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ISTM 210 > chapter twelve > Flashcards

chapter twelve Flashcards

1
Q

what are the five core business functions?

A

accounting, production, research & development, human resources, and marketing

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2
Q

accounting department

A

knows how many cars need to be sold for the business to be profitable

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3
Q

marketing department

A

knows what kind of cars certain people are most likely to buy and what the car’s appropriate price should be

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4
Q

human resources department

A

knows how many people it takes to make a car

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5
Q

research and development department

A

is betting that its new innovations will sell more cars

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6
Q

production department

A

knows how many cars its department can produce

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7
Q

collaboration

A

simply two or more people working towards a common goal, and in the case of the automobile manufacturer, five business departments working towards a common goal

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8
Q

business

A

an organized entity designed to sell goods and/or services to make a profit

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9
Q

accounting department is often…

A

the most important

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10
Q

what is the FIRST of the core business behaviors

A

accounting, it measures and provides financial information about an organization primarily for its decision makers, investors, and taxing authorities

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11
Q

what is the “mathematics of business”?

A

accounting

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12
Q

Generally Accepted Accounting Principles (GAAP)

A

accounting rules for preparing, presenting, and reporting financial statements so an organization and its investors can have a standard set of reports regarding a business’ well being

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13
Q

“firm-specific human capital” and “Human Resources” suggest that…

A

people are a commodity

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14
Q

what is the most important aspect in any business?

A

people

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15
Q

what is the second core of business?

A

human resourcing

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16
Q

human resource departments are responsible for what?

A

recruiting and hiring new employees, evaluating and managing personnel, tracking personnel data, administering payroll and pensions and sometimes providing advice to employees regarding work-related issues

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17
Q

why must Human Resources departments know all the aspects of these intra-departmental relationships and define them clearly?

A

to outline job titles, training, pay ranges, job requirements, and other work-related aspects of all personnel on the organizational chart

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18
Q

marketing

A

the promotion of a business’ products

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19
Q

marketing departments focus on…

A

customers and have core responsibilities like advertising and branding a business’ products and services

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20
Q

The Four Ps of Marketing

A

Products
Pricing
Promotion
Placement

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21
Q

products

A

the actual goods and services a business produces and how they relate to customer’s needs including warranties, guarantees, and customer support

22
Q

pricing

A

refers to what a product costs, or at least what a business is willing to exchange for their products

23
Q

promotion

A

the advertisement of a business’ products and services, as well as promotion and publicity

24
Q

placement

A

how a product or service is delivered to a customer. How, where, and to whom a product is delivered describes placement

25
Q

marketing departments must…

A

know every aspect of all the products and services a business offers and it must be able to effectively communicate this information to customers

26
Q

which department needs a strong knowledge of economic theory?

A

marketing department

27
Q

how does information technology play a role in the 4 Ps of Marketing?

A

finding a suitable market segment can involve complex database analysis and risk assessment to make sure that products are introduced to suitable customers

28
Q

if a business isn’t growing…

A

its dying

29
Q

what do research and development (R&D) departments do?

A

take a creative and systematic approach to evolve a business’ original idea and devise new ones

30
Q

“brainstorming”

A

a collaborative thought process by many people to come up with ideas and directions for the business, often without a predetermined outcome, but always with a commercial yield in mind

31
Q

feasible

A

if an idea can be implemented

32
Q

“goods”

A

tangible products

33
Q

“services”

A

intangible products

34
Q

what is the fifth core business behavior?

A

production departments

35
Q

production departments

A

prepare these goods and services to be sold commercially

36
Q

what is the focus of production departments?

A

most efficient and cost effective way to produce goods and maximize profits

37
Q

data and information are simply a tool used for….

A

decision-making

38
Q

Internet discussion board

A

sometimes called a forum, allows a virtual community of interested users to post electronic messages to a web page

39
Q

instant messaging and online chat

A

real-time computer communication

40
Q

mobile instant messaging

A

texting

41
Q

video and data conferencing

A

collaborate through a network through a webinar

42
Q

webinar

A

allow for collaboration and participation between an audience and a presenter

43
Q

what is a major advantage of video conferencing?

A

participants do not have to travel

44
Q

application sharing

A

two users can collaborate on the same computer and look at the same application from different networked locations

45
Q

project management software

A

provides a business with a collaborative road map for organizing and managing resources to schedule a project from start to finish

46
Q

Microsoft Project

A

project management software that provides a spreadsheet-like GUI input screen to list every aspect and goal to complete a business project, and it helps assign the people responsible for these aspects and goals

47
Q

Gantt chart

A

graphical representation of the project

48
Q

system development life cycle (SDLC)

A

shows the steps of the project

49
Q

Unified Modeling Language

A

often used for project management

50
Q

Knowledge Management Systems

A

collaborative systems that organize, create, and distribute a business’ collective knowledge

51
Q

knowledge transfer

A

collaborative systems that organize, create, and distribute a business’ collective knowledge

52
Q

online application software

A

newer system

ex: google docs and spreadsheets

ISTM 210 (23 decks)

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