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Management Training

Business Vocabulary Final Chapters 12 to 20

April 30, 2010 | By | No Comments

BUS100 take home assignment.docx

BUS100 take home assignment; due 3 May 2010

Please complete in your own handwriting. Open book. You may collaborate with anyone.

Chapters 12 to 20. Fifteen points total.

Define

1. Marketing

2. CRM

3. Customer lifetime value

4. Utility

5. Target market

6. Market segment

7. SWOT

8. Discretionary income

9. Product

10. Product line

11. Brand

12. Trademark

13. Supply

14. Demand

15. Breakeven

16. Price Strategy

17. Channel of distribution

18. Retailer

19. Wholesaler

20. Supply-chain management

21. Materials handling

22. Promotion

23. Advertising

24. Public relations

25. Personal Selling

26. Order getter

27. Premium

28. Point-of-purchase

29. Trade show

30. Data

31. MIS

32. IT

33. Statistic

34. ISP

35. Internet

36. Outsourcing

37. B2B

38. Accounting

39. GAAP

40. Accounting equation

41. CPA

42. Income statement

43. Statement of Cash Flows

44. Balance Sheet

45. Intangible assets

46. Functions of money

47. Characteristics of money

48. FED

49. Discount rate

50. Check

51. Line of credit

52. Letter of credit

53. Cash flow

54. CFO

55. Equity capital

56. Liquidity

57. Rate of return

58. Account executive

59. Market value

60. Nasdaq

Business 100 Definitions Chapters 7 to 11

February 17, 2010 | By | No Comments

Alert Students, this is an open book assignment and collaboration is permitted — indeed, encouraged.

No class on Monday 22 Feb. Quiz is due Wednesday 24 Feb. Mid-term moved to 1 March.

Take Home Assignment Chapt 7 to 11.doc

Take Home Assignment/Quiz Name ____________

Chapters 7, 8, 9, 10, 11

Two Points and Two Bonus points. Max 4 points

Open Book. In your own handwriting. Collaboration Permitted.

Define

1. Organization Chart

2. Chain of Command

3. Span of Control

4. Departmentalization

5. Delegation

6. Responsibility

7. Authority

8. Intrapreneur

9. ad hoc committee

10. grapevine

11. operations management

12. R&D

13. product line

14. capacity

15.Gantt Chart

16. Malcolm Baldrige National Quality Award

17. Six Sigma

18. ISO 9000

19. Productivity

20. Recruiting

21. profit sharing

22.ADA

23. morale

24.Scientific Management

25. Team

26.labor union

27.Right to Work State

28. Collective Bargaining

29.Arbitration

30. Mediation

Bonus Two Points- For a job interview: Provide an example from your experience where you faced a problem, initiated a solution and the result; a PSR.

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Thank you (foot)notes:

Be sure to follow Your Business Blogger(R) and Charmaine on Twitter: @JackYoest and @CharmaineYoest

Jack and Charmaine also blog at Reasoned Audacity and at Management Training of DC, LLC.

Business Vocabulary and Terms

January 29, 2010 | By | No Comments

Vocabulary and Business Terms Review Spring 2010

Business 100 Pride Hughes Kapoor 10th edition

1. Free Enterprise, p. 4.

2. One question to ask in a job interview, p.6.

3. One reason to study business, p.7.

4. The purpose of Business is to create a _______________ and make a ______________.

5. Name the four resources needed for business, p. 9.

6. ___________________ – ___________________ = Profit, p. 11.

7. Capitalism, p. 12.

8. Command Economy, p. 15.

9. Productivity, p. 16.

10. GDP, p. 17.

11. Deflation, p. 17.

12. Recession, p. 19.

13. Unemployment rate, p.19.

14. National Debt, p. 20.

15. Market Price, p. 21.

16. Specialization, p. 25.

17. Microeconomics, p. 11

18. Ethics, p. 37.

19. Trade Association, p. 41.

20. Caveat Emptor, p. 50.

21. Name one right of the consumer, p.53.

22. Comparative Advantage, p. 74.

23. ______________________ – _____________________ = Balance of Trade, p. 74.

