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entrepreneurship

answer

the process of creating and managing a business to achieve desired objective.

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small business

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any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people

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small business administration

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(SBA) an independent agency of the federal government that offers managerial financial assistance to small business.

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define services

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the service sector includes businesses that do not actually produce tangible goods. the service sector accounts for 80% of u.s. jobs. (ie banks, barbershops, agencies, repairs shops etc.)

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what does the term High Technology refer to

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high technology is a broad term used to describe businesses that depend heavily on advanced scientific and engineering knowledge.

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Advantages of Small Business ownership

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1. Independence - being your own boss. choose who, when, and where they work 2. Costs - Less $ to start up and maintain. 3. Flexibility - ability to adapt to changing market demands.decisions can be made quickly. Like sole-prop. 4. Focus - ability to focus on precisely defined market niche. (IE a specific group of customers...Fatheads sunglasses) 5. Reputation - bc of narrow niche can develope enviable reputation for quality goods and services.

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disadvantages of small businesses

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1. High Stress Level - physical and psychological stress. bc of limited ability and profitability, and changing market demands. 2. High Failure Rate - no guarantee of success. 50% of S.B. fail within the first 5 years. (often bc of poor bus concept) 3. Undercapitalization - lack of funds to operate a business normally. few bus make $ from start. need to maintain cashflow. 4. Managerial inexperience and incompetence - poor management is the cause of many bus failures. may be a good creative thinker but not manager, HR, finance, etc. 5. Inability to cope w/growth - owner doesn't want to relinquish control, despite needing to defer to somebody w/more specific training. poor management affects company's reputation.

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business plan

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a precise statement of the rationale for a business and step-by-step explanation of how it will achieve its goal.

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equity financing

answer

owner uses personal assets - IE computer, desk, car, for the company.

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venture capitalist

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persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock.

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debt-financing

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New businesses sometimes borrow more than half of their financial resources (to get started).

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what is the S.B.A.

answer

Small Business Administration - offers financial assistance to qualifying businesses.

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franchising

answer

a license to sell another's product or to use another's name in businesses, or both, is a franchase.

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franchiser vs.franchisee

answer

franchiser - the company that sells a franchse. (make money. lose % of company. potentially corrrupts your comp's name). franchisee- the purchaser of a franchise (dont have to start from scratch. immediate name recognition and assets).

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Advantages of Franchises

answer

management training and support. brand name appeal. standardized quality of G & S. national advertising programs. financial assistance. Proven products and bus formats. centralized buying power. greater chance for success.

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Disadvantages of Franchises

answer

Franchise fees and profit sharing with franchiser. strict adherence to standardized operations. restrictions of purchasing. limited product line. possible market saturation. less freedom in business decisions.

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undercapitalization

answer

the lack of funds to operate a business normally.

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firms size breakdown

answer

0-19 employees = 89.3% 20-99 employees = 8.9% 100-499 empoyees = 1.5% 500+ employees = 0.3%

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Demographic Trends

answer

Baby boomers = 25% of population. immigrants = 12% of population. ... therefore you can focus a business on a certain type of demographic.

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technology and economic trends

answer

tech-advancements open new marks in small business. IE - Internet.

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Downsizing/Rightsizing

answer

procusess of reducing management layers, corporate staff, and work tasks in order to make the firm more flexible, resourceful, and innovative. (one example - make each department within a company responsible for its own profits, loses, and resources.

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CHAPTER 6

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managing for quality and comptetiveness

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define management

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a process designed to achieve an organization's objectives by using its resources effectively (meaning having intended result) and efficiently (meaning accomplishing the objective with the minimal resources) in a changing environment.

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managers

answer

those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives.

question

4 parts to obtaining and retaining employees

answer

recuit, train, compensate, and provide benefits. (ie health insurance, shares of stock)...these foster employee's loyalty.

question

name the 5 parts of managers

answer

1. planning. 2. organizing. 3. staffing. 4. directing. 5. controlling.

question

Planning

answer

First function of management. "the process of determining the organization's objectives and deciding how to accomplish them". (ask questions like who are we? who are our customers? what is our operating philosophy? what are our competetive advantages)

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Mission

answer

the statement of an organization's fundamental purpose and basic philosophy.

