when an employee does not show up for work

the ability to produce something more efficiently than any other country can

approach to social responsibility by which a company, if specifically asked to do so, exceeds legal minimums in its commitments to groups and individuals in its social environment

obligation employees have to their manager for the successful completion of an assigned task

comprehensive system for collecting, analyzing, and communicating financial information

Assets = Liabilities Owners’ Equity; used by accountants to balance data for the firm’s financial transactions at various points in the year

organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports

current liability consisting of bills owed to suppliers, plus wages and taxes due within the coming year

the purchase of one company by another

financial ratio for evaluating management’s efficiency in using a firm’s assets

when minorities and women meet or pass the requirement for a job at a rate less than 80 percent of the rate of majority group members

any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product

variety of communication devices for carrying a seller’s message to potential customers

promotional tool consisting of paid, nonpersonal communication used by an identified sponsor to inform an audience about a product

a person’s feelings toward something

intentionally seeking and hiring employees from groups that are underrepresented in the organization

written statement of how the organization intends to actively recruit, hire, and develop members of relevant protected classes

outlaws discrimination against people older than 40 years

requires employees to pay union fees even if they choose not to join

individual or organization acting for and in the name of another party

the total quantity of goods and services produced by an economic system during a given period

an association of craft unions formed in 1886 by Samuel Gompers and others; the AFL had no political or social agenda but simply sought to improve working conditions and pay for its members

forbids discrimination on the basis of disabilities and requires employers to provide reasonable accommodations for disabled employees

outside investors who provide new capital for firms in return for a share of equity ownership

one-year rate that is charged for borrowing, expressed as a percentage of the borrowed principal

product that protects systems by searching incoming e-mails and data files for “signatures” of known viruses and virus-like characteristics

agent’s authority, based on the principal’s compliance, to bind a principal to a certain course of action

court that reviews case records of trials whose findings have been appealed

method of resolving a labor dispute in which both parties agree to submit to the judgment of a neutral party

a same-steps layout in which a product moves step by step through a plant on conveyor belts or other equipment until it is completed

relative amount of funds invested in (or allocated to) each of several investment alternatives

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

organization for economic, political, social, and cultural cooperation among Southeast Asian nations

a person’s beliefs and feelings about specific ideas, situations, or people

systematic examination of a company’s accounting system to determine whether its financial reports reliably represent its operations

the extent to which a person believes that power and status differences are appropriate within hierarchical social systems such as organizations

power to make the decisions necessary to complete a task

electronic machine that allows bank customers to conduct account-related activities 24 hours a day, 7 days a week

flow of all money into or out of a country

economic value of all products a country exports minus the economic value of all products it imports

financial statement that supplies detailed information about a firm’s assets, liabilities, and owners’ equity

bank promise, issued for a buyer, to pay a designated firm a specified amount at a future date

court-granted permission for a company to not pay some or all debts

retailer carrying a wide range of products at bargain prices

period of falling stock prices marked by negative investor sentiments with motivation to sell ahead of anticipated losses

focused on determining what behaviors are employed by leaders

a segmentation strategy that uses behavioral variables to identify different market segments

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

compensation other than wages and salaries

five fundamental personality traits especially relevant to organizations

common stock issued by a well-established and respected company with a sound financial history and a stable pattern of dividend payouts

governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets

legal document containing complete details of a bond issue

request for court enforcement of a bond’s terms of payment

individual performance incentive in the form of a special payment made over and above the employee’s salary

value of a common stock expressed as the firm’s owners’ equity divided by the number of common shares

procedure that holds investors’ shares in book-entry form, rather than issuing a physical paper certificate of ownership

recording of accounting transactions

labor action in which workers refuse to buy the products of a targeted employer

foreign office set up by an international or multinational firm

extent to which a brand name comes to mind when a consumer considers a particular product category

competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

pattern of repeated consumer purchasing based on satisfaction with a product’s performance

process of using symbols to communicate the qualities of a product made by a particular producer

identifies the sales volume where total costs equal total revenues by assessing costs versus revenues at various sales volumes and showing, at any particular selling price, the amount of loss or profit for each volume of sales

sales volume at which the seller’s total revenue from sales equals total costs (variable and fixed) with neither profit nor loss

independent intermediary who matches numerous sellers and buyers as needed, often without knowing in advance who they will be

detailed statement of estimated receipts and expenditures for a future period of time

period of rising stock prices, lasting 12 months or longer, featuring investor confidence for future gains and motivation to buy

grouping several products together to be sold as a single unit at a reduced price, rather than individually

organization that provides goods or services to earn profits

strategy, at the business-unit or product-line level, focusing on improving a firm’s competitive position

a full-time employee hired to act as a liaison between union members and supervisors if a local union is large

special form of business insurance whereby owners arrange to buy the interests of deceased associates from their heirs

short-term pattern of economic expansions and contractions

ethical or unethical behaviors by employees in the context of their jobs

insurance covering income lost during times when a company is unable to conduct business

document in which the entrepreneur summarizes his or her business strategy for the proposed new venture and how that strategy will be implemented

law or regulation governing business practices in given countries

rethinking and radical redesign of business processes to improve performance, quality, and productivity

benefit plan that sets limits on benefits per employee, each of whom may choose from a variety of alternative benefits

amount of a product that a company can produce under normal conditions

competence required of individual entering into a binding contract

funds needed to create and operate a business enterprise

profit realized from the increased value of an investment

expensive, long-lasting, infrequently purchased industrial products, such as a building, or industrial services, such as a long-term agreement for data warehousing services

system that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive

association of producers whose purpose is to control supply and prices

bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouses

organization in which most decision-making authority is held by upper-level management

professional designation administered by the ACFE in recognition of qualifications for a specialty area within forensic accounting

professional designation awarded by the Institute of Management Accountants (IMA) in recognition of management accounting qualifications

accountant licensed by the state and offering services to the public

reporting relationships within a company

channel member who is most powerful in determining the roles and rewards of other members

conflict arising when the members of a distribution channel disagree over the roles they should play or the rewards they should receive

type of influence based on the leader’s personal charisma

demand deposit order instructing a bank to pay a given sum to a specified payee

bank account funds, owned by the depositor, that may be withdrawn at any time by check or cash

