Principal Of Management

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Ethics

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is the code of moral principles and values set governs the behaviors of a person or group with respect to good or bad in conduct and decision making. B. an ethical issue is present in a situation when the actions of a person or organisation may harm or benefit others.

Hint 1

Managenial ethics. Do the right thing.

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Ethical management today

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Every decade seem to experience it shares of scoundrels, but the prevasiveness of ethical lap during the early 21st century has been astounding. In the recent Gallup poll regarding the perception of business leaders, just 15% of respondents rated leaders honestly and ethical standards as "high" or "very high". Also manager in organizations engage in unethical behavior for any number of reasons, such as personal Eagle, greed, or pressures to increase profit or appear successful.

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Hot topic

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In 2012, the average pay of the CEO at large US corporation was 354 times what they average Employee was paid, according to one estimates. By contrast, in 1980, CEO paid was only about 42 times that of the average worker. As part of financial reform several years ago, Congress directed the Security and exchange commission to require that public companies disclose the ratio of CEOs pay compared to please, but the rule has yet to be finalized and enforced, partly because of heavy mobbing by corporations.

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The business case for ethical and social responsibility

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Naturally, the relationship of ethics and social responsibility to an organisation financial performance concerns both managers and management scholars and has generated a lively debate.

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Ethical choices influence

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Personality, family influence, religious background, ego, confidence, independance.

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An ethical dilemma

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Arises in A situation concerning right or wrong when values are in conflict. right or wrong cannot be clearly identified.

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Utilitarian approach

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the utilitarian approach, espoused by the 19th century philosophers Jeremy bentham and John struart Mill, holds that moral behavior produces the greatest good for the greatest number.

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Individualism approach

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The individualism approach contends that acts are moral when they promote the indivisuals best long term interest. In theory, with everyone pursuing self-direction, the greater good is ultimately served because people learned to accommodate each other in their own long term interest. Individualism is believed to lead to honesty and integrity because that works in the long run.

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Moral rights approach

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The moral rights approach assert that human beings have fundamental rights liberties that cannot be taken away by an individual's decision. To make ethical decisions, managers need to avoid interfering with the fundamental rights of others, such as d right to privacy, right to consent, or the right to freedom of speech.

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Justice approach

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The Justice approach hold that moral decisions must be based on standards of equity, fairness, and impartiality.

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Three types of Justice are of concern to managers.

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Distributive justice, requires the different treatment of people not to be based on arbitrary characteristics. Example, men and women should not recieve different salaries if they have the same qualifications and I are performing the same job.

procedural justice: requires that Ruby administrative fairly. You should be clear stated inconsistent and impartially enforce.

Compensatory justice: argues that individuals should be compensated for the cost of their injuries by the party responsible. the just approach is close to banking underlying the domain of law because it is soon that justice is applied through rules and regulations. Note: managers are expected to define attributes on which different treatments of employment is acceptable.

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Practical approach

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The practical approach : sidestep debates about what is right, good, or just dace decisions on prevailing standards of the professional in the largest IT, taking and Trust of all stakeholders into account.

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Hot topic

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The action of Paul Reid, the manager who set the US Secret Service prostitution scandal in motion by reporting the misconduct of agents in Cartagena, Columbia, was based largely on the practice approach.

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The stages of moral development.

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Are important personal factors and stages of moral development. enter preconventional level: individuals R concerned with external rewards and punishments and obey authority to avoid detrimental personal consequences. Inter at level 2 it called, the conventional level people learn to conform to the expectations of good behavior as defined by colleague, family, friends, and society. Answer at the third stage which is called: at the post conventional level, or the principal level, individuals are guided by internal set of values based on universal principles of justice and we'll even disobey rules or laws that violate these principles.

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Givers vs. takers.

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When Manager operate from a higher level of development, they may use the form of servant leadership, focusing on the needs of followers and encouraging others to think for themselves. Research has shown that people will work hard and more effectively for people who put others interested in needs above their own.

Example Howard Lee who's leading the South China office for Groupon, received a flood of applications for sale job. By researching media, he could identify that some candidates had a pattern of self-serving behavior. He quickly read it goes out and focus on applicants who demonstrated a track record as givers.

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What is corporate social responsibility?

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There has been an explosion of interest in recent years and the concept of corporate social responsibility. In one sense, the concept of social responsibility, like at 6, it's easy to understand: it means distinguishing right from wrong and doing right it means being a good corporate citizen.

