Lesson 3 Business Planning Flashcards
Stakeholder
And a person group or organization that influences or has an interest in the businesses, actions and decisions
They have different objectives and goal based on their diverse interest in the business
They look to protect their own interest by ensuring their objectives have been met
Stakeholder
And a person group or organization that influences or has an interest in the businesses, actions and decisions
They have different objectives and goal based on their diverse interest in the business
They look to protect their own interest by ensuring their objectives have been met
Key stakeholders
- Owners
- Employees
- Customers
- Suppliers
- Community
- Government
Stakeholder values
- High satisfaction
- lower turnover
-high productivity
- happy customers - Mutual interest
- employee provide a service for pay
-Businesses provide a product/service
Suppliers buy from other business - Goodwill
Helping community build a brands
Employees desire to work for responsible companies open the door
Business levels
C level executives
Senior level
Middle level
Lower levels
Business levels
C level executives
Senior level
Middle level
Lower levels
C level officers
CEO
CFO -> CPO
CIO -> CTO
CAO -> CHRO
CSO -> CMO & CCO
CEO (engineering)
CMO
Middle level management
CEO -> managing director or gm -> president and vp or foreman
VP or foreman -> senior managers -> managers or supervisors
Managers or supervisors -> associates
Types of organizational structures
Functional structure
Product based structure
Division structure
Geographic structure
Matrix structure
Seamless organization
Functional structure
CEO -> sales, marketing, finance, technology, and HR -> assosciates
Product based structure
CEO -> food products, beauty products, health products and finance and admin
Customer centric focus
Divisional structure
CEO-> food services, speciality goods, health and beauty, and finance and admin
Decentralized decision making
Geographic structure
CEO-> North America, Europe, Asia, corporate
Matrix structure
Dual reporting relationship for two business dimensions
CEO-> production, marketing, sales and f&a
Production, marketing, and sales -> food, service, divisions, health and beauty division specially good division
Seamless organization structure
Connected by networks instead of separated by the boundaries, like traditional hierarchies.
organizational structural issues
Differentiation
Division of work into specialized jobs
Integration
Coordination of what was divided
Structural elements
Departmentalization
Delegation of authority
Coordinating mechanisms
Division of labor
Span of control
Departmentalization
Functional
Groups related jobs to perform a function in the same department
Product
Cluster jobs that produce similar product products into a department
Matrix
Combines two forms of departmentalization function, and product
Delegation of authority
Centralized
Authority to make organizational decisions is retained by top managers within a central office
Decentralized
Power and authority are extended to lower hierarchy level levels of the organizational structure
Supervisors and production employees
Coordinating mechanisms
Mutual adjustment
Direct supervision,
Sterilization of work processes, consistent, and easily repeatable
Standardizations of workers outputs
Standardizations of worker skills
Division of labor
Single task
Variety of tasks
Specializations doing multiple jobs
Span of control
Narrow span of control
Few employees
Wide span of control
Many employees directly under 1 manager
Factors
Contact required
Subordinate Education and training
Ability to communicate
Nature of task
Finance and accounting
Financial compliance
1. Taxes and financial reporting
Accounting support
1. Financial accounting and end to end processes
Decision support
1. Management reporting and dashboards.
Financial productivity management
1. Planning and analysis, treasury, and cost management.
Business performance management
1. Performance frameworks and business process mapping and technology transformation.
Production and operation
Facility, location, scheduling, production, layout, capacity, cost control, quality management, inventory management, technology
Technology
Analyze implications of new technology
Strategic informations systems
Operational information systems
Henri fayol: functions of management 1916
planning
organizing
communicating
Directing
Controlling
Controlling
-Ensuring that business activities are in line with general company, policies, and objectives
-Observe and report deviations from plans and objectives
-Makes initiatives to correct potential deviations