(CEO) the top manager of an organization

amended the original Civil Rights Act

theory holding that workers are motivated solely by money

common business network in which clients make requests for information or resources and servers provide the services

a workplace in which only workers already belonging to a union may be hired by an employer

corporation whose stock is held by only a few people and is not available for sale to the general public

step in the personal selling process in which salespeople ask prospective customers to buy products

an informal alliance of individuals or groups formed to achieve a common goal

code of ethics for CPAs as maintained and enforced by the AICPA

the power to force compliance by means of psychological, emotional, or physical threat

the knowledge a person presumes to have about something

when two sets of cognitions or perceptions are contradictory or incongruent

asset pledged for the fulfillment of repaying a loan

process by which labor and management negotiate conditions of employment for union-represented workers

illegal agreement between two or more companies to commit a wrongful act

company that accepts deposits that it uses to make loans, earn profits, pay interest to depositors, and pay dividends to owners

authority granted to committees or teams involved in a firm’s daily operations

body of decisions handed down by courts ruling on individual cases

most basic form of ownership, including voting rights on major issues, in a company

political system in which the government owns and operates all factors of production

the ability to produce some products more efficiently than others

total package of rewards that organizations provide to individuals in return for their labor

monetary payments intended to redress injury actually suffered because of a tort

vying among businesses for the same resources or customers

the competitive system in which businesses compete

process by which a company analyzes a competitor’s products to identify desirable improvements

compounding of interest over time—with each additional time period, interest returns accumulate and earn more interest

used to settle disputes between the government and public employees such as firefighters and police officers

group of two or more computers linked together by some form of cabling or by wireless technology to share data or resources, such as a printer

IS with software that helps knowledge workers design products by simulating them and displaying them in three-dimensional graphics

IS that uses computers to design and control equipment in a manufacturing process

abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation

an association of industrial unions formed in 1938 after being expelled from the American Federation of Labor (AFL)

item of value exchanged between parties to create a valid contract

dimension of quality that refers to sameness of product quality from unit to unit

person who purchases products for personal use

study of the decision process by which people buy and consume products

physical products purchased by consumers for personal use

a measure of the prices of typical products purchased by consumers living in urban areas

form of social activism dedicated to protecting the rights of consumers in their dealings with businesses

identifying aspects of a business or its environment that might entail changes in strategy

employee hired on something other than a full-time basis to supplement an organization’s permanent workforce

agreement between two or more parties enforceable in court

person who manages all of a firm’s accounting activities (chief accounting officer)

management process of monitoring an organization’s performance to ensure that it is meeting its goals

inexpensive physical goods that are consumed rapidly and regularly

inexpensive services that are consumed rapidly and regularly

retail store offering easy accessibility, extended hours, and fast service

form of ownership in which a group of sole proprietorships or partnerships agree to work together for common benefits

exclusive ownership right belonging to the creator of a book, article, design, illustration, photo, film, or musical work

the combination of skills, technology, and knowledge that will be necessary for the future CPA

comments and opinions published on the Web by or for an organization to promote its activities

formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity

the shared experiences, stories, beliefs, and norms that characterize an organization

roles of shareholders, directors, and other managers in corporate decision making and accountability

investor conducting a type of hostile corporate takeover against the wishes of the company

systematic analysis of a firm’s success in using funds earmarked for meeting its social responsibility goals

strategy for determining the firm’s overall attitude toward growth and the way it will manage its businesses or product lines

business that is legally considered an entity separate from its owners and is liable for its own debts; owners’ liability extends to the limits of their investments

costs of obtaining materials for making the products sold by a firm during the year

costs that a company incurs to obtain revenues from other companies

labor contract clause tying future raises to changes in consumer purchasing power

pricing that considers the firm’s desire to make a profit and its need to cover operating costs

behaviors that detract from organizational performance

sales-promotion technique in which a certificate is issued entitling the buyer to a reduced price

personal-selling task in which salespeople try to persuade buyers to purchase products by providing information about their benefits

nonprofit, cooperative financial institution owned and run by its members, usually employees of a particular organization

organization’s methods for dealing with emergencies

include culture, subculture, and social class influences that marketers use to study buying behavior

government-issued paper money and metal coins

asset that can or will be converted into cash within a year

yearly dollar amount of income divided by the investment’s current market value, expressed as a percentage

debt that must be paid within one year

financial ratio for measuring a company’s ability to pay current debts out of current assets

dividing an organization to offer products and meet needs for identifiable customer groups

organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed

collection of virtual storefronts (business websites) representing a variety of products and product lines on the Internet

raw facts and figures that, by themselves, may not have much meaning

the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information

the collection, storage, and retrieval of data in electronic files

plastic card that allows an individual to transfer money between accounts

company’s total liabilities

long-term borrowing from sources outside a company

organization in which a great deal of decision-making authority is delegated to levels of management at points below the top

choosing one alternative from among several options

interactive system that creates virtual business models for a particular kind of decision and tests them with different data to see how they respond

approach to leadership that provides decision rules for deciding how much participation to allow

a category of managerial roles, including entrepreneur, disturbance handler, resource allocator, and negotiator

recognizing and defining the nature of a decision situation, identifying alternatives, choosing the “best” alternative, and putting it into practice

skills in defining problems and selecting the best courses of action

amount of the loss that the insured must absorb before reimbursement is made

failure of a borrower to make payment when due to a lender

approach to social responsibility by which a company meets only minimum legal requirements in its commitments to groups and individuals in its social environment

process through which a manager allocates work to subordinates

the willingness and ability of buyers to purchase a good or service

assessment of the relationships among different levels of demand and supply at different price levels

graph showing how many units of a product will be demanded (bought) at different prices

a segmentation strategy that uses demographic characteristics to identify different market segments

characteristics of populations that may be considered in developing a segmentation strategy

large product-line retailer characterized by organization into specialized departments

process of grouping jobs into logical units

accounting method for distributing the cost of an asset over its useful life

a prolonged and deep recession

elimination of rules that restrict business activity

schedule showing daily work assignments with start and stop times for assigned jobs

usually refers to teaching managers and professionals the skills needed for both present and future jobs

one-on-one nonpersonal selling by nonstore retailers and B2B sellers using direct contact with prospective customers, especially via the Internet

distribution channel in which a product travels from producer to consumer without intermediaries

form of nonstore retailing typified by door-to-door sales

form of nonstore retailing in which firms directly interact with customers to inform them of products and to receive sales orders

price reduction offered as an incentive to purchase

bargain retailer that generates large sales volume by offering goods at substantial price reductions

interest rate at which member banks can borrow money from the Fed

network of interdependent companies through which a product passes from producer to end user

