BF10 Objective 3 Vocabulary

Strategic Management

• The process of planning, controlling, and organizing an organization or department.

• A method for increasing employee productivity through motivation.

• A technique for reducing costs by outsourcing services.

• A framework for analyzing market competition.

Information Management

• The process of storing and archiving data for future use.

• The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data.

• The process of creating new data from existing information.

• The process of analyzing data to make predictions.

Productivity

• The total number of employees in a company.

• The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs).

• The level of customer satisfaction in a business.

• The total revenue generated by a business in a year.

Production

• The process or activity of producing goods and services.

• A method of distributing products to consumers.

• The act of marketing goods to potential buyers.

• The financial management of a company's resources.

Courtesy

• Polite behavior; good manners

• Rude behavior; bad manners

• Indifference to others

• Aggressive communication

Customer Relations

• All the activities a business engages in to interact with its customers; also referred to as "customer service."

• The process of managing a company's financial resources.

• The strategy of promoting products through social media.

• The method of analyzing market trends and consumer behavior.

Human Resources

• People who work to produce goods or services

• Individuals responsible for managing company finances

• A department that handles marketing strategies

• A team focused on product development

Human Resources Management

• The process of planning, staffing, leading, and organizing the employees of the business.

• The method of increasing production efficiency through technology.

• The strategy for maximizing profits by reducing employee benefits.

• The approach to managing customer relationships and satisfaction.

Financial Analysis

• The process of evaluating financial data to make informed decisions.

• The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.

• The process of auditing financial statements for accuracy.

• The process of investing in stocks and bonds for profit.

Strategic Planning

• Short-term planning (one year or less) for specific departments

• Long-range planning (three to five years) for the company as a whole

• Annual budgeting and forecasting for immediate expenses

• Crisis management planning for unexpected events