...The Key to a Thriving Business: Internal Communication Presented to Mark Medicoff Lecturer John Molson School of Business Concordia University Prepared by Student Comm 212 Section F John Molson School of Business Concordia University October 21, 2008 Table of Contents Executive Summary............................................................................................................iii Introduction..........................................................................................................................1 Background..............................................................................................................1 Purpose Statement....................................................................................................1 Research Methods....................................................................................................1 Body.....................................................................................................................................1 Keys to International Success..................................................................................1 Internal Communication in Business.......................................................................2 Microsoft’s Success in the International Market.....................................................2 DHL’s Success in the International Market.............................................................3 ...
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...Running Header: Keys to Operating A Successful Business 1 KEYS TO OPERATING A SUCCESSFUL BUSINESS RAVINEEL CHAND BUS 311: BUSINESS LAW INSTRUCTOR: ANTHONY PEREZ 11 AUGUST 2014 Running Header: Keys to Operating A Successful Business 2 When it comes to successfully starting and running a fireworks business, one of the most often asked question is “What tools are required to run a successful business”. Fireworks themselves are serious business and to start and successfully run a fireworks business is not as inherently easy as it seems. This paper will attempt to explain potential personal liability for injuries sustained by consumers when using this product incorrectly. It will also analyze the formation of a contract between Acme fireworks and several large retailers inquiring about Acme Firework’s Company’s ability to fill large orders on a regular basis. Along with that, it will also analyze the different employment types and finally recommend a new business entity based on the facts provided. Being personally liable for injuries to consumers who use Acme’s products can be best summarized as in the event a consumer is injured while utilizing Acme’s products, should they win the case in court , the judgment or settlement can be satisfied out of the personal assets of the owner of Acme Firework’s Company. “Strict liability, called liability without fault, means that manufacturers, distributors, wholesalers, retailers and others in the chain...
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...Ten Keys to Business Success There are ten critical areas where your ability to think largely determines the success or failure of your business. The greater clarity you have in each of these areas, the better decisions you will make and better results you will achieve. Key Purpose What is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Fully 50 percent of your time, efforts, and expenses should be focused on creating and keeping customers in some way. Key Measure The key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability. Key Requirement The key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability come from adding value. Every day, you must be looking for ways to add more and more value to the customer experience. Key Focus The most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient, and demanding--just like you. Nonetheless, the customer must be the central focus of everything you do in business. ...
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...a. Authority- the power or right to give orders, make decisions, and enforce obedience. b. Responsibility- the state or fact of having a duty to deal with something or of having control over someone. c. Organisational charts- An organizational chart is the most common visual depiction of how an organization is structured. It outlines the roles, responsibilities and relationships between individuals within an organization. d. Levels of hierarchy- Pyramid-like ranking of ideas, individuals, items, etc., where every level (except the top and the bottom ones) has one higher and one lower neighbor. Higher level means greater authority, importance, and influence. e. span of Control- the area of activity and number of functions, people, or things for which an individual or organization is responsible. f. Chain of Command- a system in a military or civil organization by which instructions are passed from one person to another. g. Delegation- is the assignment of responsibility or authority to another person (normally from a manager to a subordinate) to carry out specific activities. It is one of the core concepts of management leadership h. Communication flow- Communication is generally regarded as an essential part of the inner workings of an organization, as it involves the flow of information between the organization and its external and internal publics i. Centralisation- is the process by which the activities of an organisation...
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...Shaw LIT1: Task 310.2.1-01-06 Forms of Business Organizations and Key Characteristics and Differences Student # 000258452 6/12/12 Part A The Report Sole Proprietorship A sole proprietorship is a privately owned business, that is owned by one person who has unlimited and unshared liability. The proprietorship, since managed by one person, has no need for any type of agreements or formalities. The self-governing aspect of the sole proprietorship, allows for the owner to make decisions on their own without criticisms and the complexities of added decision makers such as other managers or board members. A major benefit that is 3 fold is the impact of the financials of the company and the pockets of the owner. The proprietor is able to enjoy all of the profits from the company. Costs of doing business or expenses lead to tax breaks and the ability to, in essence, charge off expenditures. The advantage of pass through taxation is important to the “laid back” nature of managing a sole proprietorship. A simple profit and loss statement can be submitted along with the owner’s annual tax return and it is considered sufficient to the Federal Government. These proprietorships are very easy to start and just as simple to terminate. Once the owner has satisfied all contracts, it can be decided to take on no more work and terminate the business. Although the benefits are nice the disadvantages are just as cruel when it comes to the business. The downside to the autonomous nature...
