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Notes_Chapter_01 - CHAPTER1: BUSINESSENVIRONMENT I. A...

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CHAPTER 1: MANAGERIAL ACCOUNTING AND THE  BUSINESS ENVIRONMENT I.  OVERVIEW OF THE BUSINESS ENVIRONMENT A. GLOBALIZATION Dramatic increase over the past 20 years. Increases competition but also provides greater  access to new markets, customers and employees B. STRATEGY A game plan that enables a company to attract customers  by distinguishing itself from competitors  A  customer value proposition  is a reason for  customers to choose a company over its  competitors. Successful customer value propositions  include: Customer intimacy     . Company strives to  understand and respond to customer’s individual  needs better than their competitors. Operational excellence     . Company strives to  deliver products and services faster, more  1
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conveniently, and at a lower price than  competitors.  Product leadership     . Company strives to offer  higher quality products than competitors.  C. THREE BASIC FUNCTIONS OF MANAGEMENT 1)  Planning 2)  Directing Operations 3)  Controlling     D.  ORGANIZATIONAL STRUCTURE 1.
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