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describes the reason a business exists and what it wants to accomplish

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the important principles that guide decisions and actions in the company.

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practices that ensure the appropriate standards of conduct are observed in a company’s relationships with everyone who is a part of the business or affected by the business’ activities.

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stems from the personal trust and respect members have for the leader.

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exists when group members recognize and appreciate a leader’s expertise in a specific area

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results from the leader’s ability to give or withhold rewards.

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the ability to get others to accomplish tasks because of the position the leader holds

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Oral communications are spoken directly or using technology. Written communications include notes, letters, reports, and text or graphics sent via technology.

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Vertical communications move up or down in an organization between management and employees. Horizontal communications move across the organization at the same level—employee to employee or manager to manager.

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Internal communications occur between managers, employees, and work groups. External communications occur between people inside the organization and people outside the organization such as customers, suppliers, and other businesses.

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Formal communications methods are the established and approved ways for information to move between managers, employees, customers, and others in the business. Informal communications are commonly used but unofficial ways that information moves in an organization.

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The important human relations skills needed by leaders

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The important human relations skills needed by leaders

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self-understanding, understanding others, communication, team building, and developing job satisfaction.

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power based on a leader’s position within the formal structure.

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power resulting from the personal characteristics of a leader rather than the formal structure of an organization.

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power enabling a person to affect the actions of others.

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the way people get along with each other.

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the ability to motivate individuals and groups to accomplish important goals.

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The combined use of tactical and strategic management is known as

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Strategic management is a style in which managers are more collaborative and involve employees in decision making

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a style in which the manager is more directive and controlling

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the first level of management in a business

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specialists with responsibilities for specific parts of a company’s operations

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top-level managers with responsibilities for the direction and success of the entire business.

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the way a manager treats and involves employees.

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determines to what extent the business is accomplishing the goals it set out to reach in the planning stage.

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a manager’s effort to direct and lead people to accomplish the planned work of the organization.

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the function of a manager including all of the activities involved in obtaining, preparing, and compensating the employees of a business.

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the function of a manager involving identifying and arranging the work and resources needed to achieve the goals that have been set.

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the function of a manager that involves analyzing information, setting goals, and making decisions about what needs to be don

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the process of accomplishing the goals of an organization through the effective use of people and other resources.

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A code of ethics is a set of rules for guiding the actions of employees or members of an organization.

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Business ethics are rules about how businesses and their employees ought to behave.

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Ethics are principles of morality or rules of conduct.

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Expanded justice for groups of a society

Enhanced company image

Reduced need for government actions

Improved quality of life in a community and around the world

Increased awareness of social issues among workers, consumers, and others

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Clauses that relate to employee well-being are often included in labor contracts and company policy manuals. These clauses are conditions of work that pertain to the health and safety of employees while on the job.

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Employers also have taken steps to accommodate individuals who are physically challenged. Passage and enforcement of the Americans with Disabilities Act (ADA), along with other federal and state legislation, has resulted in major improvements in accommodating workers who are physically challenged. Buildings must have access for wheelchairs. People with sight or hearing limitations must be accommodated on the job.

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The federal government has set measurable standards for water and air quality. The Environmental Protection Agency (EPA) monitors and enforces those standards. Businesses and the EPA work together to reduce pollution. They try to make the environment healthier.

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Pollution occurs when the environment is tainted with the by-products of human actions.

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A nonrenewable resource is a natural resource that cannot be replaced when used up. Examples are gas, oil, and minerals, such as copper and iron ore.

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Conservation is saving scarce natural resources.

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Social responsibility refers to the duty of a business to contribute to the well-being of a community

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In a matrix organizational structure, work is structured around specific projects, products, or customer groups. People with varied backgrounds are assigned together because their expertise is required for the project or to serve the customer

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functional organizational structure. In this type of organization, work is arranged within main business functions such as production, operations, marketing, and human resources. All of the people with jobs related to one of the functions will work together

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organization chart, a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.

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Span of control is the number of employees who are assigned to a particular work task and manager.

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Unity of command means there is a clear reporting relationship for all staff of a business

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Responsibility is the obligation to complete specific work. Authority is the right to make decisions about how responsibilities should be accomplished. Accountability is taking responsibility for the results achieved.

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Procedures, a list of steps to be followed for performing a particular work activity; a description of the way work is to be done.

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Policies, guidelines used in making consistent decisions.

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goal, a precise statement of results the business expects to achieve.

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mission statement, short, specific written statement of the reason a business exists and what it wants to achieve.

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The company or person purchasing the rights to run the business is the franchisee.

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The company that owns the product or service and grants the rights to another business is known as the franchiser

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franchise, a written contract granting permission to operate a business to sell products and services in a set way.

