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Basics of Business and Management

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Henriette Stanley

on 12 May 2014

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Transcript of Basics of Business and Management

Basics of Business and Management
Henriette Stanley 2013
Formalities
This course presents the basics of business and management and the appropriate (academic) terminology related to the respective fields.
It includes an introduction to business and management, and application-oriented exercises.
Activities may include case studies,
research, and / or creative tasks.
Intro
...a business is an entity which tries to combine human, physical, and financial resources into processing goods or services to respond and satisfy customer needs....
land
labour
capital
enterprise / entrepreneurship
...a combination of inputs to create outputs to then sell them...
Economic Sectors
Positioning/
Market Mapping
Primary Sector
Secondary Sector
Tertiary Sector
[Quartenary Sector]
old
young
cheap
luxury
HRM
Marketing
Finance
Operations Management / Production
Core Business Functions
Forms of Organization
4x3hrs (IB + TM) // 4x4hrs (MiWi)
Assessment for module based on two written exams // case study
no lecture script - take notes!
contact: stanley@dhbw-vs.de // 07720-3906 191 // building C, office 110
ASK QUESTIONS!
Mission Statements
The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world.
The Walt Disney Company:
At Microsoft, we work to help people and businesses throughout the world realize their full potential. This is our mission. Everything we do reflects this mission and the values that make it possible
Microsoft
Our Mission at Denny's is to establish beneficial business relationships with diverse suppliers who share our commitment to customer service, quality and competitive pricing.
Denny's Restaurants
Singapore Airlines is a global company dedicated to providing air transportation services of the highest quality and to maximizing returns for the benefit of its shareholders and employees.
Singapore Airlines
Vision Statements
We will devote our human resources and technology to create superior products and services, thereby contributing to a better global society.
Samsung
Through all of our products, services and relationships, we will add to life's enjoyment. Enrich and entertain a global audience; Deliver superior returns to our shareholders.
Budweiser
To achieve sustainable growth, we have established a vision with clear goals:
Profit: Maximizing return to shareowners while being mindful of our overall responsibilities.
People: Being a great place to work where people are inspired to be the best they can be.
Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.
Partners: Nurturing a winning network of partners and building mutual loyalty.
Planet: Being a responsible global citizen that makes a difference.
Coca-Cola
Internally, these statements.....
Guide management thinking on strategic issues;
Provide stability during periods of significant change
Set performance standards for the whole organization;
Provide employees with a focus on common goals;
Inspire employees to work more productively;
Guide employee decision making;
Help establish a framework for ethical behavior.
Create goodwill and attract similar-minded individuals or groups to invest in the business;
Create closer links and better communication with customers, suppliers, the local community and shareholders;
Serve to promote the business and its operations to the general public;
Act as a marketing tool, defining what the business represent
Externally, these statements.....
Aims / Goals
Increasing market share;
Lowering production cost;
Developing new product line(s);
Increasing the effectiveness of marketing;
Increasing the efficiency of manufacturing;
Expanding into new markets;
Expanding into new locations;
Improving customer service.
Objectives
Example for an automotive sub-supplier may include objectives like:

To increase sales by 10% to buyers within the European Union, over the next two financial years;
To gain a 25% market share within 18 months;
To increase gross profit margins by 5% over the coming financial year;
Create company loyalty in order to persuade at least 20% of present buyers to purchase at least one item from the "airbag line" offered by the company within four months of their last purchase.
SMART-Formula
S
pecific
- The objective should state clearly what you are trying to achieve.

M
easurable
- The objective should be able to be measured without massive resources devoted to research and evaluation.

A
chievable
- The objective must be achievable within the available resources (financial, human, and other), and not too ambitious.

R
elevant
- The objective must be useful to the overall process of achievement of your goal.

T
ime-constrained
- The objective must contain a time-limit, otherwise it will be impossible to measure.

Stakeholders
PEST Analysis
...considers four aspects of the external environment:
P
olitical Issues
E
conomic Issues
S
ociological Issues
T
echnological Issues
Workforce Planning
Employment Law
Learning & Development
Organization Development
Recruitment
Performance Management
Reward Management
Talent Management
Driving individual and group performance according to the company strategy

Legal compliance (with all appropriate laws and regulations)

Balancing the need to attract, motivate, retain employees and cost effectiveness
Workforce Planning
...is the systematic process for identifying and addressing the gaps between the workforce of today and the human resource needs of tomorrow. It provides the foundation for strategic human resource decisions.
Recruitment
active
passive
Public Job Posting
Employment Agency
Contingent Workforce
Public Job Boards
Executive Search / Headhunter
Job Fairs
Corporate Talent Pool
Employee Referral
Internship Program
Campus Recruiting
Talent Scouting
Selection Process
Interviews
Tests
Assessment
Centers
References
Interviews
The self-fulfilling prophecy effect
The stereotyping effect
The halo-and-horns-effect
The contrast effect
The similar-to-me effect
The personal liking effect
Anderson / Shackleton (1993):
Successful selection interviewing. Oxford: Blackwell.
Structured Interviews
Questions are planned before the interview;
All candidates are asked the same questions;
Answers are scored using a rating system;
Questions focus on the attributes and behaviors needed in the job.
Tests


Personality, Cognitive Ability, Physical Ability, Job Knowledge, Preference Test.
e.g. CFIT; Rorschach Test; d2 career test.



