It includes the face-to-face conversation, conversation that takes place through telephone, radio broadcasts, interviews, group discussions, meetings, conferences and seminars. It encompasses the gestures and facial expressions, tables and charts, graphs, diagrams, posters etc. It includes the message sent through e-mails, voice mails, mobile communications etc. It flows from a superior to a subordinate. It includes, orders, individual instruction, policy statements, circulars etc.
It flows from a subordinate to a superior. It includes providing feedback, constructing suggestions etc. It is the communication which takes place between departments or people belonging to the same level in an organisation. It is an informal channel that operates in an organisation.
Glossary of Management Terms
It follows no set lines, nor any definite rules, but spreads like grapevine in any direction, anywhere, and spreads fast. Single Strand grapevine communication: It involves passing of information through a long line of persons to the ultimate recipient. Here, an individual actively seeks and tells everyone.
It operates like a wheel. It is the chain in a random process in which an individual transmits the information to others in accordance with the laws of probability and then these others tell still others in a similar manner. The chain may also be called random chain. Here, an individual tells selected persons who may in turn relay the information to other selected individuals. Most of the information communication follows this chain. It is the formal communication that takes place between organisations or between an organisation with its customers or between and organisation and its stakeholders.
The formal or informal assembly of individuals for discussion is referred to as a Meeting. The written recording of an official proceeding is referred to as Minutes of Meeting. A psychological pricing strategy that consists of setting at uneven or odd It is the determination of the tasks which comprise the job and of the skills, knowledge, abilities and responsibilities required of the worker of a successful performance and which differentiate one job from all others Job Description It is an organised, factual statement of the duties and responsibilities of a specific job.
Job Specification Job specification or man specification or employee specification is a statement of the minimum acceptable human qualities necessary to perform a job properly. Job Evaluation Job evaluation is an attempt to determine and compare demands which the normal performance of a particular job makes on normal workers without taking into account the individual abilities on performance of the workers concerned. Labour Turnover Labour turnover refers to the rate of change in the workforce of an enterprise during a given time period.
Recruitment Recruitment is the process of searching for prospective employees and stimulating and encouraging them to apply for jobs in an organisation. Recruitment Policy Recruitment policy specifies the objectives of recruitment and provides a framework for the implementation of the recruitment programme. Selection Selection involves picking for hire a subset of workers from the total set of workers who have applied for the job. Interview Interview is a face-to-face, observational and personal appraisal method of evaluating the applicant where the interviewer who is higher in status is in a dominant role.
Placement It is a decision to place a selected individual in one job than in another.
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Induction It is the process of inducting a new employee into the new social setting of his work. Promotion A promotion takes place when an employee moves to a position higher than the one formerly occupied. Demotion It is a downward movement of an employee in the organisational hierarchy with lower pay, status or responsibilities. Transfer A transfer implies a lateral movement of an employee in the hierarchy of positions with the same pay and status. Job Rotation This type of training involves the movement of the trainee from one job to another.
Management Development Programme It is a systematic process of growth and development by which the managers develop their abilities to manage. Motivation It is defined as any idea, need, emotion or organic stage, that prompts a man to an action. Trade Unions It is a voluntary organisation of workers formed to promote and protect their interests by collective action. Collective Bargaining It refers to a process by which employers on the one hand and representatives on the other, attempt to arrive at agreements covering the conditions under which employees will contribute and be compensated for their services.
Workers Participation in Management It is a process by which authority and responsibility of managing industry are shared with workers. Job Design It is the process of deciding on the contents of a job in terms of its duties and responsibilities, on the methods to be used in carrying out the job, in terms of techniques, systems and procedures and on the relationships that should exist between the job holder and his superiors, subordinates and colleagues.
The lowest level at which an individual can experience a sensation. The image that an individual possess as a certain kind of person with certain characteristic traits, habits, behavior etc. Overexposure to repetitive advertising that causes individuals to become satiated and their attention and retention to decline. Print ads which are laid out to resemble editorial material making it difficult for the readers to distinguish between the two.
A type of cause-related marketing targeted to members of a specific group. The consumers with household incomes which provide them with a disproportionate large share of all discretionary income. These are the psychographic variables that focus on Activities, Interests, and Opinions often referred to as Lifestyle.
The motives which are often aroused on the basis of physiological, emotional, cognitive or environmental factors. It is the learned predisposition to behave in a favourable or unfavourable with regard to a particular thing. A basis of segmentation which is based on the kinds of benefits that consumers seek for in a product or service. The value associated with a brand. A form of corporate promotion in which companies try to motivate socially-aware consumers to buy their products by promising to contribute a portion of the sale to a specific cause.
