3.5.4 Text for discussion.

a. Look up the dictionary or Unit 3 Glossary for the meaning and pronunciation of the following words and word-combinations and use them to discuss the problems outlined in the text.

Training courses, training schemes, induction, apprenticeship, trainee, operative level, supervisor level, delegated, in-company, to liaise, polytechnics, sponsored, ready-made, an aid.

b. Briefly scan the text and outline the list of major points.

c. Read the text more carefully and comment on the following items:

- the necessity of training personnel at all levels in the organization;

- the costs of training personnel;

- the costs of not training personnel;

- the system of training personnel in Russian firms.

Training Strategy

An effective system of training will cover the whole organization, at all levels. It is now recognized that the first contact a customer has with the firm is likely to be with personnel at a lower level in the organization. Schemes of training must be developed at various levels in the organization and stages in the employee’s career including: induction, apprenticeship or trainee scheme, operative level, supervisor level, management and development. The development of training programs will usually be delegated to the Personnel Manager. His role will be to:

• consult with all functional departments to discuss specific training needs;

• develop and implement in-company training programs;

• liaise with colleges, polytechnics and universities in the development sponsored training programs (in the case of large firms) or to adapt company training to fit ready-made courses available at local colleges;

• advise employees on available college courses, etc;

• maintain training records as an aid to future recruitment programs and promotions.

3.6 Render the passage in English using the English equivalents of the italicized phrases given in Russian. Express the main idea of the passage in one sentence.

В коммерческой организации самым важным и сложным (complex) ресурсом являются люди, работающие в ней. Поэтому (So,) управление персоналом состоит в том, чтобы наиболее эффективно использовать (is all about making the most effective use of) умения и навыки людских ресурсов в компании.

Оно также состоит в обеспечении обучения (providing training to) персонала, чтобы повысить их навыки (to enhance their skills), с тем чтобы (so that) они могли достичь целей организации быстрее и более эффективным образом (in a more efficient manner). Управление персоналом начинается с набора квалифицированного персонала для компании. Управление персоналом далее (further) включает руководство их карьерным ростом (career growth). Отделу по работе с персоналом доверяется (is entrusted with) функция управления персоналом. Сотрудники (Executives in the) отдела, известные как (known as) Менеджеры по работе с персоналом, выполняют (discharge) функцию управления персоналом. Их задачи (tasks) включают классификацию работ, подготовку заработной платы, установку шкалы ставок оплаты труда (fixation of salary scales) работников на всех уровнях в организации. Они также занимаются (are concerned with) дисциплинарным воздействием на недобросовестных сотрудников (disciplinary action against errant employees) и переговорами (negotiations) с профсоюзами работников. Функция управления персоналом также включает разработку (development) стандартов безопасности и передового опыта (best practices), пенсионных планов, пособий по болезни (health benefits) и группового страхования.

Unit 1 Glossary

AUTHORITY (1)The power to determine or settle issues or disputes; jurisdiction; the right to control, command or determine. (2) A power or right delegated or given. (3) A person or body of persons in whom authority is vested, as a government agency.

BUDGET (from old French bougette, purse) is a list of all planned expenses and revenues. It is a plan for saving and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.

BUSINESS COMMUNICATION It is used to promote a product, service, or organization; relay information within the business; or deal with legal and similar issues. It is also a means of relaying between a supply chain, for example the consumer and manufacturer. Business Communication is known simply as "Communications". It encompasses a variety of topics, including Marketing, Branding, Consumer behavior, Customer relations, Advertising, Public relations, Corporate communication, Community engagement, Research & Measurement, Reputation management, Interpersonal communication, etc.

Business Communication can also refer to internal communication. A communications director will typically manage internal communication and craft messages sent to employees. It is vital that internal communications are managed properly because a poorly crafted or managed message could foster distrust or hostility from employees.

BUSINESS UNIT A logical element or segment of a company (such as accounting, production, marketing) representing a specific business function, and a definite place on the organizational chart, under the domain of a manager. Also called department, division, or a functional area.

CHAIN OF COMMAND A system whereby authority passes down from the top through a series of executive positions or military ranks in which each is accountable to the one directly superior. The order in which authority and power in an organization is delegated from top management to every employee at every level of the organization. Instructions flow downward along the chain of command and accountability flows upward. According to its proponent Henri Fayol (1841-1925), the clearer cut the chain of command, the more effective the decision making process and greater the efficiency.

CHIEF ACCOUNTANT The highest-ranking accountant in a large organization.

CHIEF EXECUTIVE OFFICER (CEO, American English), managing director (MD, British English), or chief executive is the highest-ranking corporate officer (executive) or administration charge of total management of an organization. An individual appointed as a CEO of a corporation, company, organization, or agency typically reports to the board of directors.

COLLABORATION It is working together to achieve a goal, but in its negative sense it is working as a traitor.

COMMUNICATION The activity of conveying meaningful information. Communication requires a sender, a message, and an intended recipient, although the receiver need not be present or aware of the sender's intent to communicate at the time of communication; thus communication can occur across vast distances in time and space. Communication requires that the communicating parties share an area of communicative commonality. The communication process is complete once the receiver has understood the sender.

CONTROLLING A basic management function of (1) establishing benchmarks or standards, (2) comparing actual performance against them, and (3) taking corrective action, if required.

