Page 718 - Business Principles and Management

Glossary

search engine A program that assists in social networking Virtual communities aspects of business while remaining
locating information on the Internet. for people interested in sharing infor- competitors on other aspects.
seasonal discount Discount given to the mation about themselves with others. strategic planning Long-term planning
buyer for ordering or taking delivery of social responsibility The duty of a busi- that provides broad goals and directions
goods in advance of the normal buying ness to contribute to the well-being of for the entire business.
period. society. Subchapter S corporation Special type
secured loan (collateral loan) A loan Social Security A social insurance of corporation allowed by states that is
that requires the borrower to pledge program funded through payroll taxed as if it were a sole proprietorship
something of value as security. contributions. or partnership.
self-directed work team A team in software Special instructions computers subordinate Someone who is subject
which members together are responsible are provided to perform tasks. to the authority and control of another
for the work assigned to the team. sole proprietorship (proprietorship) person.
self-service merchandising Customers A business owned and managed by subsidiaries Foreign branches of a busi-
select the products they wish, take them one person. ness, registered as independent legal
to a cashier or checkout counter, and spam Unsolicited advertising via e-mail. entities.
pay for them. span of control The number of employ- substantiation Being able to prove all
self-understanding An awareness of ees who are directly supervised by one claims made about products and ser-
your attitudes and opinions, leadership person. vices in promotions.
style, decision-making style, and rela- specialist occupations Occupations that Sun Belt The warmer southern half of
tionships with other people. require a variety of skills in one or more the nation.
selling Providing personalized and per- business functions and extensive under- supervisor A manager whose main job
suasive information to customers standing of the operations of a specific is to direct the work of employees.
to help them buy the products and company or industry. supervisor/management occupations
services they need. specialty goods Products that customers Occupations involving responsibility for
selling price The actual price paid for a insist upon having and are willing to specific units in a business and for deci-
company’s products by the customer. shop for until they find them. sions about operations and personnel.
service businesses Businesses that use stakeholders The owners, customers, supply The number of similar products
mostly labor to offer mostly intangible suppliers, employees, creditors, govern- that will be offered for sale at a particu-
products to satisfy consumer needs. ment, general public, and other groups lar time and at a particular price.
shares Equal parts of the division of who are affected by a firm’s action. SWOT analysis An examination of an
ownership of a corporation. standard A specific measure by which organization’s internal strengths and
shopping goods Goods that are bought something is judged. weaknesses as well as opportunities and
less frequently than convenience goods, start-up budget Budget that projects threats from its external environment.
usually have a higher price, and require income and expenses from the begin- symptom A sign or indication of some-
some buying thought. ning of a new business until it becomes thing that appears to be the problem.
short-term debt Borrowed capital that profitable.
must be repaid within a year, and often sticky floor syndrome The inability of
in 30, 60, or 90 days. workers to move up from low-paying T
situational leader One who understands jobs requiring little skill and education. 360-degree feedback A method of perfor-
employees and job requirements and stockholders (shareholders) Owners of mance evaluation that uses performance
matches actions and decisions to the a corporation. feedback gathered from a broad range
circumstances. stock index An average of the prices of people with whom the employee
Small Business Administration (SBA) of selected stocks considered to be works, both inside and outside the
Government-supported agency that representative of a certain class of organization.
counsels, assists, and protects the inter- stocks or of the economy in general. tangibles SERVQUAL dimension; the
ests of small businesses. stock option A right granted by a corpo- appearance of physical facilities, equip-
Small Business Development Centers ration that allows current stockholders ment, personnel, and promotional
(SBDCs) Centers through which the to buy additional shares when issued at a material.
SBA offers free consulting assistance. fixed price for a specific period of time. target markets Groups of customers
smart card A credit and debit card with storing Holding goods until needed by with very similar needs to whom the
a memory that stores financial, health, consumers, such as on shelves, in stor- company can sell its product.
credit, and other kinds of data that can age rooms, or in warehouses. tariff A tax on foreign goods to protect
be read by computers. straight rebuy A repurchase from previ- domestic industries and earn revenue.
socialism An economic-political system ously used suppliers. tax-deferred Term referring to contribu-
in which the government controls and strategic alliances Arrangements in which tions made before taxes are calculated
regulates the means of production. firms agree to cooperate on certain on the employee’s income.

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