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Intrinsic rewards

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personal satisfaction you feel when you perform well and complete goals.

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extrinsic reward

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Something given to you by someone else as recognition for good work ex. pay increases, praise, promotions

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Maslow's Hierarchy of Needs

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Theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs.

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Herzberg - job content

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Factors receiving the most votes all clustered around job content

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Theory Z

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Theory Z includes long-term employment, collective decision making, individual responsibility for the outcomes of decisions, slow evaluation and promotion, moderately specialized career paths, and holistic concern for employees (including family). Theory Z views the organization as a family that fosters cooperation and organizational values.

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Management by Objectives

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A system of goal setting and implementation; it involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees.

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Job Enrichment

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A motivational strategy that emphasizes motivating the worker through the job itself.

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Human Resource Management

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the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

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EEOC

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Equal Employment Opportunity Commission; became a formidable regulatory force in the administration of human resource management.

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Recruiting - internal sources

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sources include those hired from within (transfers, promotions, reassignments) and employees who recommend others to hire

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Recruiting - external sources

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sources include advertisements, public and private employment agencies, college placement bureaus, management consultants, professional organizations, referrals, walk-in applications, and the Internet

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Contingent workers

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Employees that include part-time workers, temporary workers, seasonal workers, independent contractors, interns, and co-op students.

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Performance appraisal

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An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination.

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Scheduling employees - home based work

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workers now telecommute, working at home at least several days per month. 12 percent of businesses use some home-based work. can choose their own hours, interrupt work for child care or other tasks, and take time out for personal reasons.

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Moving employees up, over and out

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Employees are promoted or reassigned. Employees are terminated due to performance or economic situations. Employees retire.

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Labor Union

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an employee organization whose main goal is representing its members in employee-management negotiations over job-related issues. argely responsible for the establishment of minimum-wage laws, overtime rules, workers' compensation, severance pay, child-labor laws, job safety regulations, and more.

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Collective Bargaining

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the process whereby union and management representatives negotiate a contract for workers.

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Primary objectives of labor unions

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interested in fair and competent management, human dignity, and a reasonable share in the wealth its work generates.

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Tactics used in labor disputes

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arbitration with a third party

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Compensation of CEOs

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in theory, CEO compensation and bonuses were determined by the firm's profitability or an increase in its stock price.Today, however, executives generally receive stock options (the ability to buy company stock at a set price at a later date) and restricted stock (stock issued directly to the CEO that can't be sold usually for three or four years) as part of their compensation

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Marketing

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the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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Marketing Mix

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refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. 4Ps - Price, Product, Promotion, Place.

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Primary Data sources

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Data that you gather yourself - Telephone surveys, online surveys, mail surveys, and personal interviews are the most common forms

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Environmental Scanning

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process of identifying factors that can affect marketing success.

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major types of markets

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the consumer market and the business-to-business market.

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Niche Marketing

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The process of finding small but profitable market segments and designing or finding products for them.

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Total Product offer

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consists of everything consumers evaluate when deciding whether to buy something.

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Different classes of consumer goods

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convenience, shopping, specialty, and unsought

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Convenience

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Products that the consumer wants to purchase frequently and with a minimum of effort.

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Shopping

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sold largely through shopping centers where consumers can make comparisons of products like clothes, shoes, appliances, and auto repair services.

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Specialty

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consumer products with unique characteristics and brand identity.

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unsought

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products consumers are unaware of, haven't necessarily thought of buying, or suddenly find they need to solve an unexpected problem.

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Functions of packaging

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(1) attract the buyer's attention; (2) protect the goods inside, stand up under handling and storage, be tamperproof, and deter theft; (3) be easy to open and use; (4) describe the contents; (5) explain the benefits of the good inside; (6) provide information about warranties, warnings, and other consumer matters; and (7) indicate price, value, and uses. Bundling means grouping two or more products into a unit, through packaging, and charging one price for them

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Brand

answer

a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.

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Concept testing

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takes a product idea to consumers to test their reactions.

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Product life cycle

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introduction, growth, maturity, and decline - This cycle is a theoretical model of what happens to sales and profits for a product class over time.

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Primary basis for setting prices

answer

cost - a firm may have several pricing objectives over time, and it must formulate these objectives clearly before developing an overall pricing strategy.

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break-even point

answer

the point where revenues from sales equal all costs.

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Marketing Intermediaries

answer

(once called middlemen) are organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C).

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Retailer

answer

a marketing intermediary, like a supermarket, that sells to ultimate consumers.

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Types of merchant wholesalers

answer

full-service and limited-function.

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Full-service

answer

perform all the distribution functions

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limited-function

answer

rack jobbers, cash-and-carry wholesalers, and drop shippers.