COOPERATION or co-operation is the process of working or acting together, which can be accomplished by both intentional and non-intentional agents. In its simplest form it involves things working in harmony, side by side, while in its more complicated forms, it can involve something as complex as the inner workings of a human being or even the social patterns of a nation. It is the alternative to working separately in competition. Cooperation can also be accomplished by computers, which can handle shared resources simultaneously, while sharing processor time.

COORDINATION The act of coordinating, making different people or things work together for a goal or effect.

DELEGATION 1. General: Grant of authority by one party (the delegator) to another (the delegee) for agreed purposes. 2. Management: sharing or transfer of authority and the associated responsibility from an employer or superior (who has the right to delegate) to an employee or subordinate.

DEPARTMENT Specialized functional area within an organization or a division, such as accounting, marketing, planning. Generally every department has its own manager and a chain of command.

DIRECTING A basic management function that includes building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining.

DIVISION Alternative term for business unit.

DIVISION OF LABOUR The specialization of cooperative labor in specific, circumscribed tasks and like roles. Historically an increasingly complex division of labor is closely associated with the growth of total output and trade, the rise of capitalism, and of the complexity of industrialization processes.

FORMAL ORGANIZATION STRUCTURE A formal organization structure shows a recognizable chain of command, it also has many levels of management. This makes communication slower and decision making harder to implement.

HENRI FAYOL (Istanbul, 29 July 1841–Paris, 19 November 1925) was a French mining engineer and director of mines who developed a general theory of business administration. He and his colleagues developed this theory independently of scientific management but roughly contemporaneously. He was one of the most influential contributors to modern concepts of management.

HIERARCHY (Greek: hierarchia (ἱεραρχία), from hierarches, "leader of sacred rites") is an arrangement of items (objects, names, values, categories, etc.) in which the items are represented as being "above," "below," or "at the same level as" one another. Abstractly, a hierarchy is simply an ordered set or an acyclic directed graph. A hierarchy can link entities either directly or indirectly, and either vertically or horizontally. The only direct links in a hierarchy, insofar as they are hierarchical, are to one's immediate superior or to one of one's subordinates, although a system that is largely hierarchical can also incorporate alternative hierarchies. Indirect hierarchical links can extend "vertically" upwards or downwards via multiple links in the same direction, following a path. All parts of the hierarchy which are not linked vertically to one another nevertheless can be "horizontally" linked through a path by traveling up the hierarchy to find a common direct or indirect superior, and then down again. This is akin to two co-workers or colleagues; each reports to a common superior, but they have the same relative amount of authority.

HUMAN RESOURCES A term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations. Human resources is also the name of the function within an organization charged with the overall responsibility for implementing strategies and policies relating to the management of individuals (i.e. the human resources). This function title is often abbreviated to the initials "HR". Human resources is a relatively modern management term, coined as late as the 1960s.  The origins of the function arose in organizations that introduced 'welfare management' practices and also in those that adopted the principles of 'scientific management'. From these terms emerged a largely administrative management activity, coordinating a range of worker related processes and becoming known, in time, as the 'personnel function'. Human resources progressively became the more usual name for this function, in the first instance in the United States as well as multinational or international corporations, reflecting the adoption of a more quantitative as well as strategic approach to workforce management, demanded by corporate management to gain a competitive advantage, utilizing limited skilled and highly skilled workers.

INFORMAL ORGANIZATION STRUCTURE An informal structure is much more relaxed, with very few levels of management. This makes communication much easier between levels and decisions are made faster.

INTERNAL AUDITING It is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing is a catalyst for improving an organization’s effectiveness and efficiency by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. The scope of internal auditing within an organization is broad and may involve topics such as the efficacy of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations. Internal auditing frequently involves measuring compliance with the entity's policies and procedures. However, internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors (or similar oversight body) regarding how to better execute their responsibilities. As a result of their broad scope of involvement, internal auditors may have a variety of higher educational and professional backgrounds. Publicly-traded corporations typically have an internal auditing department, led by a Chief Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of Directors, with administrative reporting to the Chief Executive Officer.

INTERPERSONAL SKILLS are the skills that a person uses to interact with other people. Interpersonal skills are sometimes also referred to as people skills or communication skills. Interpersonal skills involve using skills such as active listening and tone of voice, they include delegation and leadership. It is how well you communicate with someone and how well you behave or carry yourself. Also they help people further their careers.

JOB DESCRIPTION It is a list that a person might use for general tasks, or functions, and responsibilities of a position. It may often include to whom the position reports, specifications such as the qualifications or skills needed by the person in the job, or a salary range. Job descriptions are usually narrative, but some may instead comprise a simple list of competencies; for instance, strategic human resource planning methodologies may be used to develop a competency architecture  for an organization, from which job descriptions are built as a shortlist of competencies.

JOB ROTATION It is a management technique that assigns trainees to various jobs and departments over a period of a few years. Surveys show that an increasing number of companies are using job rotation to train employees. There are both positive and negative effects involved with job rotation that need to be taken into consideration when a company makes the decision to utilize this technique.

