Making Business Work
Making Business Work COMM 1800
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This 13 page Class Notes was uploaded by Jerald Daugherty Sr. on Monday September 21, 2015. The Class Notes belongs to COMM 1800 at University of Virginia taught by Robert Kemp in Summer 2015. Since its upload, it has received 28 views. For similar materials see Making Business Work in Business Administration at University of Virginia.
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Date Created: 09/21/15
Study Guide Exam Content Students are expected to understand 1 the terms and concepts highlighted in the text with bold or italici zed lettering and 2 the key terms at the end of each assigned chapter In addition students should pay special attention to the following terms and concepts Note This f1 Topic Sessi nal exam is not cumulative The material covered is listed below on 18 7 Leadership Reference Materials Text Chapter 7 Mr Bateman s class lecture and session PowerPoint slides via Toolkit Important T erms and Concepts gt Traditional Leadership 0 O O O o gt Conte o 0000 o gt Early o o o o o o Charismatic top executive Command amp control style Decision maker Powerful Allknowing teller of truth mporary Leadership No top leader can know or do it all Leadership is an activity not a position Leading change at any amp all levels People challenging the status quo Enlisting others in change efforts Badly needed in all arenas from more people Career Success Getting on the Fast Track Ambition Track record Brilliance Commitmentsacrifice Charm In sum the talents of the achieving individual contributor gt Career Derailment O O O 0 Blind spots ultimately matter Success leads to arrogance Setbacks and the reactions to it give up lower aspirations attribute to bad luck vs learn from the experience and recommit Interpersonal problems O In sum emotional intelligence issues selfmanagement interpersonal teamwork amp leadership gt General Observations on the 10 Greatest O OO 00 O 0 Current CEOs were not considered a mark of greatness is an organization that thrives after the CEO is gone7 a lasting legacy Many of the 10 greatest hadn t thought of themselves as CEO material One initially refused the job on the grounds he wasn t quali ed Bill Allen of Boeing One was scared stiff Katherine Graham One Darwin Smith of KimberlyClark was told he would never be a leader All surrounded by pressures to manage for the quarter managed for the quartercentury or longer Topic Session 19 Human Resource Management Reference Materials Text Chapter 7 amp 10 class lecture and session PowerPoint slides via Toolkit Important Terms and Concepts gt Management s functions 0 O O 0 Planning I Setting organizational goals I Developing stratef1es to reach those goals I Determining resources needed I Setting precis standards Organizing I Allocating resources assigning tasks and establishing procedures for accomplishing goals I Preparing a structure showing lines of authority and responsibility I Recruiting selecting and training employees I Placing employees where they will be most effective Leading I Guiding and motivating employees to work effectively to accomplish organizational goals and objectives I Giving assignments I Explaining routines I Clarifying policies I Providing feedback Controlling I Measuring results against corporate objectives I Monitoring performance relative to standards I Rewarding outstanding performance Taking conective action when necessary gt Sustainable competitive advant e 0 Ensuring that your product is be er gt SWOTanalysis o Strengthswealmesses opportunities and threats gt Managementtitles o TopManagementtitles CEO coo CIO president 0 Middle Management I t o Supervisory Managemen Leadership 7 also see session 12 materials The difference between power and authority Human resource management Evolution 39 39 theori 0 Frederick Taylor invents scientific management to promote efficiency T39 motion s dies VVV V Ru es ofwork gt KnowHathome s work 0 The employees thought ofthemselves as a social group and the supervisors 0 The productivity ofthe workers was always going up 39 iiii ii o l gt KnowMaslow s hierarchy ofneeds o physiological needs asic survival needs such as the need for food water and shelter 0 Safety needs The needto feel secure at work and at home 0 Social Nee s The needto feel loved accepted and part ofthe group o Esteem needs The need for recognition and acknowledgement from others as well as self respect in the sense ofstatus or importance 0 Self actualization needs The needto develop to one s fullest potential gt KnowHeererg s theory o Herzbe separat rg concluded that factors of happiness and job content could be ed into two groups Not everything affected motivation There were motivators and maintenance factors 0 Motivators o Mainte I The work itself Achievement Recognition Responsibility Growth and advancement nance Factors Company policy and administration Supervision Working conditions Interpersonal relations Salary status and job security gt Know McGregor s theory 0 Mcgregor believed there were two approaches to management Theory X and Th eory Y 0 Theory X 0 Theory gt Know Ouchi s The average person does not like work Because of this dislike they basically must be forced to do their job Employees wish to avoid responsibility and have no ambition Primary motivators are fear and money Y Most people like work it is as natural as play or rest Most people naturally work towards goals People are committed based on goals People seek responsibility People have imagination People are motivated by several different awards theory 0 