...Entrepreneurial Leadership Contemporary Business (BUS508) Strayer University, Takoma Park Campus October, 2014 Introduction In the beginning, Jerry and Murrel had to make a choice, either to convince their two oldest sons to go to college or consider the other alternative that is keeping them at home and save their college fund to start up a family business. With this decision Five Guys was found in mid 1980’s including all the children in the family into the business. In less than a period of ten years, the business expanded to different locations. Gaining experience, franchising the business to operators, getting recognition from its customers, the business grew up rapidly. Five Guy’s and their business are not limited to U.S. Today, there are about 670 stores across U.S and Canada. What is the company’s sanctified philosophy that enabled it to best compete with its counter fast food chains? How the original values of the start-up company remained strong today? What are the possible factors that contributed to the success of the business in such a short time? How is Five Guys responsive to its customers and the community at large? This case study examines issues brought for the discussion using the interactive case study “Five Guys Burgers and Fries: Ingredients for Success” and other body of literature as a secondary source. Five Guy’s Philosophy Five Guy’s strongly believe living by strong values is the key to good business. It seems that Murell and his family...
Words: 1446 - Pages: 6
...Learning Objectives Chapter 1 1 Distinguish between business and not-for-profit organizations. 2 Identify and describe the factors of production. 3 Describe the private enterprise system, including basic rights and entrepreneurship. 4 Identify the six eras of business, and explain how the relationship era—including alliances, technology, and environmental concerns—influences contemporary business. 5 Explain how today’s business workforce and the nature of work itself is changing. 6 Identify the skills and attributes managers need to lead businesses in the 21st century. 7 Outline the characteristics that make a company admired by the business community. iStockphoto The Changing Face of Business S nuggie: The Break-out Blanket Hit I f the first thing you do when preparing to curl up with a good textbook like this one is to reach for your Snuggie, you have plenty of company. Sales of the funky blanket with sleeves were expected to reach as high as 20 million units in just the second year the cozy accessory was available. Combined with the 5 million blankets sold in the first year, that volume will bring the value of total retail sales of the Snuggie to more than $300 million. That’s a respectable profit for an inexpensive product whose unique design and ungainly shape have made it the butt of YouTube parodies and late-night talkshow jokes. It means Allstar Marketing Group, which markets the Snuggie, is obviously doing something ...
Words: 18153 - Pages: 73
...Corporate Responsibilities and Marketing Strategies By Hamane Faye BUS-508 Contemporary Business Prof. Salomon Fakinlede Strayer University Business consists of all profit-seeking activities and enterprise that provide good and services to an economic system (Contemporary business, P.4). In this point of view Apple is considered as one of the world’s leader. Apple Inc. is a corporation that is most known for its consumers electronics and computer hardware and software. The company was created in April 1976 by Steven Jobs and Steven Wozniak (Apple Inc.). Since then, it is known worldwide and became the first American company to reach the milestone of $700 Billion according to the magazine Time. Apple Inc. built a very respectable and successful image in the world because of their managerial organization and in big part because of their electronic creativity. The company has loyal customers who are ready and willing to pay the price due to the quality of the product. Thanks to Apple’s ingenuity, products we never been aware of their need now exist and are indispensable to us. For example the MacBook, IPhone, Apple Pay etc. are not to be presented anymore. Despite Apple’s reputation and popularity it has to meet the ethical practices in order to be socially responsible. In this paper we will study first, Apple’s current position on the company’s ethical and social responsibilities, then determine whether or not the company has met these responsibilities. Second, determine...
