Strategic Planning and Analysis
1. Explain the concept of strategy: The pattern of movements of the organization and management approaches used to achieve organizational goals and to fight for the mission of the company.
2. Explain each of the steps involved in strategic planning:
A. Formulation: Development of the mission, identifies opportunities and threats, determines strengths and weaknesses, establishes long-term goals, and generates alternative strategies.
B. Implementation: Establishes annual objectives, policies, staff motivation,
Read MoreA Guide to Financial Management: Key Concepts and Applications
1. Business Structures: Advantages and Disadvantages
Proprietorship
Advantages:
- Easy and inexpensive to form
- Subject to few government regulations
- Low income taxes
Disadvantages:
- Unlimited personal liability
- Life of the business is limited to the life of the creator
- Difficult to obtain large sums of capital
Partnership
Shares the same advantages and disadvantages as a proprietorship, but with more than one owner.
Corporation
Advantages:
- Separate and distinct legal entity from its owners and managers
- Limited liability
Understanding Customer Delight: Ingredients, Strategies, and Impact
What is Customer Delight?
‘Delighters’ are unexpected characteristics that surprise customers in a positive way. Their absence doesn’t cause dissatisfaction, but their presence elevates the customer experience. In essence, it’s about exceeding expectations with the level of service provided.
Ingredients of Customer Delight
While there are countless ways to delight customers, some common ingredients contribute to success. The key is identifying how these ingredients translate to your specific business
Read MoreSupply Chain Management: Contracts & Strategic Alliances
Chapter 4: Supply Contracts
Question 1: Buy-Back, Pay-Back, and Option Contracts
These contracts aim to increase retailer purchases from suppliers, ultimately boosting customer sales. Without a contract, retailers face high risks if items remain unsold. Contracts share this risk with suppliers, increasing the probability of higher sales despite uncertain demand.
Question 5: Make-to-Order and Make-to-Stock
Factors influencing supply contract type include:
- Business Convention: Companies often choose contracts
Supply Chain Management: Contracts, Strategies & 3PL Growth
CHAPTER 4
Question 1 (Buy Back, Pay Back, Option Contract)
All these contracts are appropriate to increase the likelihood that the retailer purchases a higher number of items from the supplier and hence ultimately sells more to the customer. Without the contract, the risk to the retailer is high if bought items remain unsold – with the contract, this risk is shared with the suppliers. On the other hand, because of the uncertainty in the demand, the probability of selling more also increases.
Question
Read MoreIntroduction to Business: Key Concepts and Definitions
Chapter 1: Economic Fundamentals
Basic Concepts
Profits: The difference between a business’s revenues and its expenses.
External Environment: Everything outside an organization’s boundaries that might affect it.
Economic System: A nation’s system for allocating its resources among its citizens.
Factors of Production: Resources used in the production of goods and services.
Entrepreneur: An individual who accepts the risks and opportunities involved in creating and operating a new business venture.