UMD BMGT110 – Miller Quiz 1/ Exam 1 Vocab Review – Flashcards
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Economic and Legal Environment
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Government helps create positive business environment, Businesses navigate laws and taxes
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Technological Environment
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Any technology (capital) that increases productivity (computers, internet, robots, symbologies - barcodes)
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Competitive Environment
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Businesses fight to gain advantage over other people with similar goods/services. Buyers vote for a store by spending their money there. Businesses are forced to be customer-service-driven
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Social Environment
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Businesses must know who they are trying to serve in which markets in order to better serve them. Use Demography
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Demography
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study of human population in order for businesses to know how to better serve them.
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St. Thomas Aquinas
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started thinking about property, justice, and excessive interest on loans (usury) in 1200s
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School of Salamanca
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Starts thinking about supply and demand in 1536
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Mercantillists
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Start seeking advantage for trade, merchant, and joint stock to get nation's power
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Adam Smith
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in 1776 wrote Wealth of Nations with ideas of self-interest, division of labr, specialization, and invisible hand of the economy
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Socialism
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private ownership, but huge taxes because government owns and operates basic production and distribution. BENEFIT: equality
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Communism
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Based on Marx's communist manifesto. Gov't controls everything. Lends itself to dictators and shortages/surplus easy b/c government slow to react
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Sole Proprietorship
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Business owned and managed by one person. Risk all your things, not just business assets
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Partnership
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2 or more people share profits/risks. Limited Partnership: risk liability limited to investments
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Corporation
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Corporation = person owning business. Very limited liability
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C-Section corporation
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Conventional type
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S corporation
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Major Restrictions but taxes like sole proprietorship
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Limited Liability Corporation (LLC)
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Less Restriction, More Liability
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Micropreneur
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Maintains business in home, very small
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Intrapreneur
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company lets employees be entrepreneurial within own company
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Functions of Management
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Planning and Controlling Business
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types of Planning
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Strategic (what?) , Tactical (who, what, when?) , Operational (how?), Contingency (What if? - Alternatives)
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Centralized Organization
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Few people at top running business
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Span of Control
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How many people you have reporting to you
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Cross-Functional Self-Managed Teams
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put the bad workers together with task and without management and they manage selves/ become good workers
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Logistics
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manage flow of materials
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Purchasing
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Done by marketing and finance (relationship and money)
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JIT Inventory
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Just - In - Time (so you don't have cash wrapped up in inventory, limits costs)
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Outbound Logistics
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customer service and marketing
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Customer Success
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Customers will work to make their customers successful to make themselves successful (Boeing builds bunker so customer can store planes they buy)
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Channel of Distributions
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Manufacturer to Distributor/Wholesaler to Retailer
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Quick Response / Efficient Consumer Response
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Technologies that let manufacturers know what retailers are selling (almost in real time) in order to help manufacturers serve retailers
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Wholesalers Extending Credit
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when restaurant bought 10 lbs and only sold 8 lbs, when chef comes back, wholesaler only charges for 8. Founded on trust
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Steps of Warehousing
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Breakbulk / Consolidation, Product Mixing, Contingency Protection / Smoothing, Manufacturing Support, Transportation
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Breakbulk/consolidation:
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Big Truck to Smaller Truck or vice versa (respectively)
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Product Mixing
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Get huge shipment of one product, send mix of product to retailers
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Smoothing
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Making things look nice, making sure everything runs smoothly
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Manufacturing Support
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put together last pieces of the product in warehouse
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Transportation
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Air (expensive), Trucking (expensive), Trains (bad service), Boats (slow/stuff could sink), Pipeline (gas)
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Packaging
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try to decrease cost and increase productivity with packaging while marketing the product and providing info to the customer
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Marketing
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Planning and executing the pricing/distribution of goods/services to satisfy consumers' goals
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Eras of Marketing
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Production Era: focused on FAST Selling Era: marketing = selling + advertising Marketing concept era: like today, have to differentiate product b/c of competition
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Office of Government Ethics
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enforces that governmental positions are kept ethical
