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Introduction to Business Management Quiz 1 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

employee behaviour

A

an employee’s reaction to a particular situation at work

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2
Q

counterproductive behaviour

A

an employee behaviour that undermines the goals and interests of the business

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3
Q

individual differences

A

how a person identifies, gender, age, race

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4
Q

personality

A

a way of classifying staff to better match your approach to them to their needs as an employee or coworker

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5
Q

collective bargaining

A

negotiation of wages and other conditions of employment by an organized body of employees.

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6
Q

labour relations

A

knowledge of the relationship between unions and management, unions themselves, management, government, unions and government, or between employers and non-represented employees.

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7
Q

labour union

A

when a group of workers from a specific sector, or business unite to improve their working conditions

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8
Q

piece rate incentive plan

A

the employer pays the employees per creation unit, motivating the employees and improving productivity in the process

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9
Q

behaviour based interviewing

A

an interviewing technique which employers use to evaluate candidate’s past behavior in different situations in order to predict their future performance

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10
Q

recruiting

A

the process of actively seeking out, finding and hiring candidates for a specific position or job

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11
Q

talent management

A

how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long term

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12
Q

human capital

A

the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

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13
Q

human resources management

A

the strategic approach to nurturing and supporting employees and ensuring a positive workplace environment

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14
Q

virtual leadership

A

the practice of leading a team when members are not in the same physical location

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15
Q

strategic leadership

A

the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives

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16
Q

charismatic leadership

A

a type of leadership that combines charm, interpersonal connection, and persuasiveness to motivate others

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17
Q

transactional leadership

A

based on the idea that managers give employees something they want in exchange for getting something they want

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18
Q

transformational leadership

A

a leadership approach that causes change in individuals and social systems

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19
Q

situational approach to leadership

A

adapting your leadership style to each unique situation or task to meet the needs of the team or team members

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20
Q

behavioural approach to leadership

A

focuses on how leaders behave, and assumes that these traits can be copied by other leaders

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21
Q

trait approach to leadership

A

suggests that certain inborn or innate qualities and characteristics make someone a leader

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22
Q

leadership

A

the action of leading a group of people or an organization

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23
Q

work-sharing

A

a group of employees with similar job duties who agree to reduce their hours of work over a specific period

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24
Q

telecommunicating

A

communication done over the web for example zoom

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25
Q

compressed workweek

A

an alternative work schedule that compresses the standard weekly hours into fewer than five standard working days over a given period

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26
Q

flex-time

A

a system of working a set number of hours with the starting and finishing times chosen within agreed limits by the employee

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27
Q

job enrichment

A

to expand the tasks that each employee performs, allow them to perform tasks in different ways, and ultimately give them more control over their work

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28
Q

participative management

A

a management style that requires the cooperation of personnel

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29
Q

participative empowerment

A

sharing control, the entitlement and the ability to participate, to influence decisions, as on the allocation of resources’

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30
Q

management by objectives

A

the process of setting specific objectives for your employees to work towards

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31
Q

goal-setting theory

A

an employee-engagement tactic that involves setting specific and measurable goals to improve productivity

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32
Q

reinforcement

A

aims to motivate staff through reinforcement, punishment and extinction

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33
Q

equity theory

A

a theory of motivation that suggests that employee motivation at work is driven largely by their sense of fairness

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34
Q

expectancy theory

A

individuals are motivated to perform if they know that their extra performance is recognized and rewarded

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35
Q

two-factor theory

A

states that there are certain factors in the workplace that cause job satisfaction while a separate set of factors cause dissatisfaction, all of which act independently of each other

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36
Q

hierarchy of human needs model

A

physiological, safety, love and belonging, esteem, and self-actualization

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37
Q

Hawthorne effect

A

the tendency to do better work because you know someone is watching

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38
Q

classical theory of motivation

A

classical theory believes that employees are motivated by financial rewards

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39
Q

motivation in a workplace

A

the enthusiasm, energy level, commitment and amount of creativity that an employee brings to the organization on a daily basis