Words: 1620 - Pages: 7
...Introduction This paper provides an overview of the outline of the three legal forms of business ownership, and summarizes the features of businesses owned by employees and families, as well as not-for-profit organizations defining and describing the concepts application. Objectives The goal 7, in chapter 5 introduces the concepts of the levels of corporate management, outlining what are the three main legal forms of business ownership and summarize the features of businesses owned by employees and families, as well as not-for profit organizations. Methodology/Concepts: definition Regardless of its size, every business is organized according to one of three categories of legal structure: sole proprietorship, partnership, or corporation. A sole proprietorship is owned and operated by one person; while a partnership consists of two or more persons carrying on a business for profit. The business is not a separately taxed entity, but rather, a conduit where the profit or losses of the partnership flow through to the partners. Partnerships are relatively easy to set up, but they do not offer protection from liability. A corporation is a legal entity that is separate and distinct from its owners. Investors receive shares of stock in the firm. The most important aspect of a corporation is limited liability, what means owners have no legal and financial liability beyond their individual investments. In a businesses owned by employees are another alternative in creating...
Words: 409 - Pages: 2
...social responsibility adherence and violations is Apple. The technology giant is very well known for its products and services and is widely recognized as an industry leader in the development of new technologies in several fields. Apple has even gained a reputation as a good employer. Yet, despite all of this, Apple has not been able to avoid the spotlight for having shortfalls in its ethical and social responsibilities. Examine Apple’s current position on the company’s ethical and social responsibilities, and determine whether or not the company has met these responsibilities. Provide two (2) examples that support your position. Apple is one of the world’s largest technology companies and is seen as the biggest innovator in the business. However, the company has recently come under fire for its unethical treatment of workers in factories and suppliers overseas, particularly in China. According to Apple’s...
Words: 2593 - Pages: 11
...USING TEAMS IN PRODUCTION AND OPERATIONS MANAGEMENT CONTEMPORARY BUSINESS MAY 13, 2012 Facts In this case study, I have been asked to research a leading manufacturer or a major retail or restaurant business. Analyze the company’s production and operations management system and evaluate the use of teams in its production and operations management. 1. Describe a major global corporation: (1) a leading manufacturer or (2) a major retail or restaurant business. Describe the type of business, market share, financials, size, and global presence; 2. Describe the company’s production or operations management; 3. Describe and evaluate the company’s use of teams in production and operations management; 4. Analyze and evaluate the company’s ability to adjust to a major economic, environmental, or natural crisis (such as the real estate crash, financial crisis, nuclear meltdown, hurricane, flood, oil spill, etc.) and communicate effectively with their employees and customers about issues caused by the crisis. Analysis Describe a major global corporation: (1) a leading manufacturer or (2) a major retail or restaurant business. Describe the type of business, market share, financials, size, and global presence. In this scenario, I am going to address the above mentioned topic, regarding describing a major global restaurant business. The restaurant business that I am going to discuss is the McDonalds Corporation. McDonalds for the past decade has lead the fast food industry...
Words: 1363 - Pages: 6
...Assignment 5: Financial Management BUS 508 - Contemporary Business Summer Quarter 2012 Introduction In contemporary business within the technology industry, the digital technology age has grown into one of the most profitable industries, especially centered on telecommunication. The United States of America is one of the most technologically advanced countries in the world. The United States mobile market continued to grow and updates its quality and service to the customer. T mobile and AT & T are the top two successful mobile companies that provide telecommunication service to the users. In the following paper will analyze how the company attempt to make profit from rising consumer demand after the crash. It will evaluate the change in consumer demand trends after the crash for T mobile and AT &T. The paper will discuss at least two strategies that multinational corporations can undertake in order to make profit by leveraging the growing consumer demand. Companies that attempted to make profit from rising consumer demand after the crash. How they attempted to make a profit after the crash and discuss any unethical practices. T-Mobile USA and AT&T provide mobile wireless communication services. The Companies offer wireless services including digital voice, messaging, and high-speed wireless data services, as well as phones and accessories. The companies serve customers throughout the United States. T-Mobile USA, Inc. is a global marketing-information-services...