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Corporate social responsibility formal definition. (CSR)

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Is management obligation to make choices and take actions that will contribute to the welfare and interests of society, not just the organisation. As straightforward as a Definition scene, CSR can be difficult concept to grasp because different people have different beliefs as to which action improve society welfare. to make matters worse, social responsibility cover a range of issues, many of which are ambiguous with respect to right or wrong.

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Organizational stakeholders

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One reason for the difficulty of understanding in applying SCR is that managers must confront the question, responsibility to home? Week off from Chapter three that the organisation environments consist of several electors and both just ask in the general environment. From the social responsibility perspective, and lighting organizations use the internal and external environment as a variety of stakeholders.

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Stakeholder

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A stakeholder is any group or person within or outside the organization that has some type of investment or interest in the organization performance and is effective by the organization's actions. example employees, customers, shareholders, and so forth. Each stakeholder have a different criterion of responsiveness because it has a different interest in the organisation.

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Stakeholder mapping

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There is a growing interest in a technique called stakeholder mapping which provides a systematic way to identify the expectations, need, importance, and related power of various stockholders, which may change over time, enter stakeholders mapping health management identify or prioritize the key stakeholders related to a specific issue or project.

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Example, gap incorporation, struggling to cope with the turmoil created after the company was targeted by protesters for using contractors that polluted the environment and engaged in child labor practices, decided to use mapping to identify key stakeholders with which the firm could develop deeper, transparent relationship.

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The green movement

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that quickly read any news of corporation negativity impact on environment.

Ok going green has become a new business interpretive, driven by shifting social attitudes, new governmental policies, climate changes, and information technology ti that quickly read any news of corporation negativity impact on environment.Energy is an area of growing concern for the green movement, as reflected in the controversy associated with the purposed building of Keystone XL pipeline, which would add a link running from the oil sands of Alberta, Canada, to refineries on the Texas coast of the Gulf of Mexico.

Energy is an area of growing concern for the green movement, as reflected in the controversy associated with the purposed building of Keystone XL pipeline, which would add a link running from the oil sands of Alberta, Canada, to refineries on the Texas coast of the Gulf of Mexico.

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Sustainability and the triple bottom line.

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Some corporations are in bracing an idea called substainability or sustainable development.

- substainability refers to economic development that generates wealth and meets the needs of current generation while preserving the environment and society so that future generations can meet their needs as well. What the philosopher of system bility management Weaver environmental and social concerns into strategic decisions so that financial goals are achieved in a way that is socially and environmentally responsible.

Manager in organizations that embrace substainability measures their success in terms of triple bottom line.

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Triple bottom line

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The term triple bottom line refers to measuring the organization's social performance, its environmental performance, and its financial performance.

This is sometimes called the 3 P's: people, planet, and profit. Inter

the people play a part of triple bottom line looks at how socially responsible the organization is in terms of fair labor practice, diversity, suppliers relationship, treatment of employees, contribution to the community, and so forth. Planet aspect measures the organization's commitment to environmental sustainability. The third P of course look at the organization's profit, the financial bottom line. Based on principle that's what you measure is what you strive for energy, using a triple bottom line approaches to measuring performance insurance at management takes social and environmental factors into account rather than blindly pursuing profit, no matter the cost to study and the nature environment.

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Evaluating corporate social responsibility.

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evaluating corporate social performance, which indicates the total corporation social responsibility can be divided into four primary quiet.: economic, legal, at the go, and discretionary responsibility. These four criteria fit together to form the whole company social responsiveness

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The first criteria of social responsibility is economic responsibility. The business institution is, above all, the basic economy unit of society. Its responsibility is to produce the goods and services that society wants and to maximize profits for its owners and shareholders. economic responsibilities, carried to the extreme, is called the profit maximizing you, advocated by Nobel economist Milton fireman.

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Legal responsibility

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defines what society deems as important with respect to appropriate corporation behavior. That is, businesses are expected to fulfill their economic goals within the framework of legal requirements imposed by local town council, state legislature, and federal regulatory agency.

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Economic responsibilities be profitable, second legal responsibilities obey the law, 3rd at the coal responsibilities be ethical do the right thing of way home, forest discretionary responsibility, contribute to the community; be a good corporate citizen.

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Discretionary responsibility

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Is purely voluntary and is guided by company's desire to make social contributions not mandated by economics, laws, or ethics. Discretionary activities include generous philanthropic contributions that offer no payback to the company and are not expected.

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For example, Procter & gamble P&G provides tier Packers that tree contaminated water and make it safe to drink for victims of natural disasters, such as Asian tsunami in 2004.