24. Import Duty, p. 76.

25. NAFTA, p. 85.

26. Licensing, p. 87.

27. Letter of Credit, p. 88.

28. Bill of Lading, p. 88.

29. Strategic Alliance, p. 90.

30. Sole Proprietorship, p. 108.

31. Partnership, p. 110.

32. Corporation, p. 116.

33. Stockholder, p. 116.

34. Dividend, p. 118.

35. Board of Directors, p. 118.

36. S-Corporation, p. 122.

37. LLC, p. 122.

38. Non-Profit, p. 124.

39. Small Business, p. 136.

40. Distribution Industry, p. 139.

41. Service Industry, p. 139.

42. Production Industry, p. 139.

42. Entrepreneur Spirit, p. 140.

43. Business Plan, p. 147.

44. Franchise, p. 152.

Printable Copy: Vocabulary and Business Terms Review.doc

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Thank you (foot)notes:

Be sure to follow Your Business Blogger(R) and Charmaine on Twitter: @JackYoest and @CharmaineYoest

Jack and Charmaine also blog at Reasoned Audacity and at Management Training of DC, LLC.

Organizational Communication, Ten percent Never Get the Word, One-Half of Information is Wrong; Seven Rules for Communication

December 10, 2009 | By | No Comments

gossip_norman_rockwell.jpg

Gossip, by Norman Rockwell

Ten percent never get the word, Army cliche.

Alert Readers know Your Business Blogger(R) teaches management at the local college and trains leaders to develop teams that can take appropriate action in the absence of orders.

But.

Most of the time the managers are more concerned with having the direct reports do what they are told. Simply to do what the organization needs: compliance to directives.

The CEO’s directives get lost in translation.

Norman Rockwell’s painting, Gossip illustrates the chain of custody of information as data moves between people. As the reader can well imagine, the tidbit of info at the start of the exchange is very different from the last transaction. Note that the lady who starts the linkage is also seen in the final conversation.

From her expression, The Alert Manager will sympathize: The direction that was first given is not what s/he may now be hearing down deep in the corporate hierarchy.

The Manager’s initial order was not what was received by the troops in the trenches.

This is why managers make and deserve so much money– dealing with the imperfection of the crooked timber of the human condition.

Even technology has this challenge seen in dropped cell phone calls and packet loss on the internet. However, technology can be improved much faster than human interaction. This is why we need higher education and continuous improvement (which is, in fact, assured continuous employment for consultants, thankyouverymuch).

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IBM recently ran a print advertisement on a study on data. It showed that some 43 percent of the information on which managers base decisions is wrong. [citation needed] IBM was correctly selling the pain of working with incorrect information.

So. Managers, ten percent of your team will never get your commands.

Data will be garbled in transmission.

The information will be wrong.

The team will execute the directive wrong.

And the manager will make the wrong decision about half the time.

How on earth can organizations get anything right…?

Let us return to IBM (an unpaid endorsement).

ibm_office_think.jpg

From IBM, click to enlarge,

It’s 1940 and these 22 young men are operating an electric accounting machine installation somewhere in IBM. We know it’s an IBM installation because visible in the photograph are an IBM job time recorder (for logging the start and end of various accounting jobs), one photo of Thomas J. Watson, Sr. and five THINK signs. Can you spot them?

So what do managers — even today — want most from their teams, including outside vendors?

To simply,

Think_ibm_name_plate.JPG

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How to get people, indeed the organizational organism, to think, to anticipate, to learn?

To communicate effectively?

Following are seven rules for effective (note: not efficient) communication:

1) A real Effective exchange of information is done in real life in real time. IRL. A direct conversation is Effective. See indirect Gossip above. This is not efficient: In-person is effective.

(The Alert Manager is Effective; s/he may not be Efficient)

2) An Efficient exchange of information can be done on email. But it may not be Effective. Imagine the errors and misunderstandings. Fast, but wrong, because,

3) 85 percent of all communication is non-verbal.

4) Communication is a sales pitch. In every transaction in office politics someone is selling and someone is buying. The highest close rate in sales is face-to-face.

5) If an in-person-pitch is not possible, write out the missive and have it hand-delivered by a trusted messenger.

6) Teach Completed Staff Work emphasizing the Commander’s Intent.

7) Keep it short. Winston Churchill and Proctor & Gamble are legendary for keeping memos to a single page. War and Marketing. Sometimes hard to tell the difference… Think Napoleon’s Corporal.*

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Finally, a short story from our British brethren on communication across large organizations.

Friend, the story is told of a Colonel who issued the following statement to his executive secretary:

Tomorrow evening at approximately 2000 hours Haley’s Comet will be visible in this area, an event that occurs only once every 75 years.

Have the men fall out in fatigues, and I will explain this rare phenomenon to them. In case of rain, we will not be able to see anything, so assemble the men in the theatre and I will show them films of it.”

The executive secretary passed the order on to the company commander: “By order of the Colonel, tomorrow at 2000 hours, Haley’s Comet will appear above the battalion area.

If it rains, fall the men out in fatigues, then march to the theatre where the rare phenomenon will take place, something which happens only once every 75 years.”

