bus 101 final study guide - BUS 101 Study Guide Manage...

bus 101 final study guide
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BUS 101 Study Guide Manage Human Capital Create Value Acquire Financial Capital Acquire Customers Suppliers Customers Employees Owners BUS 101 Course Summary Case Analysis : 1. Stakeholders (big groups and name) a. Society if… (If they can go somewhere put them there ) i. Environmental ii. Potential Employee iii. No where else to put them 2. Stakes 3. Who is more important a. Legitimacy i. Ownership ii. Legal right (law) iii. Moral right (big 12) iv. Interest = no legitimacy b. Power = the ability to influence the decision (money, public opinion, political power, own a lot of shares) i. If you do something illegal you lose power ii. If you do something ethically wrong you usually lose power c. Urgency = Want to influence (you need to do something to have urgency) d. Classification i. Core = 3/3, Strategic = 2/3, Secondary = 0-1/3
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4. Perspectives of Stakeholders a. Economic (financial impact; about money) b. Legal (law broken, name it) c. Ethical (legal yet unfair, Big 12) 5. (Case Analysis Continued) 1. Impact on 4 Business Processes (Internal) a. Acquiring Customers (MKT) i. Needs to change one of the 4 P’s/C’s of marketing 1. Product (Customer), 2. Price (Cost), 3. Promotions (Communication) 4. Place (Convenience) b. Acquiring Financial Capital (FIN/ACC) i. Debt and Equity financing ii. Financial Impact, Cost and Risk iii. Wrong financial statements c. Managing Human Resources (HR) i. Hiring / Firing ii. Retaining the best employees, people management issues d. Creating Value (OPS) i. Raw Materials from Suppliers 1. Processes and specifications to transform inputs from suppliers into more valuable products and services to be sold to customers. 2. Ways to internally reduce costs or improve quality . ii. Strategic Hierarchy Connections 1. Corporate Strategy a. What business are we in 2. Business Strategy a. How to beat the competition ( 3 ways ) i. Differentiation 1. (Fastest) – new ideas that other people haven’t done 2. The first person is NOT in trouble with anti-trust laws (Patent protects you) ii. Cost 1. Big company low cost (Wal-Mart) iii. Focus 1. Small market that not many people are in 2. (The guy who makes springs for pens) 3. Functional Strategy a. Operations: i. Structural (bricks and mortar) ii. 1. High skilled high cost workers or low skill low cost iii. Technology Strategy (Automation) CRITICAL THINKING 1. 5 stages of critical thinking a. Confused Fact-finder i. Looks for “one correct” answer ii. Doesn’t seem to get it 2
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iii. What “feels right” b. Biased Jumper i. Stacks information to support their conclusion ii. Acknowledges other points but ignores other opinions iii. Evidence logically supports points iv. Jumps to conclusions c. Perpetual analyzer i. Establishes a balanced view of points (never makes a decision) ii. Views from multiple perspectives iii. Unable to establish a dominant viewpoint (ex. Writes a long paper with no thesis) d. Pragmatic performer i. Goal formed with well founded conclusion
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