BUSN 200.txt

Resources used by firms to create goods & services

• Natural resources
• Labour
• Capital
• Info resources
• Entrepreneurs

• Command
• Market
• Mixed

Many sellers, easy to enter the industry

Many sellers, products seem different (brands, features)

Few, large sellers. Tough to enter industry - large capital input needed

Only 1 producer, has complete control over product market

Unchanging

Change infrequently

Revised frequently

• Customers
• Employees
• Investers
• Suppliers
• Local communities

Way a business tries to balance its commitments to organizational stakeholders

• Obstructionist
• Defensive - managerial capitalism
• Accomadative
• Proactive

Systematic review of how a firm is using funds earmarked for social responsibility goals and how effective those expenditures have been

Imports > Exports

Exports > Imports

Country produces something better/ more cheaply than any other country

(Between countries)

Country produces some products more cheaply than others

(Within a country)

Ability of a country to generate more wealth than other countries

Owner managed, usually less than 100 customers

Open less than 12 months

Process of identifying an opportunity in the marketplace & capitalizing on it

Recognizes & seizes opportunities

*is the 1 who takes the risk*

Create something new in an existing large organization

*less risk involved*

Doing more with less, ideally using others' resources

• Debt - borrowed, requires collateral
• Equity - venture capitalists and private investors who take an ownership interest in the business

• Buy an existing business
• Take over family business
• Buy a franchise

• Established clientele & suppliers
• Ease of financing
• Less risk

• Possible skeletons in closet
• Location predetermined
• Possible poor repution
• May need to change pricing structure

• Established clientele & suppliers
• Ease of financing
• Less risk

• Ongoing management issues
• Emotional ties
• Tough to pick successor

• Name recognition
• Shared ad costs
• Training provided
• Keep most of the profits

• Need to pay franchise licence fee
• Pay royalties on sales
• Pay advertising fees
• Have to buy from set suppliers (may not be best deal)
• Relinquish control of some business aspects

Both partcipate in day-to-day management and have full liability

• Pays to get into practice and has specialized role
• Liability is only what they invested into it

• Have limited liability
• Costs more to set up
• Complex

*is an artificial entity*

Trades on the stock exchange

Dividends depend on your usage of the company

• Poor management skills
• Inadequate marketing
• Inadequate financial capabilities
• Inadequate production
• Personal reasons
• Disasters

• Plan
• Organize
• Direct (Lead)
• Control

• Top - responsible for overall firm performance
• Middle - implement decisions of top managers
• First line - supervise employees

• Marketing
• Financial
• Operations
• Info

• Technical *first-line*
• HR
• Time management
• Decision making
• Conceptual *top*

Productive use of time

Paperwork, meetings, telephone & email are main time wasters

• Recognize & define problem
• Identify alternatives
• Evaluate them
• Select best alternative
• Implement it
• Evaluate results

• Long term: 5+ years
• Intermediate: 1-5 years
• Short term: less than 1 yr

• How an organization will achieve its purpose
• Includes core values & ethical commitments

• Internal:
• Strengths
• Weaknesses

• External:
• Opportunities
• Threats

• Concentration
• Growth
• Integration
• Diversification
• Investment Reduction

• Cost Leadership
• Differentiation - stand out
• Focus
• Functional Strategy -integration

Identify in advance changes that may occur and ways the company can respond

Methods for dealing with emergencies

An inevitable process as management formulates vision of new company and creates new systems of appraisal & compensation

• Customer
• Product
• Geographic
• Process
• Functional (eg. marketing, accounting, finance, operations)

Minimum input gives maximum output

Top managers reserve most of the decision making rights for themselves

Lower & middle managers have some discretion in making decisions on their own

Many layers of management, more centalized

Too many layers -> rigidity & bureauocracy

Few layers of management

Too few layers -> chaos & inefficiency

# of subordinates a manager controls

Can be wide (many subordinates) or narrow (few subordinates)

Network of social interactions & relationships among employeees

Includes informal groups & organizational grapevine

When product is available

Where product is available

Consumption or use of a product

Form of a production

Resources are broken down in production process

Resources are combined in the production process

Customers do not need to be physically present to receive the service

Customers need to be physically present

Amount of a product a firm can produce under normal conditions

Should slightly exceed normal demand to accomodate seasonal changes & peak times

Scheduling scenarios for projects

PERT shows best pathway

Ratio of outputs to inputs

GDP / # of workers

Can be compared across firms, industries, & countries

All activities & parts of the business

• Value Added Analysis
• Quality/Cost Studies
• Benchmarking
• Statistical Processs Control (control charts)
• Quality Improvement Teams
• Getting Closer to the Customer

Compares the quality of a firm's output with the quality of the output of the industry's leader

Can compare internally or externally

• ISO9000 & ISO14000
• Re-engineering
• Adding value through supply chains

• Reliability
• Responsiveness
• Assurance
• Empathy
• Tangibles

Social movement that seeks to protect & expand the rights of consumers in their dealings with businesses

• Right to safe products
• Right to be informed about all relevant aspects
• Rigt to be heard
• Right to choose what to buy
• Right to be educated about purposes
• Right to courteous service

Measures social, environmental & economic performance of a company

• Factor conditions - factors of production
• Demand conditions
• Related & supporting industries
• Strategies, structures & rivalries

Difference between money flowing into & out of a country as a result of trade & other transactions

Foreign individual or organization who agrees to represent an exporter's interests in foreign markets

Arrangement by an owner of a process/product to allow another business to produce/disrribute/market it for a fee/royalty

Location an exporting firm establishes in a foeign country to sell its products more effectively

Buying/establishing tangible assets in another country

Law or regulation passed by host countries to regulate business practices within their jurisdictions

Sucessor to GATT in 1995

Specification of jobs to be done within a business & how those jobs relate to one another

Illustrates the company's structure & show employees where they fit into the firm's operations

Separate company unit responsible for its own costs & profits

Variation of project structure in which the project manager & regular line managers share authority

Works to integrate continuous improvement with continuous employee learning & development

Relies almost exclusively on project type teams, with little or no underlying functiinal hierarchy

Activity or process that production must do especially well with high proficiency

Equipment & people are grouped together according to their function

Used to produce goods when families of products can follow similar flow paths

Equipment & people are set up to produce only 1 specific type of good

Machines are in a U Shape to increase flexibility (can utilize more or less workers)

Allows a single factory to produce small batches of different goods on the same production line

Reducing huge FMS operations to smaller, more manageable groups of machines

Results of test sampling of a product are plotted on a diagram that reveals when the process is starting to depart from normal operating conditions

When currency value declines balance of trade should improve & vice versa

• Business plan
• Long-range plan
• Operations schedules
• Operations control
• Output to customers

Helps teams of employees investigate & track down causes of quality problems in their work

• International demand for product
• Modified to fit a foreign market
• Foreign business climate is suited to imports
• Firm has necessary skills & knowledge to do business abroad