Words: 3089 - Pages: 13
...John Wiley & Sons, Inc. David L. Kurtz University of Arkansas Louis E. Boone University of South Alabama BUSINESS 14TH EDITION Contemporary . . . at the speed of business “The 14th edition of Contemporary Business is dedicated to Joseph S. Heider, who brought me to John Wiley & Sons. Thank you, Joe.” —Dave Vice President & Executive Publisher Acquisitions Editor Assistant Editor Production Manager Senior Production Editor Marketing Manager Creative Director Senior Designer Text Designer Cover Designer Production Management Services Senior Illustration Editor Photo Editor Photo Researcher Senior Editorial Assistant Executive Media Editor Media Editor George Hoffman Franny Kelly Maria Guarascio Dorothy Sinclair Valerie A. Vargas Karolina Zarychta Harry Nolan Madelyn Lesure 4 Design Group Wendy Lai Elm Street Publishing Services Anna Melhorn Hilary Newman Teri Stratford Emily McGee Allison Morris Elena Santa Maria This book was set in Janson TextLTStd-Roman 10/13 by MPS Limited, a Macmillan Company, Chennai, India and printed and bound by R. R. Donnelley & Sons. The cover was printed by R. R. Donnelley & Sons. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live...
Words: 9095 - Pages: 37
...DEFINITION A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner. A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs. A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs. Classifications Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes...
Words: 4658 - Pages: 19
...Five Guys Burgers and Fries Restaurant Five guys burgers and fries is one of the most successful stories in the United States , they started the business in Arlington, Virginia in 1986. During the time, Jerry Murrel children said, "that they were not going to go to the college", their parents used their college funds and tried to get help from the bank but the bank refused to give them the money for their business, so they opened small hamburger take-out-shop by renting a place nobody else wanted to rent. They found a location that was unfavorable because of the awful location and lack of parking. They called their business " Five guys burgers and fries " regarding to Janie and Jerry Murrel family since they had five sons. They started the business with a simple business plan, it was according to Jerry Murrel's word "sell a really good, juicy burger on a fresh bun , make perfect French fries, don't cut the corner ", they did that although they had to pay high prices for their materials, so they were buying the best meat, using a high quality famous local bakery , using 100 percent peanut oil which cost five time as much as the oil other burger restaurants were using, and buying the potatoes from Northern Idaho where they grow more slowly and because of the weather condition grow solid and tasty in comparison to other restaurants that they buy the regular potatoes from California and Florida; not that the latest two are bad but it is a lot cheaper to buy from those two states...
Words: 1173 - Pages: 5
...standing and be used as input into the recommended brand and marketing strategy. Keywords: Interbrand, brand market strategy, global marketing, brand association, global brand management Reference: Reference to this paper should be made as follows: Larson, D. (2011) “Global Brand Management – Nike’s Global Brand”, The ISM Journal of International Business, ISSN 2150-1076, Volume 1, Issue 3, December 2011. Biographical Notes: Dr. Larson is an active management practitioner and academic and a PhD candidate at the International School of Management. Dr. Larson’s other doctoral degree is a Doctorate of Management in Information Technology Leadership. Her doctoral dissertation research focused on a grounded theory qualitative study on establishing enterprise data strategy. She holds Project Management Professional (PMP) and Certified Business Intelligence Profession (CBIP) certifications. Larson attended AT&T Executive Training at the Harvard Business School in 2001, focusing on IT leadership. She presents several times at year at conferences. Dr. Larson is Principal Faculty at City University of Seattle. The ISM Journal of International Business ISSN: 2150-1076, Volume 1, Issue 3, July, December 2011...
Words: 6031 - Pages: 25
...Module 1 - The Accoutant As Strategic Business Adviser The Need For Advice 1.4 (9 issues small business entrepreneurs seek advice about - business structure, IP, liability, regulation, contracts, etc) 1.4 (Malach, Robinson & Radcliff 2006) 1.4 (business efficiency & productivity, management information systems, risk management & internal controls) 1.5 (strategic level - selecting appropriate growth strategies, identifying new products and markets, etc) 1.5 (the need for advice variety of reasons - consider the demand for advice arises) 1.5 (Xiao & Fu 2009) 1.5 Table 1.1 - Characteristics Of Different Sized Organisations 1.6 (SE MSE LE - organisation, strategy, customer/community, financial, governance, work force, IT processes) 1.6 Requests For Advice: Operational - Srategic - Global 1.7 (improving operational performance, greater strategic role, globally relevant issues) 1.7 Example 1.1: A Busniess Dilemma 1.7 Counterpoint (opposing arguement, soft skills, first: make the right decision about the services they perform - second:) 1.7 Providing And Implementing Advice (technical skills, soft skills) 1.8 Figure 1.1 - Providing Business Advisory Services 1.8 (issue, requirement, request, investigation, advice, decision, implementation) 1.8 (recommend actions should be well supported, identify key stakeholders) 1.9 Figure 1.2 - The Chain Of Events For Business Advisory Services) 1.9 Example 1.2: Succession Plan - Please Help 1.9 ...
