Management Flashcards
management
the process of working with people and resources to accomplish organizational goals
planning
the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
organization
the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
leading
the management function that involves the managers efforts to stimulate high performance by employees
controlling
the management function of monitoring performance and making needed changes
Managers
attain goals in an efficient and effective manner through planning, organizing, leading and controlling
organizing activities
attracting people to the organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success.
accountability
being responsible for your own actions
Sole Proprietorship
One person running the business, full personal liability
Partnership
Two or more people running the business, liability split between the owners
C-Corporations (Conventional)
Legal entity that acts and has liability, seperate from its owners
<p>S-Corporations
</p>
<p>Looks like a "C-corporation" taxed like a Partnership (personal income of owners)
</p>
Limited Liability Corporation (LLC)
Looks like a C-corporation and taxed as a personal income (Personal asset cannot be taken if bankrupt)
product
anything offered to the target market to satisfy their needs.
place
the locations where products are sold and the way they are made available to consumers. also is where conssumers can obtain the product or service
price
what customers pay and the method of payment. also can support an image of quality, service, or value in addition to spelling out cost.
promotion
the methods used to communicate information to consumers. also helps to attract new consumers by informing and persuading them.
target market
a clearly identified group of consumers with very similar needs to whom a company can sell its products.
marketing mix
a combination of marketing elements designed to meet the needs of the target market.
marketing
increased our standards of living by understanding our needs and wants and providing us with more choices and better products.
<p>distribution channel
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<p>the path a product travels from product to consumer.
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Basic Accounting Equation
Assets equals Liabilities plus Owner’s Equity (A=L+OE)
Assets
Resources owned by the company and used for some business purpose
Current Assets
Those assets that typically will be consumed within a year
Income Statement
Identifies revenues and expenses relating to a company's business activity over a period of time, e.g., January 1, 2008 through December 31, 2008.