A part of the tri-component attitude model which represents the knowledge, perception, and beliefs that a consumer has with respect to an idea or an object. The dissonance or discomfort that consumers experience as a result of conflicting information. The individual who moves towards others and want to be loved, wanted, and appreciated by others.
Glossary of MBA & Business Terms
It is targeting a product or service to a single market segment with a unique marketing mix. It results when a stimulus which elicits a known response that serves to produce the same response by itself. The type of behavior which consumers display in searching for purchasing, using, evaluating, and disposing of products or services. The process by which consumers acquire the purchase and consumption knowledge and experience they apply to future related behavour.
It is a segmentation strategy in which a company combines two or more segments into a single segment to be targeted with an individually tailored product or promotion campaign. Research to determine the extent to which consumers of two or more nations are similar in respect to specific consumption behavior. Stimuli that give direction to consumer motives.
The sum total of learned beliefs, values, and customs which serve to regulate the consumer behaviour. The division of a total market into smaller subgroups on the basis of such characteristics such as age, gender, marital status, education, occupation and income. An individual who moves away from others.
Targeting a product or service to two or more segments, using a specifically tailor-made product, promotion appeal, price etc. The process by which the acceptance of an innovation is spread by communication to members of a social system over a period of time. It functions as an internal monitor that balances the impulsive demands of the id and the socio-cultural constraints of the superego. The specific brands a consumer considers in making a purchase choice in a particular product category. Classification of family units into significant groupings like Bachelorhood, Honeymooners, Parenthood, Postparenthood, and Dissolution.
It is dividing the market based on geographical territories. Marketing activity that involves environmental claims. A situation in which the perception of a person on a multitude of dimensions is based on the evaluation of just one or few dimensions. It is how individuals like to perceive themselves. Brands that a consumer is indifferent towards because they are perceived as having no particular advantage.
These are thirty minute commercials that appear to the average viewer as documentatires and thus command more attentive viewing than obvious commercials would receive. A behavioural theory of learning based on a trial-and-error process, with habits formed as the result of positive experiences resulting from certain responses or bahaviours. It is the minimal difference which can be detected between two stimuli. Dividing the heterogeneous market into homogeneous clusters.
The force which drives an individual for an action. A person who informally gives product information and advice to others. It is the process by which an individual selects, organizes and interprets stimuli into meaningful and coherent picture of the world. A consumer behaviour approach that regards consumer behaviour discipline as an applied marketing science.
The cognitive dissonance which occurs after a consumer has made a purchase commitment. A person or group which serves as a point of comparison for an individual in the formation of either general or specific values, attitudes, or behaviour. The use of marketing concepts and techniques to win adoption of socially beneficial ideas. It is how individuals feel others see them. Any unit of input to any of the senses. Popular and effective form of segmentation that categorizes consumers in terms of product, service, or brand image characteristics such as usage rate, awareness and degree of brand loyalty.
It is segmentation which is based on the idea that the occasion or situation often determines what consumers will purchase or consume. It is informal conversations concerning products or services. It is an examination of records to check their accuracy.
A graphical means of data presentation by bars or columns. They are the source of supply of materials, goods or services to a company. It is the communication which takes place within an organisation. It encompasses television and cinema films. The art of getting things done through others. It is the process of planning, organising, leading and controlling the efforts of organisation for achieving the stated organisational goals. It involves preparation for the future. Here, outlining of future course of action takes place. It is defining and grouping the activities of the enterprise and establishing authority, responsibility and relationships among them.
It is the process of passing information from one person to another person. Process by which a manager guides and influences the subordinates to work. The act of stimulating the employees working in the organisation. It is setting standards, measuring actual performance, and taking corrective action. They are called by the name foreman, supervisor, etc. Ability to use the tools, equipment, procedures, techniques and knowledge of a specialized field. These are the people skills required for playing the liaison role for middle level managers most of the time. Decision making skills required for top level executives in order to formulate policies and strategies.
Process of determining long-term objectives of an organisation. A statement which refers to the role an organisation plays in the society. Statements of understanding that guides the thinking and action in decision-making. Tasks to be performed in a sequential manner. A prescribed course of action that states what is to be done and what not to be done. A comprehensive plan that includes future use of different resources in an integrated pattern and establishes a sequence of required actions and time schedules for each in order to achieve stated objectives.
A plan-statement for a given period of time in future expressed in financial or physical units. These are decisions which are repetitive in nature. These are decisions which are non-routine in nature. It refers to continuous interaction through free discussions for spontaneous and creative thinking. It is mostly used for developing new ideas in organisations. These are the targets to be achieved by an organisation. It is a diagram of all the positions in an organisation and their formal relationships to one another. It refers to the number of subordinates who can report directly to a superior manager.
