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University of Fraser Valley
Business Administration
BUS 100
Kim Milnes

Chapter 8 1) Labour union = group of individuals who work together to achieve shared job-related goals a) Want to improve working conditions, job security, workplace safety, etc. etc. 2) Collective Bargaining = process through which union/management negotiate common terms/conditions of employment a) When problems, unions can: strike, boycott, or work slowdown b) When problems, management can: lockout (or strikebreakers), work with employer’s associations, or push for decertification of union 3) Arbitration and Mediation a) Mediation = settle dispute by asking neutral 3 -party to hear argument/suggest solution b) Arbitration = same as above, but the solution is binding (can be voluntary to enter, or forced arbitration) Chapter 9 1) Employee Behaviour a) Performance (work-related…expected) Organizational (Positive, not profit causing), Counterproductive 2) Matching people and jobs a) Psychological contracts (expectations…contributions/compensation) 3) Motivation Theory a) Hawthorne Effect = tendency for work’s productivity to increase when the feel they are receiving special attention from management b) Maslow Hierarchy of Human Needs (must be filled in this order)  Physiological (survival/food/shelter)  Security  Social  Esteem  Self-actualization c) Theory X and Y  X = belief people are natural lazy/irresponsible/unproductive  Y = belief are naturally productive because they are naturally energetic/responsible/etc. d) Equity Theory = People compare (a) contribution vs. return and (2) input/output with that of other employees e) Expectancy Theory = people motivate to work toward rewards they want and believe they have a chance of obtaining 4) Strategies for Enhancing Job Satisfaction a) Positive/negative reinforcement….goal setting b) Participative Management an Empowerment = increasing satisfaction by giving employees a voice in management of job/company (taking initiative e, info sharing, quality circles) c) Job Enrichment = extending or adding motivating factors  generally through job redesign d) Modified work schedules (flextime, compressed workweeks, telecommuting, workshare) 5) Leadership Styles a) Leadership (establishing direction, motivating/inspiring) vs. Management (planning, organizing, controlling) b) Trait approach (how tasks should be done to meet goals) employee-orientated (focus on satisfaction) autocratic (dictatorship) democratic (takes input, but manager makes decision) free-reign (manager is advisor c) Transformational (change) vs. transactional (involved routine) leadership Chapter 11 1) Accounting = comprehensive system for collecting, analysing, communicating financial info. a) Financial (external…investors, creditors, tax authorities, unions) and Managerial (internal…managers, executives) 2) GAAP = standard rules/methods used by accountants to prepare financial reports 3) Types of Accountants a) Chartered Accountants = primarily a financial accountant...outside accountant for other firms b) Certified General Accountant = works in a private industry of CGA firm c) Certified Management Accountant = focused on strategic leadership, internal management accounting 4) Financial Statements a) Balance Sheet  Summarizes assets/liabilities/owner’s equity  “snapshot” of the company at specific point in time b) Income Statement  Describes firm’s revenue/expenses and indicated profit/loss  Identifies sources of income, how expenses match revenue, etc. over period of time c) Cash Flow statement  Describes firm’s generation/use of cash during period of time  Operations (buying/selling goods) Investing (used to, or provided by) Financing (borrowing/issuing stock, dividend payouts) 5) Financial Ratios a) Current ratio: can a company pay its immediate debts (wants to be >2.0) b) Quick ratio: more conservative than current ratio, as this does not include inventory…good measure of ability to get cash in hand FAST c) Debt/Equity: how much is financed by debt? Wants to be <1.0 the lower the better d) ROI: what can be gained from the investment? MUST be positive, but wants to be high as possible. Will vary, depending on what specific people consider to be costs and gains e) EPS: this influences the size of dividend payouts that are possible. As this goes up, so will stock prices (generally) as greater likelihood of receiving dividend f) Inventory Turnover: how efficiently are resources used? Can indicate probable return. No set standard…important relative to the industry standard Chapter 12 1) Marketing = planning and executing the development/pricing/promotion/distribution to satisfy buyer/seller a) Value = relative comparison of product’s benefits and costs (material and intangible) 2) Marketing Mix = Product, Price, Place, Promotion….the “four P’s” a) Product – must fit needs/demand…differentiation from competitors b) Price – meet profit objectives, must be “buyable” c) Place – (distribution) factory  buyer d) Promotion – enticing customers to buy product 3) Target Marketing vs. Mass Marketing a) Target = advertise to people with similar wants/needs, expected to have same product interest b) Mass = no sectionalized marketing, everyone target by same product/advertisements 4) Market Segmentation a) Geographic, Demographic, Psychographic, Product-Use….all used to segment markets b) Note that it is difficult….individual system of values plays major role 5) Market Research a) Study situation  Select research method  collect data  analyze data  prepare report b) Research by: observation, survey, focus group, experimentation c) Data can be primary (new information developed through research) or secondary (using data collected by others) 6) Consumer Buying Process a) Problem recognition  Information seeking  Evaluation of choices  Purchase Decision
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