LINE AND STAFF MANAGEMENT A military-type organizational structure, commonly employed in large, centralized corporations. It has two separate hierarchies: (1) the line hierarchy in which departments are revenue generators (manufacturing, selling), and their managers are responsible for achieving the organization’s main objective by executing the key functions (such as policy making, target setting, decision making); (2) staff hierarchy, in which the departments are revenue consumers, and their managers are responsible for activities that support line functions (such as accounting, maintenance, personnel management). While both hierarchies have their own chains of command, a line manager may have direct control over staff employees but a staff manager may have no such power over the line employees. In modern practice, however, the difference in the hierarchies is not so clear-cut and jobs often have elements of the both types of functions.

LINE DEPARTMENT A line department is a department in a company that actually produces the product or does the selling, rather than support departments like accounting or IT.

MANAGEMENT 1. The organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives. Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management is twofold: marketing and innovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). As a discipline, management consists of the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing an organization’s resources to achieve the policy’s objectives.

2. The directors and managers who have the power and responsibility to make decisions to manage an enterprise. The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations the board of directors formulates the policy which is then implemented by the chief executive officer. Some business analysts and financiers accord the highest importance to the quality and experience of the managers in evaluating an organization’s current and future worth.

MARKET RESEARCH It is any organized effort to gather information about markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market Research is a key factor to get advantage over competitors. Market research provides important information to identify and analyze the market need, market size and competition.

MATRIX ORGANIZATION An organizational structure that facilitates the horizontal flow of skills and information. It is used mainly in the management of large projects or product development processes, frawing employees from different functional disciplines for assignment to a team without removing them from their respective positions. Employees in a matrix organization report on day-to-day performance to the project or product manager  whose authority flows sideways (horizontally) across departmental boundaries. They also continue to report on their overall performance to the head of their department whose authority flows downwards (vertically) within his or her department. In addition to a multiple command and control structure, a matrix organization necessitates new support mechanisms, organizational culture and behavior patterns. Developed at the US National Aeronautics & Space Administration (NASA) in association with its suppliers, this structure gets its name from its resemblance to a table (matrix) where every element is included in a row as well as in a column.

MIDDLE MANAGEMENT a layer of management in an organization whose primary job responsibility is to monitor activities of subordinates while reporting to upper management. In pre-computer times, middle management would collect information from junior management and reassemble it for senior management^. With the advent of inexpensive PCs this function has been taken over by e-business systems. During the 1980s and 1990s thousands of middle managers were laid off for this reason.

MOTIVATION Internal and external factors that stimulate desire and energy in people to be continually interested in and committed to a job, role, or subject, and to exert persistent effort in attaining a goal. Motivation results from the interactions among conscious and unconscious factors such as the (1) intensity of desire or need, (2) incentive or reward value of the goal, and (3) expectations of the individual and of his or her significant others.

ORGANIZATION A social group which distributes tasks for a collective goal. The word itself is derived from the Greek word organon, itself derived from the better-known word ergon - as we know `organ` - and it means a compartment for a particular job.

ORGANIZATION CHART Visual representation of how a firm intends authority, responsibility and information to flow within its formal organizational structure. It usually depicts different management functions (accounting, finance, human resources, marketing, production, R&D, etc.) and their subdivisions as boxes linked with lines along which decision making power travels downwards and answerability travels upwards. Also called organizational chart.

ORGANIZING  (also spelled organizing) is the act of rearranging elements following one or more rules. Anything is commonly considered organized when it looks like everything has a correct order or placement. But it's only ultimately organized if any element has no difference on time taken to find it. In that sense, organizing can also be defined as to place different objects in logical arrangement for better searching.

PERSONNEL 1.  The people employed in an organization or for a service or undertaking.

2. The office or department that interviews, appoints, or keeps records of employees. Also called human resources.

PLANNING  in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicting what the future will look like

PRODUCT DISTRIBUTION It is one of the four elements of the marketing mix. An organization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer or business user. The other three parts of the marketing mix are product, pricing, and promotion.

SPAN OF CONTROL It is the term now used more commonly in business management, particularly human resource management. Span of control refers to the number of subordinates a supervisor has. In the hierarchical business organization of the past it was not uncommon to see average spans of 1 to 4 or even less. That is, one manager supervised four employees on average. In the 1980s corporate leaders flattened many organizational structures causing average spans to move closer to 1 to 10. That was made possible primarily by the development of inexpensive information technology. As information technology was developed capable of easing many middle manager tasks – tasks like collecting, manipulating and presenting operational information – upper managers found they could hire fewer middle managers to do more work managing more subordinates for less money.

SENIOR MANAGEMENT executive management, or management team is generally a team of individuals at the highest level of organizational management who have the day-to-day responsibilities of managing a company or corporation, they hold specific executive powers conferred onto them with and by authority of the board of directors and/or the shareholders. There are most often higher levels of responsibility, such as a board of directors and those who own the company (shareholders), but they focus on managing the senior or executive management instead of the day-to-day activities of the business. In Project Management, senior management is responsible for authorizing the funding of projects. They are sometimes referred to, within corporations, as executive management, top management, upper management, higher management, or simply seniors.

SKILLS A skill is the learned capacity to carry out pre-determined results often with the minimum outlay of time, energy, or both. Skills can often be divided into domain-general and domain-specific skills. For example, in the domain of work, some general skills would include teamwork and leadership, time management, self motivation and others, whereas domain-specific skills would be useful only for a certain job. Skill usually requires certain environmental stimuli and situations to assess the level of skill being shown and used. People need a broad range of skills in order to contribute to a modern economy and take their place in the technological society of the 21st century. 

