UMD BMGT110 – Miller Quiz 1/ Exam 1 Vocab Review

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

Get instant access to
all materials

Become a Member