...Business Management Skills To run a successful business you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include: * sales and marketing; * accounts; * human resources; and * information technology (IT). How confident do you feel in your ability to manage them? It’s a good idea to plan ahead of time how you’re going to manage each area which may include delegating various functions to a business partner, undertaking additional training or contracting a specialist advisor such as a bookkeeper, graphic designer or merchandiser. Remember that although you need to understand, manage and take responsibility for every aspect of your business, you don’t have to do everything yourself. Some of the key areas you’ll need to think about are outlined below. Marketing, sales and promotion Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information. Human resources Human resources is about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business. Understanding business financials The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The first step involvesunderstanding...
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...Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively constant over time. ANS: F PTS: 1 DIF: Easy REF: 34-35 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Business Knowledge & Analytical Skills | Management: Environmental Influence | Dierdorff & Rubin: Managing the task environment 3. Demographic, economic, political/legal, sociocultural, technological, global, and physical are the seven elements comprising the industry environment. ANS: F PTS: 1 DIF: Hard REF: 38 (Table 2.1) OBJ: 02-02 TYPE: knowledge NOT: AACSB: Business Knowledge & Analytical Skills | Management: Environmental Influence | Dierdorff & Rubin: Managing the task environment 4. Firms can directly control the elements of the seven segments of the general environment. ANS: F PTS: 1 DIF: Easy REF: 37 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Business Knowledge & Analytical Skills | Management: Environmental Influence | Dierdorff & Rubin: Managing the task environment 5. To successfully deal with today’s external environment and to achieve strategic competitiveness, firms must be aware...
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...Advertised Skills and Characteristics of Management Accountants Aileen Davey Adrian France* *Waikato Institute of Technology (Wintec) Tristram Street Private Bag 3036 Hamilton 2020 New Zealand Telephone: (07) 8348800 ext 8519 Fax: (07) 8348802 Email: Adrian.france@wintec.ac.nz Abstract In New Zealand there have been a number of articles about the changing profile of accountants in today’s environment. Recent debate is focusing on the goal congruence of educators and practitioners. Professional accounting bodies are also identifying the changing needs of the accounting professionals’ skill sets as a key area of future focus irrespective of what job title the accounting professionals operates under. This paper seeks to identify the key skills and characteristics of management accountants which are being looked for by employers in today’s market. Situations vacant for management accountants were surveyed. The results indicated that communication skills were advertised the most frequently, marginally ahead of technical skills. Of the Characteristics leadership was most frequently advertised. The survey in this paper confirmed the practitioners actions in situations vacant advertising are congruent with their requirements profiled as essential skills in potential employees, today’s students. Keywords: Skills, characteristics, management accountant, situations vacant, advertising. Advertised Skills and Characteristics...
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...Management within Functional Areas of Business Management 521 September 3, 2012 Bridgette Hardy Functional Areas of Business Management is essential in the functional areas of business. Operational service is a functional area of business that demands effective and efficient managers. Management must possess certain skills will help the individuals to do their jobs in the functional areas of which they have chosen as a career. In each functional area of business there are three management levels. The various levels of management play a different but major role in the development and growth of a business. Goals set in designated area of business will vary, depending on the area of business and the level of management. Operational Services Management Armstrong (2006), states that operations management is responsible production of the business or organization's products. Operational service is the area of business that produces a product or services for customers. Managers in operational services oversee the work of their staff to ensure the organizational goals can be accomplished. Managers in this functional area are categorized on three different levels. There are lower level management, middle level management, and upper level management. The responsibility of the manager depends on the level of management in which the individual is classified. The lower level managers are those who manage non-managerial employees. Middle level managers are those...
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...Performance Management Plan HRM/531 May 1, 2014 Performance Management Plan A performance management system allows a business to maximize its efficiency through the sum of all its parts. Controlling employee’s behavior, maximizing employee efforts, and minimizing unproductive down town, is at the heart of a performance management system. In fact, according to Clardy (2013), “…a performance management system is the total complex of factors that trigger, channel, and maintain productive task performance.” (pg.1, para.2) Making sure employees are doing their job is no longer an efficient method of performance management. According to Cascio (2013), performance management can be thought of as a compass (pg. 332, para. 3). A compass will indicate current location and be a guide towards a desired direction. Thus, performance management helps businesses understand the current state of an employee’s performance and the desired outcome and direction in which to monitor and measure. Ensuring that an employee’s efforts are having a positive effect on business strategy becomes a key component of performance management. Moreover, human capital and performance management involves understanding how to align human capital management efforts to business strategies. Therefore, understanding how to align limo driver behaviors towards business strategy will be an indicator of the effectiveness of Landslide’s Limo performance management system. To facilitate the effort of recommending a performance...
