Management
Management involves planning, organizing, staffing, controlling, and this fifth element that includes motivating and guiding people.
What is leading?
This is the total cash and benefits that an employee receives in exchange for their work.
What is Compensation?
This is a company's purpose, its reason for being, or the problem it is solving.
What is a Mission?
Author Seth Godin said this "is not useful until it becomes information."
What is Data?
This is the abbreviation or shortened symbol used to identify a publicly traded company on a stock exchange.
What is a Ticker Symbol?
This business function uses the word "Cultivate" and is all about recruiting, hiring, and training employees.
What is Human Resources?
These are the shared beliefs, values, goals, attitudes, and behaviors of a company's employees.
What is Culture?
While orientation is a one-time event introducing new hires to the company, this strategic process involves learning company culture and becoming a contributing team member.
What is Onboarding?
This is an aspirational view of the future that describes where the company will end up if successful in accomplishing its mission.
What is a Vision?
This three-letter acronym refers to a computerized system that supports and enables the Information Management business function.
What is MIS? (Management Information System)
The two most famous U.S. stock exchanges are the New York Stock Exchange and this electronic exchange often associated with tech companies.
What is NASDAQ?
This business function is represented by "Connect" and has 8 functions including the famous "4Ps".
What is Marketing?
These are what a company believes, and its business practices around how teammates treat one another and customers.
What are Company Values?
This conversation occurs with an employee who is leaving the company to find out their reasons and use the information for future improvements.
What is an Exit Interview?
This acronym stands for key metrics and measures that highlight the health of a business.
What are KPIs? (Key Performance Indicators)
This is a practice or process not generally known outside of the company that owns it and has economic value.
What is a Trade Secret?
This term describes spreading your money across different stocks and sectors to reduce risk, rather than putting all your eggs in one basket.
What is Diversification?
This business function manages the daily functioning of an organization, including manufacturing, purchasing, and logistics.
What is Operations?
A 2019 study showed that 57% of employees have left a job because of this person, not the company itself.
What is a Manager?
This ongoing training and education enhances or improves the skills necessary to excel in one's career, often abbreviated as "PD."
What is Professional Development?
This is a specific action used to support strategy in order to achieve goals and objectives.
What is a tactic?
This is the protection of networks, devices, and data from unauthorized access or criminal use.
What is Cybersecurity?
This is the total value of a company calculated by multiplying the current share price by the total number of outstanding shares.
What is Market Capitalization? (or Market Cap)
This business function includes two different disciplines that work together to record transactions and manage assets, liabilities, and cash flow.
What is Finance/Accounting?
The three primary skills needed to be an effective manager are people skills, procedural skills, and these skills involving making good trade-offs with limited resources.
What are Problem Solving skills?
According to the lesson, finding, cultivating, and keeping these resources is the primary determinant of whether a business succeeds or fails.
What are Key People?
While a goal is longer term (3-5 years), this more specific result is usually achieved within one year with available resources.
What is an Objective?
This process involves identifying, understanding, and predicting circumstances that might have negative consequences, and taking proactive measures to avoid them.
What is Risk Management?
An investment vehicle that pools money from many investors to purchase a diversified portfolio of securities and managed by a professional portfolio manager.
What is a Mutual Fund?
In the candle business example, deciding to sell online with same-day delivery is an example of this business function working with Marketing and Information Management.
What is Strategy?
At the supervisory level, managers typically lean more on this type of skill involving learning methods, sequences, or procedures to accomplish tasks.
What are Procedural Skills?
A process in which new hires are introduced to the company, their fellow employees, and the work environment.
What is Orientation?
Marketing strategy focuses on connecting a business to its target market and positioning the brand via the marketing mix, which includes these famous "4Ps."
What are product, price, promotion, and place?
This is an independent and unbiased inspection and review to evaluate the safety, integrity, and accuracy of information, systems, and processes.
What is an Audit?
An investment strategy where you profit by betting that an asset's price will fall. The process involves borrowing shares, immediately selling them, and then buying them back at a lower price to return to the lender.
What is Short Selling?
This business function compiles data using people, processes, and systems to make it accessible and useful for informed decisions.
What is Information Management.