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

purchase of several different kinds of investments rather than just one

strategy whereby a firm sells one or more of its business units

payment to shareholders, on a per-share basis, out of the company’s earnings

department that resembles a separate business in that it produces and markets its own products

organizational structure in which corporate divisions operate as autonomous businesses under the larger corporate umbrella

the environment in which a firm conducts its operations and derives its revenues

situation in which taxes may be payable both by a corporation on its profits and by shareholders on dividend incomes

oldest and most widely cited market index based on the prices of 30 blue-chip, large-cap industrial firms on the NYSE

limited-function merchant wholesaler that receives customer orders, negotiates with producers, takes title to goods, and arranges for shipment to customers

practice of selling a product abroad for less than the cost of production

profitability ratio measuring the net profit that the company earns for each share of outstanding stock

nonstore retailing in which the Internet is used to display products

use of the Internet and other electronic means for retailing and business-to-business transactions

relevant conditions that exist in the economic system in which a company operates

statistics that help assess the performance of an economy

strikes triggered by stalemates over mandatory bargaining items, including such noneconomic issues as working hours

a nation’s system for allocating its resources among its citizens

Internet distribution channel member that assists in delivering products to customers or that collects information about various sellers to be presented to consumers, or they help deliver online products to buyers

electronic trading system that brings buyers and sellers together outside traditional stock exchanges

IT that allows groups of people to communicate simultaneously from various locations via e-mail, phone, or video

communication of fund-transfer information over wire, cable, or microwave

commercial website at which customers gather information about products and buying opportunities, place orders, and pay for purchases

government order banning exportation or importation of a particular product or all products to or from a particular country

principle that the government may claim private land for public use by buying it at a fair price

the extent to which people are self-aware, can manage their emotions, can motivate themselves, express empathy for others, and possess social skills

reasons for purchasing a product that are based on nonobjective factors

the pattern of actions by the members of an organization that directly or indirectly influences the organization’s effectiveness

computerized system containing information on each employee’s education, skills, work experiences, and career aspirations

ensures the financial security of pension funds by regulating how they can be invested

arrangement in which a corporation holds its own stock in trust for its employees, who gradually receive ownership of the stock and control its voting rights

leader behavior focusing on satisfaction, motivation, and well-being of employees

principle, increasingly modified by legislation and judicial decision, that organizations should be able to retain or dismiss employees at their discretion

software that assigns an e-mail message to a unique code number (digital fingerprint) for each computer so only that computer, not others, can open and read the message

individual who accepts the risks and opportunities involved in creating and operating a new business venture

the process of seeking businesses opportunities under conditions of risk

process of scanning the business environment for threats and opportunities

federal agency enforcing several discrimination-related laws

legally mandated nondiscrimination in employment on the basis of race, creed, sex, or national origin

requires that men and women be paid the same amount for doing the same job

using the owners’ funds from inside the company as the source for long-term funding

theory of motivation holding that people evaluate their treatment by the organization relative to the treatment of others

condition in which a decision maker becomes so committed to a course of action that she or he stays with it even when it appears to have been wrong

one in which many firms compete according to relatively well-defined criteria

behavior conforming to generally accepted social norms concerning beneficial and harmful actions

the extent to which the members of the organization follow basic ethical (and legal) standards of behavior

leader behaviors that reflect high ethical standards

beliefs about what is right and wrong or good and bad in actions that affect others

a common currency shared among most of the members of the EU (excluding Denmark, Sweden, and the United Kingdom)

agreement among major European nations to eliminate or make uniform most trade barriers affecting group members

group of products consumers will consider buying as a result of information search

rate at which the currency of one nation can be exchanged for the currency of another nation

bundle of stocks or bonds that are in an index that tracks the overall movement of a market, but unlike a mutual fund can be traded like a stock

strategy by which a manufacturer grants exclusive rights to distribute or sell a product to a limited number of wholesalers or retailers in a given geographic area

theory of motivation holding that people are motivated to work toward rewards that they want and that they believe they have a reasonable chance of obtaining

industrial products purchased and consumed within a year by firms producing other products

research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products

power derived from information or expertise

product made or grown domestically but shipped and sold abroad

firm that distributes and sells products to one or more foreign countries

agent’s authority, derived from written agreement, to bind a principal to a certain course of action

warranty whose terms are specifically stated by the seller

everything outside an organization’s boundaries that might affect it

attracting persons outside the organization to apply for jobs

system that allows outsiders limited access to a firm’s internal information network

amount of money that the bond buyer (lender) lent the issuer and that the lender will receive on repayment

resources used in the production of goods and services—labor, capital, entrepreneurs, physical resources, and information resources

bargain retailer owned by the manufacturer whose products it sells

sets a minimum wage and requires the payment of overtime rates for work in excess of 40 hours per week

requires employers to provide up to 12 weeks of unpaid leave for family and medical emergencies

federal agency that guarantees the safety of deposits up to $250,000 in the financial institutions that it insures

interest rate at which commercial banks lend reserves to each other, usually overnight

central bank of the United States, which acts as the government’s bank, serves member commercial banks, and controls the nation’s money supply

nondeposit institution that specializes in making loans to businesses and consumers

field of accounting concerned with external users of a company’s financial information

process of looking at one’s current financial condition, identifying one’s goals, and anticipating requirements for meeting those goals

any of several types of reports summarizing a company’s financial status to stakeholders and to aid in managerial decision making

security system with special software or hardware devices designed to keep computers safe from hackers

manager responsible for supervising the work of employees

any advantage that comes to a firm because it exploits an opportunity before any other firm does

policies used by a government regarding how it collects and spends revenue

asset with long-term use or value, such as land, buildings, and equipment

cost that is incurred regardless of the quantity of a product produced and sold

labor, equipment, materials, and other resources are brought to the geographic location where all production work is done

characteristic of decentralized companies with relatively few layers of management

method of increasing job satisfaction by allowing workers to adjust work schedules on a daily or weekly basis

research method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion

operations control activity for ensuring that production decisions are being implemented

arrangement in which a firm buys or establishes tangible assets in another country

the practice of accounting for legal purposes

providing products with features that customers want

arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)

guideline that financial statements should not include just numbers but should also furnish management’s interpretations and explanations of those numbers

merchant wholesaler that provides credit, marketing, and merchandising services in addition to traditional buying and selling services

dividing an organization according to groups’ functions or activities

strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

organization structure in which authority is determined by the relationships between group functions and activities

incentive plan that rewards groups for productivity improvements

production schedule that breaks down large projects into steps to be performed and specifies the time required to perform each step

gross domestic product divided by total population

partner who actively manages a firm and who has unlimited liability for its debts

international trade agreement to encourage the multilateral reduction or elimination of trade barriers

business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts

accounting guidelines that govern the content and form of financial reports

using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy

combination of geographic and demographic traits used in developing a segmentation strategy

dividing an organization according to the areas of the country or the world served by a business

geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy

geographic units that may be considered in developing a segmentation strategy

the international forces that affect a business

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

objective that a business hopes and plans to achieve

the manner in which people are motivated to work toward different kinds of goals

activities producing tangible products, such as radios, newspapers, buses, and textbooks

amount paid for an existing business above the value of its other assets

informal communication network that runs through an organization

total value of all goods and services produced within a given period by a national economy through domestic factors of production

total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

preliminary, quick-to-calculate profit figure calculated from the firm’s revenues minus its cost of revenues (the direct costs of getting the revenues)

cybercriminal who gains unauthorized access to a computer or network, either to steal information, money, or property or to tamper with data

physical components of a computer network, such as keyboards, monitors, system units, and printers

tendency for productivity to increase when workers believe they are receiving special attention from management

theory of motivation describing five levels of human needs and arguing that basic needs must be fulfilled before people work to satisfy higher-level needs

level of customer contact in which the customer is part of the system during service delivery

form of sexual harassment deriving from off-color jokes, lewd comments, and so forth

reflects the organization’s investment in attracting, retaining, and motivating an effective workforce

skills in understanding and getting along with people

set of organizational activities directed at attracting, developing, and maintaining an effective workforce

the people comprising an organization’s workforce

communications protocol used for the World Wide Web, in which related pieces of information on separate Web pages are connected using hyperlinks

unauthorized use of personal information (such as Social Security number and address) to get loans, credit cards, or other monetary benefits by impersonating the victim

agent’s authority, derived from business custom, to bind a principal to a certain course of action

warranty, dictated by law, based on the principle that products should fulfill advertised promises and serve the purposes for which they are manufactured and sold

product made or grown abroad but sold domestically

firm that buys products in foreign markets and then imports them for resale in its home country

special compensation program designed to motivate high performance

financial statement listing a firm’s annual revenues and expenses so that a bottom line shows annual profit or loss

foreign individual or organization that agrees to represent an exporter’s interests

personal attributes that vary from one person to another

tax-deferred pension fund that wage earners set up to supplement retirement funds

a company or other organization that buys products for use in producing other products (goods or services)

physical products purchased by companies to produce other products

organizational market consisting of firms that buy goods that are either converted into products or used during production

selling products to other businesses, either for the purpose of manufacturing or for resale

the organizing of employees by industry rather than by skill or occupation

occurs when widespread price increases occur throughout an economic system

network, unrelated to the firm’s formal authority structure, of everyday social interactions among company employees

meaningful, useful interpretation of data

data and other information used by businesses

system that uses IT resources to convert data into information and to collect, process, and transmit that information for use in decision making

managers who are responsible for the systems used for gathering, organizing, and distributing information

various appliances and devices for creating, storing, exchanging, and using information in diverse modes, including visual images, voice, multimedia, and business data

a category of managerial roles, including monitor, disseminator, and spokesperson

first sale of a company’s stock to the general public

illegal practice of using special knowledge about a firm for profit or gain

large investor, such as a mutual fund or a pension fund, that purchases large blocks of corporate stock

organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations

nondeposit institution that invests funds collected as premiums charged for insurance coverage

formal agreement to pay the policyholder a specified amount in the event of certain losses

fee paid to an insurance company by a policyholder for insurance coverage

nonphysical asset, such as a patent or trademark, that has economic value in the form of expected benefit

property that cannot be seen but that exists by virtue of written documentation

strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s nonmarketing activities

property created through a person’s creative activities

strategy by which a product is distributed through as many channels as possible

part of an attitude that guides a person’s behavior

tort resulting from the deliberate actions of a party

fee paid to a lender for the use of borrowed funds; like a rental fee

individual or firm that helps to distribute a product

goal set for a period of one to five years into the future

considering present employees as candidates for openings

organization responsible for developing a set of global accounting standards and for gaining implementation of those standards

competitive marketing of domestic products against foreign products

firm that conducts a significant portion of its business in foreign countries

general set of cooperative agreements and guidelines established by countries to govern the actions of individuals, businesses, and nations

UN agency consisting of about 150 nations that have combined resources to promote stable exchange rates, provide temporary short-term loans, and serve other purposes

approaches to organizational structure developed in response to the need to manufacture, purchase, and sell in global markets

gigantic system of interconnected computer networks linked together by voice, electronic, and wireless technologies

a category of managerial roles, including figurehead, leader, and liaison

organization’s private network of internally linked websites accessible only to employees

process of creating and maintaining the innovation and flexibility of a small-business environment within the confines of a large organization

an innate belief about something, often without conscious consideration

process of receiving, storing, handling, and counting of all raw materials, partly finished goods, and finished goods

financial institution that specializes in issuing and reselling new securities

bankruptcy proceedings initiated by the creditors of an indebted individual or organization

certification program attesting to the fact that a factory, laboratory, or office has improved its environmental performance

program certifying that a factory, laboratory, or office has met the quality management standards set by the International Organization for Standardization

systematic analysis of jobs within an organization

description of the duties and responsibilities of a job, its working conditions, and the tools, materials, equipment, and information used to perform it

method of increasing job satisfaction by adding one or more motivating factors to job activities

method of increasing job satisfaction by designing a more satisfactory fit between workers and their jobs

degree of enjoyment that people derive from performing their jobs

the process of identifying the specific jobs that need to be done and designating the people who will perform them

description of the skills, abilities, and other credentials and qualifications required by a job

strategic alliance in which the collaboration involves joint ownership of the new venture

type of lean production system that brings together all materials at the precise time they are required at each production stage

special form of business insurance designed to offset expenses entailed by the loss of key employees

information system that supports knowledge workers by providing resources to create, store, use, and transmit new knowledge for useful applications

employees who are of value because of the knowledge they possess

physical and mental capabilities of people as they contribute to economic production

process of dealing with employees who are represented by a union

a group of individuals working together to achieve shared job-related goals, such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions

