Chapter 13 Business Functions Flashcards
BUSINESS FUNCTIONS - LEVEL ONE
LEVEL ONE
PURCHASING - acquisition and provision of resources
MANUFACTURING - creation and provision of products
MARKETING - marketing products to earn revenue
FINANCE - forecasting and financial planning strategy
BUSINESS FUNCTIONS- LEVEL TWO
HUMAN RESOURCES - Procurement and manage staff
ADMINISTRATIVE- activities concerned with info
PUBLIC RELATIONS - create goodwill and positive image
ENTREPRENEURIAL LEADERSHIP
The way you operate as chief executive of your business which involves:
Innovation
Operation
Inspiration
Define Management Team
Individuals with supervisory responsibilities and non- supervisory staff who play key roles in a business.
DEFINE ENTREPRENEURIAL TEAM
Two or more individuals who combine their efforts to function in the capacity of entrepreneurs. In this way the entrepreneurs can focus their talents, skills and resources.
ENTREPRENEURIAL TEAM MAKE UP
CO FOUNDERS
MANAGEMENT TEAM
EMPLOYEES
CONSULTANTS
7 STEPS OF QUALITY TEAM DECISION MAKING
DEFINE THE PROBLEM
DECIDE ON THE PROCESS TO USE
GATHER INFORMATION
MAKE THE DECISION
DEVELOP ACTION PLAN
AUDIT AND EVALUATE THE DECISION AND PROCESS
RECORD AND SHARE LEARNING
TYPES OF TEAMS
PROBLEM SOLVING TEAMS
- discuss ways to improve quality , efficiency and work environment
SELF MANAGING WORK TEAMS
- these take over managerial duties such as work and vacation scheduling and hiring of new members
CROSS FUNCTIONAL TEAMS
- formed to monitor, standardize and improve work processes
3 Phases of Managerial Tasks
FORMULATION OF PLANS
IMPLEMENTATION OF PLANS
EVALUATION OF PLANS
FORMULATION OF PLANS
- activities in planning process
Identify and formulate objectives Gather information Analyze information Develop alternatives and draw up the plan Implement the plan
3 Types of Plans
Long, medium and short term
Master plan and divisional plans
Single use plans
PHASE 1 : Decision making process
IDENTIFY and formulate problem
COLLECT relevant information
DEVELOP alternatives
EVALUATE alternatives
SELECT most appropriate
ENSURE decision is implemented
FOLLOW UP and evaluate
IMPLEMENTATION PHASE 2
RELEVANT QUESTIONS OF IMPLEMENTATION PHASE
who will do the work?
How will it be done?
What resources will be used?
When and where will the operations take place?
Resources involved: operating, human, financial and technology
IMPORTANCE OF LEADERSHIP
FACILITATES EXECUTION OF BUSINESS ACTIVITIES
ENSURES EFFECTIVE AND EFFICIENT EXECUTION OF WORK
FACILITATES RELATIONSHIP OF ENTREPRENEUR AND STAFF
MASLOWS HIERARCHY OF NEEDS
PHYSIOLOGICAL NEEDS
SAFETY NEEDS
SOCIAL NEEDS
ESTEEM NEEDS
SELF ACTUALIZATION NEEDS
5 KEY ELEMENTS OF INDIVIDUAL MOTIVATION
UNDERSTAND PERSONAL DRIVES
SET GOALS
OFFER SUPPORT
USE REWARDS
POSITIVE APPROACH TO SANCTIONING