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...advice to a group of Level Three business students on the usefulness of innovation management and new product development in an essay format. The topic of the essay is “what skills should a business graduate acquire about innovation management in order to advance their career development and employability”. "We live in a society where technology is a very important force in business, in our daily lives. And all technology starts as a spark in someone's brain. An idea of something that didn't exist before, that once they have invented it —brought it into existence — could change everything. And that activity is generally one that's not very well supported." - Nathan Myhrvold, CEO, Intellectual Ventures From a 2010 interview with Harvard Business Review Introduction In the development of new businesses today, initiatives that spur knowledge-based competitions amplify the importance of boundary spanning activities and tactical coalitions, which cause organizations to focus more on institutional knowledge, system improvement and knowledge management (Quah, 2001). This essay will help the level 3 business school students to understand the required skills about innovation management to to advance their career development and employability. An innovation is something that is new. You are required to write a piece of advice to a group of Level Three business students on the usefulness of innovation management and new product development in an...
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...Chapter 1—Strategic Management and Strategic Competitiveness TRUE/FALSE 1. The Opening Case shows that McDonald’s is one of the few firms able to achieve strategic competitiveness from its founding until the present time. ANS: F PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Multicultural & Diversity | Management: Environmental Influence | Dierdorff & Rubin: Managing strategy and innovation 2. By focusing on product innovations and upgrades of its properties, McDonald’s was able to achieve strategic competitiveness and above average returns. ANS: T PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge and Analytical Skills | Management: Strategy| Dierdorff & Rubin: Managing strategy and innovation 3. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: knowledge NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 4. Part of McDonald’s strategy was the choice that it would remain involved in additional food concepts such as Boston Market and Chipotle. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 5. Alligator Enterprises has earned above-average returns since its founding five years ago. Since no other firm has challenged Alligator in...
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...CONTEXT OF MANAGEMENT AND ORGANIZATIONS IN THE CONTEMPORARY BUSINESS ENVIRONMENT MAKES THE SKILLS OF MANAGEMENT AND LEADERSHIP ESSENTIAL FOR A MANAGER Name Course Instructor Institution Date Assess the View that the Changing Context of Management and Organizations in the Contemporary Business Environment Makes the Skills of Management and Leadership Essential for a Manager Numerous factors can influence organizational progress and performance. Some of the crucial factors include the existing management and leadership skills. The skills in management and leadership are normally reflected by the attitudes, job satisfaction and motivation of individual in the leadership positions. Therefore, the performance of an organization is heavily dependable on the leadership skills. it is important to analyze and study management skills and leadership to understand how they influence other factors in an organization which determines the organizational image, culture, employees and how they can become more effective and efficient. Individuals with leadership roles within an organization need to consider the underlying factors, which can influence their leadership skills. Having proper understanding of the organizational factors will help them influence junior employees positively and direct them towards achievement of the organizational success. Therefore, the organization’s philosophy, natured values, goals and visions forms the foundation for its background. In addition, the management and...
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...Performance Management Plan HRM/531 May 1, 2014 Performance Management Plan A performance management system allows a business to maximize its efficiency through the sum of all its parts. Controlling employee’s behavior, maximizing employee efforts, and minimizing unproductive down town, is at the heart of a performance management system. In fact, according to Clardy (2013), “…a performance management system is the total complex of factors that trigger, channel, and maintain productive task performance.” (pg.1, para.2) Making sure employees are doing their job is no longer an efficient method of performance management. According to Cascio (2013), performance management can be thought of as a compass (pg. 332, para. 3). A compass will indicate current location and be a guide towards a desired direction. Thus, performance management helps businesses understand the current state of an employee’s performance and the desired outcome and direction in which to monitor and measure. Ensuring that an employee’s efforts are having a positive effect on business strategy becomes a key component of performance management. Moreover, human capital and performance management involves understanding how to align human capital management efforts to business strategies. Therefore, understanding how to align limo driver behaviors towards business strategy will be an indicator of the effectiveness of Landslide’s Limo performance management system. To facilitate the effort of recommending a performance...
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...Chapter 5 - Business-Level Strategy TRUE/FALSE 1. A business-level strategy is a “big picture,” highly-generalized action plan that will move an organization toward achievement of its general vision. ANS: F PTS: 1 REF: Page 98 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 2. A generic business strategy is one that can be used in all industries and by all types of firms. ANS: T PTS: 1 REF: Page 99 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 3. Wal-Mart has not adjusted its business model since the mid 1990s. ANS: F PTS: 1 REF: Page 99 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Reflective Thinking | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 4. Competitive scope describes the breadth of the target market the organization wishes to serve. ANS: T PTS: 1 REF: Page 99-100 OBJ: Learning Objective 2 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 5. In general, firms with a standardized product should narrowly segment their market. ANS: F PTS: 1 REF: Page 100 OBJ: Learning Objective 2 KEY: Comprehension MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 6. Typically, the customers of organizations using the cost-leadership...