(also known as the Taft-Hartley Act) passed to limit union power

amendment to the National Labor Relations Act that imposed regulations on internal union procedures

principle that buyers will purchase (demand) more of a product as its price drops and less as its price increases

principle that producers will offer (supply) more of a product for sale as its price rises and less as its price drops

codified rules of behavior enforced by a society

approach to leadership that stresses the importance of variable relationships between supervisors and each of their subordinates

the processes and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behaviors of others

factors that may render leader behaviors ineffective

individual, task, and organizational characteristics that tend to outweigh the need for a leader to initiate or direct employee performance

management process of guiding and motivating employees to meet an organization’s objectives

production system designed for smooth production flows that avoid inefficiencies, eliminate unnecessary inventories, and continuously improve production processes

the extent to which the organization conforms to local, state, federal, and international laws

power granted through the organizational hierarchy

bank promise, issued for a buyer, to pay a designated firm a certain amount of money if specified conditions are met

ability to finance an investment through borrowed funds

debt owed by a firm to an outside organization or individual

insurance covering losses resulting from damage to people or property when the insured party is judged liable

brand-name product for whose name the seller has purchased the right from an organization of individual

arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country

hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability

legal principle holding investors liable for a firm’s debts only to the limits of their personal investments in it

partner who does not share in a firm’s management and is liable for its debts only to the limits of said partner’s investment

type of partnership consisting of limited partners and a general (or managing) partner

merchant wholesaler that provides a limited range of services

organizational structure in which authority flows in a direct chain of command from the top of the company to the bottom

department directly linked to the production and sales of a specific product

ease with which an asset can be converted into cash

mutual fund in which investors are charged sales commissions when they buy in or sell out

amount of money that is loaned and must be repaid

the use of persons or groups to formally represent an organization or group of organizations before political bodies

computers that are linked in a small area, such as all of a firm’s computers within a single building

law requiring that products sold in a particular country be at least partly made there

organized at the level of a single company, plant, or small geographic region

management tactic whereby workers are denied access to the employer’s workplace

the extent to which people believe that their behavior has a real effect on what happens to them

goal set for an extended time, typically five years or more into the future

debt that is not due for at least one year

level of customer contact in which the customer need not be part of the system to receive the service

sales promotion technique in which frequent customers are rewarded for making repeat purchases

measure of the money supply that includes only the most liquid (spendable) forms of money

measure of the money supply that includes all the components of M-1 plus the forms of money that can be easily converted into spendable forms

used to describe behavior directed at gaining power and controlling the behavior of others

form of nonstore retailing in which customers place orders for catalog merchandise received through the mail

activities for one-of-a-kind or custom-made production

activities for producing standardized products for mass consumption

process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals

private accountant who provides financial services to support managers in various business activities within a firm

assistance provided by CPA firms in areas such as financial planning, information systems design, and other areas of concern for client firms

set of procedures involving both managers and subordinates in setting goals and evaluating progress

computer system that supports managers by providing information—reports, schedules, plans, and budgets—that can be used for making decisions

someone whose primary work responsibilities are a part of the management process

field of accounting that serves internal users of a company’s financial information

standards of behavior that guide individual managers in their work

mechanism for exchange between buyers and sellers of a particular good or service

total dollar value of all the company’s outstanding shares

economy in which individuals control production and allocation decisions through supply and demand

statistical indicator designed to measure the performance of a large group of stocks or track the price changes of a stock market

profit-maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal

process of dividing a market into categories of customer types, or “segments” having similar wants and needs and who can be expected to show interest in the same products

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

current price of a share of stock in the stock market

activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer

combination of product, pricing, promotion, and place (distribution) strategies used to market products

the things marketing intends to accomplish in its marketing plan

detailed strategy for focusing marketing efforts on consumers’ needs and wants

the study of what customers need and want and how best to meet those needs and wants

all the marketing programs and activities that will be used to achieve the marketing goals

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

principle in which companies produce in large volumes, but each item features the unique options the customer prefers

form of ownership that sells shares to investors who receive profits and that pays taxes on income from profits

schedule showing which products will be produced, and when, in upcoming time periods

process of planning, organizing, and controlling the flow of materials from sources of supply through distribution of finished goods

organizational structure created by superimposing one form of structure onto another

future date when repayment of a bond is due from the bond issuer (borrower)

combination of advertising media chosen to carry a message about a product

a conflict resolution method used in labor disputes in which a neutral third party (the mediator) suggests, but cannot impose, a resolution to the other parties

independent wholesaler who takes legal possession of goods produced by a variety of manufacturers and then resells them to other organizations

the union of two corporations to form a new corporation

individual incentive linking compensation to performance in nonsales jobs

manager responsible for implementing the strategies and working toward the goals set by top managers

organization’s statement of how it will achieve its purpose in the environment in which it conducts its business

personal-selling task in which salespeople promote their firms and products rather than try to close sales

economic system featuring characteristics of both planned and market economies

policies used by a government to control the size of its money supply

management of the nation’s economic growth by managing the money supply and interest rates

object that is portable, divisible, durable, and stable, and that serves as a medium of exchange, a store of value, and a measure of worth

fund of short-term, low-risk financial securities purchased with the pooled assets of investor-owners

market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors

market or industry in which there is only one producer that can therefore set the prices of its products

loan secured by property (the home) being purchased

mortgages pooled together to form a debt obligation—a bond—that entitles the holder (investor) to cash that flows in from the bundled mortgages

the set of forces that cause people to behave in certain ways

form of corporation spanning national boundaries

firm that designs, produces, and markets products in many nations

company that pools cash investments from individuals and organizations to purchase a portfolio of stocks, bonds, and other securities

financial institution whose depositors are owners sharing in its profits

a popular questionnaire that some organizations use to assess personality types

market index that includes all NASDAQ-listed companies, both domestic and foreign, with a high proportion of technology companies and small-cap stocks

world’s oldest electronic stock market consisting of dealers who buy and sell securities over a network of electronic communications

brand-name product produced by, widely distributed by, and carrying the name of a manufacturer

international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries

the amount of money the government owes its creditors

(also known as the Wagner Act) sets up a procedure for employees to vote on whether to have a union

established by the Wagner Act to administer its provisions

industry in which one company can most efficiently supply all needed goods or services

an individual’s desire to accomplish a goal or task as effectively as possible

an individual’s desire for human companionship

the desire to control one’s environment, including financial, material, informational, and human resources

conduct that falls below legal standards for protecting others against unreasonable risk

gross profit minus operating expenses and income taxes

a segment of a market that is not currently being exploited

mutual fund in which investors pay no commissions when they buy in or sell out

GDP measured in current dollars or with all components valued at current prices

decision that is relatively unstructured and that occurs with low frequency

act that imposed severe limitations on the ability of the courts to issue injunctions prohibiting certain union activities, including strikes

agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico

research method that obtains data by watching and recording consumer behavior

approach to social responsibility that involves doing as little as possible and may involve attempts to deny or cover up violations

federal law setting and enforcing guidelines for protecting workers from unsafe conditions and potential health hazards in the workplace

psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts

top management team of a corporation

the practice of outsourcing to foreign countries

market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products

nonstore retailing in which information about the seller’s products and services is connected to consumers’ computers, allowing consumers to receive the information and purchase the products in the home

training, sometimes informal, conducted while an employee is at work

the Fed’s sale and purchase of securities in the open market

costs, other than the cost of revenues, incurred in producing a good or service

gross profit minus operating expenses

plan setting short-term targets for daily, weekly, or monthly performance

activities involved in making products—goods and services—for customers

systematic direction and control of the activities that transform resources into finished products that create value for and provide benefits to customers

managers responsible for ensuring that operations activities create value and provide benefits to customers.

