TLE (business)(1st test)
a Person who finances, organizes, and manages the business. The role of a manager is crucial to the success or failure of the business.
Entrepreneur
a single or collective actions of Persons called managers, an act of getting People together to achieve the desired goals and objectives of the enterprise efficiently and effectively
Managment
in the continous search of the most effective way of management
Management theories
shoud be able to establish a satisfying relationship with workers.
Effective manager
to Provide a tool for assessing or appraising Performance, to Provide reward and recognition for high Performance, and taking corrective actions for low Performance
Goal or target setting
creating value through corporate responsibility both internally and externally.
Good business image and reputation
means looking after the needs or welfare of its employees.
Internal
means company contributes to the social needs of the community.
External
creating a centralized customer service center for a fast delivery of services and early resolution of complaints.
Maintaining good customer relations
a legal organization Whose Purpose is to Provide goods and services to consumers.
Business Enterprise
Defines small and medium enterprises as any business activity Or enterprises engaged in industry.
The Magna Carta for small Enterprises CR.A. 6977
engaged in small business ventures like ambulant store, Peddlers, repairmen or service contractors, mobile food or merchandise stalls, etc.
Micro Enterprise
includes handicrafts, furniture, garments, food Processing, Ceramics, metal crafts, and complementation crafts.
Cottage Enterprise
Provides big Production of goods and services.
Small Enterprise
needs specialized workers and a large number of Production.
Medium Enterprise
a multi-company that requires a large number of employees in order to operate
Large Enterprise
an organization owned by a single Person.
Sole Proprietorship
an organization owned by two or more Persons.
Partnership
an organization owned by five to 15 original members known as shareholder or stockholders.
Corporation
all form of selling directly to the consumer, it is a marketing transaction involving buying and selling of merchandise.
Retailing
a marketing transaction in which the merchant sells the Product for the purpose of Providing service and securing Profit.
Selling
is the one buying the Product to satisfy his desire or for other business motives.
Purchaser
is a marketing transaction where the purchaser buys the merchandise in bulk to secure Profit through reselling.
Wholesaling
The industry that makes use of tools, machineries, and labor following an established production process to Produce finished Products or goods. It Plays vital role in the country's economic development and also a source of livelihood for many people.
Manufacturing
includes raw materials, man Power (management, supervisors, and skilled labor) time, energy, and utilities (fuel, electricity, water).
Variable Inputs
includes tools, machinery and equipment, and methods or Production Processes
Fixed Inputs
the finished Product.
Output
involves the programming of the operation to realize set objectives for short and long period.
Production Planning
any tangible. Physical resources Which are needed in production.
Material Resources
capital or funds for the continous operation.
Financial Resources
People making things happen in the Production.
Human Resources
Correct, complete, and up-to-date information that are Important in efficient operation.
Information Resources
are vital in the acquisition of raw materials. It indudes procedures and definition of specific criteria that must be met by the supplier of raw materials.
Purchasing Plan
is the one responsible for the efficient and effective use of inputs (variable and fixed) to produce outputs.
Production management
to perform specific work or activity for a Person, entity, or for another organization or enterprise using the skills, expertise, or Profession in exchange of an agreed compensation.
Service business
a Product of human activity
Service
service that requires very little training
Labor only
Technical service that requires semi-formal education on special training
Skilled service
Requires formal education, skills, and experience
Professional service
Requires attending training, special schooling, by experience and constant exposure to this type of work, or by inherent ability
specialty skills service
Point of Sale (POS)
Proper display of retail outlet
is all about pushing forward the brand and the product using quality promotion and support in the most cost-efficient way. lt enhance the attractiveness of the retail outet and the products it carries.
Creative Promotional design
represents the specific identity of a store and the products it carries.
Brand
the quantity of payment given by the sellers to the buyers in return for unit of goods or services
Pricing
the additional expenses involved in selling the good such as transportation, taxes, and others
Markup
to reduce the price or to give a discount.
Markdown
price at which a product or service is sold to the buyer
Selling Price
amount that has to be paid to obtain the product amount paid for the merchandise
Cost
amount added to the item cost to sustain the business.
Profit
any cost incurred by the salesperson.
Selling Expense
an imposed charge by the government
Tax
a store's document recording the customer's purchase
Sales Silp or Receipt
activities in business to increase the sales, patronage and or the goodwill of its product
Sales Promotion
covers a wide range of topics, including but not limited to product liability, privacy rights, unfair business practice, fraud, misrepresentation, and other consumer/business interactions
Consumer Protection Laws
are universal it was adopted by the United Nations in April 1985
Consumer rights
to ensure the availability to basic and prime commodities at affordable prices and of good quality.
Right to basic needs
protects consumers against products and service hazardous to health and life.
Right to safety
protects consumers from dishonest or misleading advertising or labelling.
Right to information
choose products with competitive price with an assurance of satisfactory quality.
Right to choose
to express consumer interests in making and execution of government policies
Right to representation
ensures compensation for misrepresentation, substandard goods, or unsatisfactory services
Right to redress
to acquire knowledge and skills necessary to become an informed consumer
Right to consumer education
to live and work in an environment that is neither ihreatening nor dangerous and permitis a life of dignity and of well-being
Right to a healthy environment