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Distribution coverage

answer

intensive, selective, and exclusive.

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intensive

answer

puts products into as many retail outlets as possible, including vending machines.

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selective

answer

uses only a preferred group of the available retailers in an area.

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exclusive

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use of only one retail outlet in a given geographic area.

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electronic retailing

answer

consists of selling goods and services to ultimate consumers over the Internet.

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Logistics

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includes planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.

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Warehouse

answer

stores goods until they are needed.

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Integrated Marketing Communication

answer

technique that combines all the promotional tools into one comprehensive, unified promotional strategy

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Promotion

answer

consists of all the techniques sellers use to motivate people to buy their products or services.

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Advertising

answer

push strategy - most efficient for reaching large groups of consumers whose members share similar traits.

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Prospects

answer

potential consumers of your product

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Public Relations

answer

the management function that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance.

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Publicity

answer

Any information about an individual, product, or organization that's distributed to the public through the media and that's not paid for or controlled by the seller

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Sales promotion

answer

the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities.

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Role of accounting information

answer

to help managers make well-informed decisions.

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Managerial accounting

answer

provides information and analysis to managers inside the organization to assist them in decision making. concerned with measuring and reporting costs of production, marketing, and other functions; preparing budgets (planning); checking whether or not units are staying within their budgets (controlling); and designing strategies to minimize taxes.

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Private Accountant

answer

do perform internal audits, but only public accountants supply independent audits.

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Journal

answer

Bookkeepers then record financial data from the original transaction documents (sales slips and so forth) into a record book or computer program called a journal.

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Key Financial Statements

answer

a balance sheet, an income statement, and a statement of cash flows

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Liquidity ratios

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measure a company's ability to turn assets into cash to pay its short-term debts (liabilities that must be repaid within one year).

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Role of finance and financial managers

answer

Financial management is the heartbeat of competitive businesses, and accounting information helps keep the heartbeat stable.

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Types of budgets

answer

A capital budget. A cash budget. An operating or master budget.

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capital budget

answer

highlights a firm's spending plans for major asset purchases that often require large sums of money, like property, buildings, and equipment.

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cash budget

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estimates cash inflows and outflows during a particular period, like a month or a quarter. It helps managers anticipate borrowing needs, debt repayment, operating expenses, and short-term investments, and is often the last budget prepared.

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operating and master

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ties together the firm's other budgets and summarizes its proposed financial activities.

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Short term financing -trade credit

answer

is the least expensive and most convenient form of short-term financing.

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Long-term financing - two sources

answer

Equity financing and debt financing

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Equity financing

answer

raises funds from within the firm through investment of retained earnings, sale of stock to investors, or sale of part ownership to venture capitalists.

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Debt financing

answer

comes from two sources: selling bonds and borrowing from individuals, banks, and other financial institutions.

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Venture Capital

answer

money invested in new or emerging companies that some investors—venture capitalists—believe have great profit potential.

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Functions of Securities Markets - IPO

answer

Initial Public Offering - The first public offering of a corporation's stock.

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Primary Market

answer

handle the sale of new securities. Corporations make money on the sale of their securities (stock) only once—when they sell it on the primary market.

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Stock exchange

answer

An organization whose members can buy and sell (exchange) securities for companies and individual investors.

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Common Stock

answer

The most basic form of ownership in a firm; it confers voting rights and the right to share in the firm's profits through dividends, if approved by the firm's board of directors.

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Preferred Stock

answer

Stock that gives its owners preference in the payment of dividends and an earlier claim on assets than common stockholders if the company is forced out of business and its assets sold.

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Principal - face value of the bond

answer

principal is the face value (dollar value) of a bond, which the issuing company is legally bound to repay in full to the bondholder on the maturity date.

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Diversification

answer

means buying several different types of investments (government bonds, corporate bonds, preferred stock, common stock, global stock) with different degrees of risk.

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Perceptions of the market

answer

Bulls believe that stock prices are going to rise; they buy stock in anticipation of the increase. Bears expect stock prices to decline and sell their stocks in anticipation of falling prices.

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Barter

answer

The direct trading of goods or services for other goods or services.

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Federal Reserve System

answer

is the central banking system of the United States.

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Reserve Requirement

answer

a percentage of commercial banks' checking and savings accounts they must keep in the bank (as cash in the vault) or in a non-interest-bearing deposit at the local Federal Reserve district bank.

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Commercial Banks - types of customers

answer

receives deposits from individuals and corporations

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FDIC

answer

an independent agency of the U.S. government that insures bank deposits.

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EFT

answer

A computerized system that electronically performs financial transactions such as making purchases, paying bills, and receiving paychecks.

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World Bank

answer

The bank primarily responsible for financing economic development; also known as the International Bank for Reconstruction and Development.

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