Final Vocab Flashcards
(329 cards)
1
Q
brand
A
name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors’ offerings
2
Q
branding
A
process of creating an identity in consumers’ minds for a good, service, or company; a major marketing tool in contemporary business
3
Q
business
A
all profit-seeking activities and enterprises that provide goods and services necessary to an economic system
4
Q
capital
A
production inputs consisting of technology, tools, information, and physical facilities
5
Q
capitalism
A
economic system that rewards firms for thier abillity to perceive an dserve the needs and demands of consumers; also called the private enterprise system
6
Q
competition
A
battle among businesses for consumer acceptance
7
Q
competitive differentiation
A
unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers
8
Q
consumer orientation
A
business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs
9
Q
creativity
A
capacity to develop novel solutions to perceived organizational problems
10
Q
critical thinking
A
ability to analyze and assess information to pinpoint problems or opportunities
11
Q
diversity
A
blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enhance a firm’s chances of success
12
Q
entrepreneur
A
person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
13
Q
entrepreneurship
A
willingness to take risks to create and operate a business
14
Q
factors of production
A
four basic inputs for effective operation: natural resources, capital human resources, and entrepreneurhsip
15
Q
human resources
A
productoin inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers
16
Q
natural resources
A
all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits
17
Q
nearshoring
A
outsourcing production or services to location near a firm’s hom base
18
Q
not-for-profit organizations
A
organization that has primary objectives such as public service rather than returning a profit to its owners
19
Q
offshoring
A
relocation of business process to lower-cost locaitons overseas
20
Q
outsourcing
A
using outside vendors to produce goods or fulfill services and functions that were previously handles in-house or in-country
21
Q
private enterprise system
A
economic system that rewards firms for their ability to identify and serve the needs and demands of customers
22
Q
private property
A
most basic freedom under the private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possession, and various intangible kinds of property
23
Q
profits
A
rewards for businesspeople who take the risks involved to offer goods and services to customers
24
Q
relationship era
A
the business era in which firms seek ways to actively nurture customer loyalty by carefully managing every interaction
25
relationship management
collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties
26
strategic alliance
partnership formed to create a competitive advantage for the businesses involved; in international business, a business strategy in which a company finds a partner in the country where it wants to do business
27
technology
business application of knowledge based on scientific discoveries, inventions, and innovations
28
transaction management
building and promoting products in the hope that enough customers will buy them to cover costs and earn profits
29
vision
the ability to perceive marketplace needs and what an organization must do to satisfy them
30
balanced budget
situation in which total revenue raised by taxes and fees equal total proposed government spending for the year
31
budget
organization's plan for how it will raise and spend money during a given period of time
32
budget deficit
situation in which the government spends more than the amount of money it raises through taxes
33
budget surplus
excess funding that occurs when government spends less than the amount of funds raised through taxes and fees
34
communism
economic system in which all property would be shared equally by the people of a community under the direction of a strong central government
35
Consumer Price Index
measurement of the monthly average change in prices of goods and services
36
core inflation rate
inflation rate of an economy after energy and food prices are removed
37
cyclical unemployment
people who are out of work because of cyclical contraction in the economy
38
deflation
opposite of inflation, occurs when prices continue to fall
39
demand
willingness and ability of buyers to purchase goods and services
40
demand curve
graph of the amount of a product that buyers will purchase at different prices
41
economics
social science that analyzes the choices people and government make in allocating scare resources
42
equilibrium price
prevailing market price at which you can buy an item
43
expansionary monetary policy
increases the money supply in an effort to cut the cost of borrowing, which encourages business decision makers to make new investments, in turn stimulating employment and economic growth
44
fiscal policy
government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth
45
frictional unemployment
applies to members of the workforce who are temporarily not working but are looking for jobs
46
gross domestic product
sum of all goods and services produced within a country's boundaries during a specific time period, such as a year
47
hyperinflation
economic situation characterized by soaring prices
48
inflation
rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production
49
macroeconomics
study of a nation's overall economic issues, such as how an economy maintains and allocates resources and how a government's policies affect the standards of living of its citizens
50
microeconomics