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40
Q

person-job fit

A

compare applicant personality, interest, value, or organizational culture preference information to the characteristics of the job or organization

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41
Q

psychological contrast

A

the perception of an intensified or heightened difference between two stimuli or sensations when they are juxtaposed or when one immediately follows the other

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42
Q

organizational commitment

A

the connection or bond employees have with their employer (the organization)

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43
Q

job satisfaction

A

a feeling of fulfillment or enjoyment that a person derives from their job

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44
Q

attitudes in the workplace

A

the feelings we have toward different aspects of the work environment

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45
Q

emotional quotient

A

self-awareness, self-regulation, motivation, empathy, and social skills

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46
Q

emotional intelligence

A

the ability to manage both your own emotions and understand the emotions of people around you

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47
Q

utility

A

a want for customers satisfaction

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48
Q

operations manager

A

is the systematic direction and control of the processes that transform resources into finished goods and services

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49
Q

operations process

A

is a set of methods and technologies used in the production of a good or service

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50
Q

high-contact systems

A

the customer is part of the process

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51
Q

low-contact system

A

the customer is not physically present

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52
Q

capacity

A

the amount of product a company can produce under normal working conditions

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53
Q

process layout

A

equipment and people are grouped according to function

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54
Q

product layout

A

is set up to provide one type of service or to make one type of product in a fixed sequence of production steps

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55
Q

fixed position layout

A

is a way of organizing production that takes labour, equipment, materials and other resources to the location where work is to be done

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56
Q

flexible manufacturing system

A

a single factory can produce a wide variety of products

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57
Q

soft manufacturing

A

these reduce FMS operations to smaller, more manageable group of machines

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58
Q

operations control

A

requires production managers to monitor production performance by comparing results with detailed plans and schedules

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59
Q

materials management

A

involves planning, organizing, and controlling the flow of materials

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60
Q

lean production systems

A

are designed for smooth production process

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61
Q

just-in-time production systems

A

are one type of lean production that brings together all the needed materials and parts at the precise moment they required for the production stage and not before

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62
Q

quality control

A

refers to the management of the production process to manufacture goods or supply services that meet specific standards

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63
Q

total quality management

A

includes all the activities necessary for getting high- quality goods into the marketplace

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64
Q

performance quality

A

refers to the features of a product and how well it performs

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65
Q

quality reliability

A

refers to the consistency or repeatability of performance

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66
Q

quality ownership

A

the idea that quality belongs to each person who creates or destroys it while performing a job

67
Q

competitive product analysis

A

ideas for improving both the product and the production process

68
Q

value-added analysis

A

means evaluating all work activities, material flows, and paperwork to determine the value each adds for customers

69
Q

asset

A

any economic resource that is expected to benefit a firm or an individual who owns it

70
Q

balance sheets

A

supply detailed information about the accounting equation factors: assets, liabilities, and owners equity

71
Q

current assets

A

include cash, money in the bank, and can be converted into cash within a year

72
Q

fixed assets

A

buildings and equipment

73
Q

intangible assets

A

usually include the cost of obtaining rights or privileges such as patents, trademarks, copyrights, and franchise fees

74
Q

4 Functions of Management

A

(1) Planning (2) Leading (3) Organizing (4) Controlling

75
Q

Canadian Tire Case (explain how Greg Hicks functioned, 4 functions)

A

P: improved digital e commerce for COVID
L: united and motivated to sell product even through COVID
O: providing more products based on current demands
C: made the shift to e commerce a priority

76
Q

Types of Managers

A

Top Management (store owner)
Middle Management (store manager)
First-line Management (shift supervisor)

77
Q

Basic Management Skills

A

technical skills, HR skills, conceptual skills, time management skills, decision making skills

78
Q

Contingency planning

A

identifying changes that may occur in advance

79
Q

Crisis management

A

methods for dealing with emergencies

80
Q

Aggregate output

A

sum of all goods and services produced in an economy over a period of time

81
Q

Business cycle

A

cycle of fluctuation of GDP around its natural growth rate

82
Q

GDP (gross domestic product)

