5226Week1_Lecture - Week 1 Research Methods Overview...

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Week 1 – Research Methods Overview Updated: September 12, 2005 – Professor Don Forrer What are the keys to success? Let’s begin research methods by reviewing what we know about management. First of all, becoming a good business owner or manager isn’t magic or even voodoo, it’s simply having a plan and working that plan. This concept is easy enough to remember and simple enough to implement, so why doesn’t everyone succeed. Let’s look back and try to pinpoint that one real key to success. The key to success could be leadership. After all, productivity depends on the business owner being a good leader. A good leader creates a positive culture by developing a formal system such as an appraisal process, compensation plan, hiring procedures, operations functions, marketing plans and many other processes. Additionally, a good leader enhances the informal organization by ensuring employees that jobs are secure, the company is viable, the product is in demand, and many other esprit enhancements. Leaders also build the social organization by developing a cohesive team that works and plays together. In short, leadership creates an atmosphere that breed’s success and productivity. Then again, the key to success could be management. Company executives agree that the ability to manage the workforce in a way that maximizes resources is the key to sustained productivity. Managers ensure that the inputs of the company are properly processed into outputs. Throughout this process the manager constantly provides feedback to the system to make sure that quality control is continuous and not at the point of sale. Therefore, management must be the key to success as it is where the rubber meets the road and product quality depends on it. However, the key to success could be marketing. Establishing price, product, promotion and distribution for your company must be the most important thing that you do. Companies use marketing to gain a competitive advantage in their industry. The ability to price your product or service and then promote it better that your rivals is paramount to success. Additionally, distribution is critical, complicated and one of most important elements in your organization. So in today’s complex global market, marketing must be the key to success. Maybe the key to success is personality. A business owner sets the tone for the company, especially in a small business. A charismatic leader can coax workers into productivity that would normally be impossible just because they like the owner. Leading by example allows the owner the luxury of demonstrating to employees that nothing is expected of them that the manager wouldn’t do. The owner’s personality establishes the values, philosophy, and ethical standards for the company. The organizational culture is heavily influenced by the personality of the owner. With so much at stake, surely personality is the real key to success.
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The truth is that all of the listed elements of management are the keys to success. The
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This note was uploaded on 01/30/2011 for the course MAN 5226 taught by Professor Kest during the Spring '10 term at Hodges University.

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5226Week1_Lecture - Week 1 Research Methods Overview...

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