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Organizational virtuousness

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Discretionary responsibility is related to organizational virtuousness, which means that organizations received a positive human impact, moral goodness, and unconditional society betterment for its own sake.

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The ethical organisation

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Ethical leadership, code of ethics, ethics committee, she's at the officer, ethics hotline, ethics training, support for whistleblowers.

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Management company's ethics and social responsibility

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An expert on the topic of ethics said, management is the responsibility for creating and sustaining conditions in which people are likely to behave themselves. One of the most important step Manager can take is to practice at the gold leadership. Epica leadership mean the managers are honest and trustworthy, Fair in their dealings with Employee and then customers, and behave ethically and both their professional and personal lives.

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Code of Ethics

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Akota epic is a formal statement of a company value concerning at six in social issues; its communications to Employee what the company stands for. Code of Ethics 10 to exist in to type: principle based statements and policy-based statement.

principle-based statements are designed to affect corporations culture, they define fundamental values and contains general language about company's responsibility, quality of products and treatment of employees.

Policy-based statements generally outline the procedures to be used Pacific ethical situations. these situations include marketing practices, conflict of interest, observance of laws, proprietary information, political gifts, and equal opportunities. General statements of principles are often called corporate credo.

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Ethical structures

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Ethical structures represent the various systems, positions, and programs that the company can undertake to encourage and support ethical behavior.

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Ethics committee

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An ethics committee is a group of executive and sometimes lower level employees as well , appointed to oversee company at this. The committee provides ruling on questionable ethical issues and assume responsibility for disciplining wrongdoers.

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Chief ethics officer

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These officers are headed by a chief ethics officer, sometimes called she's at 6 and compliance officers, a company executive who oversees all aspects of ethics and legal compliance, including establishing and broadly communicating standards, ethics training, dealing with exception or problems, and advising senior managers and ethical and compliance aspect of decision.

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Whistle blowing

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Employee disclosure of illegal, unethical, or a legitimate practice on the employer's part is called whistleblowing. No organization can rely exclusively on code of conduct and Epico structure to prevent or unethical behavior. Holding organizations accountable depending to do some degree on individuals who are willing to speak up if they detect illegal, dangerous, or unethical activities.

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Ch. 6

Entrepreneurship

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Is the process of initiating a business venture, organizing the necessary resources, assuming the associated whisk, and enjoying the rewards.

What is entrepreneurship A. risk and reward B. process 1. valuable idea 2. financial risk 3. profit.

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Entrepreneur

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The entrepreneur is someone who engages in entrepreneurship. entrepreneur recognizes avariable idea for a business product or service in carrying out by finding and acetylene and necessary resources, money, people, machinery, location etc to undertake the business venture.

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Impact of entrepreneurial companies

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like others companies, small businesses have said hi by the global economy crisis, but small businesses and entrepreneurs I have an engine behind the economy rebounds that occurs in the markets.

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Types of small business owners

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Idealist: rewarded by chance to work on something new and creative.

Optimizers: get personal satisfaction from being a business owner.

Hard workers: drive on the Challenger building in larger, more profitable business.

jugglers: high-energy people who enjoy handle and every detail of their own businesses.

Sustainers: enjoy chance to balance work and personal life.

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Entrepreneurship Internationally

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Globally, entrepreneurship has experienced tremendous ghost due to huge advances in technology and the rapid expansion of the middle class in countries such as China and India. Consider one of the Indians most successful entrepreneurs

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Entrepreneurship in the United States

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The impact of entrepreneurial companies on the US economy is astonishing. The United States, small businesses represent about half the private sector of the economy and 99% of all businesses. the 27.9 million small firms in the United States account for more than half of a United States Bill + 55% of our jobs.

in addition, small businesses represent 98% of us exporters and produce 33% of all export value.

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Minority owned business

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as the minority population of the US has grown, so has the number of minority owned businesses.

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Women owned businesses

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Female entrepreneurs have been launching new businesses at twice the rate of men for the past three decades. more than 10 million phones, or 29% of all businesses, where majority woman owned in 2008, the most recent data available, according to the Center for Women's Business Research. Cells of these businesses generated 1.9 million and provided 16% of all jobs in a range of industries such as professional and Technical Services, health care, retail, construction, real estate, and administrative services.

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Traits of entrepreneurs

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And number of studies have investigated that characteristics of entrepreneurs and how they different from success for Manager and establish organisation some suggest the entrepreneurs and general want something different from life then do traditional Manager.