study of small economic units, such as individual consumers, families, and businesses
51
mixed market economy
economic system that draws from both types of economics, to different degrees
52
monetary policy
government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers' willingness to make loans
53
monopolistic competition
market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price
54
monopoly
market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes
55
national debt
money owed by government to individuals, businesses, and government agencies that purchase Treasury bills, Treasury notes, and Treasury bonds sold to cover expenditures
56
oligopoly
market situation in which relatively few sellers compete and start-up costs form barriers to keep out new competitors
57
planned economy
government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms
58
privatization
conversion of government-owned and operated into privately held businesses
59
productivity
relationship between the number of units produced and the number of human and other production inputs necessary to produce them
60
pure competition
market structure in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price
61
recession
cyclical economic contraction that lasts for six months or longer
62
regulated monopolies
local, state, or federal government grants exclusive rights in a certain market to a single firm
63
restrictive monetary policy
reducing the money supply to curb rising prices, overexpansion, and concerns about overly rapid economic growth
64
seasonal unemployment
joblessness of workers in a seasonal industry
65
socialism
economic system characterized by government ownership and operation of major industries such as communications
66
structural unemployment
people who remain unemployed for long periods of time, often with little hope of finding new jobs like their old ones
67
supply
willingness and ability of sellers to provide goods and services
68
supply curve
graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand
69
unemployment rate
percentage of the total workforce actively seeking work but are currently unemployed
70
balance of payments
overall money flows into and out of a country
71
balance of trade
difference between a nation's exports and imports
72
Central American-Dominican Republic Free Trade Agreement (CAFTA-DR)
agreement among the United States, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua to reduce tariffs and trade restrictions
73
countertrade
barter agreement whereby trade between two ore more nations involves payment made in the form of local products instead of currency
74
devaluation
reduction in a currency's value relative to other currencies or to a fixed standard
75
dumping
selling products abroad at prices below production costs or below typical prices in the home market to capture share from domestic competitors
76
embargo
total ban on importing specific products or a total halt to trading with a particular country
77
European Union (EU)
27-nation European economic alliance
78
exchange control
restriction on importation of certain products or against certain companies to reduce trade and expenditures of foreign currency
79
exchange rate
value of one nation's currency relative to the currencies of other countries
80
exports
domestically produced goods and services sold in other countries
81
foreign licensing agreement
international agreement in which one firm allows another to produce or sell its product, or use its trademark, patent, or manufacturing process, in a specific geographical area in return for royalties or other compensation
82
franchise
contractual agreement in which a franchise gains the right to produce and/or sell the franchisor's products under that company's brand name if they agree to certain operating requirements
83
General Agreement on Tariffs and Trade (GATT)
international trade accord that substantially reduced worldwide tariffs and other trade barriers
84
global business strategy
offering a standardized, worldwide product and selling it in essentially the same manner throughout a firm's domestic and foreign markets
85
imports
foreign goods and services purchased by domestic customers
86
infrastructure
basic systems of communication, transportation, and energy facilities in a country
87
International Monetary Fund
organization created to promote trade, eliminate barriers, and make short-term loans to member nations that are unable to meet their budgets
88
joint venture
partnership between companies formed for a specific undertaking
89
multidomestic business strategy
developing and marketing products to serve different needs and tastes of separate national markets
90
multinational corporation
firm with significant operations and marketing activities outside its home country
91
North American Free Trade Agreement (NAFTA)
agreement among the United States, Canada, and Mexico to break down tariffs and trade restrictions
92
quota
limit set on the amounts of particular products that can be imported
93
subcontracting
international agreement that involves hiring local companies to produce, distribute, or sell goods or services in a specific country or geographical region
94
tariff
tax imposed on imported goods
95
World Bank
organization established by industrial nations to lend money to less developed countries
96
World Trade Organization
153-member international institution that monitors GATT agreements and mediates international trade disputes
97
acquisition
agreement in which one firm purchases another
98
alien corporation
firm that is incorporated in one nation and operates in another
99
board of directors
