Business Management & Strategy PHR Study Guide

Factors that effect organizations

Typewriters, computers, copy machines

Horse and wagon to regional delivery services

A greater demand for businesses goods and services

need for workers based on market

Environments affected by activities of state, federal and local government

Businesses are organized into one of the four basic structures

basic and easy to organize. Single authority and final authority for all decisions. Profits belong to the owner and owner is liable for all decisions and activities

owned by two or more people who share final authority for business decisions and are jointly responsible for the actions of the business

share responsibility for managing the business based on the partnership agreement

most of the partners involved are only investors and have little input into daily operations. Most common are law firms, accounting practices and medical clinics

acts similar to a general partnership but formed only to manage a specific project

liability is limited to assets owned by the corporation. Life of the corporation can be extended past the life of the founder. Ownership can be transferred by selling stock

cross between a general partnership and a corporation

process by which businesses create the product or services offered to customers

activities necessary to produce the goods or services

defines organizational goals and the methods to be used in achieving these goals

framework for collecting information used to forecast future business operations

communicates what a company does, for whom it does it, and what long-range success will look like

gets more specific and describes how the company will achieve its vision

things that set companies apart

standards for how an organization will conduct business

goals need to describe how an organization will achieve their goals

descriptive enough to guide business-unit managers in developing action plans that will accomplish the goals

method for determining when it has been met

describe the actions that will be taken

high enough to challenge the organization but not so high that its unachievable

time frame for completion

Where are we now?

Where do we want to be?

How will we get there?

How will we know when we arrive?

behavior focused on building external and strategic relationships

behavior that doesn't deplete the resources used to achieve an outcome

Insurance that protects companies from claims such as sexual harassment, discrimination and wrongful discipline

employees who initiate reports of what they reasonably believe are company actions are in violation of federal laws

the amount of time an employee has to file retaliation for blowing the whistle

the amount of time that OSHA has to issue a final order for retaliation

advise employees on ethical issues and manage programs designed to allow confidential reporting

-PRODUCT
-PRICE
-PLACEMENT
-PROMOTION

compilation of all policy decisions a company has made

normally contain a summary of information that employees need to know regarding their employment relationship with their employer

ability to create effective organizations by applying the principals and practice of human resource management

statement that reports a companies assets, liability and equity at a specific point and time

also known as a profit and loss statement. Reports a company's income, expenses and profits over a certain period of time

reports the flow of cash in and out of a company

plan that describes expected income and expenses over a period of time

requires justification for ALL expenses in the new budget

explains what a company seeks to accomplish and why?

-cost leadership
-differentiation
-focus

selling products and services at a lower cost

providing unique products and services that are widely valued by customers

strategy that concentrates on a specific need

moderate growth-only retains customers

seek fast growth, like innovation and risk taking

imitate others success

use inconsistent strategies, only respond to change

-Inbound logistics
-operations
-outbound logistics
-marketing and sales
-service

-Firm infrastructure
-human resource management
-technology development
-procurement

Strengths, Weaknesses, Opportunities & Threats

organizations should be formed in a way that support one another

In what business are we or should we be in?

How should we compete in a particular industry

shared values and beliefs that influence worker behavior

patterns or activities that keep an organization operating

-suppliers
-buyers
-rival firms
-new entrants
-substitues

costs of switching from one one service to another, capital requirements or amount of money, economies of scale

goods or services of different businesses that can satisfy similar customer needs

depending on suppliers for materials

opportunities to improve their market position or competitive pressures