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Autonomy

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In a survey of 2000 entrepreneurs, the desire for auto not of me what's a primary motivator for pursuing an entrepreneurial life. Entrepreneurs given by the desire for autonomy cherish the freedom of making their own decisions about their business.

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Entrepreneurial sacrifices

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Another common trait among entrepreneurs is the ability to preserve and stay positive after long periods of sacrifice or struggle. Most entrepreneurs are willing to give up valued aspects of their lives, such as time and money, for the sake of starting their own businesses.

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High energy

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A business start up requires a great effort. A survey of small business owners by staples found that 43% of small businesses owners work more than a regular 40 hour week, 31% reported working during holidays and 13 said that they regularly work more than 80 hours a week. high levels of passion also helps entrepreneurs overcome inevitable obstacles and traumas.

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Need to achieve

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Most entrepreneurs have a strong need to achieve, which means that people are motivated to excel in pic situations in which success is likely. People who have high achievement needs like to set their own goals, but you are morally difficult.

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Self confidence

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people who start and run a business must act decisively. they need confidence about their ability to master the day today task of the business. they must feel sure about their ability to win customers, handle the technical details, and keep the business moving entrepreneurs also have a general feeling of confidence that they will deal with anything in the future, complex, unanticipated problems can be handled as they arise.

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Internal locus of control

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A person locus of control define whether he or she places the primary responsibility with themselves or on outside forces. Few situations prevents more uncertainty then starting a new business. Entrepreneurs have to be highly self-motivated and believe that they are masters of their own face.

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Social entrepreneurship

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Social entrepreneurship focus primarily on creating social value by providing solutions to social problems, with the secondary purpose of generating profit and returns.

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Launching an entrepreneurial setup

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Whether one starts with a non-profit organization, a socially orientated business, or traditional for profit small company, the first steps in pursuing an entrepreneurial dream is to come up with a viable idea and then plant like crazy.

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Starting with the new idea

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To some people, the idea for a new business is the easy part. They do not even consider entrepreneurship until they are inspired by an exciting idea. Other people decide that they want to run their own business and set about looking for an idea or opportunity.

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Writing a business plan

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Once an entrepreneur is inspired by a new business idea, carefully planning its crucial. A business plan is a document specifying the business detail prepared by an entrepreneur prior to opening a new business.

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Growth of small businesses

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advances in technology, rise of women entrepreneurs, dissatisfaction with working for big companies

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Job Creations.

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Jobs created by small businesses give the United States economy vitality that no other country can claim. The US Small Business Administration reports that small firms accounted for 64% of net new jobs created between 1993 and 2011 in about 67% of jobs created during the last recession from the mid 2009 2011. Yet there is a disagreement among researchers over what percent of new jobs is actually created by small business.

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Innovation

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Small business owners typically gain and intimate understanding of their customers, which places them in ideal position to innovate. consider the new headset to helmet communication systems used by NFL football coaches which was designed by Gunderson & schnakenberg, a small firm in Lincoln, Nebraska, that Employee 3 full time workers in about 100 / time audio technician.

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A sole proprietorship

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Is defined as in unincorporated business owned by an individual for profit. Proprietorship make up the majority of businesses in the United States. This form is popular because it is easy to start and has few legal requirements. a proprietor has total ownership and control of the company and can make all decisions without consulting anyone . however, this type of organization has drawbacks. The owner has unlimited liability for the business, meaning that if someone sues, the owners personal as well as business assets are at risk. Also financing can be harder to obtain because business success rests on one person's shoulders

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Partnership

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A partnership is an unincorporated business owned by two or more people. Partners, like proprietorships, are relatively easy to start. two friends may reach an agreement to start a graphic arts company. To avoid misunderstandings and to make sure the business is well planned, it is wise to draw up in sign in for more partnership agreement with the help of an attorney. The agreement specifies how partners are to share responsibilities and resources and how they will contribute their enterprise. The disadvantage of a partnership are the unlimited liability of the partners and the disagreement that almost always occur among strong minded people.

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A corporation

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A corporation is an artificial entity created by the state and existing apart from the owners. As a separate legal entity the corporation is liable for its actions and must pay taxes on its income. Unlike other forms of ownership, the corporation has a legal life of his own, it continues to exist regardless whether the owners live or die. And the corporation, not the owners, is liable if the company gets sued. Thus,continuity in limits on owners liability are two principals advantages of forming a corporation.