governing body of a corporation
100
business incubator
local programs designed to provide low-cost shared business facilities to small start-up ventures
101
business plan
written document that provides an orderly statement of a company's goals, methods, and standards
102
common stock
shares that give owners voting rights but only residual claims to the firm's assets and income distributions
103
conglomerate merger
merger that combines unrelated firms, usually with the goal of diversification, spurring sales growth, or spending a cash surplus in order to avoid a takeover attempt
104
cooperative
organization whose owners join forces to operate all or part of the functions in their firm or industry
105
corporation
legal organization with assets and liabilities separate from those of its owner(s)
106
corporate charter
legal document that formally establishes a corporation
107
domestic corporation
firm that is incorporated in the state where it is incorporated
108
employee ownership
business ownership in which workers buy shares of stock in the company that employs them
109
foreign corporation
firm that does business in states other than the one in which it is incorporated
110
franchisee
individual or business firm purchasing a franchise
111
franchising
contractual business arrangement between a manufacturer or other supplier, and a dealer such as a restaurant operator or retailer
112
franchisor
firm whose products are sold to customers by the franchisee
113
home-based business
firm operated from the residence of the business owner
114
horizontal merger
merger that joins firms in the same industry for the purpose of diversification, increasing customer bases, cutting costs, or expanding product lines
115
joint venture
partnership between companies formed for a specific undertaking
116
limited-liability corporation (LLC)
corporation that secures the corporate advantage of limited liability while avoiding the double taxation characteristic of a traditional corporation
117
merger
agreement in which two or more firms combine to form one company
118
microloans
small-business loans often used to buy equipment or operate a business
119
not-for-profit corporation
organization whose goals do not include pursuing a profit
120
partnership
association of two or more persons who operate a business as co-owners by voluntary legal agreement
121
preferred stock
shares that give owners limited voting rights, and the right to receive dividends or assets before owners of common stock
122
public ownership
business ownership in which a unit or agency of government owns and operates an organization
123
S corporations
corporations that do not pay corporate taxes on profits; instead, profits are distributed to shareholders, who pay individual income taxes
124
small business
independent business with fewer than 500 employees, not dominant in its market
125
Small Business Administration
principal government agency concerned with helping small US firms
126
Small Business Investment Company
SBA-licensed organizations that use their own capital, supplemented with government loans, to invest in small businesses
127
sole proprietorship
business ownership in which there is no legal distinction between the sole proprietor's status as an individual and their status as a business owner
128
stockholders
owners of a corporation due to their purchase of stock in the corporation
129
venture capital
money invested in a business by another business firm or group of individuals in exchange for an ownership share
130
vertical merger
merger that combines firms operating at different levels in the production and marketing process
131
controlling
function of evaluating an organization's performance against its objectives
132
corporate culture
organization's system of principles, beliefs, and values
133
decision making
process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and the results
134
delegation
managerial process of assigning work to employees
135
departmentalization
process of dividing working activities into units within the organization
136
directing
guiding and motivating employees to accomplish organizational objectives
137
empowerment
giving employees shared authority, responsibility, and decision making with their managers
138
leadership
ability to direct or inspire people to attain certain goals
139
management
process of achieving organizational objectives through people and other resources
140
mission statement
written explanation of an organization's business intentions and aims
141
objectives
guideposts by which managers define the organization's desired performance in such areas as new product development, sales, customer service, growth, environmental and social responsibility, and employee satisfaction
142
organization
structured group of people working together to achieve common goals
143
organizing
process of blending human and material resources through a formal structure of tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives
144
planning
process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
145
SWOT analysis
by systematically evaluating strengths, weaknesses, opportunities, and threats, a firm can then develop the best strategies for gaining a competitive advantage
146
vision
perception of marketplace needs and the ways a firm can satisfy them
147
collective bargaining
process of negotiation between management and union representatives
148
compensation
amount employees are paid in money and benefits
149
downsizing
process of reducing the number of employees within a firm by eliminating jobs
150
employee benefits