SUPERVISORY MANAGEMENT The most junior level of management within an organization. The activities involved in supervisory management include staff recruitment, handling day-to-day grievances and staff discipline, and ensuring that quality and production targets are met.

TEAMWORK Work performed by a team towards a common goal. A challenge for leaders of groups of people, such as in a work department, is to get everyone to pull together and function as a team instead of going in separate directions. One way to foster teamwork is to engage the members in activities that require them to work together. Activities can be physical in nature or require the use of team brain power to solve a problem. Fun activities such as sports or games can allow the team members to relax and enjoy working with one another.

TRAINING: Training is a process in order to change human being attitude, knowledge, skills and behavior. It is TASK oriented. Where TASK means the full-form of T --> Training A --> Attitude S --> Skill K --> Knowledge. The term training refers to the acquisition of knowledge, skills, and competencies as a result of the teaching of vocational or practical skills and knowledge that relate to specific useful competencies. It forms the core of apprenticeships and provides the backbone of content at institutes of technology (also known as technical colleges or polytechnics). In addition to the basic training required for a trade, occupation or profession, observers of the labor-market recognize as of 2008 the need to continue training beyond initial qualifications: to maintain, upgrade and update skills throughout working life. People within many professions and occupations may refer to this sort of training as professional development.

Unit 2 Glossary

ATTITUDES A person's consistent evaluation and behavioral tendencies toward an idea or object. This is one of the psychological influences on consumer buying behavior. This pattern of behavior is central to a company's effort to market a product or service to at target market. Once developed, attitudes tend to be stable and they vary little in a moment to moment situation.

ADVERTISING It is a form of communication intended to persuade an audience (viewers, readers or listeners) to purchase or take some action upon products, ideas, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These messages are usually paid for by sponsors and viewed via various media. Advertising can also serve to communicate an idea to a large number of people in an attempt to convince them to take a certain action.

BENCHMARKING Benchmarking is the process of identifying "best practice" in relation to both products (including) and the processes by which those products are created and delivered. The search for "best practice" can take place both inside a particular industry, and also in other industries (for example - are there lessons to be learned from other industries?). The objective of benchmarking is to understand and evaluate the current position of a business or organization in relation to "best practice" and to identify areas and means of performance improvement.

‘BOSTON BOX’ MODEL The Growth-Share-Matrix – commonly known as Boston Box – was developed by the Boston Consulting Group (BCG) in the seventies. It is a tool of portfolio management. The Boston Box evaluates the products of an organization according to their market share and to their growth prospects. On that basis it can reveal insights about their financial needs or their ability to generate cash. The Boston Box model depends on the following premises: (1) the profits and cash generated from a product are a function of its market share; profits and market share correlate directly; (2) revenue growth requires investments; in the context of the Boston Box, investments are mainly expenses for marketing, distribution and product development; (3) high market shares require additional investments; (4) no business or market can grow indefinitely. In the result, the profitability of a product depends on its market share, the growth rate of its market and on its position in product lifecycle.

BRAND The American Marketing Association defines a brand as a "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name."

BRAND IMAGE The psychological aspect, sometimes referred to as the brand image, is a symbolic construct created within the minds of people, consisting of all the information and expectations associated with a product, service or the company(ies) providing them.

BUDGET  (from old French bougette, purse) is a list of all planned expenses and revenues. It is a plan for saving and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms. In summary, the purpose of budgeting is to: provide a forecast of revenues and expenditures i.e. construct a model of how our business might perform financially speaking if certain strategies, events and plans are carried out; enable the actual financial operation of the business to be measured against the forecast.

CAPACITY In economics, the extent to which an enterprise or a nation actually uses its potential output.

CONCEPT TESTING The process of using quantitative methods and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market. It can also be used to generate communication designed to alter consumer attitudes toward existing products.

COPY TESTING A specialized field of marketing research. It is the study of television commercials prior to airing them, and is defined as research to determine an ad’s effectiveness based on consumers’ responses to the ad. It covers all media including print, TV, radio, Internet etc. Although also known as copy testing, pre-testing is considered the more accurate, modern name for the prediction of how effectively an ad will perform, based on the analysis of feedback gathered from the target audience. Each test will either qualify the ad as strong enough to meet company action standards for airing or identify opportunities to improve the performance of the ad through editing. Pre-testing is also used to identify weak spots within an ad campaign, to more effectively edit 60-second ads to 30-second ads or 30’s to 15’s, to select images from the spot to use in an integrated campaign’s print ad, to pull out the key moments for use in ad tracking, and to identify branding moments.

COST CENTRE In business, a cost center is a division that adds to the cost of an organization, but only indirectly adds to its profit. Typical examples include research and development, marketing and customer service.

DISTRIBUTION Product distribution (or place) is one of the four elements of the marketing mix. An organization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer or business user. The other three parts of the marketing mix are product, pricing, and promotion.

DIVESTMENT In finance and economics, divestment or divestiture 

is the reduction of some kind of asset for either financial or ethical objectives or sale of an existing business by a firm. A divestment is the opposite of an investment.

FIELD EXPERIMENT It applies the scientific method to examine an intervention in the real world (or as many experimentalists like to say, naturally-occurring environments) rather than in the laboratory. Field experiments, like lab experiments, generally randomize subjects (or other sampling units) into treatment and control groups and compare outcomes between these groups.

