htps icdc notes

Management Controls

Focus on internal risk, identify assets, respond to business risks

Organizing

Determines how operations are structured/restricted

Risk Management Order

Identify → assess → respond → transfer/insure

Franchising

Buying another company’s business model

Franchisee

Person who buys rights to operate under a brand, pays fees/royalties

Franchisor

Company that owns brand/system

Licensee

Person allowed to use intellectual property

Licensor

Company granting permission to use IP

Organizational Learning

Strengthens organization, aligns employees, customer-focused

Labor Unions

Groups that improve worker conditions

Union Impact on Productivity

Can reduce efficiency if demands don’t align with output

Union Events

Meetings organized by labor unions

Workplace Fire Response

Shut systems, close doors, use extinguisher only if safe

Blanket Order

Set price/items, flexible quantity over time

Standard Order

One-time purchase

Planned Order

All terms pre-set

Contract Order

Agreement with future terms

Special Order

Custom order not normally stocked

Standing Order

Recurring order

Open Order

Flexible quantity/time order

Automation

Machines perform tasks

Production

Creating goods/services

Specialization

Focus on specific tasks to increase efficiency

Conservation

Protecting natural resources

Hospitality Products

Intangible, perishable, service-focused

Lien

Legal claim on property until debt is paid

Warranty

Promise to repair/replace defective product

Rebate

Partial refund after purchase

Torts

Civil wrongs (intentional, negligent, strict liability)

Competing Situations

Conflicts over time/resources

Burnout

Stress/boredom from overwork

Support Systems

Sharing goals for accountability

Taking Responsibility

Owning actions and correcting mistakes

Communication Skills

Essential workplace success skills

Status Quo

Keeping same approach

Herd Mentality

Following others’ actions

Lasting Impressions

Genuine concern builds stronger customer impact

Trustworthiness

Reliability builds customer trust

Conflict Resolution

Address needs, treat customers individually

Promotion

Adjusts based on product changes

Management

Coordinates resources to reach goals

Patronage Promotion

Builds company image

Public Relations

Handles controversial issues

Public Service Promotion

Avoids controversy

Trade Show

Event to showcase products/network

Company Leads

Potential customers who show interest

External Leads

Leads from outside sources

Promotional Materials

Tools to communicate product features

Wage

Hourly pay

Salary

Fixed annual pay

Psychographic Segmentation

Based on lifestyle/personality

Behavioral Segmentation

Based on buying behavior

Demographic Segmentation

Based on age, income, etc.

Geographic Segmentation

Based on location

Social Segmentation

Based on family/culture

Situational Segmentation

Based on context/time

Gift Cards

Flexible revenue, redeemable later

Place Utility

Available where needed

Time Utility

Available when needed

Possession Utility

Ownership transfer

Form Utility

Product modified for usefulness

Branding

Builds identity and values

Advertising

Promotional communication

Logo

Identification tool, not branding itself

Post-Sale Satisfaction

Responding to feedback improves satisfaction

Value-Added Services

Extra features beyond core offering

Product Bundling

Selling multiple products together

Column Chart

Shows changes over time

Pie Chart

Shows proportions

Scatter Plot

Shows relationships

Histogram

Shows frequency

Reservations Spending

Reservations increase spending (~25%)

Environmental Scanning

Collect external/internal business info

Digital Information

Must be accessible and organized

Brainstorming

Best group idea-generation method

Product Specifications

Detailed product description

Property Inventory

List of assets for insurance/planning

Technology Benefits

Improves efficiency/competitiveness

Monitoring Tech

Prevents time theft

Secondary Research

Existing data

Primary Research

Firsthand data collection

Hyperlink

Clickable link

Portal

Gateway website

Cookies

Track user behavior

Sitemap

Website structure map

Ledger

Record of financial transactions

Stockholders’ Equity

Assets minus liabilities

Simple Interest

I = P × R × T

Accrual Accounting

Records when earned/incurred

Cash Accounting

Records when cash moves

Managerial Accounting

Internal financial reporting

Tax Accounting

For tax reporting

Profit Strategy

Reduce expenses to increase profit

Investing

Using money to make more money

Saving

Setting money aside

Rationing

Allocating scarce resources

Reimbursing

Paying back money

Stocks vs Bonds

Inverse relationship with interest rates

Customer Interests

Transparency affects buying decisions

Profit Goal

Provide quality to increase sales