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...Due to speedy growth within the Management segment, a large number of people desire to build a profession in the same. Moreover, individuals who aren’t directly working within IT segment, indirectly operate with IT. Hall (1976) holds the view that the degree and qualifications hold no value in case if a reputable job isn’t grabbed afterward. After completing my bachelors in Management Studies and masters in Business Administration, the career that I have chosen is Management Consulting. Being a Management Consultant, has several benefits. Firstly, it offers good salary packages and high prospects to travel. Secondly, it offers opportunity to operate with top management of client’s organization. Lastly, the task never gets boring for the reason that it involves switching from one project to other and thus, provides opportunity to get hold of huge experience in distinct industries. Further, taking the above discussion into consideration this particular paper first highlights the job requirement of management consultant at Accenture. It also includes a thorough outline about the responsibilities and roles related to the position of Management Consultant. This is followed by providing a deep insight of my educational background, skills and abilities and also, mirrors the level to which my skills match with the required skills of the job profile. Lastly, the paper puts forward my personal development plan. Job Responsibilities of Management Consultant At the time when organizations...
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...BUSI 1475 Class: Intake 7; Student ID: 00013526 Student Name: Le Thi Minh Hien Lecturer: Bryan Tran Course: Contemporary Issues in Management Introduction In the orgnization’s today, managing employee is very important . If a organization want to developp, they need a good manager. Based on Shivarudrappa (2010), Human resource management are playing the role that the manager employ, educate, pick out and develop contributory for an organization. He also told us that HRM is making and implementation plan for all staff and operations of the company. So the role of HRM is very important for the development of each organization.To complete the task, HRM is the lead right from the first step.HRM must understand the needs of the employees, the company's strategy, knowledge of marketing, creative, and refreshing work themselves, said creating effective working environment (Zuzeviciute and Tereseviciene, 2007 ). This article was aimed to clarify the skills, abilities and knowledge of the HR manager in a modern company Skills, Competencies and Knowledge Human resource management’s role is one of the important components of the organization. There are some skills can help the manager grow into more effective. Two of the most important skills an employer's selection and recruitment.Recruiting good staff is the first basic skills of a recruiter.It is in the process of selecting a group of highly qualified candidates for recruitment office’s worker(Gold, 2007). He also decided...
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... | |INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA | |COURSE OUTLINE | | | |Kulliyyah / Institute |Kulliyyah of Economics and Management Sciences | |Department / Centre |Department of Business Administration | |Programme |Bachelor of Business Administration | |Name of Course / Mode |Strategic Management | |Course Code | | | |MGT 4760 | |Name (s) of Academic staff / | | |Instructor(s) ...
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...Analysis of Business Specialties Brian Groves, Jacqueline Johnson, Lynette Mckoy University Of Phoenix GEN/480 February 27, 2012 Dr. Kimberly Welsh Abstract As discussed in week two consulting scenario, team D must have both the knowledge, mindset, and skill set in all the areas that the team will want to cover and focus on for a team consulting firm. After reviewing the team members skill set last week all the members of the team have decided to pursue the second option, which was to develop an information technology consulting firm. As mentioned from the team skill set of strategic thinking/judgment, negotiator, problem solving, and time management make it easier for the team to tackle any issues of upgrading a department stores operating system, which will be the task that this organization will cover. The skills mentioned earlier will help the team stay successful and will help the consulting firm reach new clientele for the future. With our skill sets and mindset, we will be able to maintain a steady work flow and will complete jobs as they come. Analysis of Business Specialties This paper will define the consulting firm that was chosen by team D and address several issues or problems that the consulting firm may encounter. It will also give a description of the services that will be offered by Business Process Management consulting firm. Finally, the paper will explain why the consulting firm is well suited to the skills of the team members. Name and Description...
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...Management of Soft Skills @ Campus Placement ABSTRACT Every student pursuing a professional career in engineering/management or any other stream has an ambition to obtain a challenging job in a company of repute (a brand name) and make a successful career. The eligibility of any student for campus placement although decides on the basis of his current and past academic performance (i.e. 10th and 12th marks) but his success in the interview is mainly depend on the technical knowledge and mostly on presentation / communication skill/general awareness. This implies the importance of soft skill knowledge at this stage. Basic campus placement activities conduct in three phases. 1. Technical or subject Test 2. Group discussion 3. Personal Interview A group discussion or GD conducted to test following skill of the candidates. • Interpersonal skill-listening, speaking, receptiveness, team spirit etc. • Clarity of thoughts-knowledge and ability to link known fact • Communication skill- coherence And the interview process to evaluate the candidate on various aspects such as goal, attitude, and motivational level ability to react the situation etc. This also helps company to assess the cultural fit between the company and students. This paper will elaborate on exact soft skill required for the students who are ready for placement i.e. final or pre final year students of the college based on four important factors...
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