Studied J apan s productivity and found that their culture enabled them to have a I different approach Ouchi suggested hybrid Long Term Employment Collective Decision Making Individual responsibility Slow evaluation and promotion Implicit formalized control Moderately specialized career paths Holistic concern for employees gt Know Drucker s work and MBO management by objective 0 Manag ement by objective a system of goal setting and implementation it involves a cycle of discussion review and exaluation of objectives among top and mid level managers supervisors and employees gt Know expectancy theory reinforcement theory and equity theory o Expectancy Theory Victor Vroom s theory that the amount of effort employees exert on a specific task depends on their expectations of their outcome 0 Reinforcement Theory theory that positive and negative reinforces motivate a person to behave in certain ways 0 Equity Theory the idea that employees try to maintain equity between inputs and outputs compared to others in similar positions gt Know what is meant by a 360 evaluation 0 Acquiring feedback from multiple sources 0 Peers subordinates and supervisors Topic Session 207 Human Resource Management Reference Materials Text Chapters 11 amp 12 class lecture and session PowerPoint slides via Toolkit Important Terms and Concepts gt Know different pay and reward systems 0 Salary fixed compensation computed on week bi weekly or monthly pay periods No extra time Hourly wage clock in clock out Piecework system wage based on number of items produced rather than by the hour or day 0 Commission plans pay based on percentage of sales Bonus plans extra pay for sccomplishing or surpassing certain objectives There are two types of bonuses monetary and cashless Profit sharing plans annual bonuses paid to employees based on the company s profits The amount paid is based on predetermined incentive OO O O o Gain sharing program annual bonuses paid to employees based on certain measures quality customer satisfaction production 0 Stock options right to purchase stock in the company at a specific price over a specific period cheap prices usually gt Know the HR Human Resource laws outlined in the text 0 Civil Rights Act of 1964 Title 7 prohibits discrimination in hiring firing compensation apprenticeships training terms conditions privleges based on race religion creed sx or national origin 0 Equal Employment Opportunity Act amendment to title 7 strengthened EEOC 0 Civil rights act of 1991 expanded the remedies to victims of discrimination o Vocation Rehab Act of 1973 extended protection to people with any physical or mental disability 0 Americans with disabilities Act of 1990 requires employees to give applicant with physical or mental disabilities the same consideration O 0 Americans with disabilities ammendments act overturned supreme court decisions that had reduces protections for certain people with disabilities such as diabetes epilepsy heart disease and cancer Age discrimination and Employment act of 1967 protects individuals 40 or older from discrimination gt Know the issues of equal employment opportunity EEOC O Af rmative action employment activities designed to right past wrongs by increasing opportunities to minorities and women I Debatably legal I Reverse discrimination gt Retirement income and retirement health car issues discussed in class gt Historyevolution of unions 0 0 As early as 1792 shoemakers in Philly came together to discuss pay hours conditions and job security I Craft unions an organization of skilled specialists Due to Industrial Revolution Knights of Labor by Uriah Smith Stephens comes along 1869 KoL offered membership to everyone and declined after supposed bomb plot AFL comes along and by 1890 is run by Samuel Gompers and has considerable in uence Part of AFL Committee of Industrial Organizations creates industry speci c union John L Lewis breaks from AFL and creates CIO Congress of Industrial Organizations which rivals AFL for membership Taft Hartley encourages merger 16 m members Less in uence now 0 gt Legislationslaws related to collective bargaining O Wagner Act allows collective bargaining I Also known as National Labor Relations Act I Established National Labor Relations Board to oversee labor management relations Topic Session 21 7 Technology Reference Materials Text Bonus Chapter B Mr Nelson s class lecture and quest speaker and session PowerPoint slides Important Terms and Concepts As noted in Mr Nelson s lectures Note Questions will come from the presentations by Grameen Foundation Topic Sessions 22 Marketing Building Customer Relationships Reference Materials Text Chapter 13 class lecture and session PowerPoint slides via Toolkit Important Terms and Concepts gt The four P s of marketing describes the job of marketing gt V V V Product designing want satisfying product Price setting price Place putting it in place where people buy it Promotion promoting the product The marketing process 0 Find opportunities 0 Conduct research 0 Identify a target market 0 Design a product to meet the need based on research 0 Do product testing 0 Determine a brand name design a package set a pric 0 Select a distribution system 0 Design a promotional program 0 Build a relationship with customers Consumer Behavior 0 Problem recognition 0 Search products 0 Compare products 0 Buy product 0 Judge Product Segmenting and targeting markets 0 Segmenting Process of dividing the total market of groups whose members have similar characteristics 0 Target marketing marketing directed toward those groups an organization determines it can serve Marketing research 0 