Business Flashcards
Bargaining unit
A group of employees recognized by the National Labor Relations Board to be an appropriate body for collective bargaining under the National Labor Relations Act.
Barriers to entry
Obstacles that impede an organization as it seeks to enter a market.
Branding
A community-wide communication effort to convey the mission and the competitive advantage of an organization.
Breach of contract
A contracting party’s failure or refusal to perform its obligations specified in a contract.
Business model
The underlying structure of an organization; the means through which an organization creates and delivers value to its customers and earns revenues.
Business plan
A model of a specific strategy or function that guides design, operations, and goal setting.
Certificate of need
Certificate or approval for new services and for construction or renovation of hospitals or related facilities; issued in many states.
Collective bargaining
An activity whereby union and management officials attempt to resolve conflicting interests in a manner that will sustain and possibly enrich their continuing relationships.
Contract
A voluntary, deliberate, and legally binding agreement between two or more competent parties; usually written but sometimes spoken or implied.
Core competencies
The internal activities and functions central to fulfilling an organization’s mission; strategically valuable, they are the essence of what makes the organization unique in providing value to its customers.
Crisis communications plan
A process for disseminating information to all organizational stakeholders in the event of an emergency.
Defamation
The act of making untrue statements about another that damage the person’s reputation; written defamation is libel, and oral defamation is slander.
Disruptive innovation
Innovation that creates a new market by discovering new categories of customers, eventually displacing the existing market; occurs when new technologies are harnessed or when new business models exploit old technologies.
Economies of scale
Reductions in unit cost as a result of an increase in number of products or services produced.
First movers
Organizations that consistently search for innovation opportunities and attempt to gain competitive advantages by being among the first to enter a new market or industry.
Five Forces model
A framework devised by Harvard economist Michael Porter for analyzing the degree of competition in a market and the ability of established organizations to influence prices.
Forecasting
Use of data from the past and present to analyze trends and predict the future; also called scenario planning.
Four basic types of market structure
(1) Perfect competition, (2) monopolistic competition, (3) oligopoly, and (4) monopoly; each type reflects the number Of organizations in a market and their degree of market influence.
Four Ps
Four attributes that have traditionally been used to establish an organization’s market position: (1) product, (2) price, (3) promotion, and (4) place.
Gantt chart
A bar chart that lays out the schedules, steps, and time frames of a project or projects.
Gap analysis
A method of identifying the distance between an organization’s current position and its desired position with regard to its mission, vision, and values.
Generic strategies
Commonly used strategies that combine a target market (e.g., a small segment of a population) and a type of differentiation (e.g., low cost).
Healthcare disparities
Differences in access to or availability of healthcare facilities and services; related but different, health disparities refer to variation in the rates of disease occurrence and disabilities among socioeconomic, geographic, social, cultural, and sexual- or gender identity-defined population groups.
Herfindahl-Hirschman Index
A measure of market concentration calculated by squaring the market share percentage of each organization in a market and then summing the numbers.
