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.