FORECASTING It is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation for some variable of interest at some specified future date. Prediction is a similar, but more general term.

FOUR Cs (consumer, cost, convenience and communication, culture) Robert F. Lauterborn proposed a four Cs classification in 1993. The Four Cs model is more consumer-oriented and attempts to better fit the movement from mass marketing to niche marketing.

FOUR Ps Elements of the marketing mix (product, price, place, promotion) are often referred to as the "Four 'P's", a phrase used since the 1960's.

INDUSTRIAL ESPIONAGE Economic espionage or corporate espionage is a form of espionage conducted for commercial purposes instead of purely national security purposes. Economic espionage is conducted or orchestrated by governments and is international in scope, while industrial or corporate espionage is more often national and occurs between companies or corporations.

MARKETING The process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. Marketing is used to identify the customer, to satisfy the customer, and to keep the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.

MARKETYING MIX The term "marketing mix" was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients", who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. The marketing mix (price, product, distribution, promotion) forms the entire promotional campaign.

MARKETING RESEARCH The systematic gathering, recording, and analysis of data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

MARKETING STRATEGY  It is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

MARKET SEGMENT It is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and/or service needs are divided up into groups so they can be charged different amounts.The people in a given segment are supposed to be similar in terms of criteria by which they are segmented and different from other segments in terms of these criteria. These can broadly be viewed as 'positive' and 'negative' applications of the same idea, splitting up the market into smaller groups. Examples: gender, price, interests. While there may be theoretically 'ideal' market segments, in reality every organization engaged in a market will develop different ways of imagining market segments, and create Product differentiation strategies to exploit these segments. The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage.

MARKET SHARE The percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity. Increasing market share is one of the most important objectives of business. Market share is a key indicator of market competitiveness—that is, how well a firm is doing against its competitors. This metric, supplemented by changes in sales revenue, helps managers evaluate both primary and selective demand in their market.

MODERN PORTFOLIO THEORY (MPT) is a theory of investment which attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully choosing the proportions of various assets. Although MPT is widely used in practice in the financial industry and several of its creators won a Nobel memorial prize^[1] for the theory, in recent years the basic assumptions of MPT have been widely challenged by fields such as behavioral economics. MPT is a mathematical formulation of the concept of diversification in investing, with the aim of selecting a collection of investment assets that has collectively lower risk than any individual asset.

NICHE MARKET  It is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. Every single product that is on sale can be defined by its niche market. As of special note, the products aimed at a wide demographic audience, with the resulting low price (due to price elasticity of demand), are said to belong to the mainstream niche—in practice referred to only as mainstream or of high demand. Narrower demographics lead to elevated prices due to the same principle. So to speak, the Niche Market is the highly specialized market that tries to survive among the competition from numerous super companies.

OBSERVATION An activity of a living being (such as a human), consisting of receiving knowledge of the outside world through the senses, or the recording of data using scientific instrument. The term may also refer to any data collected during this activity. An observation can also be the way you look at things or when you look at something.

OUTLET An outlet store or outlet mall.

PACKAGING The container and graphic design variable in the marketing mix, (sometimes included in the product). Changes in product distribution and government regulations in contents identification have made the packaging variable a very important component in the organization Хs marketing strategy. Packaging completes the marketing process by giving the consumer vital information just prior to making the final buy decision.

PENETRATION PRICING It is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. The strategy works on the expectation that customers will switch to the new brand because of the lower price. Penetration pricing is most commonly associated with a marketing objective of increasing market share or sales volume, rather than to make profit in the short term.

PLACE Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.

PRICE The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product.

PRICE LINING It is the use of a limited number of prices for all your product offerings. 

PRICING The process of determining what a company will receive in exchange for its products. Pricing factors are manufacturing cost, market place, competition, market condition, and quality of product. Pricing is also a key variable in microeconomic price allocation theory. Pricing is a fundamental aspect of financial modeling and is one of the four Ps of the marketing mix. The other three aspects are product, promotion, and place. Price is the only revenue generating element amongst the four Ps, the rest being cost centers.

PRODUCT Product - It is a tangible good or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units.  The noun product is defined as a "thing produced by labor or effort" or the "result of an act or a process", and stems from the verb produce, from the Latin prōdūce(re) '(to) lead or bring forth'. Since 1575, the word "product" has referred to anything produced. Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract. In general, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services.

PRODUCT CONCEPT The understanding of the dynamics of the product in order to showcase the best qualities of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers.

PRODUCT DEVELOPMENT New product development (NPD) is the term used to describe the complete process of bringing a new product to market. 

PRODUCT DIFFERENTIATION In marketing, product differentiation (also known simply as "differentiation") is the process of distinguishing a product or offering from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own product offerings.

 

PRODUCT LIFE CYCLE (PLC) Like human beings, products also have a life-cycle. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. To say that a product has a life cycle is to assert three things: products have a limited life; product sales pass through different stages; products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage. The four main stages of a product's life cycle and the accompanying characteristics are: marketing introduction stage, growth stage, maturity stage, saturation and decline stage.

