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| An organizational unit that has la distinct strategy and la manager lwith sales and profit responsibility |
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Any activity that seeks to provide goods and services to others while operating at a profit |
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| Objectives of a business (4) |
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Survive Grow Profit Social Responsibility |
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| -How you plan to provide g&s while operating at a profit (4 approaches) |
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4 Approaches to business strategy |
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Product-Market - who are you selling to? Customer Value - good bargain, image, quality Assets & Competencies - intelectual property, what do u have that's hard to duplicate Functional Strategies - what do you do better than anyone else (logistics, acct, HR) |
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| 4 parts of global business environment |
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Technological Env. (databases, barcodes, web) Competitive Env. (cust svc, stakeholder care) Social Env. (diversity, demog changes) Economic & Legal Env. (tax & reg., ownership) |
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| A person who risks time and money to start and manage a business |
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| What are some of the challenges and opportunities you see for Cirque du Soleil in today’s dynamic business environment |
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Audience of higher income - expect more Reinvent circus from ground up Social Resp.: built HQ on landfill, holds learning camp for kids motto: "Do different this time" Innovative heating/cooling system |
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Rise of Information & Communication Technology •Globalization •Doing Business 24/7 •Educated Consumers
•Aging Workforce •Increasing Diversity •Pyramid vs. Web •Self-Directed, Empowered Employees •Communication Skills •Decision-Making Skills •Teamwork •Leadership •Continual Learning |
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| Largest # of businesses are in the form of: |
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Definition
| Sole proprietorship (72%) |
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| Majority of sales are made by what form of business? |
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| Corporations (make 81% of sales) |
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| Advantages of Sole Proprietorship |
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Definition
•Ease of start/end •Be your own boss •Pride of ownership •Leave a legacy •Retain profits •No special taxes |
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| Disadvantages of Sole Proprietorship |
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Definition
•Unlimited liability •Limited financial resources •Management difficulty •Time commitment •Few fringe benefits •Limited growth • Limited life span |
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General - General partners share responsibility Limited - Passive investors support a general partner |
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Master Limited Partnership Limited Liability Partnership |
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MLP: Traded publicly, taxed as a partnership LLP: |
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| Advantages of a Partnership |
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Definition
More financial resources
• Shared management Longer survival
• No Special Taxes |
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Disadvantages of a Partnership |
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Definition
•Unlimited liability
• Division of profits
• Disagreements among partners
• Difficult to terminate |
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Definition
Conventional 'C' S Corporation Limited Liability Company |
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| Private, Public, and Non-profit Corp.s |
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Private: not traded on any stock exchange Public: Traded on one or more stock exnchgs Non-Profit: Performs public svc, special tax considerations |
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| Advantages of a Corporation |
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•Limited liability • More money for investment • Size • Perpetual life • Ease of ownership change • Ease of drawing talented employees • Separation of ownership/mgmt |
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•Extensive paperwork • Double taxation • Two tax returns • Size • Termination difficult • Conflict with Stockholder & Board • Initial cost |
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| World's Largest Corporations |
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1.Citigroup 2.General Electric 3.American Intl Group 4.Bank of America 5.HSBC Group 6.ExxonMobil 7.Royal Dutch/Shell 8.BP 9.ING Group 10.Toyota Motor |
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| Business structure--How owners affect Management |
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Definition
Owners >> (elect) Board of directors >> (hire) Officers >> (set obj.s & select) Managers >> (supervise) Employees |
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Term
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| •Limited Liability •Tax Choice •Flexible Ownership Rules •Flexible Profit & Loss Distribution •Operating Flexibility |
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•No Stock •Limited Life Span •Fewer Incentives •Taxes •Paperwork |
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Term
| Franchisor offers to Franchisee... |
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Definition
•Assigns Territory
•May Provide Financial Aid/Advice
•Offers Merchandise/ Supplies at Competitive Price •Provides Training/Support
•Business Expansion Using O.P.M. |
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Definition
•Pays Up-Front Costs
•Makes Monthly Payment to Franchisor
•Runs Business by Franchisor’s Rules/Procedures
•Buys Materials from Franchisor/ Approved Supplier |
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| Disadvantages of Franchises |
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Definition
•High start-up costs •Shared Profit •Management regulation •Coattail effects •Restrictions on selling •Fraudulent franchisors |
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Definition
•Example: Farm Cooperative •Owned & Controlled by People Who Use it •Pool of Resources •Economic Power |
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Resumes: written for... the aim of... Three C's |
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Definition
written for recruiters and screeners aim is to get an interview Three C's: Clear Concise Correct |
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Resume Format (order) (4-5 categories) (address) |
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Definition
reverse chrono order Heading, Objective, Education, Employment History, Additional Activities and Honors GPA Current & Permanent contacts |
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Planning Organizing Controlling
Leading |
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oEstablish vision and mission oSet goals oCreate objectives oContinuously evaluate |
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(Potential Internal...) Strengths Weaknesses Opportunities Threats |
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Definition
Strategic - Broad, long-range, goal setting by top mgrs Tactical - specific, short-range obj.s set by lower mgrs Contingency - backup plans Operational - setting work standards and sched.s |
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Definition
Designing and providing structure Staffing |
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| Controlling (cycle of 5 steps) |
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Establish clear stndrds Monitor/record performance Compare perf. to stndrds Communicate results Corrective action? Are stndrds realistic? |
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Autocratic Participative Free rein |
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Coercive Legitimate Reward Referant Expert |
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| How do leaders do it? (5) |
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Definition
Provide a vision, Sell the vision--get others to buy in Give direction and organize Take ppl somewhere Motivate and Inspire |
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| What do employees want? (top 3) |
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Full appreciation of work Feeling "in" on things Sympathetic to problems |
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Comparative trading advantage Absolute trading advantage |
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Definition
Sell things better, buy things better than competitors - Access to commodity (S Africa w diamonds) |
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| Balance of trade, trade deficit |
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Exports - Imports defecit = a negative trade balance (importing more than exporting) |
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