The company commander passed the order on to the lieutenant: “By order of the Colonel in fatigues at 2000 hours tomorrow evening, the phenomenal Haley’s Comet will appear in the theatre.

In case of rain in the battalion area, the Colonel will give another order, something which happens once every 75 years.”

The lieutenant told the sergeant: “Tomorrow at 2000 hours, the Colonel in fatigues will appear in the theater with the phenomenal Haley’s Comet, something that happens every 75 years.

If it rains, the Colonel will order the comet into the battalion area.”

The sergeant gave the following orders to the squad: “When it rains tomorrow at 2000 hours, the phenomenal 75-year-old General Haley, accompanied by the Colonel, will drive his Comet through the battalion area in fatigues.”

From Steve Myers, USNA-At-Large@yahoogroups.com and BlackfinSS322@aol.com

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Thank you (foot)notes:

* Napoleon’s Corporal, is described by James (Jim) E. Hall, cited in his Keynote Address to the 7th International IEEE Conference on Intelligent Transportation Systems, Monday, October 4, 2004. Mr. Hall was President Clinton’s Chair of the National Transportation Safety Board.

[T]he tale of Napoleon’s corporal. The story goes that Napoleon would always have a corporal at hand who was judged to be the stupidest man in his entire army. Every time Napoleon wanted to issue an order, he would first read it to the corporal and then have him explain what he’d just heard. Napoleon would not issue the order to his entire army until his dumb corporal could understand it. The point is that we must never underestimate the human ability to misunderstand and to fail, for accidents to happen.

I don’t need to remind you that 80 percent to 90 percent of all transportation tragedies are the result of human error.

Aviation maintenance documents are written at a third-grade level – not because mechanics are illiterate – but to ensure that the instructions can be easily understood. However, the same approach is not being used in regard to the computer systems designed to fly the planes. As a result, we are seeing more and more aviation accidents caused by a failure in the interface between human and computer.

Be sure to follow Your Business Blogger(R) and Charmaine on Twitter: @JackYoest and @CharmaineYoest

If the sales pitch/communique is important, show up in person. There are three events in life that demand, command a person’s presence:

Births

Deaths

Marriages

Jack and Charmaine also blog at Reasoned Audacity and at Management Training of DC, LLC.

Career Tips for Leadership for Military Officers

December 5, 2009 | By | No Comments

John Howland from USNA-At-Large@yahoogroups.com posted this career advice. It deserves a wide audience.

Career Tips:

How to get ahead the “smart” and ethical way and avoid running your career aground—

My point of view

by Dick Nelson ’64

1. Always remember and apply the basic leadership trilogy: “Know your Stuff; take care of your people; and be true to yourself.” This one says it all.

2. Keep your head on a swivel. Threats come at you from 360 degrees, especially when you least expect it. Why do you think the Japanese picked a Sunday to attack Pearl Harbor? Review the Japanese and U.S. tactics in the Battle of Leyte Gulf, which demonstrate—on both sides—how easy it is to be caught napping by making the wrong assumptions. Remember what happened to USS Stark, USS Cole [Good Plebe questions!] and the World Trade Center. When you stand a watch, the welfare of the ship and the crew (or the Marine unit) has been entrusted to you. That’s why you get the “big bucks.” Don’t let them down.

3. Trust your subordinates, but verify their performance. Corollary: Trust your superiors, but quietly back them up by cross-checking their assumptions, especially in matters of navigation. Cliché: Watch my back, and I’ll watch yours!

Continue reading at the jump.

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Thank you (foot)notes:

Be sure to follow Your Business Blogger(R) and Charmaine on Twitter: @JackYoest and @CharmaineYoest

Jack and Charmaine also blog at Reasoned Audacity and at Management Training of DC, LLC.

Read More

Politics and Management

November 5, 2009 | By | No Comments

Alert Reader Stan H sends this along, circulating on the ‘net:

Dear Employees:

As the CEO of this organization, I have resigned myself to the fact that Barrack Obama is our President and that our taxes and government fees will increase in a BIG way. To compensate for these increases, our prices would have to increase by about 10%.

But since we cannot increase our prices right now due to the dismal state of the economy, we will have to lay off sixty of our employees instead. This has really been bothering me since I believe we are family here and I didn’t know how to choose who would have to go.

So, this is what I did. I walked through our parking lots and found sixty ‘Obama’ bumper stickers on our employees’ cars and have decided these folks will be the ones to let go. I can’t think of a more fair way to approach this problem.

They voted for change…… I gave it to them.

I will see the rest of you at the annual company picnic.

THE BOSS

Are all managers really like this? Or is this boss simply more honest?