Lesson 2.75: Responsibilities of the Key Positions in a Corporate Organization

Question 1

board of directors

Answer 1

Setting policies on investments, capital structure and dividend policies; Approving company’s strategies, goals and budgets; Appointing and removing members of the top management including the president; Determining top management’s compensation; Approving the information and other disclosures reported in the financial statements

Question 2

president/ceo

Answer 2

Approving the information and other disclosures reported in the financial statements; Overseeing the operations of a company and ensuring that the strategies as approved by the board are implemented as planned; Performing all areas of management: planning, organizing, staffing, directing and controlling; Representing the company in professional, social, and civic activities.

Question 3

vp of marketing

Answer 3

Formulating marketing strategies and plans; Directing and coordinating company sales; Performing market and competitor analysis; Analyzing and evaluating the effectiveness and cost of marketing methods applied; Conducting or directing research that will allow the company identify new marketing opportunities, e.g. variants of the existing products/services already offered in the market; Promoting good relationships with customers and distributors.

Question 4

vp for production

Answer 4

Ensuring production meets customer demands; Identifying production technology/process that minimizes production cost and make the company cost competitive; Coming up with a production plan that maximizes the utilization of the company’s production facilities; Identifying adequate and cheap raw material suppliers.

Question 5

vp of administration

Answer 5

Coordinating the functions of administration, finance, and marketing departments; Assisting other departments in hiring employees; Providing assistance in payroll preparation, payment of vendors, and collection of receivables; Determining the location and the maximum amount of office space needed by the company; Identifying means, processes, or systems that will minimize the operating costs of the company