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  • Distribution

    all activities involved in getting the right quantity if a product to the right customer at the right time and at a reasonable cost

    Intermediaries

    wholesaler or retailer who helps move products from their original source to the end user

    Retailers

    intermediaries who buy goods from producers and sell them to consumers

    Wholesalers

    intermediaries who buy goods from suppliers and sell them to businesses that will either resell or use them

    Profit Margin

    amount a company earns on each unit sold

    Physical Distribution

    activities needed to get a product from where it was manufactured to the customer

    Storage Warehouse

    building used for the temporary storage of goods

    Materials Handling

    process of physically moving or carrying goods during production, warehousing and distribution

    Just-in-time Production

    system for reducing inventories and costs by requiring suppliers to deliver materials just in time to go into the production process

    Supply Chain

    flow that begins with the purchase of raw materials and ends in the sale of a finished product to an end user

    Supply Chain Management (SCM)

    process of integrating all the activities in the supply chain

    Customer Value Triad

    3 factors that customers consider in determining the value of a product: quality, service, and price

    Value Chain

    entire range of activities involved in delivering value to customers

    Human Resource Management (HRM)

    all actions that an organization takes to attract, develop, and retain quality employees

    Strategic Human Resource Planning

    process of developing a plan for satisfying an organization human resource needs

    Job Analysis

    identification of the tasks, responsibilities, and skills of a job, as well as the knowledge and abilities needed to perform it

    Job Description

    outline of the duties and responsibilities of a position

    Job Specification

    detailed list of the qualifications needed to perform a job

    Recruiting

    process of identifying suitable candidates and encouraging them to apply fro openings in an organization

    Equal Employment Opportunity Commission (EECCO)

    federal agency in charge of enforcing federal laws on employment discrimination

    Selection

    process of gathering info on candidates, evaluating their qualifications, an choosing the right one

    Application

    doc completed by a job applicant that provides factual info on the person's edu and work background

    Contingent Workers

    temporary or part-time worker hired to supplement a company's permanent workforce

    Orientation

    activities involved in introducing new employees to the organization and their jobs

    Off-the-job Training

    formal employee training that occurs in a location away from the office

    On-the-job Training

    employee training—often informal—that occurs while the employee is on the job

    Job Redesign

    management strategy used to increase job satisfaction by making jobs more interesting and challenging

    Job Rotation

    job redesign strategy that allows employees to rotate from one job to another on a systematic basis

    Job Enlargement

    management enhances a job by adding tasks at similar skill levels

    Job Enrichment

    management enriches a job by adding tasks that increase both responsibility and opportunity for growth

    Flex Time

    alternative work arrangement that allows employees to designate starting and quitting times

    Job Sharing

    work arrangement in which 2 people share one full time position

    Telecommuting

    work arrangement in which the employee regularly works from home

    Wages

    compensation paid to employees based on the number of hours worked

    Salary

    compensation paid for fulfilling the responsibilities of a position regardless of the number of hours required to do it

    Piecework

    a compensation system in which employees are paid a set rate for each item they produce

    Commission

    An amount paid to an employee based on a percentage of the employee's sales

    Incentive Programs

    program designed to financially reward employees for good performance

    Bonuses

    annual income given to employees in addition to salary based on company-wide performance

    Profit-sharing Plan

    an organization-wide program that distributes compensation based on some established formula designed around a company's profitability

    Stock Option Plans

    Plans that allow selected employees to have the right to purchase a specified number of common shares at a specified price for a specified time period.

    Benefits

    compensation other than salaries, hourly wages or financial incentives

    Performance Appraisal

    the process of assessing how well employees are doing their jobs

    Turnover

    permanent separation of an employee from a company

    Downsize

    practice of eliminating jobs to cut costs

    Employment at Will

    legal doctrine that allows an employer to fire an employee at will

    Labor Union

    organized group of workers that bargains with employers to improve its members' pay, job security, and working conditions

    Collective Bargaining

    process by which a union representing a group of workers negotiates with management for a contract

    Mediation

    approach used to resolve a labor contract to dispute by following the recommendation of an impartial third party

    Arbitration

    process of resolving a labor contract dispute by having a third party study the situation and arrive at a binding agreement

    Grievances

    union worker complaints on contract related matters

    Strike

    Nonviolent refusal to continue to work until a problem is resolved.

    Picketing

    parading with signes outside a factory/facility to publicize a strike

    Boycotting

    method to voice displeasure with certain organizatioons by refusing to buy the company's products and encouraging others to follow suit

    Lockout

    closing the workplace to workers

    Strikebreakers

    nonunion workers who are willing to cross picket lines to replace strikers

    Balance of Trade

    the difference between a country's total exports and total imports

    Balance of Payments

    difference between total flow of money coming into a country and total flow going out

    International License Agreement

    allows a foreign company to sell a domestic company's products or use its intellectual property in exchange for royalty fees

    International Franchise

    domestic company gives a foreign company the right to use its brand and sell its products

    International contract Manufactoring/Outsourcing

    company has its products manufactured or services provided in other countries

    Strategic Alliance

    agreement between 2 companies to pool resources in order to achieve business goals that benefit both parties

    Joint Ventures

    alliances in which the partners fund a seperate entity to manage their joint operations

    Foreign Direct Investment

    formal establishment of business operations on foreign soil

    Offshoring

    moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.

    Foreign Subsidiary

    A company owned in a foreign country by another company, called the parent company.

    Multinational Corporation

    large corporation that operates in many countries

    Exchange Rates

    value of one currency relative to another

    Subsidies

    govt payments given to certain industries to help offset some of their costs of production

    Trade Controls

    govt policies that restrict free trade

    Protectionism

    use of trade controls to reduce foreign competition in order to protect domestic industries

    Embargo

    extreme form of quota that bans the import/export of certain goods to a country for econ or political reasons

    Dumping

    practice of selling exported goods below the price that producers would normally charge home markets

    General Agreement on Tariffs and Trade (GAAT)

    encouraged free trade by regulating and reducing tariffs and by providing a forum for resolving trade disputes

    World Trade Organization (WTO)

    encourages global commerce and lower trade barriers, enforces international rules of trade, and provides a forum for resolving disputes

    International Monetary Fund (IMF)

    loans money to countries with troubled economies

    World Bank

    an important source of economic assistance for poor and developing countries

    Trading Blocs

    groups of countries have joined together to allow goods and services to flow without restrictions across their mutual borders

    North American Free Trade Association (NAFTA)

    an agreement among the governments of the United States, Canada, and Mexico to open their borders to unrestricted trade

    European Union (EU)

    group of twenty-eight countries that have eliminated trade barriers among themselves

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