additional compensation such as vacation, retirement plans, profit-sharing, health insurance, gym memberships, child and elder care, and tuition reimbursement, paid entirely or in part by the company
151
employee separation
broad term covering the loss of an employee for any reason, voluntary or involuntary
152
equity theory
an individual's perception of fair and equitable treatment
153
expectancy theory
the process people use to evaluate the likelihood that their efforts will yield the results they want, along with the degree to which they want those results
154
goal-setting theory
says that people will be motivated to the extent to which they accept specific, challenging goals and receive feedback that indicates their progress toward goal achievement
155
human resource management
functions of attracting, developing, and retaining employees who can perform the activities necessary to accomplish organizational objectives
156
labor union
group of workers who have banded together to achieve common goals in the areas of wages, hours, and working conditions
157
management by objectives
systematic approach that allows managers to focus on attainable goals and to achieve the best results based on the organization's resources
158
Maslow's hierarchy of needs
theory of motivation proposed by Abraham Maslow. According the theory, people have five levels of needs that they seek to satisfy: physiological, safety, social, esteem, and self-actualization
159
outsourcing
transferring jobs from inside a firm to outside the firm
160
performance appraisal
evaluation of and feedback on an employee's job performance
161
salary
pay calculated on a periodic basis such as weekly or monthly
162
wage
pay based on an hourly rate or the amount of work accomplished
163
benchmarking
process of determining how well other companies perform business functions or tasks
164
computer-aided design (CAD)
process that allows engineers to design components as well as entire products on computer screens faster and with fewer mistakes than they could achieve working with traditional drafting systems
165
computer-aided manufacturing (CAM)
computer tools to analyze CAD output and enable a manufacturer to analyze the steps that a machine must take to produce a needed product or part
166
computer-integrated manufacturing (CIM)
production system in which computers help workers design products, control machines, handle materials, and control the production function in an integrated fashion
167
flexible manufacturing system (FMS)
production facility that workers can quickly modify to manufacture different products
168
International Organization for Standardization (ISO)
organization whose mission is to develop and promote International Standards for business, government and society to facilitate global trade and cooperation
169
inventory control
function requiring production and operations managers to balance the need to keep stock on hand to meet demand against the costs of carrying inventory
170
just-in-time (JIT) system
broad management philosophy that reaches beyond the narrow activity of inventory control to influence the entire system of production and operations management
171
Leadership in Energy and Environmental Design (LEED)
voluntary certification program administered by the U.S. Green Building Council, aimed at promoting the most sustainable construction processes available
172
Make, buy, or lease decision
choosing whether to manufacture a product or component in house, purchase it from an outside supplier, or lease it
173
mass production
- a system for manufacturing products in large quantities through effective combinations of employees, with specialized skills, mechanization, and standardization
174
materials requirement planning (MRP)
computer-based production planning system that lets a firm ensure that it has all the parts and materials it needs to produce its outputs at the right time and place ant in the right amounts
175
production and operations management
oversee the production process by managing people and machinery in converting materials and resources into finished goods and services
176
production control
creates a well-defined set of procedures for coordinating people, materials, and machinery to provide maximum production efficiency
177
production
use of resources, such as workers and machinery, to convert materials into finished goods and services
178
quality control
measuring output against established quality standards
179
quality
good or service that is free of deficiencies
180
affinity program
marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities
181
business (B2B) product
good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
182
business intelligence
activities and technologies for gather, storing, and analyzing data to make better competitive decisions
183
cause marketing
marketing that promotes a cause or social issue, such as preventing child abuse, anti-littering efforts, and stop-smoking campaigns
184
co-branding
cooperative arrangement in which two or more businesses team up to closely link their names on a single product
185
co-marketing
cooperative arrangement in which two businesses jointly market each other's products
186
consumer (B2C) product
good or service that is purchased by end users
187
consumer behavior
actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions
188
data mining
computer searches of customer data to direct patterns and relationships
189
data warehouse
customer database that allows managers to combine data from several different organizational functions
190
demographic segmentation