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Arranging financing

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Most entrepreneurs are practically concerned with financing the business. A few types of businesses can still be started with a few thousand dollars, but started a business usually requires coming up with a significant amount of initial funding. An investment is required to acquire labor and raw materials, and perhaps a building and equipment as well.

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Debit financing

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Debit financing borrowing money that has to be repaid at a later date to start a business. one common source of debit financing for a startup business is to borrow from family and friends.

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Equity financing

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Equity financing consists of funds that are invested in exchange for ownership in the company.

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Angel financing

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But typical source of equity financing for businesses with high potential is through angel financing. Angels are wealthy individuals, typically with a business experience and contacts, who believe in the idea for the startup and are willing to invest their personal funds to help the business get started.

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Venture capital firm

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Adventure capital firm is a group of companies or individuals that invest money in new ork spending businesses for ownership and potential profits. Venture capitalists and particularly interested in high tech businesses such as biotechnology, innovative online ventures, or telecommunications because they have the potential for high rates of return on investment.

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Crowfunding

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One popular opinion today is called crowfunding, which is a way of raising capital by receiving small amount of money from a large number of investors, usually through social media and the Internet.

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tactics for becoming a business owner

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Aspiring entrepreneurs can become business owners in several different ways. They can start a new business from scratch, buying existing business, or franchise, another popular entrepreneur tactic if you participate in a business incubator.

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Buying a franchise

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Franchising is a business arrangement you're a firm franchisor collective front and ongoing fees and exchange for individuals or other from franchisees to offer products and services under its brand name and using its processes.

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Participate in a business incubator

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Inattractive opinions for an entrepreneurs who wants to start a business from scratch to join the business incubator, which typical provides shared office space, management support services, and management in legal advice to entrepreneurs.

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personality traits

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High energy, I need to achieve, self confidence, tolerance for ambiguity, power and influence.

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Starting an online or mobile app business

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Many entrepreneurs are turning to the Internet to expand their small business or launch a new venture. Anyone with an idea, access to the Internet, and the tools to create a web site can you start an online business.

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Find a market niche

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To succeed in the competitive online market, the entrepreneur needs to identify a market niche that isn't being served by other companies. Online business success when they sell unique, customized, or narrowly focused products or services to a well-defined target audience.

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Create a professional website

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Online shoppers have short attention spans, so a website should enhance them to lingers. In addition, website should be easy to navigate and intuitive offer me you that are easy to read and understand.

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To the domain name

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A domain name gives the company and address on the website and a unique identity.

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know when to pivot

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One of the biggest mistakes that new entrepreneurs make is not knowing when to pivot, which means to change the strategic direction of the business.

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Use social media

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Social media sites, such as Facebook, Twitter, and YouTube, have the potential to be powerful tools for small business owners. The benefits of using social media includes gaining valuable feedback on products and services, building communities of loyal followers, and promoting special events in pricing.

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Ch. 7

Go settings in planning overview

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A goal is a desired future circumstance or condition that the organization attempts to realize. goals are important because organization exist for a purpose, and goes to find and state the purpose.

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Goal setting in planning overview

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The plan is a blueprint for goal achievement in specified the necessary resources allocation, schedule, Pass, and other actions. So specified future in, plans specify today's means.

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Goal setting and planning overview

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The concept of planning usually incorporates both ideas, it means determining the organization goals and finding the meaning for achieving them.

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Levels of goals and plans

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The levels of goals and plans in the organization. The planning process starts with a formal mission that defines the basic purpose of the organization, especially for external audience. The mission is that faces for the strategic company level of goals and plans, which in turn shapes the tactical divisional level in the operational departmental level.

Hint 79

First mission statement ,

second strategic goals , plans senior management, organization as a whole.

Third technical goals, plans middle management, major division functions, planning for an idea.

fourth operational goals, plans lower management, departments and individuals, spending money.

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Organizational planning process

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The overall planning process, prevent Manager from thinking nearly in terms of day-to-day activities. The process begins with Manager develop the overall plan for organization by clearly defining mission and strategic company-level goals. Second, they translated the plan into action, which includes the fighting tactical objective in plans, developing a strategy map to align goals, formulating contingency and scenario plans, and identifying intelligent pains analyze major competitive issues.

Third, Manager Lyodd the operational factors needed to achieve goals. this involves devising operational goals and plans, selecting the measures and targets that will be used to determine if things are on track, then identifying stretch goals in crisis plans that might need to be put into action.

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Goal setting in organizations

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Cold stone just appear on their own in organizations. Both are socially constructed, what you mean they are defined by an individual or group. Manager typically have different ideas about what goals should be.