Graphology
Analysis of handwriting, NOT scientifically proven!
Assessment Centers
Individual / group work

Written and / or oral tasks (report or presentation)

in-tray exercises

analytical work

problem solving

group discussions, group problem solving

role-plays
References
Training
* Effective approach to professional development where an individual is moved from a schedule of assignments designed to give him a breadth of exposure to the entire operation. It is also practiced to allow qualified employees to achieve more insights into the processes of a company, and to reduce boredom which increases job satisfaction through job variation.

** A technique wherein there is an increase in the number of tasks associated with a certain job. It means increasing the scope of one’s duties and responsibilities. The increase in scope is quantitative in nature and not qualitative and at the same level (horizontal).

*** Shadowing involves ‘walking in a person’s shoes’ for a particular length of time. The idea behind shadowing another member of staff is to gain an understanding of what that particular person does; what issues they face, how their work is constructed, and how the work and demands of other areas impact their day to day operation and that of their business area.
Clark et al. Business and Management. Oxford University Press 2009.
Appraisal
"All planned and controlled activities within an organization to shape the relation between employees and the company in order to meet both - business objectives and employee expectations."
Employer Branding
“Employer Branding is the image of the organization as a ‘great place to work’ in the minds of current employees and key stakeholders in the external market (active and passive candidates, clients, customers and other key stakeholders).”
Brett Minchington, The Employer Brand Institute
Compensation & Benefits
Leadership and Management
"A manager is responsible for planning and overseeing the work of a group, monitoring the group's progress, and ensuring that the plan is put into effect. A manager therefore deals with complexity. In contrast, a leader's role is more emotional since a great leader will have the ability to inspire people to follow voluntarily. A leader therefore spends a great deal of time and energy building relationships."
Clark et al. Business and Management. Oxford University Press 2009.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Amercian Marketing Association (AMA)
Marketing is managing profitable customer relationships.
Armstrong / Kotler
The achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition.
Jobber
...the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services...
Kotler
MARKET
The set of actual and potential buyers
of a product or service.
MARKET SIZE
All the sales of companies in a market.
MARKET GROWTH
How fast a given market is expanding.
MARKET SHARE
Measures what proportion of the total market's sales is held by one organization.
Case Study - Apple
Market / Product Orientation
Customer Needs
Potential
Market
Opportunities
Marketing
Products //
Services
Customers
MARKET ORIENTATION
PRODUCT ORIENTATION
Production
Capabilities
Manufacture
Product
Aggressive
Sales
Effort
Customers
Needs, Wants, & Demands
States of felt deprivation
The form human needs take as they are shaped by culture and individual personality.
Wants backed by
buying power.
buying power
Market Offerings
Marketing Mix
SWOT Analysis
S
trengths
W
eaknesses
O
pportunities
T
hreats
Consumer Profiles / Market Segmentation
Age
Gender
Income
Social Group
Production Methods
Costs, revenue, and break-even analysis
Production Planning
Costs, Revenue, Break-Even
profit = total revenue - total costs
total costs > total revenue = negative profits
total revenue = price x quantity (TR = P x Q)
revenue
profit
fixed costs
variable costs
costs that do not change as output does
costs that do change as output does
direct costs
indirect costs
costs that are directly related to output
costs that are indirectly related to output
fixed = indirect
variable = direct
total costs = fixed costs + variable costs

TC = FX + VS
A break-even analysis lets you determine what you need to sell, monthly or annually, to cover your costs of doing business - your
BREAK-EVEN-Point
.

The idea is to calculate the minimum product you have to sell in order for your business to
"BREAK EVEN"
. That is, to cover the costs and no more than that.

If a business manages to produce and sell more than this, it
____________
.
profit = total revenue - total costs
profit + total costs = total revenue
total costs = total revenue
profit = 0
fixed cost + variable cost = price x quantity
Production Planning
Retained Profits
Selling Assets
Working Capital
Depreciation
no associated borrowing costs
selling the "family silver"
annual depreciation value =


(cost - residual value)
________________________

useful life of asset in years
CASE STUDY
Case study -
Handout!

You can discuss the case or any upcoming issues in teams BUT everyone will have to hand in the case study
INDIVIDUALLY
!

Use your lecture script / notes / conduct your own
research!

DO NOT PLAGIARIZE
! Use your own words or reference appropriately! No copy-paste-ing of the internet!

Use appropriate sources (Wikipedia is NOT a
scientific
source)!
DEADLINE: Dec. 20, 2013 // via email // pdf-Format
9am
Full transcript