dividing markets on the basis of various demographic or socioeconomic characteristics such as gender, age, income, occupation, household size, stage in family life cycle, education, or ethnic group
191
end-use segmentation
marketing strategy that focuses on the precise way a B2B purchaser will use a product
192
event marketing
marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances
193
exchange process
activity in which two or more parties give something of value to each other to satisfy perceived needs
194
frequency marketing
marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other premiums
195
geographical segmentation
dividing an overall market into homogeneous groups on the basis of their locations
196
lifetime value of a customer
revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer
197
market segmentation
process of dividing a total market into several relatively homogeneous groups
198
marketing concept
companywide consumer orientation to promote long-run success
199
marketing mix
blending of the four elements of marketing strategy--product, distribution, promotion, and pricing--to satisfy chosen customer segments
200
marketing
organizational function and set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
201
marketing research
collecting and evaluating information to support marketing decision making
202
organization marketing
marketing strategy that influences consumers to accept the goals of, receive the services of, or contribute in the some way to an organization
203
person marketing
use of efforts designed to attract the attention, interest, and preference of a target market toward a person
204
place marketing
attempt to attract people to a particular area, such as a city, state, or nation
205
product-related segmentation
dividing consumer markets into groups based on benefits sought by buyers usage rates, and loyalty levels
206
psychographic segmentation
dividing consumer markets into groups with similar attitudes, values and lifestyles
207
relationship marketing
developing and maintaining long-term, cost-effective exchange relationships with partners
208
target market
group of people toward who an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences
209
utility
power of a good or service to satisfy a want or need
210
brand equity
added value that a respected and successful name gives to a product
211
brand name
part of the brad consisting of words or letters included in a name used to identify and distinguish the firm's offerings from those of competitors
212
brand
name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings
213
category adviser
vendor that is designated by the business customer as the major supplier to assume responsibility for dealing with all the other vendors for a project and presenting the entire package to the business buyer
214
distribution channels
path that products--and legal ownership of them--follow from producer to consumers or business user
215
distribution strategy
deals with the marketing activities and institutions involved in getting the right good or service to the firm's customers
216
logistics
process of coordinating the flow of goods, services, and information among members of the supply chain
217
physical distribution
actual movement of products from producer to consumers or business users
218
product
bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants
219
product life cycle
four basic stages--introduction, growth, maturity, and decline--through with a successful product progresses
220
product line
group of related products marked by physical similarities or intended for a similar market
221
product mix
the assortment of product lines and individual goods and services that a firm offers to consumers and business users
222
retailer
distribution channel members that sell goods and services to individuals for their own use rather than for resale
223
supply chain
complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers
224
test-marketing
introduction of a new product supported by a complete marketing campaign to a selected city or TV coverage area
225
trademark
brand that has been given legal protection
226
vendor-managed inventory
process in which the producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and automatically ship new supplies when needed
227
wholesaler
distribution channel member that sells primarily to retailers, other wholesalers, or business users
228
advertising
paid non-personal communication usually targeted at large numbers of potential buyers
229
breakeven analysis
pricing-related technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs
230
cause advertising
form of institutional advertising that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process
231
competitive pricing
strategy that tries to reduce the emphasis on price competition by matching other firms' prices and concentrating their own marketing efforts on the product, distribution, and promotional elements of the marketing mix
232
cooperative advertising
allowances provided by marketers in which they share the cost of local advertising of their firm's product or product line with channel partners
233
cost-based pricing
formulas that calculate total costs per unit and then add markups to cover overheard costs and generate profits
234
creative selling
persuasive type of promotional presentation
235
everyday low pricing
a strategy devoted to maintaining continuous low price rather than relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales
236
guerrilla marketing
innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways
237
infomerical
form of broadcast direct marketing; 30-minute programs that resemble regular TV programs, but are devoted to selling goods or services