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...15 Examples of Key Business Success Factors (and this is not a comprehensive list) are: Number of new customers per year; Number of lost customers per year OR the number of customers retained (it is important to understand and measure the potential customer lifetime value for each customer on a regular basis); Hire and retain excellent employees (measured by employee turn-over, job vacancies, customer satisfaction); Successful new product introductions (measured by sales and costs); Successful promotional programs (measured by sales and costs); Good/healthy financial indicators: for example, working capital, acceptable ratios (in particular debt to equity ratios), profit margins, cash flow, receivables and more; If in the manufacturing industry, high operating capacity utilization; Strong supplier network; Strong distribution network or channel; Successful product positioning; Low cost structure; Niche product/service - track the number of competitors entering and/or leaving the niche. Is the cost of entry into the market high or low? Market leader or follower or challenger, and is your relative market position and why? Are you able to support that position if under 'attack'? Product differentiation: Do you have technology or service advantages that others can't easily copy? How unique and differentiated is your product or service? Time to market: is your product or service able to be delivered quickly and easily; from the first point...
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...Assignment 2 Discuss key factors in creating a community of practice within a business Name: Aaron Overington Student ID: 05020344 Paper Number: 157.240 Paper Title: Social Media in Business Paper Co-ordinator: Dr. Barbara Crump | In 1991 Jean Lave and Etienne Wenger defined a Community of Practice (CoP) as a group of people who share a craft and/or a profession (Lave & Wenger, 1991). This definition was further refined in 1998 by Wenger who identified three dimensions by which a community of practice defines itself by, namely what it is about, how it functions and what are its outputs (Wenger, Learning as a Social System, 1998). In the writers opinion there are three key factors involved to creating a community of practice in the business environment and this essay will seek to discuss each of these. We will start with the domain of the community of practice, then the community itself and finally the practice. It is the combination of these three factors, according to Wenger, that make up a community of practice and the development of each of the elements in parallel that develops it (Wenger, Communities of Practice, 2006). We need to comprehend initially though that a Community of Practice is not the same as a team. John Brown and Estee Gray suggested in their 1995 article that “At the simplest level, they are a small group of people who’ve worked together over a period of time. Not a team, not a task force, not necessarily an authorised or identified...
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...Before technology was founded, communication was made by painting, drawings and writing. Because there is a numerical limit to do the communication, people rarely communicate to each other. But now, people can communicate easily because the technology. The rise of the Internet and combined with the modern technology has really impacted the way of business operates. Some facts that technology has been the impact of a business is global companies can interact more easily because of technology and the Internet. They don’t need to get to the other country or maybe a city just to make an agreement and sign a document. This essay will talk about how online shopping and marketing & advertising has been impacted the way of business operates. As you can see, nowadays some companies improve their service by using a website to promote their products. They allow us as a costumer to purchase from online and paid the product and also the shipping cost by requiring a credit card. And they will send it through a courier service. Example, eBay is part of a company that selling things through online. Usually people who want to sell their things (example: Textbooks), they will post the detail and the book condition in their website. And people from another city or country can check it. Is it making easier people to buy things? Actually it is. Nonetheless, sometimes the photo and the details won’t it like they post it on the website. In the picture it looks nice, but in reality they are not in...