It is the process of dividing the organisation into manageable subunits. It is the process by which authority is granted to a subordinate by his superior. It is the right to command. It involves the transfer of authority in the organisation context from top to the lower rungs of management in the hierarchy.
It refers to the way in which urges, drives, desires, aspirations, and needs that direct and control the behaviour of human beings. It is the process by which an executive imaginatively directs, guides and influences the work of others in choosing and attaining specified goals by mediating between the individuals and organisation in such a manner that both will obtain maximum satisfaction. Autocratic or Authoritative Leader: May 12, 3: Southern New Hampshire University.
As a passionate writer, Zach regularly loves to discuss the life, work and family balance for other students who are interested in pursuing his favorite program, the MBA. Partner of the Month. They include salaries, rent, insurance, etc. This is part of the planning process and is an early method of scheduling Goodwill Used exclusively for accounting and financial purposes. It is the vague and arguable excess value of a business or asset over its net worth usually intangible. Gross Profit Gross Profit equals sales revenue minus the cost of goods sold.
Gross Revenue Gross Revenue is money generated by all of a company's operations, before deductions for expenses. Hostile Takeover Acquisition of a company which opposes the transaction. Human relations-orientated theory Contributed by Elton Mayo - Insider Trading Trading in a security buying or selling a stock based on material information that is not available to the general public. Intellectual Property Intellectual Property IP is all of a company's patents, trademarks, service marks, trade names, trade secrets, and copyrights. It is distinguished from capital property. Intervention Used in Organisational Development to describe the range of activities by the client and consultant during an organisation development programme.
Job Charasteristics A manager should analyse the job content along five dimensions: Job Design This aspect of management is part of organisation structure. Job Enrichment Involving the assignment of more decision-making responsibilities to the worker. Job Rotation and Enlargement A reaction against job specialisation.
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Job Specialisation A process of reducing the job content. There will be minimal variety. Leadership Theories The following represent the leading exponents of leadership theory: Organisations usually have invested much money and effort in them and are often unwilling or unable to replace them. Liabilities Liabilities are all of a company's financial obligations that have a negative value. Net Income Net Income is total revenue minus total expense, what's left of the monies received after all debts have been paid, the bottom line.
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If Net Income is positive it is also called Net Profit. Non-disclosure Agreement A Non-disclosure Agreement is a legal contract that allows a company to share its intellectual property IP with others, whose input it needs, without unduly jeopardizing that information. Management The achievement of objectives by identifying and utilising material and human resources. Management information systems See Control. The exercise of control depends on the collection of sufficiently accurate and timely information. Manager Anyone who holds a senior level in a particular organisation.
Matrix Organisation The development of project organisation. Merger A combination of two or more firms into one operational entity. Subjective side is a condition in the individual, which is called a need, a drive or a desire; Objective side is an object outside the individual, which may be called the incentive or goal. When the natures of the need and the incentive are such that obtaining the incentive satisfies the need, we call the situation motivating. Nonprofit organisation An organisation established solely for providing a service, not for making a profit.
Objectives Peter Drucker in The Practice of Management cites eight key areas in which objectives of performance and results should be set: Market standing; Innovation; Productivity; Physical and financial resources; Profitability; Manager performance and development; Work performance and attitude, and; Public responsibility. Organisational Development planned, organisation-wide effort, managed from the top, to increase organisational effectiveness through planned interventions in the organisation process using behavioural science knowledge.
Outcome A description of the intended result, effect, or consequence that will occur from carrying out a program or activity. A long-term, ultimate measure of success or strategic effectiveness. Outplacement Assistance provided to employees who are losing their jobs. Performance Indicator A particular value or characteristic used to measure output or outcome. Peripheral technology Proprietary knowledge of a firm that is not related to its most important product or service.
Once this occurs there is no further promotion. Planning and Control There are two techniques used widely by management for planning and control: Reward power is the capability to offer something of value, a positive outcome, as a means of controlling other people. Coercive power is the capability to punish or withhold positive outcomes as a means of controlling other people.
Legitimate power is the capability to control other people by virtue of the rights of office.
Profit Centre Unit the firm controls measures by its profit or loss performance. It is a measure of a company's ability to use its assets to generate additional value for shareholders. It is calculated as Net Profit divided by Net Worth, and expressed as a percentage. Scientific Management Classical-orientated theories associated with Frederick Winslow Taylor - Strategy An ongoing programme of activity which is designed to help an organisation or an individual achieve goals and objectives.
Systems Management Maintaining an information system; may involve system analysis, design, application development and implementation. Test Marketing Introducing new product in a limited area to reduce the financial risk of a full introduction and to determine its likely acceptance in the market. Total Quality Management TQM is concerned with quality right throughout the organisation, not just at the production stage.