Final Exam Flashcards
employee behaviour
an employee’s reaction to a particular situation at work
counterproductive behaviour
an employee behaviour that undermines the goals and interests of the business
individual differences
how a person identifies, gender, age, race
personality
a way of classifying staff to better match your approach to them to their needs as an employee or coworker
collective bargaining
negotiation of wages and other conditions of employment by an organized body of employees.
labour relations
knowledge of the relationship between unions and management, unions themselves, management, government, unions and government, or between employers and non-represented employees.
labour union
when a group of workers from a specific sector, or business unite to improve their working conditions
piece rate incentive plan
the employer pays the employees per creation unit, motivating the employees and improving productivity in the process
behaviour based interviewing
an interviewing technique which employers use to evaluate candidate’s past behavior in different situations in order to predict their future performance
recruiting
the process of actively seeking out, finding and hiring candidates for a specific position or job
talent management
how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long term
human capital
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
human resources management
the strategic approach to nurturing and supporting employees and ensuring a positive workplace environment
virtual leadership
the practice of leading a team when members are not in the same physical location
strategic leadership
the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives
charismatic leadership
a type of leadership that combines charm, interpersonal connection, and persuasiveness to motivate others
transactional leadership
based on the idea that managers give employees something they want in exchange for getting something they want
transformational leadership
a leadership approach that causes change in individuals and social systems
situational approach to leadership
adapting your leadership style to each unique situation or task to meet the needs of the team or team members
behavioural approach to leadership
focuses on how leaders behave, and assumes that these traits can be copied by other leaders
trait approach to leadership
suggests that certain inborn or innate qualities and characteristics make someone a leader
leadership
the action of leading a group of people or an organization
work-sharing
a group of employees with similar job duties who agree to reduce their hours of work over a specific period
telecommunicating
communication done over the web for example zoom
compressed workweek
an alternative work schedule that compresses the standard weekly hours into fewer than five standard working days over a given period
flex-time
a system of working a set number of hours with the starting and finishing times chosen within agreed limits by the employee
job enrichment
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
participative management
a management style that requires the cooperation of personnel
participative empowerment
sharing control, the entitlement and the ability to participate, to influence decisions, as on the allocation of resources’
management by objectives
the process of setting specific objectives for your employees to work towards
goal-setting theory
an employee-engagement tactic that involves setting specific and measurable goals to improve productivity
reinforcement
aims to motivate staff through reinforcement, punishment and extinction
equity theory
a theory of motivation that suggests that employee motivation at work is driven largely by their sense of fairness
expectancy theory
individuals are motivated to perform if they know that their extra performance is recognized and rewarded
two-factor theory
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
hierarchy of human needs model
physiological, safety, love and belonging, esteem, and self-actualization
Hawthorne effect
the tendency to do better work because you know someone is watching
classical theory of motivation
classical theory believes that employees are motivated by financial rewards
motivation in a workplace
the enthusiasm, energy level, commitment and amount of creativity that an employee brings to the organization on a daily basis
person-job fit
compare applicant personality, interest, value, or organizational culture preference information to the characteristics of the job or organization
psychological contrast
the perception of an intensified or heightened difference between two stimuli or sensations when they are juxtaposed or when one immediately follows the other
organizational commitment
the connection or bond employees have with their employer (the organization)
job satisfaction
a feeling of fulfillment or enjoyment that a person derives from their job
attitudes in the workplace
the feelings we have toward different aspects of the work environment
emotional quotient
self-awareness, self-regulation, motivation, empathy, and social skills
emotional intelligence
the ability to manage both your own emotions and understand the emotions of people around you
utility
a want for customers satisfaction
operations manager
is the systematic direction and control of the processes that transform resources into finished goods and services
operations process
is a set of methods and technologies used in the production of a good or service
high-contact systems
the customer is part of the process
low-contact system
the customer is not physically present
capacity
the amount of product a company can produce under normal working conditions
process layout
equipment and people are grouped according to function
product layout