PRODUCT LINING A marketing strategy of offering for sale several related products. Unlike product bundling, where several products are combined into one, lining involves offering several related products individually. A line can comprise related products of various sizes, types, colors, qualities, or prices. Line depth refers to the number of product variants in a line. Line consistency refers to how closely related the products that make up the line are. Line vulnerability refers to the percentage of sales or profits that are derived from only a few products in the line. The number of different product lines sold by a company is referred to as width of product mix. The total number of products sold in all lines is referred to as length of product mix. If a line of products is sold with the same brand name, this is referred to as family branding. When you add a new product to a line, it is referred to as a line extension.

PRODUCT MIX The product mix of a company, which is generally defined as the total composite of products offered by a particular organization, consists of both product lines and individual products. A product line is a group of products within the product mix that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. A product is a distinct unit within the product line that is distinguishable by size, price, appearance, or some other attribute. For example, all the courses a university offers constitute its product mix; courses in the marketing department constitute a product line; and the basic marketing course is a product item. Product decisions at these three levels are generally of two types: those that involve width (variety) and depth (assortment) of the product line and those that involve changes in the product mix occur over time. The depth (assortment) of the product mix refers to the number of product items offered.

PRODUCT MODIFICATION Any substantial change made to the attributes (size, shape, color, style, price, etc.) of a product, modification of a product is usually undertaken in an attempt to revitalize it in order to increase demand.

PRODUCT POSITIONING In marketing, positioning has come to mean the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. Re-positioning involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. De-positioning involves attempting to change the identity of competing products, relative to the identity of your own product, in the collective minds of the target market.

PROMOTION Represents all of the communications that a marketeer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations.

RETAILING Retail consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public utility, like electric power.

SAMPLING For testing or analysis, it is taking a representative portion of a material or product to test typically for the purposes of identification, quality control, or regulatory assessment.

SCIENTIFIC MODELLING The process of generating abstract, conceptual, graphical and/or mathematical models. Science offers a growing collection of methods, techniques and theory about all kinds of specialized scientific modeling. A scientific model can provide a way to read elements easily which have been broken down to a simpler form.

SEGMENTATION The marketing process by which a company divides a heterogeneous group of buyers in segments. Each segment has similar wants and needs. The company uses a concentrated targeting strategy to sell their products to this group. A different marketing mix is created and used for each segment.

SURVEY In quantitative research statistical survey is a method for collecting quantitative information about items in a population; paid survey is a method for companies to collect consumer opinions about a product by offering them money as rewards.

TARGET MARKET A group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise.  A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place (distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace. Once these distinct customers have been defined, a marketing mix strategy of product, distribution, promotion and price can be built by the business to satisfy the target market.

TARGETING STRATEGY The initial step in the target market/segmentation process by which a company develops an overall picture of who the specific buyer group might be. The three types of strategies are: undifferentiated, differentiated, and concentrated. Targeting strategies are based on whether the market is homogeneous or heterogeneous.

TEST MARKET In the field of business and marketing, is a geographic region or demographic group used to gauge the viability of a product or service in the mass market prior to a wide scale roll-out. The criteria used to judge the acceptability of a test market region or group include: a population that is demographically similar to the proposed target market; and relative isolation from densely populated media markets so that advertising to the test audience can be efficient and economical.

UNIT 3 Glossary

CAREER LADDER A metaphor or buzzword used to denote vertical job promotion. In business and  human resources management, the ladder typically describes the progression from entry level positions to higher levels of pay, skill, responsibility, or authority. This metaphor is spatially oriented, and frequently used to denote upward mobility within a stratified promotion model. Because the ladder does not provide for lateral movement, it is assumed to be a singular track with the greatest benefits at the top. Job training programs, funded by public sector workforce funds and private foundations, have made attempts to increase the number of career ladders in various sectors, including health care, finance, and hospitality.

EMPLOYEE BENEFITS   (also called fringe benefits, perquisites,  or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. In most countries, most kinds of employee benefits are taxable to at least some degree. Some of these benefits are: housing (employer-provided or employer-paid), group insurance (health, dental, life etc.),disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid),social security, profit sharing, funding of education, and other specialized benefits. The purpose of the benefits is to increase the economic security of employees. The term perqs (also perks) is often used colloquially to refer to those benefits of a more discretionary nature. Often, perks are given to employees who are doing notably well and/or have seniority. Common perks are take-home vehicles, hotelstays, free refreshments, leisure activities on work time (golf), stationery, allowances for lunch, etc.

HEADHUNTER It is an industry term for a third-party recruiter who seeks out candidates often when normal recruitment efforts have failed. Headhunters are generally considered more aggressive than in-house recruiters or may have pre-existing industry experience and contacts. They may use advanced sales techniques such as initially posing as clients to gather employee contacts as well as visiting candidate offices. They may also purchase expensive lists of names and job titles but more often will generate their own lists. They may arrange a meeting or a formal interview between their client and the candidate and will usually prepare the candidate for the interview, help negotiate the salary and conduct closure to the search. They are frequently members in good standing of industry trade groups and associations. Headhunters will often attend trade shows and other meetings nationally or even internationally that may be attended by potential candidates and hiring managers.

HUMAN ASSETS ACCOUNTING Work done to quantify the value of human capital to organizations - the buzz word refers to "the intellectual capital" of the organization.

