Section 1
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Last updated
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Date created
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Cards (115)
Section 1
(50 cards)
adjourning
team disbands - project finished
Customer relationship management (CRM)
focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships
forming stage
members get to know one another and develop a social dynamic
need
a personal requirement
Job Sharing
(aka "work sharing") arrangement whereby two people share one full-time position
self-managed teams
groups of employees with the authority and skills to manage themselves
utility
ability of a good or service to satisfy a human need
team
two or more workers operating as a coordinated unit to accomplish a specific task or goal
Human Relations Movement
examined working conditions and the affect on employee motivation (Hawthorne)
scientific management
application of scientific principles to management of workers (F.W. Taylor)
morale
an employee's attitude or feelings about the job, about superiors, and about the firm itself
customer lifetime value (CLV)
is a measure of a customer's worth (sales minus costs) to a business during one's lifetime
safety needs
things we require for physical and emotional security (ex: job stability, health insurance, pension plans, safe working conditions)
expectancy theory
motivation depends on how much we want something and on how likely we think we are to get it
Physiological needs
food, water, clothing, shelter, sleep
Theory X
1. Ppl don't like work and avoid it 2. Managers must coerce, control, and frequently threaten employees to achieve organizational goals. 3. Ppl must be led b/c of little ambition don't seek responsibility; concerned mainly about security (NEGATIVE OUTLOOK)
equity theory
based on the premise that people are motivated to obtain and preserve equitable treatment for themselves.
Herzberg's Motivation-Hygiene Theory
The idea that satisfaction and dissatisfaction are separate and distinct dimensions
relationship marketing
"marketing decisions and activities focused on achieving long-term, satisfying relationships with customers."
motivation factors
when present they increase motivation (ex: achievement, recognition, responsibility, advancement, growth, and the work itself)
self-actualization needs
need to grow, develop and be all that we are capable of being
job redesign
can be achieved by combining tasks, forming work groups, or establishing closer customer relationships
Flextime
a system in which employees set their own work hours within certain limits determined by employers
form utility
created by converting production inputs into finished products
norming stage
group stabilizes; roles solidify
goal setting theory
states that employees are motivated to achieve goals that they and their managers establish together
esteem needs
respect and recognition from others; a sense of personal accomplishment and worth (self-esteem)
motivation
the individual internal process that energizes, directs, and sustains behavior
storming stage
volatile; lack of unity; goals and objectives develop
piece-rate system
employees are paid a certain amount for each unit of output they produce (F.W. Taylor)
Part-time work
permanent employment in which individuals work less than a standard work week
employee ownership
employees own the company they work for by virtue of being stockholders
Maslow's hierarchy of needs
Physiological Safety Social Esteem Self-Actualization
virtual team
members who are geographically dispersed but communicate electronically
Empowerment
making employees more involved in their jobs and in the operations of the organization by increasing their participation in decision making
Stages of Team Development
Forming-->Storming-->Norming-->Performing-->Adjourning
social needs
human requirements for love, affection, and a sense of belonging
Job enlargement
expanding a worker's assignments to include additional but similar tasks
Theory Z
combines the aspects of Japanese and American firms
performing stage
team at full potential -- doing what they set out to do
Theory Y
(POSITIVE OUTLOOK) 1. Ppl realize work is important 2. They like to work toward goals 3. Seek and accept responsibility 4. Can accomplish Org goals 5. Orgs don't take full advantage of HR
Management by Objectives (MBO)
managers and employees collaborate in setting goals
reinforcement theory
based on the premise that people will repeat behavior that is rewarded and will cease behavior that is punished
hygiene factors
supervision, working conditions, interpersonal relationships, pay, job security, company policies and administration --> reduce dissatisfaction when they are present to a certain degree
cross-functional team
consists of individuals with varying specialties, expertise, and skills that are brought together to achieve a common task
Problem Solving team
created to solve problems
Behavior Modification
systematic program of reinforcement to encourage desirable behavior
Job enrichment
motivating employees by providing them with variety in their tasks while giving them some responsibility for, and control over, their job
place utility
created by making a product available at a location where customers wish to purchase it
telecommuting
telecommuting, working at home all the time or for a portion of the work week
