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Business Experienc #3


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Who developed the Internet, and what year?
Internet or net-Developed by Defense Dept in 1969.
world wide web
document composed of electronic pages
web site address
domain name
ISP. What does it stand for?
Internet service provider
an address identifying the location of a file on the Internet
What are the four functions of the net?
communication (email most popular application), information (portals), Entertainment and E-commerce.
business to business e-commerce-electronic business transactions between organizations using the Internet.
Business to consumer e-commerce- electronice business transactions between organizations and final customers using the Internet.
What has the larger value B2B or B2C?
B2C has the larger $ value
Electronic data interchange
web sites that offer items for sale to consumers
Electronic storefronts
process of encoding data for security purposes
electronic barrier between a company’s internal network and the Internet that limits access into and out of the network
What are the two most common types of internet frauds?
auction fraud and investment scams
Traffic jams
delays and sometimes outages of internet use
Poor website design
important for costumers to know how to use the site
Seperation can be either______or ______.
voluntary or firing
Interviews some business have to know why an employee is leaving and to see and get ideas to make the company better.
exit interviews
Process of reducing the number of employees within a firm by eliminating jobs.
Downsizing (+/-)
Practice of contracting out work preciously preformed by company employees.
Outsourcing (+/-)
job design that expands an employee’s responsibilities
Job enlargement
change in job duties to increase employee’s authority
Job enrichment
assumes that employees dislike to wokr and try to avoid it whenever possible.
Theory X
assumes that the typical person likes work and learns, under proper conditions, to accept and seek responsibilities to fulfill social, esteem, and self-actualization needs.
Theory Y
Employee who works part time, temporarily, or for the period of time specified in a contract.
Contingent Workers
Group of workers who have banded together to achieve common goals in the workplace
labor union
Union tactics
Boycott, picketing & strike
Management tactics
lockout, strikebreakers & injunction
TQM, What does this stand for?
Total Quality Management
Giving employees authority and responsibility to make decisions about work
Trust employees
provide info on “their” company
employee stock ownership plans
The cooperative effort by a group of workers acting together for a common cause.
Group of employees who are committed to a common purpose, approach, and set of performance goals.
Problem solving-teams
Work teams
Which team is more common? Problem solving- teams or work teams?
problem solving
A team where each person has a specific job and must complete that job.
Self-managed teams
A team where the team members help each other reach a common goal
Cross functional teams
What are team functions?
Role, Size and Diversity
______ is very critical to organization’s success.
Skill of receiving a message and interpreting its intended meaning by grasping the facts and feelings it conveys.
transmitted through speech (personal convos, speeches, meetings, voice mail, telephone convos, and video conference.)
oral communication
transmitted through writing (letters, memos, e-mail, etc.
Written Communication
transmitted in the form of words (meetings, telephone calls, voice mail, videoconferences)
Verbal Communication
transmitted through actions and behaviors rather than through words (gestures, facial expressions, posture, etc.)
Non-verbal Communication
An internal channel that passes info from unofficial sources.
messages sent through channels within an organization
internal communication
meaningful exchange of info through messages transmitted between an organization and its major audiences.
external communication
Convert into finished goods
Difference in production and manufacturing
Production is a Broader term that spans both manufacturing and nonmanufacturing industries
resources, raw materials in the production process.
Add value in the production process.
Conversion Process
goods, and services in the production process
Typical production systems
Example: Department store- PRIMARY INPUTS- building, displays, scanners, merchandise, etc.-TRANSFORMATION- attracts customers, stores goods, sells products- OUTPUTS- Merchandise sold
Manufacturing products in large amounts using employees with specialized skills, mechanization, and standardization
mass production
using information technology
flexible production
establish computer links between factories and retailers’ scanners
Customer Driven Production
combines different people with different strengths to work together
Team concept
Reprogrammable machine capable of performing a variety of jobs that require manipulation of materials and tools
CAD, What does this stand for?
computer aided design
CAM, What does this stand for?
computer aided manufacturing
FMS, What does this stand for?
flexible manufacuring system
Supplier Selection
right price/right QTY/right time
requires them to balance the need to keep stocks on hand to meet demand against the costs of carrying inventory
Inventory control
aimed at improving profits and return on investment by minimizing costs and eliminating waste through cutting inventory on hand.
JIT- Just-in-time system
creates a well-defines set of procedures for coordinating people, materials, and machinery to provide maximum production efficiency.
Production control
phase of production contol, managers develop timetables that specify how long each operation in the production process takes and when workers should perform it.
Process of determining customer wants and needs and then providing the goods and services that meet or exceed expectations
Product, Price, Distribution, Promotion
5 elements in the environment.
Political/Legal, Social/Cultural, Technological, Competitive, Economic
who is the center of a marketing strategy?
The customer
Time, form, place and ownership
Value perception
Customer satisfaction
the way a producer produces its goods and the way it is made
helps a company know what they need to work on.
Customer feedback
Toby Keith Promotional Tour is an example of what type of marketing?
Person Marketing
The T-shirts I love New York, Promoting the City is an example of what tyep of marketing?
Place Marketing
Steroids issue, promotes a cause or social issue
Cause Marketing
Athletic competitions
event marketing
influences consumer to accept the goals of or contribute to the organization.
Organization Marketing
products or services sold directly or indirectly
products such as shampoo and DVDs
Process of collecting and evaluating info to help marketers make effective decisions
Market research
Using a computer to search through massive amounts of customer data to detect patterns and relationships
Data Mining
Process of dividing a market into several relatively homogeneous groups
Market Segmentation
Developing and maintaining long-term, cost-effective exchange relationships with individual customers.
Relationship Marketing
Two or more businesses team up to closely link their names for a single product
Another tool for building emotional links with customers
Affinity Program
Manufacturer’s brand is a brand offered and promoted by a manufacturer
Private label brand- identifies a product that is not linked to the manufacturer but instead carries a wholesaler’s or retailer’s label.
Manufacturer’s brand vs. private label brand
typically purchased only after the buyer has compared competing products in competing stores.
Shopping products
those that a purchaser is willing to make a special effort to obtain.
Specialty products
long-lived and relatively expensive
Capital goods
used in a firms’s daily operation that do not become part of the final product.
Expense goods
less expensive and shorter lived than installations and involve fewer decision makers
Accessory goods
farm and natural products used to produce other products.
Raw Materials
includes paper clips, light bulbs, and copy paper.
MRO- (Maintenance, Repair, Operating)

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