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what is a Goals -

answer

Gaols are the results that firm wishes to achieve. goals happen before strategies.

question

what are the 3 types of plans

answer

objective-strategic, tactical, and operational.

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objectives

answer

Objectives are the end results desired by an organization, derived from the organization's mission.

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Strategic Plans

answer

Those plans that establish the long-range (2-10+years) objectives and overall strategy or course of action by which a firm fulfills its mission.

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tactical plans

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short-range (1 year or less) plans designed to implement the activities and objectives specified in the strategic plan.

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operational plan

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very short-term (1 day, week, or month) plans that specify what actions individuals, work groups or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic.

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Crisis management or contingency planning

answer

an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash.

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organizing

answer

the structuring of resources and activities to accomplish objectives in an efficient and effective manner. (creates synergy, establishes lines of authority, improve communication, helps avoid duplication of resources, can improve competitiveness, and speed up decision making).

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Staffing

answer

the hiring of people to carry out the work of the organization.

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downsizing

answer

the elimination of a significant number of employees from an organization. (reduces costs help company's become more profitable).

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Directing

answer

motivating and leading employees to achieve organizational objective. motivation via incentive. telling people what to do. and when to do it by.

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Controlling

answer

The process of evaluating and correcting activities to keep the organization on course. closely linked to planning.

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5 parts of planning

answer

1. measuring performance. 2. comparing present performance w/standards or objectives. 3. identifying deviations from the standards. 4. investigating the causes of deviation. 5. taking corrective action when necessary.

question

types of managment

answer

top managers, middle managers, first-line managers.

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top managers

answer

the president and other top executives of a business, such as the CEO, CFO, COO (chief operations officer), who have overall responsibilty for the organization

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middle-managers

answer

those members of an organizations responsible for the tactical planning that implements the general guidelines established by the top managment. (generally have years of of varied experience, and receive highest pay).

question

first-line managers

answer

those who supervise both workers and the daily operations of an organization

question

financial manager

answer

those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals.

question

look at figure 6.3

answer

it breaks down roles by manager type

question

look at Table 6.2

answer

Five rules of successful diversity recruiting.

question

Production and operations managers

answer

those who develop and administer the activities involved in transforming resources into goods services, and ideas ready for the marketplace.

question

Human resource manager

answer

those who handle the staffing function and deal with employees in a formalized manner.

question

marketing managers

answer

those who are responsible for planning, pricing, and promoting products and making them available to customers.

question

IT (information technology manager

answer

those who are responsible for implementing, maintaining, and controlling technology applicatoins in business, such as computer networks.

question

Administrative managers

answer

those who manage an entire business or a major segment of a business' they are not specialists but coordinate the activities of specialized managers.

question

Leadership

answer

the ability to influence employees to work toward an organizational goal

question

7 tips to successful leadership

answer

1. build effective and responsible interpersonal relationships. 2. communicate effectively, in person, print, and email etc. 3. build the team & enable employees to collaborate effectively 4. understand the financial aspects of the business. 5. know how to create an environment where people experience positive morale and recognition. 6. lead by example. 7. help people grow and develop.

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Technical Expertise

answer

The specialized knowledge and training needed to perform jobs that are related to particular areas of management. (to be a manager you must be able to be a worker in that area).

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Conceptual skills.

answer

The ability to think in abstract terms and to see how parts fit together to form the whole.

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analytical skills

answer

the ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of situation.

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human relations skills

answer

the ability to deal with people, both inside and outside the organization

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Ways manager is obtained (3)

answer

1. promoted to managerial position from within. 2. hiring managers from other organizations. 3. hiring straight out of university.

question

pros and cons w/hiring a manager

answer

(from within) increases motivation/something to work - less training necessary bc theyre familiar w/the system cons - less innovation. (continue in previous ways) - difficult to find qualified candidates. (from outside) new perspective/ think innovatively, cons- possibly hurt moral,

question

6 steps for decision making

answer

1. recognize and define the decision situation.(decline profit) 2. develop options (come up w/standard and creative plans). 3. analyze options (considering what is impractical & practical based on various resources). 4. select the best option. (often subjective but have2 choose1) 5. implement the decision (can be simple or complex) 6. monitor the consequences-did it accomplish desired result? if yes, good. if no, perhaps you misdefined & need to restart.