is set up to provide one type of service or to make one type of product in a fixed sequence of production steps
fixed position layout
is a way of organizing production that takes labour, equipment, materials and other resources to the location where work is to be done
flexible manufacturing system
a single factory can produce a wide variety of products
soft manufacturing
these reduce FMS operations to smaller, more manageable group of machines
operations control
requires production managers to monitor production performance by comparing results with detailed plans and schedules
materials management
involves planning, organizing, and controlling the flow of materials
lean production systems
are designed for smooth production process
just-in-time production systems
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
quality control
refers to the management of the production process to manufacture goods or supply services that meet specific standards
total quality management
includes all the activities necessary for getting high- quality goods into the marketplace
performance quality
refers to the features of a product and how well it performs
quality reliability
refers to the consistency or repeatability of performance
quality ownership
the idea that quality belongs to each person who creates or destroys it while performing a job
competitive product analysis
ideas for improving both the product and the production process
value-added analysis
means evaluating all work activities, material flows, and paperwork to determine the value each adds for customers
asset
any economic resource that is expected to benefit a firm or an individual who owns it
balance sheets
supply detailed information about the accounting equation factors: assets, liabilities, and owners equity
current assets
include cash, money in the bank, and can be converted into cash within a year
fixed assets
buildings and equipment
intangible assets
usually include the cost of obtaining rights or privileges such as patents, trademarks, copyrights, and franchise fees
4 Functions of Management
(1) Planning (2) Leading (3) Organizing (4) Controlling
Canadian Tire Case (explain how Greg Hicks functioned, 4 functions)
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
Types of Managers
Top Management (store owner)
Middle Management (store manager)
First-line Management (shift supervisor)
Basic Management Skills
technical skills, HR skills, conceptual skills, time management skills, decision making skills
Contingency planning
identifying changes that may occur in advance
Crisis management
methods for dealing with emergencies
Aggregate output
sum of all goods and services produced in an economy over a period of time
Business cycle
cycle of fluctuation of GDP around its natural growth rate
GDP (gross domestic product)
the value of the product created through goods and services in a country
GDP per capita
the GDP in a country divided by its total population
Real GDP
the GDP in the country while taking into account the inflation adjusted calculation
GNP
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
Purchasing power parity
the rates of currency in countries and their power to purchase through different currencies
Balance of trade
the difference in value between a country’s imports and exports
Inflation/ Deflation
inflation: prices increase and purchasing power decreases
deflation: downward movement of the general prices of the goods and services
CPI (consumer price index)
a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services
CPI (consumer price index)
a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services
Unemployment rate
the number of unemployed people as a percentage of the labour force
Monetary policy
adjusting the supply of money in the economy to achieve some combination of inflation and output stabilization
Fiscal policy
the use of government spending and taxation to influence the economy
National debt
the total amount of money that a country’s government has borrowed
Globalization
the process by which the world economy is becoming a more interdependent system
PEST meaning
P: legal and political aspects
E: economic aspects
S: social and cultural aspects
T: technological aspects
Quota
limitations on importation of a product class
Embargo
forbidding export/import from a nation
Embargo
forbidding export/import from a nation
Tariffs
a tax on imported goods
Subsidies
government financial assistance for domestic firms
Protectionism
protects domestic businesses to support those industries for national security reasons
what is marketing
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
marketing concept
coordinated to achieve one goal to serve its present and potential customers at a profit
what is value
value of a product compares its benefits with its cost
utility (role with people)
the ability of a product to satisfy a human want or need
marketing plan
identifies the marketing objectives stating what marketing will accomplish in the future
marketing objectives
the goals the marketing plan intends to accomplish are the foundation that guides all the detailed activities in the plan
marketing strategy
identifies the planned marketing programs, all the marketing activities that a business will use to achieve its marketing goals and those activities will occur
marketing mix
product, pricing, place, and promotion that marketing managers use to satisfy customers in target markets
product
a good, a service, or an idea designed to fulfill a customers needs or wants
product differentiation
the creation of a feature or image that makes a product differ enough from existing products to attract customers
pricing
a product selecting the best price to sell it requires consideration of several variables and is a difficult balancing act
place
refers to distribution of products etc.