special ability that production does especially well to outperform the competition

process of monitoring production performance by comparing results with plans and taking corrective action when needed

set of methods and technologies used to produce a good or a service

personal-selling task in which salespeople receive orders and see to their handling and delivery

diagram depicting a company’s structure and showing employees where they fit into its operations

process of analyzing a firm’s strengths and weaknesses

positive behaviors that do not directly contribute to the bottom line

an individual’s identification with the organization and its mission

those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

specification of the jobs to be done within an organization and the ways in which they relate to one another

management process of determining how best to arrange an organization’s resources and activities into a coherent structure

replacing internal processes by paying suppliers and distributors to perform business processes or to provide needed materials or services

amount of money that owners would receive if they sold all of a firm’s assets and paid all of its liabilities

physical container in which a product is sold, advertised, or protected

money that is invested in a company by its owners

method of increasing job satisfaction by giving employees a voice in the management of their jobs and the company

exclusive legal right to use and license a manufactured item or substance, manufacturing process, or object design

theory of leadership that is a direct extension of the expectancy theory of motivation

legislation that increased U.S. government’s power to investigate and prosecute suspected terrorists

individual incentive that rewards a manager for especially productive output

incentive plan to encourage employees to learn new skills or become proficient at different jobs

setting an initially low price to establish a new product in the market

nondeposit pool of funds managed to provide retirement income for its members

market or industry characterized by numerous small firms producing an identical product

dimension of quality that refers to how well a product does what it is supposed to do

evaluation of an employee’s job performance to determine the degree to which the employee is performing effectively

the total set of work-related behaviors that the organization expects employees to display

include lifestyle, personality, and economic status that marketers use to study buying behavior

value of one’s total assets minus one’s total liabilities (debts)

promotional tool in which a salesperson communicates one-on-one with potential customers

the relatively stable set of psychological attributes that distinguish one person from another

the extent to which a person’s contributions and the organization’s inducements match one another

production schedule specifying the sequence of activities, time requirements, and critical path for performing the steps in a project

the awarding of funds or gifts to charities or other worthy causes

activities needed to move a product efficiently from manufacturer to consumer

tangible items that organizations use in the conduct of their businesses

labor action in which workers publicize their grievances at the entrance to an employer’s facility

part of the marketing mix concerned with getting products from producers to consumers

providing products where customers will want them

economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions

management process of determining what an organization needs to do and how best to get it done

sales-promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product

electronic device that transfers funds from the customer’s bank account to pay for retail purchases

special organizations created to solicit money and then distribute it to political candidates

the relationship between business and government, usually in the form of government regulation of business

combined holdings of all the financial investments of any company or individual

process of establishing an identifiable product image in the minds of consumers

reward that follows desired behaviors

transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents

the ability to affect the behavior of others

the beliefs that people in a culture hold about the appropriateness of power and authority differences in hierarchies such as business organizations

sales-promotion technique in which offers of free or reduced-price items are used to stimulate purchases

increase in the dollar value of an investment at two points in time (the amount by which the price of a security increases)

most commonly known as the P/E ratio, this ratio is the comparison of a firm’s current share price to its current earnings per share.

setting a limited number of prices for certain categories of products

setting an initially high price to cover new product costs and generate a profit

process of determining the best price at which to sell a product

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

new data that are collected from newly performed research

market in which new stocks and bonds are bought and sold by firms and governments

interest rate available to a bank’s most creditworthy customers

individual or organization authorizing an agent to act on its behalf

salaried accountant hired by a business to carry out its day-to-day financial activities

brand-name product that a wholesaler or retailer has commissioned from a manufacturer

economic system that allows individuals to pursue their own interests without undue governmental restriction

warehouse owned by and providing storage for a single company

process of converting government enterprises into privately owned companies

approach to social responsibility by which a company actively seeks opportunities to contribute to the well-being of groups and individuals in its social environment

dividing an organization according to production processes used to create a good or service

physical arrangement of production activities that groups equipment and people according to function

good, service, or idea that is marketed to fill consumers’ needs and wants

modifying an existing product for greater appeal in different countries

dividing an organization according to specific products or services being created

creation of a product feature or product image that differs enough from existing products to attract customers

marketing an existing product globally instead of just domestically

tangible and intangible qualities that a company builds into its products

physical arrangement of production steps designed to make one type of product in a fixed sequence of activities according to its production requirements

tort in which a company is responsible for injuries caused by its products

series of stages in a product’s commercial life

group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways

the group of products that a firm makes available for sale

promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers

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

goods or services that are used in the conversion (production) process to make other products

the amount of output produced compared with the amount of resources used to produce that output

form of ownership allowing professionals to take advantage of corporate benefits while granting them limited business liability and unlimited professional liability

separate company unit responsible for its own costs and profits

financial ratio for measuring a firm’s potential earnings

difference between a business’s revenues and its expenses

incentive plan for distributing bonuses to employees when company profits rise above a certain level

decision that is relatively structured or recurs with some frequency (or both)

aspect of the marketing mix concerned with the most effective techniques for communicating information about products

combination of tools used to promote a product

anything of value to which a person or business has sole right of ownership

insurance covering losses resulting from physical damage to or loss of the insured’s real estate or personal property

step in the personal selling process in which salespeople identify potential customers

registration statement filed with the SEC, containing information for prospective investors about a security to be offered and the issuing company

practice of protecting domestic business against foreign competition

a segmentation strategy that uses psychographic characteristics to identify different market segments

consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy

set of expectations held by an employee concerning what he or she will contribute to an organization (referred to as contributions) and what the organization will in return provide the employee (referred to as inducements)

include an individual’s motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior

pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices

communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products

independently owned and operated warehouse that stores goods for many firms

promotional tool in which information about a company, a product, or an event is transmitted by the general mass media to attract public attention

corporation whose stock is widely held and available for sale to the general public

promotional strategy designed to appeal directly to consumers who will demand a product from retailers

unpleasant consequences of an undesirable behavior

fines imposed over and above any actual losses suffered by a plaintiff

acquisition of the materials and services that a firm needs to produce its products

the principle that exchange rates are set so that the prices of similar products in different countries are about the same

risk involving only the possibility of loss or no loss

promotional strategy designed to encourage wholesalers or retailers to market products to consumers

step in the personal selling process in which salespeople determine whether prospects have the authority to buy and ability to pay

combination of “characteristics of a product or service that bear on its ability to satisfy stated or implied needs”

action of ensuring that operations produce products that meet specific quality standards

total quality management tool in which collaborative groups of employees from various work areas work together to improve quality by solving common shared production problems

principle of total quality management that holds that quality belongs to each person who creates it while performing a job

form of sexual harassment in which sexual favors are requested in return for job-related benefits

restriction on the number of products of a certain type that can be imported into a country

reasons for purchasing a product that are based on a logical evaluation of product attributes