De ning question and present situation Collecting research data Analyzing research data Choosing best solution Implementing it B2B versus B2C 0 B2B I Market Structure 0 Relatively few potential customers 0 Larger purchases 0 Geographically concentrated I Products 0 Require technical compleX products 0 Frequently require customization 0 Frequently require technical advic delivery I Buy procedures 0 Buyers are trained o Negotiate deals with purchases 0 Follow objective standards 0 Close relationship between marketers and buyers 0 O O O O O O O 0 Consumer Market I Market Structure 0 Many potential customers 0 Smaller purchases 0 Geographically dispersed I Products 0 Require less technical products 0 Sometimes require technical advice delivery and after sale service I Buying Procedures 0 No special training 0 Accept standard terms 0 Use personal judgment 0 Rarely buy from multiple services Topic Sessions 23 amp 24 Marketing Developing and Pricing Products Reference Materials Text Chapter 14 class lecture and session PowerPoint slides via Toolkit Important Terms and Concepts gt Intensive growth strategies gt Branding O OO 0 Brand Aname symbol or design that identi es the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors Trademark is an exclusive legal protection Brand categories I Manufacturers brand names Xerox Kodak dell I Dealer brands private label 0 Kenmore is sold by Sears I Generic goods I Knockoffs Brand equity I Value of brand Brand loyalty I The degree to which customers are satis ed like the brand and are commited to purchase it Brand awareness I How quickly or easily a brand name comes to mind Brand associations I Mercedes to success gt Strategic lanning tools Life cycle stage Product Price Place Promotion Intro Offer market Go after Use Dealer tested product 39 with 39 39 39 r 39 and high intro price selective heavy or penetration distribution investment in pricing primary demand advertising to try and get exposure Growth Improve Adjust to Increase Competitive product competition distribution advertising Maturity Differentiate Further reduce Take over Emphasize product to price wholesale to brand name and satisfy market intensify differences segments Decline Cut product Consider price Consolidate Reduce mix develop increase distribution advertising to new product loyal customers ideas gt Product life cycle gt Product pricing 7 different approaches 0 O Achieving return on investment Building traffic I Use loss leaders to attract customers Achieve greater market share I Lower prices 0 financing Create an image I Rolex Furthering social objective I A firm may want to target low income Cost pricing I Add up costs then add profit margin Demand based pricing I Target the demand in the market and get profit Competition based pricing I What ever the competition does I Price leaders I Oil ca1tel gt CostrVolumerProflt CVP analysls Sales ofit Total Costs gt Units gt Breakeven analysls o Slmply the proeess to oletermrrre profrtabrlrty at vanous levels of sales BEP FC PrVC Tnpic Sesslons 25 a 267 Marketmg Drsthbutmg ahol Promouhg Prooluets Reference Materials Text Chapters 15 a lo elass leeture auol sesslon Powerpomt sholes vla Toolle Imp ortaut Terms and Cnnczpts gt Who saleryersus retarler o Wholesaler Intermedlary that sells to other orgaruzauohs sueh as retarlers anufacturers ahol hosprtals Wholesalers are part of the B2B e o Retarler Ultrmately sells to eohsumers gt Intermeohary utrlrty gt Supply ehams 0 Supply Cham Sequence ofllnked aeuyrues that must be performed by vanous orgaruzatrohs to move goools from the sourees ofraw materrals to ulumately the eohsumer 0 Supply eham management he proeess o mauagmg the movement of raw matehals parts workln progress flmshed goools auol relateolmfo through all orgaruzatrohs myolyeolm the supply eham mauagmg retum or reeyelm gt Promotroh auol promotroh mlx o Promotroh tools Traohtrohally aolyertrsmg persohal sellmg publre relatrohs auol sales promotroh Toolay alsomeluole emarlpromotrohsmobrle promotrohs soeral hetworluhg bloggmg pooleastmg auolmore I Promotion mix combination of promo techniques you use gt Selling process 0 Prospect and qualify I Prospecting researching and choosing thos people likely to buy your product I Qualify make sure your talking to right people 0 Preapproach I Research about prospect I Know everything 0 Approach I you don t have a second chance to make a first impression 0 Make a presentation Answer Objections I You will likely receive objections so prepare for them 0 Close the sale I Trial close I Imply you want to close I Then close 0 Follow up I Make sure theyre happy 0 Topic Session 27 Professor Lindgren s lecture on marketing strategy Reference Materials Lecture and session PowerPoint slides Important Terms and Concepts The topic product and issues presented in class by Professor Lindgren Da hops don t mean shit Topic Session 28 7 Course Summary Reference Materials Class lecture and session PowerPoint slides via Toolkit Important Terms and Concepts Objective of the fum create value Risk and return Wall Street Journal Articles Topic Wall Street Journal WSJ Articles Reference Materials WSJ articles from both sections taught by Mr Kemp Questions are from WSJ articles posted for class for the days following October 7 2010 Articles covered on Exam 1 and Exam 2 will not be covered in this exam WSJ articles are posted on Collab Make sure you have read and understand all the articles submitted not just discussed in class since the last exam Remember you are responsible for both section 1 and section 2 WSJ articles
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