question

Agenda

answer

A calendar, containing both specific and vague items, that covers short-term goals and long-term objectives. (specific and vague. short and long-term)

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Networking

answer

The building of relationships and sharing of information w/colleagues who can help mangagers achieve the items on their agendas. (essential to company and includes variety of people in various positions).

question

Chapter 8

answer

BOOOOM! ONLY ONE MORE CHAPTER TO GO.

question

operations management

answer

the development and administration of activities involved in transforming resources into goods and services.

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manufacturing

answer

the activies and processes used in making tangible products' also called production.

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production

answer

the activities and processes used in making tangible products; also called manufacturing.

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operations

answer

the activities and processes used in making both tangible and inangible products.

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inputs

answer

the resources-such as labor, money, materials, and energy- that are converted into output.

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output

answer

the goods, services, and ideas that result from the conversion of input.

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standardization

answer

the making of identical interchangeable components or products.

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modular design

answer

the reation of an item in self-constrained units, or modules, that can be combined or interchanged to create different products.

question

customization

answer

making products to meet a particular customer's needs or wants.

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capacity

answer

the maximum load that an organizational unit can carry or operate.

question

fun fact

answer

hershey's has the production capacity to make more than 80 million chocolate kisses per day.

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fix-position layout

answer

a layout that brings all resources required to create the product to a central location.

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project organization

answer

a company using a fixed-position layout because it is typically involved in large, complex projects such as construction or exploration.

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process layout

answer

a layout that organizes the transformation process into department that group related processes.

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intermittent organization

answer

organizations that deal with products of a lesser magnitude than do project organizations; their products are not necessarily unique but possess a significant number of differences.

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product layout

answer

a layout requiring that production be broken down into relatively simple tasks assiged to workers, who are usually positioned along an assembly line.

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continuous manufacturing organizations

answer

companies that use continuously runing assembly lines, creating products with many similar characteristics.

question

computer-assisted design

answer

CAD-the design of components, products, and processes on computers instead of paper.

question

computer-assisted-manufacturing

answer

CAM- manufacturing that employs specialized computer systems to actually guide and control the transformation processes.

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flexible manufacturing

answer

the direction of machinery by computers to adapt to different versions of similar operations.

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computer-integrated-manufacturing

answer

a complete system that designs products, manages machines and materials, and controls the operations function.

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supply chain managment

answer

connecting and integrating all parties or members of the distribution system in order to satisfy customers.

question

purchasing

answer

the buying of all the materials needed by the organization; also called preocurement.

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inventory

answer

the raw materials, components, completed or partially completed products, and pieces of equipment a firm uses.

question

inventory control

answer

the process of determining how many supplies and goods are needed and keepingtack of quanitites on hand. where each item is, and who is responsible for it.

question

economic order quantity model

answer

(EOQ) model that identifies the optimum number of items to order to minimize the costs of managing (ordering, storing, and using) them.

question

just in time inventory management

answer

(JIT) management - a technique using smaller quantities of materials that arrive :ust in time: for use in the transformation process and therefore require less storage space and other inventory management expense.

question

material-requirements planning

answer

(MRP) - a planning system that schedules the precise quantity of materials needed to make product.

question

routing

answer

the sequence of operations through which the product must pass

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scheduling

answer

the assignment of required tasks to departments or even specific machines, workers, or teams.

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quality control

answer

the processes an organization uses to maintain its established quality standards

question

total quality management

answer

a philosophy that uniform commitment to quality in all areas of an organization will promote a culture that meets customers' perceptions of quality.

question

statistical process control

answer

a system in which management collects and analyzes information about the production process to pinpoint quality problems in the production system.

question

ISO 9000

answer

a series of quality assurance standards designed by the international organizations for standardization (ISO) to ensure consistent product quality under many conditions.

question

ISO 14000

answer

a comprehensive set of environmental standards that encourages companies to conduct businesses in a cleaner, safer, and less wasteful way. ISO 14000 provides a uniform set of standards globally.

business 160 chapters 5 + 6 +8 – Flashcards

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