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Organizational mission

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At the top or the goal hierarchy is the mission the organization's reason for existence. The mission describes organisation values, aspirations, and reason for being. How well-designed mission is best for development of all subsequent goals and plans.

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Mission statement

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The formal mission statement is a girly statement definition of purpose that distinguishes the organization from others of a similar type.

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Goals and plans

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Strategic goals, sometimes called official goals, are broad statement describing where the organization wants to be in the future. These goals pertaining to the organization as a whole rather than 2 specify divisions or departments.

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Strategic plans

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Strategic plans define the actions steps by which the company intends to obtain strategic goals. The strategic plan is the blueprint that defines the organizational activities in resource allocations in a form of cash, personnel, space, and facilities required for meeting these targets.

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Steps in implementation

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Develop plan, translate plan, plan operations, execution of the plan, monitor and control the plan.

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tactical goals

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After strategic goals are formulated, the next step is to define tactical goals, which are the results that major divisions and departments within the organisation intends to achieve. These goals apply to middle management and describe what major subunits must to for the organization to achieve its overall goals.

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Tactical plans

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Are designed to help execute the major strategic plans and to accomplish a specific part of the company strategy. tactical plans typically have a shorter time horizon that strategic plans that is, over the next year or so. The word technical originally come from the military.

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Operational goals

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The results expected from the apartments, work groups, and individuals. They are precise and measurable process 156 application each week achieved 90% of delivery on time reduce overtime by 10% next month and develop two new online courses in accounting are examples of operational goals.

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Operational plan

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Are developed at the lower levels of the organization to specific action step towards achieving operational goals and to support technical plans. really D operational plan is the department managers to for daily and weekly operations. Goals are stated in quantitative terms, and the department plan describes how goals will be achieved.

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Aligning goals using a strategic map

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effectively designed organizational goals are aligned, that is, they are consistent and mutually supportive so that the achievement of the goals at low level prevents d attainment of high-level goals.

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strategy map

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A strategy map is a visual representation of the key drivers of an organization's success. Because the strategy map shows how specify goals and plans in each area are linked, it provides a powerful way for Manager to see the cause and effect relationships among goals and plans.

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Characteristics of effect goal setting

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Specific, measurable, link to rewards, challenging, definite time period, Have a time Cap.

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Criteria for effective goals

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that characterize effective goals car serviced in 4 moles, goals need to be Specific and measurable. When possible, operational goals should be expressed in quantitative terms, such as increasing profits by 2%, having zero incomplete sales order forms, or increasing average teacher effectiveness ratings from 3.5 to 3.7.

Defined time period effective goals also have it define time period that specifies the dates on which gold the payments will be measured. inter instead, managers establish goals based on the idea of measurement and clarity.

inter instead, managers establish goals based on the idea of measurement and clarity.

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Key performance indicators

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Assess that's what is important to the organization of the world organisation which progressing towards obtaining its strategic goal, so that Manager can establish lower level goes that drive performance towards the overall strategic objectives. Managers should set goals that are challenging but realistic.

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Management by objectives

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Is the system whereby managers and employees define goals for every department, project, in person and you still up to monitor subsequent performance.

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Management by means MBM

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A new systematic approach that has recent emerged is called management by means, which for you attention on the methods of processes used to achieve goals.

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Single use and standing plans

Back 98

Are developed to achieve a set of goals that are not likely to be repeated in the future.

Hint 98

Program, plans for painting a one time organizational goals, major undertaking that may take several years to complete, large in scope, may be associated with several projects.

project also a set of plans for obtaining a one-time go, small and scope in complex than a program, shorter and horizon, off in one part of a larger program.

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Standing plans

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Are ongoing plans that provide guidance for tasks or situations that occur repeatedly with within an organization .

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Planning for turbulent environment

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Considering the limitations to planning, which are manager to do? One way that managers can gain benefits from planning and control is limitations is by using innovative planning approaches that are in tune with today's turbulent environment. Three approaches that help raise the organisation for unexpected even unimaginable events of contingency planning, building scenarios, in crisis planning.

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Contingency planning

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Contingency plans defines company responses to be taken in case of emergencies setbacks, or unexpected conditions. To develop a contingency plan, managers identify important factors in the environment, such as possible economic turn downs, - cleaning Marcus, increasing cost of supplies, new technological developments, what is safety

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scenario building

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Scenario building involves looking at current trends in discontinuities in visualizing future possibilities. Managing the future, says Stephen Millett.

