Operations
Protect company information and intangibles
- D: protecting things like recipes, logos, data, and other internal parts of the company from competitors
-E: patents (recipe, process), trademark (logo, slogan), copyright (art, media).
Explain legal issues associated with information management
D: regulations the government has set in relation to the collection, storing, and use of information
E: must tell the consumer what info is being collected and how it will be used (the Privacy Act)
Explain the impact of the law of diminishing returns
D: after a certain point of increasing input, output will start to decrease
E: businesses need to track how much productivity a higher amount of personnel gives them because it may tip off at one point and they want to stay at the maximum productivity.
Explain the role of ethics in customer relationship management
D: being moral when storing data of or interacting with customers
E: respecting their privacy and consistent treatment
Recognize and overcome personal biases and stereotypes
D: Subconscious assumptions or generalizations we make about groups of people
E: 1. identify (take online tests, reflect), 2. action (change attitude), 3. evaluate (constantly check in to ensure your bias is in line)
Discuss the role of ethics in operations
D: Acting morally and not allowing personal bias to get in the way of business
E: selecting vendors fairly, managing workers ethically, and setting fair prices.
Evaluate quality and source of information
D: determining whether a set of information is trustable for use
E: PAW -> Purpose, Author, When?
Explain the concept of economic resources
D: the resources the businesses use to produce goods and services
E: Human (labour), Natural, Capital (Man-made)
Explain the nature of positive customer relations
D: Building a clientele and fostering repeat business
E: customer service mindset, listening to feedback -> leads to higher profit
Explain the nature of stress management
D: stress management is developing ways to cope and limit stress, especially for employees
E: increases productivity, decreases burnout, can be done through effective time-management, delegation of tasks, stress help workshops
Explain the impact of the purchasing process on productivity
D: the steps/plan a business goes through to make purchases.
E: streamlined purchasing (consistency), only purchasing what is necessary and in good quality --> better materials for more productivity
Describe the nature of business records
D: data and accounts of past events within that business
E: memos, meeting minutes, reports, sales data, etc. --> used to predict future ventures and make decisions
Describe factors that affect the business environment
D: what's happening on the external side of a business
E:
Political
Economic
Social
Target market
Environmental
Legal
Describe the use of technology in customer relationship management
D: using computer systems to increase efficiency in customer relationship management
E: CRM software like Salesforce, allows tracking and nurturing all relationships with each customer.
Explain the nature of office politics
D: tension, conflict, and competition between employees
E: often creates a hostile environment, looks like spreading rumours, working against people, etc.
can be avoided through empathy, ethics, conflict-resolution methods, and being assertive.