Henry Ford’s Business Model & Organizational Structure Insights
Ford’s Innovations & Business Impact
In 1903, Henry Ford founded the Ford Motor Company. A significant milestone was the 1908 launch of the Ford Model T, renowned for being easy to drive, repair, and affordably buy. Key innovations and strategies included:
- Wage Motivation (1914 onwards): Ford doubled the daily wage offered to his workers and reduced the working day, implementing a 40-hour work week. This improved the standard of living for workers, reduced turnover, and fostered loyalty. This
Effective Negotiation: Process, Traits, and Strategies
Understanding Meaning Negotiation
Meaning negotiation is a process of social interaction in which various parties with different interests try to reach an agreement that satisfies all parties.
Fundamental Negotiation Traits
Key traits to be established in any negotiation include:
- Any negotiation involves an interaction between various parties that aim to get something from others in exchange for giving up something.
- Any negotiation is intended to resolve any differences by agreement.
- In any negotiation,
Entrepreneurship Essentials
Entrepreneurship Fundamentals
Definition and Components
Entrepreneurship: The creation of an organization for the purpose of economic gain or growth under conditions of risk or uncertainty.
Common Components:
- Offer something new or something better
- New delivery system or distribution channel
- Entering an underserved or new market: A group of people that is not satisfied with what the market offers and they have to substitute with other products/services.
Environmental Impact
How does the environment affect
Read MoreCore Concepts: Organizational Structure and Efficiency
Organization: The structure of relations that should exist between functions, levels, and activities of human and material elements of a social organism to achieve maximum efficiency within its plans and objectives.
Importance of Organization
- It is of a continuing nature; one could never say it is over because the firm and its resources are subject to constant change (expansion, contraction, releases, etc.).
- It is a medium through which to establish the best way to achieve the objectives of a social
Key English Vocabulary: Verbs and Business Terms
Key English Vocabulary
Common Irregular Verbs
- Arise – arose – arisen
- Bear – bore – born
- Breed – bred – bred
- Broadcast – broadcast – broadcast
- Burst – burst – burst
- Cast – cast – cast
- Creep – crept – crept
- Flee – fled – fled
- Forsake – forsook – forsaken
- Kneel – knelt – knelt
- Mistake – mistook – mistaken
- Mow – mowed – mown
- Saw – sawed – sawn
- Seek – sought – sought
- Sew – sewed – sewn
- Shed – shed – shed
- Shrink – shrank/shrunk – shrunk
- Speed – sped – sped
- Spin – spun – spun
- Split – split – split
- Swear – swore – sworn
- Swell
Business Strategy and Operations Management Essentials
Strategic Planning Framework
Mission, Vision, and Strategic Perspectives
- Strategic Perspectives: Financial, Customer, Internal Processes, Organizational Capacity
- Strategic Themes & Results
- Strategic Objectives
- Strategy Map
- Measures
- Targets
- Initiatives
Control Levers
- Belief System
- Boundary System
- Diagnostic Control System
- Interactive Control System
Strategic Process Steps
- Analysis & Strategic Diagnosis: Internal and external analysis, mission and vision, strategic diagnosis
- Decision Making: Strategic alternatives,