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Crisis planning

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Many firms also engage in crisis planning to enable them to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization of if managers aren't prepared with a quick and appropriate response.

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Crisis prevention

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The crisis prevention stage in walls activities that managers undertake to try to prevent crisis from occurring and to detect warning signs of potential crisis. A critical part of the prevention stage is building open, trusting relationship with the key decoder such as employees, customers comma suppliers, government, unions, in the community.

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Prevention

Back 105

Build relationships, detect signals from the environment

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Preparation

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Decimated crisis management team and spokesperson, create detailed crisis management plan, set up effective communication system.

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innovative approaches to planning

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the process of planning changes over time, like other aspects of managing, to become more in tune with shift in the environment and employee attitudes.

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Decentralizing planning

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Which means the planning experts work with Manager in major divisions or department to develop their own goals and plans. Manager throughout the company come up with your own creative solutions to problems and become more committed to follow through on their plans.

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Good stretch goals for excellence

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Stretch goals are reasonable yet highly ambiguous goals that are so clear, compelling, and imaginative that they fire up Employee and engender excellence.

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Use performance dashboards

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People need a way to see how plans are progressing in gave their progress towards achieving goals. Company began using business performance dashboards as a way for executives to keep track of key performance metrics, such as sales in relation to target, numbers of products on backorders, or percentage of customer cell calls resolved within specified time period.

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deploy intelligence teams

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Anti participation and managing uncertainty in turbulence in the environment is a critical part of planning, which means Manager me good intelligence to make in four more choices about goals and plans.

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Intelligent team

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Is a cross functional group of managers and employees, usually led by a competitive intelligent professional, who work together to gain a deep understanding of the Pacific Business issue, with the aim of presenting insights responsibilities and recommendations about goals and plans related to that issue.

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Ch.8

Thinking strategically

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Strategic was thinking means to take the long term you and see the big picture, including the organisation and the competitive environment, and consider how they fit together. Strategic thinking is important for both businesses and non-profit organizations.

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Thinking strategically

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A. Long term, B. Focus: performance, financial success

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Strategic management

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Refers to the set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.

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Purpose of strategy

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Strategy:, which is the plan of action that scribes resource allocation and activities for dealing with the environment, achieving a competitive advantage, in obtaining the organization's goals.

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Competitive advantage

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Refers to what fits the organisation apart from others and provide it with a distinctive edge for many customers or clients needs in the marketplace.

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Target customers

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An effective strategy defines the customers and which of their needs are to be served by the company. Manager Kindle find a target market geographically, such as serving people in certain parts of the country, demographically, such as a mean towards people in a certain income bracket or targeting a preteen girls, whereby variety of other means.

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Core competencies

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A core competence is something that the organization does especially well in comparison to its competitors. A core competence represents a competitive advantage because the company acquires expertise that competitors do not have.

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Build synergy

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When organizational parts interact to produce a joint effect that is greater than the sum of the parts acting alone, synergy occurs.

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Delivering value

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Delivering value to the customer is at the heart of the strategy. Value can be defined as the combination of benefits received and costs paid. Manager healthcare companies create value by diverting strategies that exploit core competencies and obtain synergy.

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Levels of strategy

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Corporation level strategy, pretains to the organization as a whole and the combination of business units in produced lines that make up the corporation's entertaining. Strategic actions at this level usually relate to acquisition of new businesses, additions, more diverse mix of business units, plants, or product line, and joint ventures with other corporations in new areas.

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Levels of strategy

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Business level strategy pertains to each business unit or product line. Strategic decisions at this level concerned the amount of advertising, direction, and extent of R&D, product changes, new product development, equipment and faculties and expansion or contraction of product and service line.

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Levels of strategy

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Functional level strategy, pertains to the major functional departments within the business unit. Functional strategies involve all of the major functions, including finance R&D, marketing, and manufacturing. One element of functioning level strategy for gap marketing department is to use mobile technology to offer target deals to customers.

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Strategy

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1. create value, 2. Target customers, 3. Exploit core competencies, 4. Achieve synergy, more things are happening all at once.

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SWOT analysis

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1. Strength, 2. Weakness, 3. Opportunities: a threat can be an opportunity, 4. Threads: opportunities can be of threat.

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The strategic management process

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It begins with executives evaluate their current position with respect to the mission, goals, and strategies. They been scanned organization's internal and external environments and identify strategic issues that might require change.

