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BUs 450 Ch.4
| Question | Answer |
|---|---|
| Profitability Ratios | The profit margin ratio and return on investment ratio measure the profitability of a firm’s operations. |
| Organizing | A basic function of management; the process of arranging duties and responsibilities in a coherent manner to determine who does what and who reports to whom. |
| Empirical indicators | Refers to three characteristics of resources (rare, hard to imitate, not easily substitutable) that enable a firm to gain and sustain competitive advantage. |
| Financial ratio analysis | Quantitative calculations that reveal the financial condition of a firm and exemplify the complexity of relationships among the functional areas of business. |
| Collaborative machines | Robots used in manufacturing operations; these robots are flexible, capable of doing a variety of tasks. |
| Motivating | A basic function of management; the process of influencing and leading people to accomplish specific objectives. |
| Marketing research | The systematic gathering, recording, and analyzing of data about problems, practices, and issues related to the marketing of goods and services. |
| Capital budgeting | A basic function of finance; the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. |
| Business analytics | An MIS technique designed to analyze huge volumes of data to help executives make decisions; sometimes called predictive analytics or data mining. |
| Leverage Ratios | The debt-to-equity ratio and debt-to-total assets ratio measure the extent to which a firm has been financed by debt. |
| Data mining | A business technique that uses software to mine huge volumes of data, such as a firm’s interaction with its customers, suppliers, distributors, employees, rival firms, and more to help executives make decisions; sometimes called business analytics. |
| Promotion | Includes many marketing activities, such as advertising, sales promotion, public relations, personal selling, and direct marketing, designed to attract customers in a firm’s target market(s). |
| Target market analysis | Engaging in marketing research to examine and evaluate the needs and wants of selected groups of customers. |
| Resource-based view (RBV) | An approach that suggests internal resources to be more important for a firm than external factors in achieving and sustaining competitive advantage. |
| Controlling | A basic function of management; includes all of those activities undertaken to ensure that actual operations conform to planned operations. |
| Human resource management or personnel management; (HRM) | a basic function of management; includes activities such as recruiting, interviewing, testing, selecting, orienting, training, developing, caring for, promoting, transferring, demoting, and dismissing employees, as well as managing union relations. |
| Investment decision | Also called capital budgeting; a basic function of finance; the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. |
| Growth Ratios | Measures such as the percentage increase or decrease in revenue or profit from one period to the next are important comparisons. |
| Financing decision | A basic function of finance; determines the best capital structure for the firm and includes examining various methods by which the firm can raise capital |
| Management information system (MIS) | A system that gathers, assimilates, evaluates, and converts external and internal data (facts, figures, and trends) into useful information for decision-making. |
| Capacity utilization | The extent to which a manufacturing plant’s output reaches its potential output; the higher the capacity utilization the better because otherwise equipment may sit idle. |
| Internal audit | The process of gathering and assimilating information about the firm’s management, marketing, finance/accounting, production/operations, R&D, and MIS operations. The purpose is to identify, evaluate, and prioritize a firm’s strengths and weaknesses. |
| Liquidity Ratios | The current ratio and quick ratio measure a firm’s ability to meet short-term cash obligations. |
| Management | The active engagement in four managerial activities including planning, organizing, motivating, and controlling. |
| Activity Ratios | Inventory turnover and average collection period measure how effectively a firm is using its resources. |
| Marketing | The process of defining, anticipating, and fulfilling consumers’ needs and wants. |
| Production/operations | The portion of a business consisting of the activities that transform inputs (raw materials, labor, capital, machines, and facilities) into finished goods and services. |
| Organizational culture | A pattern of behavior developed by an organization over time as it learns to cope with its problem of external adaptation and internal integration and that has worked well enough to be considered valid and to be taught to new members as right |
| Internal Factor Evaluation Matrix (IFE) | A strategy formulation tool that summarizes and evaluates a firm’s major strengths and weaknesses in the functional areas of a business and provides a basis for identifying and evaluating relationships among those areas. |
| Planning | A basic function of management; the process of deciding ahead of time the strategies to be pursued and actions to be taken in the future. |
| Test marketing | An activity to determine ahead of time whether a certain product or service or selling approach will be cost effective; also used to forecast future sales of new products. |
| Dividend decisions | A basic function of finance; concerns issues such as the percentage of earnings paid to stockholders, the stability of dividends paid over time, and the repurchase or issuance of stock. |
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