promotion
which refers to techniques used for communicating information about products
market segmentation
refers to dividing a market into categories of customer types
target markets
the group the specific product/ service targets in sales
product positioning
process of fixing, adapting, and communicating the nature of the product itself
demographic variables
describes populations by identifying characteristics such as age, income, gender, ethical background, race, religion, social class
geographic variables
are the geographical units from countries to neighbourhoods that may be used in segmentation strategy
marketing research
study of customers needs and wants based on timely information
survey
determine what customers want
industrial market
includes businesses that buy goods to be converted into other products or that are used up during production
reseller market
consisting of intermediates including wholesalers and retailers that buy and resell finished goods
industrial market
consists of nongovernmental organizations, museums, and charities that also use supplies and equipment as well as legal, accounting, and transportation services
convenience goods and services
consumed quickly, inexpensive, purchased often and with little input of time and effort (milk, newspaper, fast food)
shopping goods and services
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)
specialty goods and services
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)
production items
goods or services used directly in the production process (loads of tea processed into bags, information processing for real-time production)
expense items
goods or services that are consumed within a year by firms producing other goods or supplying other services (oil, electricity, building maintenance, legal services)
capital items
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)
product life cycle
a series of stages through which it passes during its commercial life
brand equity
is the added value a brand name provides to a product beyond its basic functional benefits
product placement
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
buzz marketing
relies on word of mouth to spread “buzz” about a product or idea
viral marketing
is buzz that relies on social networking to spread information from person to person
national brands
are those produced and distributed by the manufacturer across an entire country
private brands
carry the retailer’s own brand name, even though they are manufactured by another firm
generic brands
they are products you see in grocery stores that simply state a category name like “bacon”
pricing objectives
are the goals that the sellers hope to achieve in pricing products for sale
market share
a company’s percentage of the total industry sales for a specific product type
cost-oriented pricing
consider’s a firm’s desire to make a profit and its need to cover production cost
markup
the amount added to an item’s purchase cost to sell it at a profit
variable costs
costs that change with the number of units a product purchased and sold, such as raw materials, commissions and shipping
fixed costs
costs such as rent, insurance, and utilities that must be paid regardless of the number of units produced or sold
breakeven analysis
assesses costs versus revenues for various sales volumes and shows and the amount of loss or profit for each possible volume of sales
price skimming
setting an initial high price to cover development and introduction costs and generate a large profit on each item sold
penetration pricing
setting an initial low price to establish a new product in the market, seeks to create customer interest and stimulate trial purchases
price lining
offering all items in certain categories at a limited number of prices
psychological pricing
takes advantage of the fact that customers are not completely rational when making buying decisions
push strategy
will “push” its product to wholesalers and retailers, who then persuade customers to buy it
pull strategy
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
distribution mix
the combination of distribution channels by which a firm gets products to end users
intermediaries
helps to distribute goods either by moving them or by providing information that stimulates their movement from sellers to customers
wholesalers
are intermediaries that sell products to other businesses for resale to final consumers
distribution channel
is the path a product follows from producer to end user
direct channel
the product travels from the producer to the consumer or organizational buyer without intermediaries
sales agents
includes many travel agents, generally dealing in the related product lines of a few producers, such as tour companies, to meet the customers needs
brokers
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
intensive distribution
occurs when a product is distributed through as many channels and channel members as possible
exclusive distribution
occurs when a manufacturer grants the exclusive right to distribute or sell a product to one wholesaler or retailer
selective distribution
falls between intensive and exclusive distribution
channel conflict
occurs when members of the distribution channel disagree over the roles they should play or the rewards they should receive
