LSOs in Context Flashcards
What are the characteristics of an LSO?
200 or more employees
Assets worth over $200 Million
Revenue in the Millions
Multiple locations
What makes LSOs Unique?
Management Structures Owners or Shareholders [usually] have little to do with day to day operations. Operate in many countries Produce goods and services en masse Make large contributions to the economy
What are the different types of LSOs?
Corporations, Not-For Profit Organisations, Government Business Enterprise (GBE)
Define Management Functions?
Refers to the different departments or specialised groups of tasks within an organisation.
Define Operations?
Refers to all activities related to the production of a good or service. Including: Sourcing Suppliers Managing resources / inputs Storage / warehousing New Technology Quality Management Facilities Design
Define Human Resources?
Human Resources refers to the function which look after the relationship between management and staff. Staff Motivations Employment cycle Recruitment / Selection Training Performance Management Reward / Recognition Termination
Define R&D?
Function which manages the research, creation and development of new products/services.
Testing / Safety
Market Research
Compliance (legal requirements).
Define Sales? (Management)
The sales function manages: Sales strategies + training Territory management Targets / Forecast Merchandising
Define Finance? (Management)
The Finance Function handles:
Loans / Debt
Budgets
Fleet Management
How do LSOs Contribute to the economy?
- Make up approximately 50% of GDP
- Consumer Confidence
- Inflation
- Employment
- Tax Revenue
- Balance of Payments
Define a Vision Statement?
A Vision Statement broadly expresses what the organisation hopes to become - it is future oriented.
The philosophical basis of what the organisation stands for, describing the values and beliefs held in the organisation.
Define a Mission Statement?
A Mission Statement formally expresses the reasons for the organisations existence, its purpose and method of operation.
Created by the board of directors and CEO.
What are the External environment pressures?
Political Environmental Social Technological Legal International Economic
Identify the Macro environment pressures?
Economic Legal International Political Technological
