Lesson 3 Business Planning

Question 1

Stakeholder

Answer 1

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

Question 2

Stakeholder

Answer 2

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

Question 3

Key stakeholders

Answer 3

1. Owners
2. Employees
3. Customers
4. Suppliers
5. Community
6. Government

Question 4

Stakeholder values

Answer 4

1. High satisfaction
   - lower turnover
   -high productivity
   - happy customers
2. Mutual interest
   - employee provide a service for pay
   -Businesses provide a product/service
   Suppliers buy from other business
3. Goodwill
   Helping community build a brands
   Employees desire to work for responsible companies open the door

Question 5

Business levels

Answer 5

C level executives
Senior level
Middle level
Lower levels

Question 6

Business levels

Answer 6

C level executives
Senior level
Middle level
Lower levels

Question 7

C level officers

Answer 7

CEO
CFO -> CPO
CIO -> CTO
CAO -> CHRO
CSO -> CMO & CCO
CEO (engineering)
CMO

Question 8

Middle level management

Answer 8

CEO -> managing director or gm -> president and vp or foreman

VP or foreman -> senior managers -> managers or supervisors

Managers or supervisors -> associates

Question 9

Types of organizational structures

Answer 9

Functional structure
Product based structure
Division structure
Geographic structure
Matrix structure
Seamless organization

Question 10

Functional structure

Answer 10

CEO -> sales, marketing, finance, technology, and HR -> assosciates

Question 11

Product based structure

Answer 11

CEO -> food products, beauty products, health products and finance and admin

Customer centric focus

Question 12

Divisional structure

Answer 12

CEO-> food services, speciality goods, health and beauty, and finance and admin

Decentralized decision making

Question 13

Geographic structure

Answer 13

CEO-> North America, Europe, Asia, corporate

Question 14

Matrix structure

Answer 14

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

Question 15

Seamless organization structure

Answer 15

Connected by networks instead of separated by the boundaries, like traditional hierarchies.

Question 16

organizational structural issues

Answer 16

Differentiation
Division of work into specialized jobs

Integration
Coordination of what was divided

Question 17

Structural elements

Answer 17

Departmentalization
Delegation of authority
Coordinating mechanisms
Division of labor
Span of control

Question 18

Departmentalization

Answer 18

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

Question 19

Delegation of authority

Answer 19

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

Question 20

Coordinating mechanisms

Answer 20

Mutual adjustment
Direct supervision,
Sterilization of work processes, consistent, and easily repeatable
Standardizations of workers outputs
Standardizations of worker skills

Question 21

Division of labor

Answer 21

Single task
Variety of tasks

Specializations doing multiple jobs

Question 22

Span of control

Answer 22

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

Question 23

Finance and accounting

Answer 23

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.

Question 24

Production and operation

Answer 24

Facility, location, scheduling, production, layout, capacity, cost control, quality management, inventory management, technology

Question 25

Technology

Answer 25

Analyze implications of new technology

Strategic informations systems
Operational information systems

Question 26

Henri fayol: functions of management 1916

Answer 26

planning
organizing
communicating
Directing
Controlling

Question 27

Controlling

Answer 27

-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