238
institutional advertising
involves messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities
239
integrated marketing communications (IMC)
coordination of all promotional activities--media advertising, direct mail, personal selling, sales promotion, and public relations--to produce a unified, customer-focused promotional strategy
240
missionary selling
indirect form of selling in which the representative promotes goodwill for a company or provides technical or operational assistance to the customer
241
non-personal selling
consists of advertising, sales promotion, direct marketing, and public relations
242
odd pricing
pricing method using uneven amounts, which appear less than they really are to customers
243
order processing
form of selling, mostly at the wholesale and retail levels, that involves identifying customer needs, pointing them out to customers, and completing orders
244
penetration pricing
strategy sets a low price as a major marketing weapon
245
personal selling
the most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer
246
point-of-purchase advertising
displays or demonstrations that promote products when and where consumers buy them, such as in retail stores
247
positioning
concept in which marketers attempt to establish their products in the minds of customers by communicating to buyers meaningful distinctions about the attributes, price, quality, or use of a good or service
248
prestige pricing
establishes a relatively high price to develop and maintain an image of quality and exclusiveness
249
price
exchange value of a good or service
250
product advertising
consists of messages designed to sell a particular good or service
251
sales promotion
consists of forms of promotion such as coupons, product samples, and rebates that support advertising and personal selling
252
skimming pricing
strategy that sets an intentionally high price relative to the prices of competing products
253
specialty advertising
promotional items that prominently display a firm's name, logo, or business slogan
254
sponsorship
involves providing funds for a sporting or cultural event in exchange for a direct association with the event
255
telemarketing
personal selling conducted entirely by telephone, which provides a firm's marketers with a high return on their expenditures, an immediate response, and an opportunity for personalized two-way conversation
256
trade promotion
sales promotion geared to marketing intermediaries rather than to final customers
257
volume objectives
bases pricing decisions on market share, the percentage of a market controlled by a certain company or product
258
business ethics
standards of conduct and moral values regarding right and wrong actions in the work environment
259
code of conduct
formal statement that defines how an organization expects its employees to resolve ethical issues
260
conflict of interest
situation in which an employee must choose between a business's welfare and personal gain
261
consumerism
public demand that a business consider the wants and needs of its customers in making decisions
262
corporate philanthropy
effort of an organization to make a contribution to the communities in which it earns profits
263
discrimination
biased treatment of a job candidate or employee
264
Equal Employment Opportunity Commission (EEOC)
created to increase job opportunities for women and minorities and to help end discrimination based on race, color, religion, disability, gender, or national origin in any personnel action
265
fair trade
a market-based approach to payhigher prices to producers on exports from developing countries to developed countries in order for the developing countires to obtain better trading conditions and promote sustainability
266
family leave
the Family and Medical Leave Act of 1993 states that businesses with 50 or more employees must proved unpaid leave up to 12 weeks annually for any employee who wants time off for the birth or adoption of a child, to become a foster parent, or to care of a seriously ill relative, spouse, or self if they have a serious health condition or injury
267
green marketing
promotes environmentally safe products and production methods
268
integrity
adhering to deeply felt ethical principles in business situations
269
product liability
the responsibility of manufacturers for injuries and damages caused by their products
270
recycling
reprocessing of used materials for reuse
271
Sarbanes-Oxley Act of 2002
federal legislation designed to deter and punish corporate and accounting fraud and corruption and to protect the interest of workers and shareholders through enhanced financial disclosures, criminal penalties on CEOs and CFOs who defraud investors, safeguards for whistle-blowers, and establishment of a new regulatory body for public accounting firms
272
sexism
discrimination against members of either sex, but primarily affecting women
273
sexual harassment
unwelcome and inappropriate actions of a sexual nature in the workplace
274
social audits
formal procedure that identifies and evaluates all company activities that relate to social issues such as conservation, employment practices, environmental protection, and philanthropy
275
social responsibility
business's consideration of society's well-being and consumer satisfaction, in addiction to profits
276
stakeholders
customers, investors, employees, and public affected by or with an interest in a company
277
sustainable
the capacity to endure
278
whistle-blowing
employee's disclosure to company officials, governing authorities, or the media of illegal, immoral, or unethical practices committed by an organization
