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Class 3 ppt - BMGT 110 Introduction to Business Management...

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BMGT 110 Introduction to Business Management Class 3
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Agenda Efficiency and effectiveness Principals and agents Levels and roles of management Key management skills Decisions, decisions The “Car Wars” Product vs. market orientation
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Value-added (Willingness to pay) Cost Low High High Low Value Frontier
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NYY NYM DET OAK FLA Wins (9/3) Payroll Major League Baseball’s Most Efficient Teams KC CHC
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Principals and Agents Principal (owners, shareholders) Agent (managers) Principal-agent theory Asymmetric information Motivation Incentives
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Levels of Management Senior management top-level management, CEO, VPs Staff responsible for planning and advising Line responsible for day-to-day operations
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Generic Terms in “OrgCharts” Senior/Top Line Line Line Line Staff
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Organizational Structure Functional organization Logistics is one of many organizational functions Divisional (product or geographic)
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