GDP adjusted to account for changes in currency values and price changes

providing the applicant with a real picture of what it would be like performing the job the organization is trying to fill

a period during which aggregate output, as measured by GDP, declines

process of attracting qualified persons to apply for jobs an organization is seeking to fill

power based on identification, imitation, loyalty, or charisma

the establishment of laws and rules that dictate what organizations can and cannot do

law made by the authority of administrative agencies

reviving obsolete or older products for new markets

marketing strategy that emphasizes building lasting relationships with customers and suppliers

list of each management position, who occupies it, how long that person will likely stay in the job, and who is qualified as a replacement

organizational market consisting of intermediaries that buy and resell finished goods

percentage of its deposits that a bank must hold in cash or on deposit with the Fed

duty to perform an assigned task

selling a consumer product for the buyer’s personal or household use

intermediary who sells products directly to consumers

earnings retained by a firm for its use rather than paid out as dividends

formal recording and reporting of revenues at the appropriate time

funds that flow into a business from the sale of goods or services

the power to give or withhold rewards

such laws prohibit both union shops and agency shops, thus making it illegal to require union membership as a condition of employment

uncertainty about future events

practice of avoiding risk by declining or ceasing to participate in an activity

practice of minimizing the frequency or severity of losses from risky activities

process of conserving the firm’s earning power and assets by reducing the threat of losses as a result of uncontrollable events

the degree to which a person is willing to take chances and make risky decisions

practice of covering a firm’s losses with its own funds

practice of transferring a firm’s risk to another firm

principle that safer investments tend to offer lower returns whereas riskier investments tend to offer higher returns (rewards)

provision allowing individual retirement savings with tax-free accumulated earnings

specialty index that uses 2,000 stocks to measure the performance of the smallest U.S. companies

hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes

market index of U.S. equities based on the performance of 500 large-cap stocks representing various sectors of the overall equities market

compensation in the form of money paid for discharging the responsibilities of a job

independent intermediary who generally deals in the related product lines of a few producers and forms long-term relationships to represent those producers and meet the needs of many customers

short-term promotional activity designed to encourage consumer buying, industrial sales, or cooperation from distributors

enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations

financial institution accepting deposits and making loans primarily for home mortgages

data that are already available from previous research

market in which existing (not new) stocks and bonds are sold to the public

loan to finance an asset, backed by the borrower pledging the asset as collateral to the lender

stocks, bonds, and mutual funds representing secured, or asset-based, claims by investors against issuers

government agency that regulates U.S. securities markets

financial institution that buys and sells stocks and bonds both for investors and for its own accounts

markets in which stocks and bonds are sold

strategy by which a company uses only wholesalers and retailers who give special attention to specific products in its sales efforts

a person’s belief about his or her capabilities to perform a task

the extent to which a person believes that he or she is a worthwhile and deserving individual

activities producing intangible and tangible products, such as entertainment, transportation, and education

products having nonphysical features, such as information, expertise, or an activity that can be purchased

firms engaged in the business of providing services to the purchasing public

making unwelcome sexual advances in the workplace

a regular employee who acts as a liaison between union members and supervisors

e-intermediary (middleman) in the Internet distribution channel that assists users in finding products and prices but does not take possession of products

moderately expensive, infrequently purchased physical goods

moderately expensive, infrequently purchased services

situation in which quantity demanded exceeds quantity supplied

goal set for the near future

financial ratio for measuring a company’s ability to pay immediate debts

assumes that appropriate leader behavior varies from one situation to another

independently owned business that has relatively little influence in its market

government agency charged with assisting small businesses

SBA program designed to consolidate information from various disciplines and make it available to small businesses

government-regulated investment company that borrows money from the SBA to invest in or lend to a small business

credit-card-sized plastic card with an embedded computer chip that can be programmed with electronic money

include family, opinion leaders (people whose opinions are sought by others), and such reference groups as friends, coworkers, and professional associates that marketers use to study buying behavior

learning that occurs when people observe the behaviors of others, recognize their consequences, and alter their own behavior as a result

websites or access channels, such as Facebook, Twitter, LinkedIn, and YouTube, to which consumers go for information and discussions

network of communications that flow among people and organizations interacting through an online platform

a person’s beliefs about the relative importance of the individual versus groups to which that person belongs

the attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities

planned economic system in which the government owns and operates only selected major sources of production

the customs, mores, values, and demographic characteristics of the society in which an organization functions

programs that tell the computer how to function, what resources to use, how to use them, and application programs for specific activities

business owned and usually operated by one person who is responsible for all of its debts

financial ratio, either short or long term, for estimating the borrower’s ability to repay debt

junk e-mail sent to a mailing list or a newsgroup

number of people supervised by one manager

expensive, rarely purchased physical goods

expensive, rarely purchased services

retail store carrying one product line or category of related products

risk involving the possibility of gain or loss

strategy of introducing new products to respond quickly to customer or market changes

strategy of setting up one or more corporate units as new, independent corporations

program unknowingly downloaded by users that monitors their computer activities, gathering e-mail addresses, credit card numbers, and other information that it transmits to someone outside the host system

condition in which the amount of money available in an economic system and the quantity of goods and services produced in it are growing at about the same rate

government economic policy intended to smooth out fluctuations in output and unemployment and to stabilize prices

authority based on expertise that usually involves counseling and advising line managers

advisers and counselors who help line departments in making decisions but who do not have the authority to make final decisions

assigned working times in upcoming days for each employee on each work shift

the total quantity and quality of goods and services people can purchase with the currency used in their economic system

when the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative

when the availability of each alternative and its potential payoffs and costs are all associated with probability estimates

when the decision maker does not know all the alternatives, the risks associated with each, or the likely consequences of each alternative

financial statement describing a firm’s yearly cash receipts and cash payments

law created by constitution(s) or by federal, state, or local legislative acts

portion of ownership of a corporation

individual or organization that receives and executes buy and sell orders on behalf of outside customers in return for commissions

an organization of individuals to provide an institutional auction setting in which stocks can be bought and sold