A

the value of the product created through goods and services in a country

83
Q

GDP per capita

A

the GDP in a country divided by its total population

84
Q

Real GDP

A

the GDP in the country while taking into account the inflation adjusted calculation

85
Q

GNP

A

gross national product is the value of the goods and services owned by a country’s citizen no matter if they’re in the country or not

86
Q

Purchasing power parity

A

the rates of currency in countries and their power to purchase through different currencies

87
Q

Balance of trade

A

the difference in value between a country’s imports and exports

88
Q

Inflation/ Deflation

A

inflation: prices increase and purchasing power decreases
deflation: downward movement of the general prices of the goods and services

89
Q

CPI (consumer price index)

A

a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services

90
Q

CPI (consumer price index)

A

a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services

91
Q

Unemployment rate

A

the number of unemployed people as a percentage of the labour force

92
Q

Monetary policy

A

adjusting the supply of money in the economy to achieve some combination of inflation and output stabilization

93
Q

Fiscal policy

A

the use of government spending and taxation to influence the economy

94
Q

National debt

A

the total amount of money that a country’s government has borrowed

95
Q

Globalization

A

the process by which the world economy is becoming a more interdependent system

96
Q

PEST meaning

A

P: legal and political aspects
E: economic aspects
S: social and cultural aspects
T: technological aspects

97
Q

Quota

A

limitations on importation of a product class

98
Q

Embargo

A

forbidding export/import from a nation

98
Q

Embargo

A

forbidding export/import from a nation

99
Q

Tariffs

A

a tax on imported goods

100
Q

Subsidies

A

government financial assistance for domestic firms

101
Q

Protectionism

A

protects domestic businesses to support those industries for national security reasons

102
Q

what is marketing

A

defined as an organizational function and a set process for creating, communicating, and delivering value to customers and for managing customer relationships to benefit the organization

103
Q

marketing concept

A

coordinated to achieve one goal to serve its present and potential customers at a profit

104
Q

what is value

A

value of a product compares its benefits with its cost

105
Q

utility (role with people)

A

the ability of a product to satisfy a human want or need

106
Q

marketing plan

A

identifies the marketing objectives stating what marketing will accomplish in the future

107
Q

marketing objectives

A

the goals the marketing plan intends to accomplish are the foundation that guides all the detailed activities in the plan

108
Q

marketing strategy

A

identifies the planned marketing programs, all the marketing activities that a business will use to achieve its marketing goals and those activities will occur

109
Q

marketing mix

A

product, pricing, place, and promotion that marketing managers use to satisfy customers in target markets

110
Q

product

A

a good, a service, or an idea designed to fulfill a customers needs or wants

111
Q

product differentiation

A

the creation of a feature or image that makes a product differ enough from existing products to attract customers

112
Q

pricing

A

a product selecting the best price to sell it requires consideration of several variables and is a difficult balancing act

113
Q

place

A

refers to distribution of products etc.

114
Q

promotion

A

which refers to techniques used for communicating information about products

115
Q

market segmentation

A

refers to dividing a market into categories of customer types

116
Q

target markets

A

the group the specific product/ service targets in sales

117
Q

product positioning

A

process of fixing, adapting, and communicating the nature of the product itself

118
Q

demographic variables

A

describes populations by identifying characteristics such as age, income, gender, ethical background, race, religion, social class

119
Q

geographic variables

A

are the geographical units from countries to neighbourhoods that may be used in segmentation strategy

120
Q

marketing research

A

study of customers needs and wants based on timely information

121
Q

survey

A

determine what customers want

122
Q

industrial market

A

includes businesses that buy goods to be converted into other products or that are used up during production

123
Q

reseller market

A

consisting of intermediates including wholesalers and retailers that buy and resell finished goods

124
Q

industrial market

A

consists of nongovernmental organizations, museums, and charities that also use supplies and equipment as well as legal, accounting, and transportation services

125
Q

convenience goods and services

A

consumed quickly, inexpensive, purchased often and with little input of time and effort (milk, newspaper, fast food)

126
Q

shopping goods and services

A

purchased less often, more expensive, consumers may shop around and compare products based on style, performance, colour, price, and other criteria (tv set, tires, car insurance)

