AEM220_225_1 - AEM220 Introduction to Business Management...

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Unformatted text preview: AEM220, Introduction to Business Management. Monday 2/25 The business firm Review (I) Operations, organization, and management Marketing Forms of Business Ownership Sole proprietorship A business owned and managed by one person A legal form of business with two or more owners A legal entity with authority to act and have liability separate from its owners The right to use a specific business's name and sell its products or services in a given territory A business owned and controlled by the people who use it producers, consumers, or workers with similar needs who pool their resources for mutual gain. Partnership Corporation Franchise Cooperatives Corporate social responsibility Refers to the comprehensive approach that a corporation takes to meet or exceed stakeholder expectations beyond measures of revenue, profit and legal obligation. community investment, human rights and employee relations, environmental practices ethical conduct. Profits Environmental sustainability Social responsibility But, can it all be measured? And is the economy really so static? The Triple Bottom Line Corporate, bureaucratic organization Setup by function Departmentalization Specialization Divisional organization Matrix organization Derivative organizational forms Legal-rational authority Hierarchical, centralized chain of command Span of control Vertical communication Rules and regulations Equal treatment for all employees Specific standards of work and output Extensive record keeping Management Functions of Management Managers manage Planning Strategic Tactical Operational Contingency People Resources Information Management Skills Organizing Leading Controlling Technical Human relations Conceptual Theories of Organizational Behavior Maslow's Hierarchy of Needs Physiological, safety, belonging, esteem, selfactualization; Herzberg's hygiene and motivation factors MacGregor's X and Y theories Ouchi's Z theory Vroom's expectancy theory Effort = Instrumentality X Expectancy X Valence Managing the Empowered Employee Motivation Human capital The reason for an action, that which gives purpose and direction to behavior Positive attitude towards the organization Positive attitude towards the job The sum total of the knowledge, skills, talents and abilities of a business firm's owners and employees Widely shared values within an organization that provide unity and cooperation to achieve common goals Set of unwritten reciprocal expectations between employee and organization Beliefs about capabilities to produce designated levels of performance that exercise influence over events that affect people's lives The process of influencing the expectations, behavior, and attitudes of a new employee in a way considered desirable by the organization Commitment Organizational culture Engagement Psychological contract Self-efficacy Socialization Types of Operations Craft production Lean Production High customization and variability in the product Eg. Glass blowing, fine musical instruments High standarization and uniformity in the product Eg. Car manufacturers Undifferentiated products Chemicals, agriculture Mass production, assembly line The use of productivity tools and techniques to increase quality and efficiency while reducing use of resources Total Quality Management Mass production, process plant Continuous improvement Employee empowerment Benchmarking Just in time Tools Technological Innovation in Business Types of Technological Innovation Incremental Radical Disruptive Sources of Technological Innovation Internal R&D Joint Ventures Contract out Licensing Purchase Driving forces of innovation Technology Push Market pull Competition Marketing The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services (products) to create mutually beneficial exchanges. Reaching the market Segmentation Targeting Positioning Product Price Place Promotion The Marketing Mix Acquiring and Retaining Customers Purchase Decision Making Process Steps in Personal Selling Step 1: Recognize Problem Step 2: Information Search Step 3: Evaluate Alternatives Step 4: Make Purchase Decision Step 5: Post-purchase Evaluation Prospect and qualify Pre-approach Approach Make presentation Answer objections Close the sale Follow up Characteristics of Product Life Cycle Stages The Promotion Mix Advertising Creates awareness Pull strategy Least cost per customer Highly personalized and expensive Best used in B2B activities Most cost effective for small businesses Push strategy Most effective in reaching first sale / trial Expensive Both push and pull Develop / maintain brand and "license to operate" Personal selling Sales promotions Public relations Career Development Career Development Process Career Development Model Understanding yourself Interests Values Strengths Confusion Exploration Crystallization Specification Implementation Exploring options Publications Volunteering Contacts Internships The skills that make a person employable are not so much the ones needed on the job as the ones needed to get the job!!! Take action Networking Applications Resumes Interviews Takeaways Business and management are everyday realities of our social life; There has been an evolution of business, from hierarchical bureaucracies to flexible, customeroriented communities; Marketing is a fundamental part of the customeroriented business Product Price Place Promotion ...
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