You Know It
A micro business has how many employees
Less than 5
The 4 stages of the business life cycle
Establishment, Growth, Maturity & Post Maturity
The two elements of the business environment
Internal & external
The 3 management approaches
Classical Scientific, Behavioural, Contingency
FELTPIGS
These are all external business environment influences : Financial, Economics, legal, technological, Political, Institutional, Geographic, Social
Successful management is both of these
Effective & Efficient
Services that involve the transfer and processing of information and knowledge
Quaternary
Commonly known as a takeover
Acquisition
When a business expands at different but related stages in the production and marketing of a product
Vertical Expansion / Integration
The two main causes of business failure
1. Lack of management expertise
2. Undercapitalisation
1. Visibility
2. Cost
3. Proximity
The triple bottom line
Economic, Social and Environmental performance of a buisness. In laymans terms Profit, People & Planet
The 4 key business functions
Operations / Marketing / Finance / Human Resources
Three Pricing Methods
Cost Based / Market Based / Competition Based
Staff Involvement involves these 4 things
Innovation / Mentoring / Motivation / Training
The 4 key business functions have this relationship
Interdependent
The most effective business goals are this
SMART
Specific,Measureable,Attainable,Relevant,Time bound
The two types of resources
Transforming resources ( facilities & HR) and
Transformed resources ( Raw materials, information & customers)
The 4 Financial goals
Profit / Market Share / Growth / Share Price
The 4 market segmentation categories
Demographic / Geographic / Psychographic / Behavioural
Quality Management involves these 3 things
Quality Control / Quality Assurance / Quality Improvement
The most important thing when in Mr C's class
Respect each other and the learning environment
From a marketing point of view, Product involves these 4 things
Brand / Positioning / Packaging / Warranties
The manifestation of any management approach will effect these 3 things
1. Leadership Style
2. Organisational Structure
3. Allocation of Task
The 4th P of the marketing mix is Place. It involves 2 key concepts
1. Distribution Channels 2. Distributio Intensity