Intro to Business Notes
|Management Functions?|| 1.Planning|
|Functions of leadership?|| 1. Motivate|
|3 Skills of Management?|| 1. Conceptual skills|
2. Human Relationship skills
3. Technical skills
|Maslow's 5 Hierarchy of Needs?|| Self-Actualization|
|Transformational Leadership Functions?||1. Idealized Influence: Strong Role Model.|
2. Inspirational Motivation: High Expectation for us to the best.
3. Intellectual Stimulation: Ask subordinates for ideas to solve a problem.
4. Individualized Consideration: Provides a supportive climate and actively listens to the needs of his or her followers.
|What is Trust?||Reliability when you have confidence in someone's agenda and competence and their intent.|
|4 Team forming steps?|| 1.Forming|
|Select the teambuilding stage that is conducive to the following commentary:|
The hard work of Jack's team leads directly to progress towards the shared vision of their goal, supported by the structures and processes that have been set up. Individual team members may join or leave the team without affecting the performing culture. Jack is able to delegate much of the work and can concentrate on developing team members. Being part of the team at this stage feels "easy" compared with earlier on.
|Management maintains?|| Resources|
|Human Resources?||Organizational function that deals with people in a business|
|HR's 7 Organizational functions?|| 1. Planning staffing needs|
2. Recruiting and hiring
3. Training and Motivation
4. Termination and repositioning
7. Legal issues
|Full Time Equivalent is used to?||To determine the number of employees do you need to sustain your business|
|How to calculate Full Time Equivalent(FTE)?|| xhrs/day+xdays/wk+52wks/yr=1fte|
1ft=0.5fte+0.5fte usually 2080. Total labor hous divided by 2080
|Does FTE mean #of employees?||No|
|What is a guest?||A person who is a recipient of hospitalism at a dining area, home, event or business and has the ability to chose.|
|Costumer?||A person that receives or consumes goods and services and has the ability to chose between different products and services.|
|Hospitality?||Cordial and generous reception of or disposition towards guests|
|Client?||hybrid of customer and guest|
|Business Technology Management(BTM)?||A mgt science that seeks to unify business and technology decision making processes.|
|Parts of BTM?|| 1.Process|
|Operations Management?|| -Macro or Strategic Planning of Operations that focuses on administration planning and execution of operations involved in the production of goods and services.|
-It minimizes resources at the same time it increases output
|Stategic Planning?||Strategic plan is Macro level|
|Smart Goals?|| 1. Specific|
|What is planning?|| 1. Determine where you need to be(Goal)|
2. Steps u need to take to achieve your goals.
3. Smart goals
|Tactical plan?||Tactical plan is Micro level|
|Production Management?||Tactical planning(micro) pertains to the input and output and turning out goods/services into the shape of the desired goods/services.|
|Is Distribution part of Operational Management?||Yes|
|What is a Core Product?||The base product with no brand no packaging or styling.|
|What is the Actual Product?||The tangible product complete with packaging, brand, and style.|
|Augmented Product?||The actual tangible product with extra services and benefits. You get a Five year guarantee.Two years free credit. Technical support.|
|Quality Control ISO?||International organization for standarization, it sets standards for all types of businesses. Tactics have to be ISO certified.|
|4 P's of Marketing?|| 1.Place|
|Evolution of Marketing eras?|| 1. The production era: most entrepreneurs and companies focused solely on production.|
|1st sales era concept?||" A good product will sell itself". Suppy was low demand shifted higher.|
|2nd sales concept era?||Demand shifted down after the first depression. "You need our products now more than ever".|
|3rd era of marketing?|| -Marketing concept era 1950s till present. |
-Marketing concept: "find a need and fulfill it"
|Societal Marketing?||1960's-Present: help society, Go green, fuel efficient, consulting.|
|Marketing?||-Costumer relationship era: after sale care|
|Product Life Cycle?|
|Promotional Mix?||Bill boards, website marketing, magazines,Tv Ads, Radio, Public, public relations or press release, personal selling|
|Types of Sales Promotions?|| -Coupons |
|Wholesale intermediary?||Buys your product at a discount for large volume.|
|Provides the main benefit or service to satisfy a need?||Core product|
|augmented product||the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale|
|All the benefits associated with a good or service?||Total Product Offer|
|Marketing in industrial revolution era that is conducive to a product will sell itself?||Production era|
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