HUMAN CAPITAL The sum total of a person's productive knowledge, experience, and training. The acquisition of human capital is what makes a person more productive. One of the most notable methods of stocking up on human capital is through formal education--from grade school to advanced college degrees. However, human capital is also effectively obtained through less formal training and highly informal on-the-job experiences.

HUMAN RESOURCE DEVELOPMENT - Human resource management is concerned with the development and implementation of people strategies, which are integrated with corporate strategies, and ensures that the culture, values and structure of the organization, and the quality, motivation and commitment of its members contribute fully to the achievement of its goals. HUMAN RESOURCE MANAGEMENT (HRM) It is concerned with carrying out the same functional activities traditionally performed by the personnel function, such as HR planning, job analysis, recruitment and selection, employee relations, performance management, employee appraisals, compensation management, training and development etc. But, the HRM approach performs these functions in a qualitatively distinct way, when compared with Personnel Management.

HUMAN RESOURCES The workforce of an organization. the office or department in an organization that interviews, appoints, or keeps records of employees. It is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations. Human resources is also the name of the function within an organization charged with the overall responsibility for implementing strategies and policies relating to the management of individuals (i.e. the human resources). This function title is often abbreviated to the initials "HR". Human resources is a relatively modern management term, coined as late as the 1960s. The origins of the function arose in organizations that introduced 'welfare management' practices and also in those that adopted the principles of 'scientific management'. From these terms emerged a largely administrative management activity, coordinating a range of worker related processes and becoming known, in time, as the 'personnel function'. Human resources progressively became the more usual name for this function, in the first instance in the United States as well as multinational or international corporations, reflecting the adoption of a more quantitative as well as strategic approach to workforce management, demanded by corporate management to gain a competitive advantage, utilizing limited skilled and highly skilled workers.

INCENTIVE A cost or benefit that motivates a decision or action by employees, consumers, businesses, or other participants in the economy. Some incentives are explicitly created by government policies to achieve a desired end or they can just be part of the wacky world we call economics. Other incentives are created by employers to motivate employees.

JOB Specific employment activities associated with a production process that are usually undertaken by a single worker. For example, someone might have the job of serving food or repairing cars. Others might have the job of teaching economics. The word "job" is the primary designation applied to a worker when hired by an employer. It is commonly used as a modifier for other terms, such as job satisfaction or job security, as reference to specific aspects of working or employment.

JOB ANALYSIS The process of describing and recording aspects of jobs and specifying the skills and other requirements necessary to perform the job.

JOB DESCRIPTION A list that a person might use for general tasks, or functions, and responsibilities of a position. It may often include to whom the position reports, specifications such as the qualifications or skills needed by the person in the job, or a salary range. Job descriptions are usually narrative, but some may instead comprise a simple list of competencies; for instance, strategic human resource planning methodologies may be used to develop a competency architecture for an organization, from which job descriptions are built as a shortlist of competencies.

JOB ENRICHMENT An attempt to motivate employees by giving them the opportunity to use the range of their abilities. It is an idea that was developed by the American psychologist Frederick Hertzberg in the 1950s. It can be contrasted to job enlargement which simply increases the number of tasks without changing the challenge. As such job enrichment has been described as 'vertical loading' of a job, while job enlargement is 'horizontal loading'. An enriched job should ideally contain: a range of tasks and challenges of varying difficulties (Physical or Mental); a complete unit of work - a meaningful task; feedback, encouragement and communication.

JOB SATISFACTION The satisfaction or utility that a worker receives from employment. Job satisfaction might result from the working environment (friendly co-workers, supportive boss) or from the type of work performed (playing sports, creating artwork, accomplishing goals). Satisfaction generated by a job is part of the "total compensation" an employee receives, meaning workers with more job satisfaction are often willing to accept a lower monetary wage payment.

JOB SECURITY The prospects of continued employment with little or no fear of being forced to leave. Job security is often part of the terms of employment and is designed to reduce uncertainty for both employees and employers. However, it can also reduce worker productivity and restrict the efficient movement of resources between jobs.

JOB SPECIFICATION A statement of employee characteristics and qualifications required for satisfactory performance of defined duties and tasks comprising a specific job or function. Job specification is derived from job analysis.

LABOUR One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents.

LABOUR AGREEMENT A formal, official, legal contract between a firm and the labor/trade union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.

LABOUR TURNOVER or staff turnover is the rate at which an employer gains and loses employees. Simple ways to describe it are "how long employees tend to stay" or "the rate of traffic through the revolving door." Turnover is measured for individual companies and for their industry as a whole. If an employer is said to have a high turnover relative to its competitors, it means that employees of that company have a shorter average tenure than those of other companies in the same industry. High turnover may be harmful to a company's productivity if skilled workers are often leaving and the worker population contains a high percentage of novice workers.

LABOUR/TRADE UNION An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.

MANPOWER Power in terms of people available or required for work or military service.

MANPOWER PLANNING It is a dynamic process which enables growth of an organization through optimized used of its most important asset - its employees. It is a process which defines staffing requirements & maintains the same through promotions & hiring of fresh talent.

MORALE Also known as esprit de corps when discussing the morale of a group, is an intangible term used to describe the capacity of people to maintain belief in an institution or a goal, or even in oneself and others. The second term applies particularly to military personnel and to members of sports teams, but is also applicable in business and in any other organizational context, particularly in times of stress or controversy. While the term is often used by authority figures as a generic value judgment of the willpower, obedience and self-discipline of a group tasked with performing duties assigned by a superior, more accurately it refers to the level of individual faith in the collective benefit gained by such performance.