279
angel investors
wealthy individuals who invest directly in a new venture in exchange for an equity stake
280
classic entrepreneur
person who identifies a business opportunity and allocates available resources to tap that market
281
debt financing
borrowed funds that entrepreneurs must repay
282
entrepreneur
person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
283
equity financing
funds invested in new ventures in exchange for part ownership
284
intrapreneurship
process of promoting innovation within the structure of an existing organizations
285
lifestyle entrepreneur
person who starts a business to reduce work hours and create a more relaxed lifestyle
286
seed capital
initial funding needed to launch a new venture
287
serial entrepreneur
person who starts one business, runs it, and then starts and runs additional businesses in succession
288
social entrepreneur
personal who recognizes societal problems and uses business principles to develop innovative solutions
289
venture capitalists
business firms or groups of individuals that invest in new and growing firms in exchange for a ownership share
290
accounting cycle
set of activities involved in converting information and individual transactions into financial statements
291
accounting equation
relationship that states that assets must always equal the sum of liabilities and owners' equity
292
accounting
process of measuring, interpreting, and communicating financial information to support internal and external business decision making
293
accrual accounting
accounting method that records revenues and expenses when they occur, not necessarily when cash actually changes hands
294
asset
anything of value owned by a firm
295
balance sheet
statement of a firm's financial position--what it owns and claims against its assets--at a particular point in time
296
budget
organization's plans for how it will raise and spend money during a given period
297
double-entry bookkeeping
process by which accounting transactions are entered; each individual transaction always has an offsetting transaction
298
Financial Accounting Standards Board (FASB)
organization that interprets and modifies GAAP in the United States
299
Foreign Corrupt Practices Act
federal law that prohibits US citizens and companies from bribing foreign officials to win or continue business
300
generally accepted accounting principles (GAAP)
principles that encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time
301
income statement
financial record of a company's revenues and expenses, and profits over a period of time
302
International Accounting Standards Board (IASB)
financial record of a company's revenue and expenses, and profits over a period of time
303
International Financial Reporting Standards (IFRS)
standards and interpretations adopted by the IASB
304
liability
claims against assets by creditors
305
owners' equity
funds contributed by owners plus profits not distributed to owners in the form of cash dividends
306
public accountant
accountant who provides accounting services to other organizations
307
statement of cash flows
statement showing the sources and uses of cash during a period of time
308
statement of owners' equity
record of the change in owners' equity from the end of one fiscal period to the end of the next
309
common stock
basic form of corporate ownership
310
Federal Deposit Insurance Corporation (FDIC)
federal agency that insures deposits at commercial and savings banks
311
Federal Reserve System (Fed)
central bank of the United States
312
financial institutions
intermediary between savers and borrowers, collecting funds from savers and then lending the funds to individuals, businesses, and governments
313
financial markets
market in which securities are issued and traded
314
financial system
process by which money flows from savers to users
315
insider trading
use of material nonpublic information about a company to make investment profits
316
primary market
financial market in which firms and governments issue securities and sell them initially to the general public
317
secondary market
collection of financial markets in which previously issued securities are traded among investors
318
securities
financial instruments that represent obligations on the part of the issuers to provide the purchasers with expected stated returns on the funds invested or loaned
319
stock markets (exchanges)
market in which shares of stock are bought and sold by investors
320
capital structure
mix of a firm's debt and equity capital
321
divestiture
sale of assets by a firm
322
finance
planning, obtaining, and managing the company's funds to accomplish its objectives as effectively and efficiently as possible
323
financial managers
executive who develops and implements the firm's financial plan and determines the most appropriate sources and uses of funds
324
financial plan
document that specifies the funds needed to firm for a period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds
325
leverage
increasing the rate of return on funds invested by borrowing funds
326
leveraged buyouts (LBOs)
transaction in which public shareholders are bought out and the firm reverts to private status
327
risk-return trade-off
process of maximizing the wealth of the firm's shareholders by striking the optimal balance between risk and return
328
tender offer
offer made by a firm to the target firm's shareholders specifying a price and the form of payment
329
venture capitalists
raise money from wealthy individuals and institutional investors and invest the funds in promising firms