Words: 7475 - Pages: 30
...Unit 2 Assignment Sociotechnical system approach to management stands out among the rest because it is the only approach that incorporates humans into the management style. This approach is based on the idea that if given the correct tools, training and knowledge that the employees can be productive, and managers can correct errors early on in the work process. Quantitative Management stands out because this approach has a heavy emphasis on management problems. This is a mathematical approach to management. This approach is designed to allow managers to identify and solve problems and how to make clear and concise decisions. This method is often underused because of the varying tasks of management. Most managers cannot be predicted by a mathematical formula. Organizational behavior approach has two schools of thought, Theory X which states that a manager assumes an employee is lazy and irresponsible and in need of constant supervision to produce work, and theory Y which states a manager assumes their employees want to work and are not in need of constant supervision. Team “X” perspective is referred to the self-fulfilling prophecy, using negativity as a motivation for production. Team “Y” uses a culture of positive, advocating and individual motivations and challenges, and produces superior results. The Systems Theory approach depends heavily on the organizations relationship with outside contributions. This approach thrives on open systems, taking raw materials, human...
Words: 527 - Pages: 3
...IMPACT OF MEDIA ON SOCIETY Media has continuously pervaded and defined society and has advanced with technology. The traditional forms of media propagation including television, newspapers, posters and mail remain as efficient as before the introduction of newer methods. Email, websites, e-zines and social online media have replaced expensive media production such as magazines and photographic paper. Media imparts and shapes society’s opinion on the subjects of politics, business, culture and sports. It reflects on the freedom of speech and freedom of expression within a country. The positive aspects of free media far outweigh the negative effects that may occur. In the case of internet based media, control is difficult. Control of the Internet has however been imposed in China. Media has the ability to bring relief to disaster prone areas while at the same time it may be responsible for nurturing prejudice against certain regions. For example, the perception that Africa is an extremely underdeveloped region although it is actually bustling with megacities. In the world of social media, gossip columns have the potential to ruin lives of individuals or boost their popularity. Advertising through modern media has led to the rise of fortune 500 companies. It has been argued that media has resulted in a generation of couch potatoes who rarely engage in outdoor activities. It has become rarer to find someone who has good handwriting since typing is now the preferred skill...
Words: 375 - Pages: 2
...Contemporary Approaches and the Environments of a Business Andre Scarlett The contemporary approach is the most modern approach to management; it has improved on and even integrated the key concepts created by the classical approach to management. The Contemporary approach has four main theories; Sociotechnical systems, Quantitative management, Organizational behavior, and Systems theory. The Sociotechnical Systems theory is an approach to job design that attempts to redesign tasks to optimize operation of a new technology while preserving employees interpersonal relationships and other human aspects of the work, this approach mainly focuses on the management of quality and the control of processes to ensure the quality of goods or services, which just means doing everything right the first time around. Quantitative management is an approach that emphasizes the application of quantitative analysis to managerial decisions and problems, basically the company tries to guess the outcome of a decision using mathematical models, however many managers do not rely on this approach to make a decision they normally use there own judgment to make a decision, that being said they would still use this approach to compare or remove different options. The Organizational Behavior approach studies and identifies management activities that promote employee effectiveness by examining the complex and dynamic nature of individual, group, and organizational processes, this approach draws from...
Words: 621 - Pages: 3