stock dividend paid in additional shares to shareholders, thus increasing the number of outstanding shares

owner of shares of stock in a corporation

strategy in which two or more organizations collaborate on a project for mutual gain

goal derived directly from a firm’s mission statement

leader’s ability to understand the complexities of both the organization and its environment and to lead change in the organization so as to enhance its competitiveness

process of helping an organization maintain an effective alignment with its environment

plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals

broad set of organizational plans for implementing the decisions made for achieving organizational goals

creation of a broad program for defining and meeting an organization’s goals

principle that liability can result not from a producer’s negligence but from a defect in the product itself

labor action in which employees temporarily walk off the job and refuse to work

worker hired as a permanent or temporary replacement for a striking employee

government payment to help a domestic business compete with foreign firms

product that is dissimilar from those of competitors, but that can fulfill the same need

large product-line retailer offering a variety of food and food-related items in specialized departments

a powerful Wi-Fi network with extensive reach and strong signals that flow freely through physical objects such as walls

process of finding and choosing suppliers from whom to buy

the willingness and ability of producers to offer a good or service for sale

flow of information, materials, and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches the end customer

principle of looking at the supply chain as a whole to improve the overall flow through the system

graph showing how many units of a product will be supplied (offered for sale) at different prices

situation in which quantity supplied exceeds quantity demanded

research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews

identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

e-commerce practice whereby a website offers other websites commissions for referring customers

generally short-term plan concerned with implementing specific aspects of a company’s strategic plans

the view that the people in an organization represent a portfolio of valuable talents that can be effectively managed and tapped in ways best targeted to organizational success

characteristic of centralized companies with multiple layers of management

any movable item that can be owned, bought, sold, or leased

land and anything attached to it

the particular group of people or organizations on which a firm’s marketing efforts are focused

tax levied on imported products

leader behavior focusing on how tasks should be performed to meet certain goals and to achieve certain performance standards

assistance provided by CPAs for tax preparation and tax planning

skills needed to perform specialized tasks

all the ways by which firms create value for their constituents

form of flextime that allows people to perform some or all of a job away from standard office settings

form of nonstore retailing in which the telephone is used to sell directly to consumers

offer to buy shares made by a prospective buyer directly to a target corporation’s shareholders, who then make individual decisions about whether to sell

theory of motivation holding that people are naturally lazy and uncooperative

theory of motivation holding that people are naturally energetic, growth-oriented, self-motivated, and interested in being productive

performance appraisal technique in which managers are evaluated by everyone around them—their boss, their peers, and their subordinates

bank funds that have a fixed term of time to maturity and cannot be withdrawn earlier or transferred by check

skills associated with the productive use of time

the extent to which members of a culture adopt a long-term versus a short-term outlook on work, life, and other elements of society

providing products when customers will want them

principle that invested money grows, over time, by earning interest or some other form of return

forbids discrimination in all areas of the employment relationship

manager responsible for a firm’s overall performance and effectiveness

civil injury to people, property, or reputation for which compensation must be paid

all activities involved in getting high-quality goods and services into the marketplace

situation in which a country’s imports exceed its exports, creating a negative balance of trade

sales-promotion technique in which various members of an industry gather to display, demonstrate, and sell products

situation in which a country’s exports exceed its imports, creating a positive balance of trade

exclusive legal right to use a brand name or symbol

provision allowing individual tax-deferred retirement savings

usually refers to teaching operational or technical employees how to do the job for which they were hired

focused on identifying the essential traits that distinguished leaders

comparable to management, it involves routine, regimented activities

the set of abilities that allows a leader to recognize the need for change, to create a vision to guide that change, and to execute the change effectively

activities in transporting resources to the producer and finished goods to customers

general court that hears cases not specifically assigned to another court

management by a bank of an estate, investments, or other assets on behalf of an individual

annual percentage of an organization’s workforce that leaves and must be replaced

theory of motivation holding that job satisfaction depends on two factors, hygiene and motivation

the feeling individuals have regarding uncertain and ambiguous situations

the level of joblessness among people actively seeking work in an economic system

behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions

body of standardized laws governing the rights of buyers and sellers in transactions

requires employees to join a union within a specified period after being hired

legal principle holding owners responsible for paying off all debts of a business

loan for which collateral is not required

ability of a product to satisfy a human want or need

relative comparison of a product’s benefits versus its costs

a product is marketed as a bundle of value-adding attributes, including reasonable cost

process of evaluating all work activities, materials flows, and paperwork to determine the value that they add for customers

cost that changes with the quantity of a product produced and sold

private funds from wealthy individuals seeking investment opportunities in new growth companies

group of small investors who invest money in companies with rapid growth potential

off-the-job training conducted in a simulated environment

nonstore retailing to consumers via home television

type of marketing that relies on the Internet to spread information like a “virus” from person to person about products and ideas

leadership in settings where leaders and followers interact electronically rather than in face-to-face settings

a neutral third party (the arbitrator) dictates a settlement between the two sides, who have agreed to submit to outside judgment

bankruptcy proceedings initiated by an indebted individual or organization

network of geographically dispersed transmitter-receivers (transceivers) that send signals to and receive signals from a satellite, exchanging voice, video, and data transmissions

allow wage rates to be negotiated at preset times during the life of the contract

compensation in the form of money paid for time worked

storage of incoming materials for production and finished goods for distribution to customers

seller’s promise to stand by its products or services if a problem occurs after the sale

employee who detects and tries to put an end to a company’s unethical, illegal, or socially irresponsible actions by publicizing them

bargain retailer offering large discounts on brand-name merchandise to customers who have paid annual membership fees

intermediary who sells products to other businesses for resale to final consumers

computers that are linked over long distances through telephone lines, microwave signals, or satellite communications

technology using a wireless local area network

local area network with wireless access points for PC users

network that uses airborne electronic signals instead of wires to link computers and electronic devices over long distances

method of increasing job satisfaction by allowing two or more people to share a single full-time job

labor action in which workers perform jobs at a slower than normal pace

groups of operating employees who are empowered to plan and organize their own work and to perform that work with a minimum of supervision

coverage provided by a firm to employees for medical expenses, loss of wages, and rehabilitation costs resulting from job-related injuries or disease

legally required insurance for compensating workers injured on the job

the range of workers’ attitudes, values, beliefs, and behaviors that differ by gender, race, age, ethnicity, physical ability, and other relevant characteristics

UN agency that provides a limited scope of financial services, such as funding improvements in underdeveloped countries

organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices

branch of the Internet consisting of interlinked hypertext documents, or Web pages

requirements that workers state that they did not belong to and would not join a union