127
Q

specialty goods and services

A

purchased infrequently, expensive, the consumer decides on a precise product and will not accept substitutions, and spends a good deal of time choosing the “perfect” item (jewellery, wedding gown, catering)

128
Q

production items

A

goods or services used directly in the production process (loads of tea processed into bags, information processing for real-time production)

129
Q

expense items

A

goods or services that are consumed within a year by firms producing other goods or supplying other services (oil, electricity, building maintenance, legal services)

130
Q

capital items

A

permanent goods or services, a life expectancy of more than a year, purchased infrequently often involve decisions by high-level managers (buildings, fixed equipment, accessory equipment)

131
Q

product life cycle

A

a series of stages through which it passes during its commercial life

132
Q

brand equity

A

is the added value a brand name provides to a product beyond its basic functional benefits

133
Q

product placement

A

a promotional tactic for brand exposure which characters use in tv, film, music etc. to make the real product with its brand visible to viewers

134
Q

buzz marketing

A

relies on word of mouth to spread “buzz” about a product or idea

135
Q

viral marketing

A

is buzz that relies on social networking to spread information from person to person

136
Q

national brands

A

are those produced and distributed by the manufacturer across an entire country

137
Q

private brands

A

carry the retailer’s own brand name, even though they are manufactured by another firm

138
Q

generic brands

A

they are products you see in grocery stores that simply state a category name like “bacon”

139
Q

pricing objectives

A

are the goals that the sellers hope to achieve in pricing products for sale

140
Q

market share

A

a company’s percentage of the total industry sales for a specific product type

141
Q

cost-oriented pricing

A

consider’s a firm’s desire to make a profit and its need to cover production cost

142
Q

markup

A

the amount added to an item’s purchase cost to sell it at a profit

143
Q

variable costs

A

costs that change with the number of units a product purchased and sold, such as raw materials, commissions and shipping

144
Q

fixed costs

A

costs such as rent, insurance, and utilities that must be paid regardless of the number of units produced or sold

145
Q

breakeven analysis

A

assesses costs versus revenues for various sales volumes and shows and the amount of loss or profit for each possible volume of sales

146
Q

price skimming

A

setting an initial high price to cover development and introduction costs and generate a large profit on each item sold

147
Q

penetration pricing

A

setting an initial low price to establish a new product in the market, seeks to create customer interest and stimulate trial purchases

148
Q

price lining

A

offering all items in certain categories at a limited number of prices

149
Q

psychological pricing

A

takes advantage of the fact that customers are not completely rational when making buying decisions

150
Q

push strategy

A

will “push” its product to wholesalers and retailers, who then persuade customers to buy it

151
Q

pull strategy

A

appeals directly to customers, who demand the product from retailers, who in turn demand the product from wholesalers, who in turn demand the product from the manufacturers

152
Q

distribution mix

A

the combination of distribution channels by which a firm gets products to end users

153
Q

intermediaries

A

helps to distribute goods either by moving them or by providing information that stimulates their movement from sellers to customers

154
Q

wholesalers

A

are intermediaries that sell products to other businesses for resale to final consumers

155
Q

distribution channel

A

is the path a product follows from producer to end user

156
Q

direct channel

A

the product travels from the producer to the consumer or organizational buyer without intermediaries

157
Q

sales agents

A

includes many travel agents, generally dealing in the related product lines of a few producers, such as tour companies, to meet the customers needs

158
Q

brokers

A

real estate/ stock exchanges they will match numerous sellers and buyers as needed to sell properties often not knowing in advance who they will be

159
Q

intensive distribution

A

occurs when a product is distributed through as many channels and channel members as possible

160
Q

exclusive distribution

A

occurs when a manufacturer grants the exclusive right to distribute or sell a product to one wholesaler or retailer

161
Q

selective distribution

A

falls between intensive and exclusive distribution

162
Q

channel conflict

A

occurs when members of the distribution channel disagree over the roles they should play or the rewards they should receive

Introduction to Business Management Quiz 1 (2 decks)

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