Business Management Flashcards
Corporate Social Reponsibility (CSR)
Corporate social responsibility (CSR) is a business model that helps a company be socially accountable to itself, its stakeholders, and the public.
Corporate social advocacy
Corporate social advocacy (CSA) refers to an organization making a public statement or. taking a public stance on social-political issues.
4 C’s of Team Performance:
Context – environment, tone
Composition – skills & personality
Competencies – goal setting & achievement
Change – ability to adapt
Leadership & Strategy
Strategy: creating vision and positioning for success
Two tips:
Consider the disclosure test.
If everyone knew what I’d done, would I be ok with it?
Beware of letting emotion make big decisions
It generally operates short term
Business Ethics:
Decision-process:
Stop & Think
Gather Facts
Brainstorm Solutions
Decide
Tyler’s Take: The real goal is to sleep at night. Don’t do anything you will regret!
Operations management terminology and equations
Terms:
Lead Time – Time between request & delivery
Throughput – Amount of a product a business can create within a period of time
Cycle time – Total time from the beginning to the end of the process
Capacity – Maximum output from a process
Efficiency – A business’ performance standard
Bottleneck – Process in a linked chain that is slow, reducing capacity of the whole
Outcomes to consider:
Capacity – how much can you create with current resources?
How much effort are you wasting?
The agile mindset
Core principles of agility:
Individuals and interactions over processes and tools.
Working software over comprehensive documentation.
Customer collaboration over contract negotiation.
Responding to change over following a plan.
Shareholder Theory
Shareholder theory:
An organization is run for its shareholders
Shareholder concerns are the only concerns an organization should have
Stakeholder Theory
STakeholder Theory:
Freeman (1984)
Stakeholder theory is “an alternative to stockholder-based theories of organizations.” (Laplume et al., 2008)
Mixes business and morality
Criticisms
Definition of StaKeholder:
Stakeholders are “any group or individual who can affect or is affected by the achievement of the organization’s objectives”
Segmentation as key to marketing
Segment – Who could we exchange with?
Target – Who should we exchange with?
Position – How do we position?
Marketing makes money in segmentation!
Marketing laddering
Personal Value
Personal Benefit
Product Benefit
Product Feature
Goal: Connect Product Benefit with Personal Benefit
Use Hierarchical Value Map
Wealth, profits, scarcity, and disruptive innovation
Innovation:
Empathize – see through their eyes
Define – create problem statement
Ideate – come up with ideas
Prototype – example
Test – show it to people
Diversification of assets
DuPont Framework:
ROE =
Net Income / Sales x
Sales / Assets x
Assets / Equity
Fixed costs
Fixed costs remain the same regardless of production output. Fixed costs may include lease and rental payments, insurance, and interest payments.
Variable costs
Variable costs change based on the amount of output produced. Variable costs may include labor, commissions, and raw materials.
Professionalism
Benefits:
Career growth
Job mobility
Leadership opportunities
Trust & Credibility
Attributes that make someone desirable in an office
Hard work
Intelligence
Experience
Competence
Integrity
Emotional IQ
Wisdom
Uniqueness
Networking
Lessons from PRSSA!
Professional organizations are a great way to get connected
Events and conferences are an incredible place to network
Let’s talk about networking…
Networking is Not…
Excessive alcohol consumption
Just hanging out with people!
How to network:
4 steps to make a connection:
Connect
Share who you are & what you do
Formalize
Keep in touch
Connect:
Connections come from:
Proximity
Similarity
Mutual contacts
Meet at conferences, classes, work, parties, social groups!
Initiative:
You can make connections by showing initiative!
Be careful…
You don’t want to
look like this…
Mutual connections:
Ask for an introduction
You can even use LinkedIn for help!
Share yourself:
Figure out how to introduce yourself
Need multiple versions:
Casual conversation (1 sentence)
Elevator pitch (30 sec – 1 min)
Email pitch (1 – 2 lines)
Informational Interview:
Ask:
Can I meet you for coffee?
I would love to learn more about what you do
Do NOT Ask:
Do you have a job available?
Can you help me get a job?
Career progression
Paying Your Dues:
Early career concept
Misleading idea that you are just waiting
People who simply hold a spot will not get ahead
This is the time to learn!
Know Thyself
Constantly learning about yourself
What do you like?
What are you good at?
What situations drive you crazy?
How and when do you work best?
Know Your Organization
Who has the real power in
the organization?
What does their career trajectory look like? (LinkedIn is your friend!)
Know Your Industry
What attributes dictate success?
What do people read / know?
What sorts of roles have the most power?
Who are the big players?
Meet them!
Corporate titles
Organizational Titles Explained
C-Suite
CEO, COO, CCO, CMO, CFO
Vice President
Executive VP is highest
Director
Manager
Specialist
Management by Objectives (MBO) & Managing Up
Another tool to join the DC.
Management decides with employees what their goals will be.
Judged according to those goals & objectives.
Called MBO or MOR
MBO - Management by objectives
MOR - Management by objectives & results
Managing Up:
Identify goals and objectives.
What is your biggest pain point?
How will I be measured in this job?
What does the business need from my role?