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...Chapter 9 Key nonfamily management: the visible commitment to managing the family business professionally. The perspective of nonfamily managers * The “Discovery Action Research Project” on family business found that non family managers tended to regard their families positively; in fact most would like to see the companies continue as family business. Despite the positive attitude, the study identified several problems in the relationships between owners and nonfamily managers. The differences uncover in the study represent imporatant challenges , offering significant opportunities to owner-managers to improve the motivation and performance of their top employees. That is the subject of a number of suggestions and actionable recommendations in this chapter. A Delicate Balance * Balancing the sometimes competing demands of family and business is a challenge for nonfamily managers- “owners have given me much responsibility” – “Now the delicate balance is between performance in what they hired me to do and keeping the chemistry going with the family”. * Key nonfamily managers are expected to keep up to date with professional management practices and be solid contributors in executive, functional and project areas. Staying current is the best antidote to concerns that nepotism may have an influence on career opportunities. The complexity of getting the job done, however, is compounded in a family firm by the need to skillfully manage the relationships with family...
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...British Ceramic Tile | Briefly evaluate the key aspects of the role of HR in managing the impact of contemporary business issues and external business influences | Word count 920 | Terri Fenwick 16th March 2015 | HR continuously works in a changing landscape of variables, including technology and legislation. Writing in Personnel Today, Dennehy (2014) states that “every year brings with it numerous legislative changes”. This will force businesses to regularly review their policies and procedures and adjust them accordingly in light of external forces. Technology has advanced significantly and we are now seeing a massive increase in Social Media such as Twitter, Facebook and LinkedIn being used in the Business environment for many things including general business marketing and as a recruiting platform. Employers need to keep up with technology and embrace the changes in order to compete with other Businesses. The key in HR successfully keeping up with these contemporary business changes is Change Management (Massachusetts Institute of Technology MIT 2004) * Planning for change * Implementing change * Supporting continuous improvement following change According to MIT (2004) in order to successfully manage change, HR must always plan for change due to the ever changing environment. It needs to reinvent itself to develop and grow with the change. Human Resource Management comes in different national styles but none of these are ‘free from the pressures...
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...ASSIGNMENT 2 16/04/2012 What is e-commerce? The key components to establishing and providing a successful e-commerce solution within an e-business environment. CONTENTS CHAPTER | PAGE | Introduction & Aims/Objectives of assignment. | 3 | 1. What is e-commerce? | 5 | 2. E-environment | 6 | 3. Establishing an e-business. How to support an e-business? | 9 | 4. E-business systems: infrastructure of hardware and software | 14 | 5. E-Logistics: Supply Chain & Procurement | 17 | 6. E-Security: Protecting and e-business & its infrastructure | 19 | 7. E-Marketing: How to push your e-commerce business using marketing tools online. | 21 | 8. E-CRM: Managing customer relations online | 24 | 9. The future of e-business | 29 | Conclusion | 31 | Bibliography | 34 | Introduction: Through this assignment I will be discussing the use of e-commerce in modern retailing. This essay aims to explore: What e-commerce is, the infrastructure needed to establish an e-business and the wider impact of e-commerce on the traditional business and retail environment. These aims will outline the main effects of e-commerce on a business. These will be achieved through: * Outlining the origins of e-business * Assessing the external impact of e-commerce on the environment & traditional retailing. * Examining the implementation and sustainability of an e-commerce business: Systems, Structures & Costs. * The impact...
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...Technology and the fast moving international world are making the HRM function in companies and businesses redundant. Is this true, or is HRM actually a key part of future business. Human Resource Management Technology and the fast moving international world are making the HRM function in companies and businesses redundant. Is this true, or is HRM actually a key part of future business. Human Resource Management Contents Introduction 2 PESTEL Analysis 3 The argument 4 Technology 4 Talent management 5 Globalization 6 7’s Model 8 Is Human Resource Management a key part of the future? 10 Conclusions 11 Authors comment 11 Refrences 12 Introduction Human resource management has no future! At least, in the way it has been performing in the past. Human resource management nowadays is not limited with the boarders of their clerical role. Nowadays, human resource management has to deal with such responsibilities as recruitment, training and benefits administration. To make this job easier we use technology to carry these amounts of information and to process them. Furthermore, IT has changed the way we communicate with the employee, how we train them and expanded the possibilities. Nonetheless, it creates a framework for us to deal with them when working with similar issues. In such an easy way, technology has changed the way Human Resource Management is structured. Undoubtable, there are cons as well- it has become harder to keep up with these changes...
