | Improving employees’ skills and knowledge for current or future jobs. |
| Performance Appraisal | Evaluating employees’ current and past performance relative to standards. |
| Compensation | The financial and nonfinancial rewards employees receive for their work. |
| Benefits | Nonwage compensation such as insurance, paid time off, and retirement plans. |
| Motivation | The inner drive that directs a person’s behavior toward goals. |
| Maslow’s Hierarchy of Needs | Motivation theory suggesting people must satisfy lower-level needs before higher-level ones. |
| Herzberg’s Two-Factor Theory | Job satisfaction and dissatisfaction arise from different factors (motivators vs. hygiene). |
| Equity Theory | Perception of fairness in work outcomes relative to others. |
| Labor Unions | Organizations of workers formed to represent members in negotiations with employers. |
| Collective Bargaining | Negotiation between management and unions about compensation, benefits, and working conditions. |
| Marketing | The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate exchanges. |
| Target Market | A specific group of consumers an organization focuses on. |
| Marketing Mix (4Ps) | Product, Price, Place, Promotion — the combination used to satisfy customers. |
| Product Life Cycle | Stages a product goes through: introduction, growth, maturity, decline. |
| Market Segmentation | Dividing a market into groups with similar traits or needs. |
| Branding | Using names, symbols, or designs to identify and differentiate a product. |
| Distribution Channel | Path a product takes from producer to consumer. |
| Wholesaler | Intermediary who buys from producers and sells to retailers. |
| Retailer | Sells goods directly to final consumers. |
| Promotion Mix | Advertising, personal selling, public relations, and sales promotion. |
| Digital Marketing | Using online platforms and technology to promote and sell products. |
| Market Research | Collecting and analyzing data about customers and competitors. |
| Value Proposition | The benefit a company promises customers if they purchase its product. |
| Management Information System (MIS) | A system providing managers with information needed for decision-making. |
| Data vs. Information | Data are raw facts; information is data made meaningful. |
| Accounting | The process of collecting, analyzing, and reporting financial information. |
| Financial Accounting | External reporting of financial data to investors, regulators, and others. |
| Managerial Accounting | Provides internal data to managers for planning and control. |
| GAAP (Generally Accepted Accounting Principles) | Standard framework of guidelines for financial accounting. |
| Assets | Resources owned by a company (cash, inventory, equipment). |
| Liabilities | Debts or obligations owed to others. |
| Owner’s Equity | The owner’s claims on business assets after liabilities. |
| Balance Sheet | A statement showing assets, liabilities, and equity at a specific time. |
| Income Statement | Reports revenues, expenses, and profit/loss over a period. |
| Cash Flow Statement | Tracks cash inflows and outflows from operations, investing, and financing. |
| Auditing | An independent examination of financial records for accuracy and fairness. |
| Ethics in Accounting | Following honesty, integrity, and transparency in financial reporting. |
| Case — CH 15: How Larry Ellison and Oracle Plan to Win the Cloud Wars Oracle Strategy | Oracle competes in cloud computing by focusing on price, quality, and security. |
| Case — CH 15: How Larry Ellison and Oracle Plan to Win the Cloud Wars Oracle Strategy | Oracle competes in cloud computing by focusing on price, quality, and security. |
| Autonomous Database | Oracle developed self-managing, self-securing database systems (e.g. Oracle Autonomous Linux) to reduce human error and improve security. |
| Fixed Pricing Model | Oracle offers a fixed monthly charge for FastConnect infrastructure, giving predictability vs variable billing from AWS. |
| R&D & Acquisitions | Oracle invests heavily in research and development and acquires companies to build innovative products. |
| Cloud Differentiation | Oracle claims its cloud is more secure and less expensive than competitors like AWS. |
| Five MIS Functions in Oracle | Oracle’s systems support collecting, storing, updating, processing, and presenting data for customers. |
| Security-First Culture | Oracle emphasizes layered defenses (encryption, firewalls, zones) down to chip level to build trust. |
| Case — CH 9 (HRM): Taco Bell Tackles Large-Scale Recruitment “Start With Us, Stay With Us” | Taco Bell’s recruitment/retention campaign designed to build long-term employee relationships. |
| Hiring Parties | Taco Bell organized events with food, fun, and on-the-spot interviews to attract candidates. |
| Crew App | A mobile scheduling and messaging app Taco Bell uses to improve employee communication and coordination. |
| Digital & Curbside Interviews | During the pandemic, Taco Bell used virtual and curbside interviews to continue recruiting. |
| Aligning Culture & Recruiting | Taco Bell uses recruiting events to showcase its fun, energetic brand to potential employees. |
| Retention via Career Paths | Taco Bell offers educational and career development paths as part of retention strategy. |
| Case — CH 13: Casper Thinks Inside the Box Bed-in-a-box Model | Casper sold mattresses directly to consumers in boxes, bypassing traditional retail showrooms. |
| Direct-to-Consumer (D2C) | Casper used D2C online sales, cutting out intermediaries. |
| Viral Marketing & Social Media | Casper relied heavily on word-of-mouth, unboxing videos, and social media promotion. |
| Referral Program | Casper incentivized customers to refer others, amplifying reach. |
| Rapid Growth vs Profitability | Though revenue grew, heavy marketing spend and operational costs made profitability difficult. |
| IPO & Investor Lawsuits | After going public, Casper faced lawsuits over alleged misleading disclosures about its financials. |
Created by:
avaarose