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Sometimes a group of people forms a cooperative to provide goods and services that they all need. A cooperative is owned by members, serves their needs, and is managed in their interest.

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A nonprofit corporation is a group of people who join to do some activity that benefits the public. They work in areas such as education, health care, charity, or the arts

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A limited liability company provides liability protection for owners. It has a simpler set of organizing and operating requirements than a corporation

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A corporate form that is favored by many small businesses is the S corporation. An S corporation offers the limited liability of a corporation. All income is passed through to the owners based on their investment and is taxed on their individual tax returns

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A joint venture is a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.

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A limited liability partnership identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the day-to-day management of the business

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It must name a board of directors, the people who will make the major policy and financial decisions for the business

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The business must create corporate bylaws, or the operating procedures for the corporation

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articles of incorporation, a written legal document that defines ownership and operating procedures and conditions for the business.

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partnership agreement, a written agreement among all owners detailing the rules and procedures that guide ownership and operations.

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A corporation is a separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors

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A partnership is a business owned and controlled by two or more people who have entered into an agreement

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A proprietorship is a business owned and run by just one person. It is the easiest form of business to start and end.

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A service business carries out activities that are consumed by its customers.

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Intermediaries are businesses involved in selling the goods and services of producers to consumers and other businesses.

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Manufacturers get supplies from other producers and convert them into products. They sell their products to consumers and other businesses.

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Farmers cultivate land and use other natural resources to grow crops and raise livestock for consumption.

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Businesses that take resources from nature for direct consumption or for use in developing other products are extractors. Extractors pump oil, mine coal, or cut timber.

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Producers create the products and services used by individuals and other businesses. They are responsible for using resources to make something that is needed by others

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All businesses must have some type of record-keeping system. Owners and managers need records to track performance and make decisions. Customers need information about orders and payments. Businesses are required by government to keep records and submit information.

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Marketing refers to the activities directed at providing the goods and services wanted by a business’s customers

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All businesses buy goods and services. Businesses use many of the purchases for their own operations. Other purchases are resold. They will also purchase tires, batteries, airbags, and air conditioning units that will be installed on the production line.

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Businesses need human resources. Even businesses that begin with no employees other than the owner will add part- and full-time employees as they grow. Businesses have procedures for recruiting, hiring, and training employees. They pay wages, benefits, and employment taxes. New employees receive training in order to perform their jobs correctly.

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A business needs more capital as it develops and grows. Some of that capital will come from reinvested profits. A business will need to continue to borrow from banks and attract additional investors to have enough money for ongoing operations.

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A business begins with a new idea. Someone must have an idea for a new product or service or a new way to carry out a business process. A business must continue to improve and develop new ideas in order to remain successful. Businesses must remain competitive with other firms that sell similar goods and services.

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A contingent worker is one who has no explicit or implicit contract for long-term employment

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A wave of retirements started in 2011 as the first group of baby boomers, the people born between 1946 and 1964, turned 65

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The International Finance Corporation (IFC) provides capital and technical help to private businesses in nations with limited resources

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The International Development Association (IDA) makes loans to help developing countries

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The World Bank, with nearly 190 member countries, has two main divisions: the International Development Association and the International Finance Corporation

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The International Bank for Reconstruction and Development is commonly called the World Bank. It was created in 1944 to provide loans for rebuilding after World War II

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The International Monetary Fund (IMF), with more than 180 member nations, helps to promote economic cooperation. It maintains an orderly system of world trade and exchange rates. The IMF was established in 1946 when the economic interdependence among nations was growing at a greater pace than ever before in history

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Lowering tariffs that discourage free trade

Eliminating import quotas

Reducing barriers for banks, insurance companies, and other financial services

Assisting poor countries with economic growth

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The World Trade Organization (WTO) was created in 1995 to promote trade around the world. With 160 member countries representing 95 percent of world trade, WTO settles trade disputes and enforces free-trade agreements between its members

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Joint venture is a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership

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Another method often used to expand into other countries is the franchise. A franchise is the right to use a company name or business process in a specific way

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Licensing is selling the right to use some intangible property (production process, trademark, or brand name) for a fee or royalty

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A multinational strategy treats each country's market differently

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A global strategy uses the same product and marketing strategy worldwide

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The different country in which the MNC conducts business activities is called the host country

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MNCs usually consist of a parent company in a home country and divisions or separate companies in one or more other countries

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Multinational company (MNC) is an organization that does business in several countries. It usually consists of a home country and divisions or separate companies in one or more host countries

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A common market is also called an economic community

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In a common market, members do away with duties and other trade barriers

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a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing

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an action imposed by the government to stop the export or import of a product completely