Business Management

Business Management - Lecture 1 Basic Definitions...

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Lecture 1 Basic Definitions Management - The process of administrating and coordinating resources effectively and efficiently in the pursuit goals. Mary Parker Follitt said "Management is the art of getting things done" Effectiveness - When a person or organization pursues an appropriate goal. Learning how to prioritize. Efficiency - Accomplishing a goal with little input. 1. If you want to get work done, give it to a busy person. Two types of Managers 1. Functional Manager - A manager that manages one unit such as lawyers or programers. 2. General Manager - A manager that controls several units. Trends 1. White males are no longer dominant, holds 50% of positions 1. As a manager you have to hire the best person regardless of race, sex, religion, etc. 2. Everyone has a bias and a prejudice of which prevents us from hiring the best person. GET RID OF IT! 3. Bias is ineffective and inefficient, 2. Hyper change- change that occurs faster and faster everyday. It's changing
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with the environment as it's changing 1. React to change everyday because when change is set and your not aware of it, change will make you become less effective and efficient and you will fail! 2. Change is key to what will kill managers if they don't see it coming. Fast Food 1. Burger King - First hamburger joint to sell fish/chicken in order to become successful because they knew that Mcdonald's was unaware of change. 2. The trend that people wanted was to be healthy. 3. Competition caused Wendy's to sell their first salad. Automobile Industry 1. Ford, Chevy, and Chrysler owned 93% of car business. 2. Ford and Chevy never responded to the fact that people people wanted to save gas and be fuel efficient. Volkswagen Beetle was developed to have fuel efficiency. Paper Industry 1. Xerox held 95% of market. 2. Big and heavy no one wanted it. 3. Companies made smaller machines and forced Xerox to file
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3. Environmental Trend - Occurring now whether if it wasn't ten years ago 1. Globalization - buying and selling products domestically and internationally. 2. The increase and importance of entrepreneurial firm - New to a product and new to an industry. 3. Growth and service base company - How you treat your clients will affect you! 1. Disney - Highest recreational. 1. No one services their clients better. Four Aspects of entrepreneurial firm : 1. Accounts 40 to 80% new jobs. 2. Force older companies to be more competitive. 3. Responsible for 90% of new products. 4. More minority opportunities. 4. Focus on quality and Organizational trend Three Aspects : 1. The Changing CEO (Chief Executive Officer) 1. Forced Vacations so employees don't get burnt out 2. Forced Medication and Check-Ups 1. Gyms in offices. Happy work force = Good work force. 2. If people are healthier, they're more effective at their jobs.
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This note was uploaded on 02/23/2012 for the course MGT 101 taught by Professor Staff during the Fall '10 term at Texas State.

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Business Management - Lecture 1 Basic Definitions...

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