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...STRATEGIC BUSINESS PLAN for (company name) for Period January 2002 to December 2005 (dates are examples only) Approved by (name), (position), on (date) Update Status: (amendment number), on (date) TABLE OF CONTENTS Executive Summary Section Page 1. Strategic Focus 2. The Business 3. Market Analysis 4 Products 5 Marketing 6 Research and Development 7 Production and Delivery 8 Supply Chains 9 Business Systems and Processes 10. Stakeholder Relationships and Alliances 11. Organisational and Management 12 Environmental and Social Impacts 13 Risk Factors and Regulatory Compliance 14 Corporate Governance 15 Financials 16 Application of Investment Funds 17 Strategic Action Plan 18 Plan Improvement Appendices: 1. 2. 3. Some Thoughts on Writing this Plan before We Start • Clearly identify the readers of this document. Then write the plan in a style that is easily understood by readers • Remember that this plan is a working document that has the clear purpose of initiating focussed action and generating clear and measurable results. Avoid the excessive use of descriptive adjectives to 'pad' or over-sell the plan. Flowery, highly descriptive language can cloud key issues, blur the plan's focus and slow/confuse its implementation • Keep the plan 'tight'; ensure it remains concise, balanced, clear and logical. Where possible use quantitative...
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...universally accepted definition of the term small business is based on the number of people employed by the firm. ANS: F PTS: 1 DIF: Difficulty: Easy REF: p. 5-6 OBJ: LO: 1-2 NAT: BUSPROG: Analytic KEY: Bloom’s: Comprehension 2. According to the text, the term entrepreneur refers to small business founders only. ANS: F PTS: 1 DIF: Difficulty: Easy REF: p. 6 OBJ: LO: 1-2b NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 3. The term bootstrapping refers to the practice of bartering rather than buying with cash or credit. ANS: F PTS: 1 DIF: Difficulty: Moderate REF: p. 6 OBJ: LO: 1-2b NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 4. Successful entrepreneurs should be aware of their strengths and weaknesses and be willing to strive toward goals. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3 NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 5. Entrepreneurs should avoid hiring mediocre people. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3 NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 6. According to the text, managers who buy out founders of existing firms may be classified as entrepreneurs. ANS: T PTS: 1 DIF: Difficulty: Easy REF: p. 9 OBJ: LO: 1-3a NAT: BUSPROG: Analytic KEY: Bloom’s: Knowledge 7. Franchisees are not really entrepreneurs because they have a contract with a franchising organization. ANS: F PTS: 1 DIF: Difficulty: Moderate REF: p. 10 OBJ: LO: 1-3b NAT: BUSPROG: Analytic KEY: Bloom’s: Analysis 8. An entrepreneurial...
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...reserved. 0263-2373 $32.00 The Underlying Vulnerabilities in Key Account Management Strategies NIGEL PIERCY, Warwick Business School NIKALA LANE, Warwick Business School Recent years have seen substantial growth in the development of Key Account Management (KAM) systems and structures to meet the escalating demands faced by suppliers from major businessto-business customers. KAM promises to replace adversarial buyer–seller relationships with cooperation, joint problem-solving and integration in a new model of buyer–seller interaction. Large expenditures have been made by many major companies in building KAM and similar strategies, in the face of ever-growing demands of powerful, large customers. However, these structures appear frequently to have been built on assumptions which are increasingly dubious. There is a compelling case for arguing that in many cases KAM strategy is fatally flawed and will, in the long term, fundamentally damage many of the supplier companies which have invested in this route to market. The challenge is to understand better the inherent weaknesses in KAM strategy to balance these against the potential benefits, and to develop more robust strategic alternatives to managing relationships with major customers. Ó 2006 Elsevier Ltd. All rights reserved. Keywords: Key account management, Strategic account management, Buyer–seller relations, Buyer– seller interactions, Business-to-business customers ing managerial books about KAM, countless consultants eager...
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