NATURAL WASTAGE The process of employees leaving their jobs because they want to retire or move to other jobs, rather than because their employer makes them leave.

PENSION In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. The term retirement plan refers to a pension granted upon retirement. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans  in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries.

  PERSONNEL The body of persons employed by or active in an organization, business, or service. An administrative division of an organization concerned with the body of persons employed by or active in it and often acting as a liaison between different departments. Also called human resources.

PERSONNEL MANAGEMENT The recruitment of qualified personnel for a company. It involves directing their growth through the ranks. It is also concerned with how to channelize the energies of personnel in a way that will maximize the turnover of the organization. The Human Resources department in a company is entrusted with the personnel management function. Personnel Managers discharge the function of personnel management. Personnel management tasks include the classification of jobs, preparation of wages, and the fixation of salary scales of employees at all the various levels in an organization. It is concerned with disciplinary action against errant employees and also their counseling. It is also concerned with service contracts and negotiations with employee unions. Personnel management provides for the development of employees. It is responsible for the optimum training of qualified employees.

RECRUITMENT It refers to the process of attracting, screening, and selecting qualified people for a job. For some components of the recruitment process, mid- and large-size organizations often retain professional recruiters or outsource some of the process to recruitment agencies. The recruitment industry has four main types of agencies: employment agencies, recruitment websites and job search engines, "headhunters" for executive and professional recruitment, and niche agencies which specialize in a particular area of staffing. Some organizations use employer branding strategy and in-house recruitment instead of agencies. Recruitment-related functions are generally carried out by an organization's human resources staff. The stages in recruitment include sourcing candidates by advertising or other methods, screening potential candidates using tests and/or interviews, selecting candidates based on the results of the tests and/or interviews, and on-boarding to ensure the candidate is able to fulfill their new role effectively.

RECRUITMENT/EMPLOYMENT AGENCY Companies which attempt to match the employment needs of an employer with a worker having the required skill set and interests. Some agencies are privately owned while others are sponsored by government.

REDEPLOYMENT The redeployment of forces, troops, workers, or resources involves putting them in a different place from where they were before, or using them for a different task or purpose.   

REDUNDANCY (UK) (Layoff in British and American English) is the temporary suspension or permanent termination of employment of an employee or (more commonly) a group of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs. Originally the term  layoff  referred exclusively to a temporary interruption in work, as when factory work cyclically falls off. The term however nowadays usually means the permanent elimination of a position, requiring the addition of "temporary" to specify the original meaning. Many synonyms such as downsizing  exist. Downsizing is the "conscious use of permanent personnel reductions in an attempt to improve efficiency and/or effectiveness". Since the 1980s, downsizing has gained strategic legitimacy. Indeed, recent research on downsizing in the U.S., UK, and Japan suggests that downsizing is being regarded by management as one of the preferred routes to turning around declining organizations, cutting costs, and improving organizational performance, most often as a cost-cutting measure.

RETIREMENT PENSION  A pension given to a person who has retired from regular employment, either one paid by the state or one arising from the person's former employment. 

RETRAINING  It is the process of learning a new skill or trade, often in response to a change in the economic environment. Generally it reflects changes in profession rather than an "upward" movement in the same field.

SOCIAL SECURITY A system for providing financial assistance to the poor, elderly, and disabled. The social security system in the United States was established by the Social Security Act (1935) in response to the devastating problems of the Great Depression. Our current Social Security system has several parts. The first part, Old Age and Survivors Insurance (OASI) is the one that usually comes to mind when the phrase "Social Security" comes up. It provides benefits to anyone who has reached a certain age and who has paid taxes into the program while employed. It also provides benefits to qualified recipients survivors or dependents. The second part of the system is Disability Insurance (DI), which provides benefits to workers and their dependents in the case of physical disabilities that keeps them from working. The third part is Hospital Insurance (HI), more commonly termed medicare. Medicare provides two types of benefits, hospital coverage for anyone in the OASI part of the system and optional supplemental medical benefits that require a monthly insurance premium. The last part of the social security system is Public Assistance (PA), which is the official term for welfare and is covered under it's own heading.

STAFFING It refers to the number of workers employed to work in a particular organization or building. 

TRAINING AND DEVELOPMENT It is the field which is concerned with organizational activity aimed at bettering the performance of individuals and groups in organizational settings. It has been known by several names, including employee development, human resource development, and learning and development.

WAGE (also wages) money you earn that is paid according to the number of hours, days, or weeks that you work. A factor payment to the owner of labour for using labour services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis (USA) under the official title compensation of employees. Wages are the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).

WAGE AND SALARY ADMINISTRATION Administrative procedure of establishing and supervising wage levels and operations in an organization. In most organizations, wage and salary administration is performed in the personnel department, although larger organizations often have a payroll or wage and salary administration.

WAGE POLICY A government policy setting wages and wage increases for workers, for example, setting minimum wage requirements.

WORKFORCE PLANNING It is a continual process used to align the needs and priorities of the organization with those of its workforce to ensure it can meet its legislative, regulatory, service and production requirements and organizational objectives. Workforce Planning enables evidence based workforce development strategies.