Business ch 6-10
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| Affiliate Marketing | Internet-based marketing strategy that rewards businesses or individuals for each visitor or customer they send to a website.
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| Enterprise zone | Geographic area in which business growth is encouraged by government through tax relief and other financial incentives.
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| Intrapreneurs | Employees within a company who are assigned to develop a special project like an entrepreneur would.
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| Incubator | Entities organized to deliver support services to businesses during start-up phase of operation.
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| Venture Capitalist | Investors who provide capital to startup companies in exchange for ownership interests.
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| Small business | Business that is independently owned and operated, organized for profit and not dominant in its field.
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| SCORE | SBA organization with volunteers from business and industry who offer counseling services to businesses
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| SBA | U.S. government agency that advises and assists small businesses through training, financial advice and loans.
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| SBIC | Privately-owned investment company licensed by SBA that supplies small businesses with financing.
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| Market | Groups of consumers or organizations with the desire and ability to buy a product.
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| Business Plan | Written document describing nature of the business, target market, financial information and owner qualifications.
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| Entrepreneurship | Accepting the risk of starting and running a business.
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| Tactical Plan | Plan that translates general goals developed by strategic managers into more specific objectives and activities.
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| Contingency Plan | Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective.
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| Strategic Plan | Plan that establishes organization’s major goals and objectives and allocates resources to achieve them.
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| Technical Plan | Knowledge of and proficiency in completing specific tasks
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| Conceptual skills | Ability to see the organization as a whole and visualize how it fits into the broader environment.
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| Middle management | People within a company who are in charge of departments or groups but below those in charge of the whole company.
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| PMI | Decision making tool for weighing the pros and cons of a decision.
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| Top Management | The most senior staff of an organization; i.e., Vice President, CEO, COO.
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| Mission statement | Written declaration of purpose that affirms the highest priorities of the organization.
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| Objectives | Statements of short-term, specific outcomes that are to be achieved by the firm.
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| Vision | The answer to the question, “Why does this organization exist”?
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| Goals | Long-term, measurable accomplishments to be achieved by the firm within a specified time frame.
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| Free-rein leader | Leader who favors autonomy and allows group members to make decisions and take action as needed.
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| Autocratic leader | Leader who maintains individual control over all decisions and accepts little input from subordinates
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| Democratic leader | Leader who involves subordinates in goal setting, problem solving and decision making.
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| Transparency | The full, accurate and timely disclosure of pertinent information to stakeholders of the firm.
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| Leading | The process of guiding, influencing and motivating others to work toward common goals.
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| Organizing | The grouping of people, resources and activities to accomplish the objectives of the organization.
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| Planning | The process of establishing organizational goals and determining how to accomplish them.
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| Controlling | The process of evaluating and regulating ongoing organizational activities to ensure that goals are achieved.
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| Brainstorming | The process of generating creative ideas and solutions through unrestricted group discussion.
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| Problem solving | The process of working through details of a predicament in order to reach a solution.
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| Decision making | The process of selecting one alternative from the available alternatives.
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| Management | Organization and coordination of activities of the firm in order to achieve defined goals and objectives.
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| Assembly Process | Manufacturing method in which value is added by putting together components to create a product
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| Continuous process | Manufacturing method to produce or process materials without interruption for long periods of time.
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| Mass customization | Production of personalized or custom-tailored goods or services to meet customers’ individual needs.
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| Critical Path | In a PERT chart, the sequence of activities that takes the longest time from start to finish.
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| Facility location | The process of determining the geographic placement of facilities to serve the firm’s clients or customers.
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| Intrinsic reward | A valued outcome that comes from within the individual, such as a sense of accomplishment and self-esteem
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| Extrinsic reward | A valued outcome that is tangible, visible to others and external, such as a raise, promotion or praise.
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| Theory X | Management view that employees are lazy, uninterested in work, and need to be prodded to perform their jobs.
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| Theory Y | Management view that employees enjoy work and take responsibility for meeting their work requirements.
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| Theory Z | Management view that employee involvement in the organization and decision-making leads to productivity.
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| Job enrichment | Motivation technique to improve job satisfaction by incorporating task variety and responsibility.
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| Job enlargement | Increasing the scope of the job by combining several tasks into a single, more challenging assignment.
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| Job rotation | Motivation strategy in which employees are moved between two or more jobs in a planned manner.
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| Hygiene factors | Factors in a job necessary to avoid worker dissatisfaction but do not improve job satisfaction
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| Motivators | Workplace factors that provide employees with job satisfaction and presumably motivation.
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| MBO | Motivation technique in which managers and subordinates collaborate in establishing performance goals and objectives.
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| Scientific Method | Management approach concerned primarily with the physical efficiency of the work process.
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| Self-actualization | The process of growing and developing as a person to achieve individual potential.
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| Equity theory | Motivation theory stating that employees seek a balance between their inputs/outputs compared to others in similar positions
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| Hierarchy of needs | equence of human motivation needs arranged by ascending order of importance, developed by Abraham Maslow.
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| Expectancy theory | Motivation theory stating that motivation depends on how much we want something and how likely we believe we are to get it.
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