Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Planning
Management Exam #2
| Term | Definition |
|---|---|
| Effective Mission Statements | Needs to answer the what + why of the company Needs to be clear, concrete, and easy to understand (no business jargon) Helps if people can guess what your company is |
| Getting Into Business | Many ways... - family-owned - starting new - buying existing (acquisitions) - buying a franchise |
| Getting Funding for Business | 3 Ways - Equity; investors give money + you give up a bit of ownership - Debt; borrow money + pay back w/ interest - Awards; JPEC Competitions |
| Types of Ownership | 4 Types; proprietorship, partnership, corporate, LLC / S-Corporation Main Differences --> how + when earnings are taxed and liability for debts |
| Proprietorship | One person declare they open a business --> Taxes go under individual income; all included --> Personally liable for debts; go after personal assets |
| Partnership | Two people declare they open a business --> Taxes go under individual income; all included --> Personally liable for debts; go after personal assets |
| Corporate | Separate legal entity; can sign a contract, can be sued, can die, etc --> Pays it own tax; corporate tax --> Taxed again on personal income tax Only corporation + its assets are liable for debt and taxable |
| S-Corporation / LLC | Separate legal entities --> Only the company is liable for debt --> Only taxed once Earnings are passed through and taxed as personal income --> also called Pass-Through companies |
| Key Ideas Behind Burn Your Business Plan | What matters is... - Great oral presentation - Compelling written story - Effective web site - Hard-hitting financial projections (NUMBERS ARE SO IMPORTANT) |
| How To Make A Plan That Works | 1. Set SMART goals 2. Commit to goals 3. Develop effective action plan --> the how, who, what, and when 4. Track your progress --> set short term and long term goals or gather / provide feedback 5. Be flexible |
| Types of Plans | Strategic, Tactical, Operational |
| Strategic Plans | top management; clarify how the company will serve customers + position itself over the next few years Begins w/ purpose statement and strategic objectives |
| Tactical Plans | middle management; directs behavior, efforts, and attention over the next months/years discuss goals, select goals, develop plan, meet often to review progress |
| Operational Plans | lower management; day to day plans 3 Kinds; Single Use, Standing, or Budget |
| 3 Kinds of Standing Plans | used repeatedly to handle frequently occurring events 1. Policies - general course of action to take 2. Procedures - series of steps in response to a particular event 3. Rules / Regulations - specifies what must or must NOT happen |
| Rational Decision Making | 1. Identify + Define the Problem 2. Identify Decision Criteria 3. Weigh the Criteria 4. Generate Alternative Courses of Action 5. Evaluate Each Alternative 6. Compute the Optimal Decision |
| Delphi Technique | members of a panel of experts respond to questions and to each other until reaching an agreement on an issue |
Created by:
Zetiris
Popular Management sets