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Strategy formulation

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Includes assessing the external environment and internal problems to identify strategic issues, then integrating the results in to goals and strategy.

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strategy execution

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The contrast 2 strategy formulation come from strategy execution, which is use of managerial and organizational choose to direct resources towards accomplishing strategic results. Strategy execution is the administration in inflammation of the strategic plan.

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SWOT analysis

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formal definition: formulating strategy begins with understanding the circumstances, forces, events, and issues that shape the organization's competitive situations, which require that managers conduct an audit of both internal and external factors that influence the company's ability to complete.

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Portfolio strategy

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Strategic business units, is much the same way as stocks but for a corporation like to have a balance of mix of business divisions .

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Portfolio strategy

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Pertains to the mix of business units and product lines that fit together in a logical way to provide synergy and competitive advantages for the corporation.

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Starting a new business

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1. Starts with an idea, 2. Write a business plan, 3. Choose legal structure, 4. Arrange financing.

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Small business tactics

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1. Start a new business, too. By existing business, 3. Buy a franchise, 4. Participate in a business incubator

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The BCG matrix

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The BCG matrix, organize businesses along two dimensions, business growth rate and market share. Business growth rate pertains to How rabbit the entire industry is increasing. Market shares defines whether a business unit has a longer or smaller share than the competitors.

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Diversification strategy

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Diversification is the strategy of moving into new lines of business, after United Health Group did by purchasing medical groups, as search leaders google did by purchasing YouTube, it's called diversification

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Related diversification

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The purpose of diversification is to expand the firm's business operations to produce new kinds of valuable products and services. When the new business is related to the company's existing business activities, the organization is implementing the strategy of related diversification.

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Unrelated diversification

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Occurs when an organization expands into a totally new line of business, such as General Electric enter the media industry, or full company Sara Lee corporation moved into the intimate apparel business. Was unrelated diversification, the company's line of business are logically associated with one another, therefore, it can be difficult to make the strategy successful.

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Vertical integration

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Means that the company expands into businesses that either produce the supplies needed to make the products and services or that distribute and sell those products and services to customers. In the recent years there has been notifiable shift towards vertical integration, with large corporations getting into businesses that will give them more control over materials, manufacturing, and distribution.

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Formulating business level strategy

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now we turn to strategy formulation within the stage of business unit, in which the concern is how to complete. A popular and effective model for formulating strategy is Porter's competitive strategy.

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Rivalry among competitors

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Internet blurred difference among competitors

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Potential new Entrants

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Internet too reduces barriers to entry.

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Bargaining power of buyers

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Internet shift greater power to end customers

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Bargaining power of suppliers

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Internet tends to increase bargaining power of suppliers.

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Threat of substitute products

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Internet creates new substitute threads.

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differentation strategy

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In quadrant one involves an attempt to distinguish the firm's products or services from others in the industry. The organisation may use creative advertising, distinctive product features, exceptional services, or new technology to achieve a product perceived as unique.

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Cost leadership strategy

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In Quadrant 2, the organisation aggressively seeks efficient facilities, pursuit cost reductions, and uses take off control to produce products more efficiently than competitors.

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Focus differentation

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Use characteristics of differentation strategy directed at particular target customers, value flexibility and customers intimacy, pushing them powers to Employee with customers contact.

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Focus strategy

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The organization concentrates on the Pacific regional market or by your group. The company will use either a differentation or cost leadership approach, but only for an arrow target market.

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Formulating functional level strategy

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Functional level strategies are the action plans used by major department to support the execution of business level strategy. Major organizational functions include marketing, products, finance, HR, and R&D.

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Global strategy

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many organizations operates globally in pursuit distinct strategy as the focus of global business. senior executives try to formulate coherent strategy to provide synergy among worldwide operations for the purpose of a feeling common goals.

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Globalization strategy

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It means that a product designed in advertised strategies are standardized throughout the world. This approach is based on assumption that a single global market exists for many consumer and industrial products.

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Multidomestic strategy

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It means that the competition in each country is handled dependently of industries competition in other countries. Thus, a multinational company is present in many countries, but it encouraged marketing, advertising and product design to be modified and adapt to the specific needs of each country.

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transnational strategy

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Seeks to achieve both global standardization in national responsiveness. A true transnational strategy is difficult to achieve, though, because one goal requires close global coordination by the other requires local flexibility.

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Embeddedness

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Which means there is a deep understanding and acceptance of organizational direction and purpose throughout the organization. When strategy is embedded, every once daily decisions and actions help move the firm in the right direction, towards achieving important goals.