Intro To Bus Midterm

Mangagemt

interrelate tasks of planning, organzing, leading, and controlling in pruist of organizational goals (Both big picture and day to day)

Interpersonal role

leading employes, building relationships, liaison inside & outside company, networking (ex: leader, figurhead, liaison)

Infromational role

Gather information (in & out of company), Rely on others to get info, listen well, and communicate information (ex: monitor, spokesperson, disseminator)

Desisional Role

Endless stream of decisions, day to day or only once per career, when to move decision-making down the chain, some w/ extensive analysis, some with spot (ex: resource allocator, entrepreneur, negotiator)

A manager attends an annual corporate gala to represent the company and interact with stakeholders, what roles is this?

Figurehead (Interpersonal)

A sales manager gathers data on customer preferences and market trends, then shares with the team to improve sales strategies. What role is this?

Monitor (Informational role)

The head of a logistics company must decide how to distrubute the comapny’s budget. Which role is this?

Resource Allocator (Decisional role)

Four Functions of MGMT

1) Planning 2) Organizing 3) Leading 4)Controlling

Planning

purpose and value, swot analysis, forecasting, analyze compeition, goals & objectives, action plans (Direction and foucs)

Organizing

Arranging resources to carry out an organization’s plans (Ensures proper allication of resources)

Leading

Influencing and motivating people to work willingly and effectively toward common goals (Drives teams performace and morale)

Controlling

Keeping a company activites on track toward previously establsihed goals (Keeps the organazation on track)

Four essential skills in MGMT

1) Interpersonal 2) Technical 3) Conceptual 4) Decision-making

Interpersonal

Ability to understad and interact effectively with others

Technical

Ability to perfom mechanics of a specifc job

Conceptual

Ability to understand the parts to whole

Decision-making skills

Ability to analyze situations and make sound choices

Public accounting

works for external clients like auditing

Private accounting

works within an organization managing internal finaces

external audiors

Independent professionals who review financial statements

internal auditors

employed by companies to monitor internal controls

Accounting equation

Assets = Liabilites + Owner’s Equity

Asset

What a company owns

Liabilites

What they owe

Owner’s equity

Owners cliams to the business

Balance sheet

Assets, libailites, equity at a specific time and helps manage assets and liabilities

Income statement

Shows companys revenues, expenses, profit over time and shows profitability and cost control

Cash flow statement

tracks the inflow and outflow of cash and ensures liquidity and perational efficiency

Common roles in accounting include:

Certified public accountant, auditor, finanical anaylyst, tax accounant, forensic accountant, mgmt accountant, budgeted credit analyst, controller

4 major accounting firms:

1. Deloitte Todche Tohmastu Limited

2. Pricewaterhouse Coopers (PWC)

3. Ernst and Young

4. Klynveld peat marwick goerdeler (KPMG)

Marketing

Activites to create communicate and deliver and exchange offerings that have value for custoemrs

Role of marketing in society

1. Drives economic growth

2. Creates jobs

3. Helps business understand consumer needs

Consumer Decision- making process

1. Congnitve

2. Habitual

3. Affective

Cognitive

Snigficant thought and evaluation of other products

Habitual

Minimal or no conscious thought

Affective

By emotions and gut feelings

Utility

the value that a product provides to customers

Form utility:

Changing something into a product people want

Time Utiltiy:

Making a product available when people need

Place utility:

making a product available where people can easily find it

Possession utility:

Easier to buy or use a product

B2B

Business selling to other Business (business to business )

B2C

Business selling directly to consmers (Business to consumer)

Startegic marketing

Identifing market opportunitiesand choosing best strategies

How to startegic plan

1. Review past performacne

2. Evaluating the competition

3. examining a firms internal stregths and weaknesses

4. anaylzing external environment

Marketing mix (4ps)

Place, Product, Promotion, Price

Product

what you are selling

Place

Where and how you sell the product

Price

How much you charge for the product

Promotion

How you tell people about the product

Enneagram number and meaning

9: The peacemaker

easy going,receptive, reasuring, agreeable, and compacent