Business Management II Vocabulary M-O Flashcards
The process of accomplishing an organization’s goals
through effectively using its people and resources; business function of
planning, organizing, and controlling of all available resources to achieve
company goals; the team of people who make decisions for the business
Management
Setting up the size of the paper on which you will be typing
Margin
Ranking of the companies by sales volume- 1, 2, 3
positions
Market Position
Control of the market through the government
Market regulations
Gathering, analyzing, and reporting customer
information; the study of consumers’ needs and wants and the way the
seller can best meet them
Market research
Separating a target market and/or
prospective buyers with common characteristics into smaller
groups based on certain parameters
Market segmentation
The portion of the total market potential that each
company expects in relation to its competitors; the percentage of
the total sales volume generated by all companies that compete in
a given market
Market Share
Information obtained
through marketing research
Marketing Information Management
Combination of marketing elements used in the
sale of a particular product
Marketing Mix
A detailed written description of all marketing
goals and activities; a formal, written document that directs a
company’s activities for a specific period of time
Marketing Plan
A visual representation showing the relationship
between two or more variables
Matrix chart
The amount deducted from an
employee’s paycheck for medical benefits
Medical Insurance Premium
The nation’s health care program for the elderly and
disabled
Medicare
An organization with a profit less than 50 million and
less than 1000 employees
Medium Size Business
Memorandum: document sent within a company
(internal), presented in short form
Memo
The capacity to accept multiple forms of
payment
Merchant Services
A way of doing something
Metrics - Measurable forms to analyze the success or failure of an
organization
Method
Implements decisions of top management
Middle Management
An impactful moment in a business
Milestone
Actions taken by the Federal Reserve to control the
money supply, rate of inflation, or both in order to influence the rate of
inflation in the economy
Monetary policy
A type of account that pays a higher interest
rate than a savings account
Money Market account
Only one market for goods and services (no competition)
Monopolies
An engaging factor to influence effort
Motivation
A professionally managed investment program that
combines funds from many individual investors and uses it to purchase
diversified holdings, such as securities
Mutual Funds
Money owed at the National level
National Debt – Money owed at the National level
A necessity or an essential item required for life
Need
Price being paid for the automobile agreed upon by
the seller and buyer
Negotiated Price
Profit earned or loss incurred by a business, determined by
subtracting expenses from revenues; also called the bottom line
Net Income
The total amount of money earned after all deductions are withheld
Net Pay
Using acceptable communication when utilizing digital tools, such as the internet
Netiquette
Consumer goods that are consumed or used up over a short period of time and must be purchased again
Nondurable goods
A job, vocation, or person’s principal work as a means of earning a living
Occupation
Could include auto dealers, commercial banks, savings, and loans, or credit unions
Offers Loans to Consumers
Training in which employee immediately begins tasks and learns while doing
On the Job Training - OJT
Face to face questioning and observation of the applicant
One on One Interview
The decision of choosing one option at the risk of losing potential advancements from other options
Opportunity Costs
Tells employees to whom they report and to whom they can turn with problems or questions; a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs
Organizational chart
Working closely across organizations along a supply chain to be more efficient
Organizational Consolidation
Behavioral practices within a specific organization (varies from company to company)
Organizational Culture
Dividing the tasks to be done into divisions and departments in order to accomplish tasks in the most efficient way
Organizing
The introduction to a new occupation
Orientation
Safety guidelines and requirements
OSHA
