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BUAD 250B Chapter 1 Notes

BUAD 250B Chapter 1 Notes - -Customer intimacy → “we...

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Chapter 1 Managerial Accounting and the Business Environment Managerial accounting – concerned with providing information to mangers – ppl. inside an organization who direct and control its operation Financial accounting – providing information to stockholders, creditors, and others who are outside an organization Globalization Growing sales in emerging markets, such as China, India and Russia Strategy A “game plan” – attract more customers by making one’s products distinguishable from others Customer value propositions – the company can succeeds only if it creates a reason that customers should choose its products
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Unformatted text preview: -Customer intimacy → “we understand and respond to your individual needs better than other companies → Ex: Nordstrom, Starbucks -Operational excellence → “We can deliver products and services faster, more conveniently, and at a lower price than our competitors” → Ex: Southwest Airlines, Wal-Mart -Product leadership → “we offer higher quality products than our competitors → BMW, Cisco The Work of Management and the Need for Managerial Accounting Information Managers carry out three major activities Planning Directing and Motivating Controlling...
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