Section 2
(50 cards)
marketing concept
business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives
cash flow
movement of money in and out of an organization
risk-return ratio
based on the principle that a high-risk decision should generate higher financial returns for a business
unsecured financing
not backed by collateral
commercial paper
a short-term promissory note issued by a large corporation. The maturity date for commercial paper is normally 270 days or less
data
numerical or verbal descriptions that usually result from some sort of measurement
marketing mix
a combination of product, price, distribution, and promotion developed to satisfy a particular target market
not-for-profit accounting
helping not-for-profit organizations to account for all donations and expenditures
tax accounting
planning tax strategy and preparing tax returns for firms or individuals
GAAP
generally accepted accounting principles that have been developed to provide an accepted set of guidelines and practices for U.S. companies reporting financial information and the accounting profession
primary market
a market in which an investor purchases financial securities (via an investment bank) directly from the issuer of the securities
possession utility
created by transferring title (or ownership) of a product to a buyer
long-term financing
money that will be used for longer than one year
Certified Public Accountant (CPA)
individual who has met state requirements for accounting education and experience and has passed a rigorous accounting examination
speculative production
time lag between the actual production of goods and when the goods are sold
undifferentiated approach
a single marketing mix directed at the entire market for a particular product
market segmentation
process of dividing markets into segments
marketing plan
a written document that specifies an organization's resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group
target market
a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
financial management
consists of all the activities concerned with obtaining money and using it effectively
audit
an examination of a company's financial statements and the accounting practices that produced them
return on sales (profit margin)
a financial ratio calculated by dividing net income after taxes by net sales.
inventory turnover
number of times the firm sells its merchandise inventory in one year
investment banking firm
an organization that assists corporations in raising funds, usually by helping to sell new issues of stocks, bonds, or other financial securities
financial accounting
generates financial statements and reports for interested people outside of an organization
promissory note
written pledge by a borrower to pay a certain sum of money to a creditor at a specified future date
managerial accounting
provides managers and employees within the organization with the information needed to make decisions about a firm's financing, investing, marketing, and operating activities
trade credit
a type of short-term financing extended by a seller who does not require immediate payment after delivery of merchandise
knowledge management (KM)
firm's procedures for generating, using, and sharing the data and information
market segment
a group of individuals or organizations within a market that shares one or more common characteristics
statement of cash flows
illustrates how the company's operating, investing, and financing activities affect cash during an accounting period
the "Big Four"
Top 4 Accounting Firms: PricewaterhouseCoopers (PwC) Ernst & Young KPMG Deloitte Touche Tohmatsu
financial ratio
a number that shows the relationship between two elements of a firm's financial statements.
Accounting
the process of systematically collecting, analyzing, and reporting financial information
information
data presented in a form that is useful for a specific purpose
market
a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them
government accounting
providing basic accounting services to ensure that tax revenues are collected and used to meet the goals of state, local, and federal agencies
short-term financing
money that will be used for one year or less
chief financial officer (CFO)
a high-level corporate executive who manages a firm's finances and reports directly to the company's chief executive officer or president
database
a single collection of data and information stored in one place that can be used by people throughout an organization to make decisions
prime-interest rate
the lowest rate charged by a bank for a short-term loan (reward for great credit ratings)
initial public offering (IPO)
occurs when a corporation sells common stock to the general public for the first time
Marketing Mix (Components)
Product Price Distribution Promotion
marketing strategy
a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
cost accounting
determining the cost of specific products or services
time utility
created by making a product available when customers wish to purchase it
current ratio
computed by dividing current assets by current liabilities
secondary market
a market for existing financial securities that are traded between investors
factor
a firm that specializes in buying other firms' accounts receivable
securities exchange
a marketplace where member brokers meet to buy and sell securities (NYSE)
Section 3
(15 cards)