2aj212-tematakustnizkousce vseborec PDF

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2AJ212 – Topics 1. Summarize the five tasks of a manager as listed by Peter Drucker. Describe three of these functions in more detail and say why they are important. Drucker divided the work of a manager into five tasks:  planning (setting objectives) – senior managers and directors set objectives and decide how their organization will achieve them, involves developing strategies, plans and precise tactics, allocating resources of people and money  organizing – managers analyse and classify the activities of the organization and the relations among them. They divide the work into manageable activities and then into individual tasks. They select people to perform these tasks.  integrating social skills of motivating and communicating – have to communicate objectives to the people responsible for them, they also make decisions about pay, promotions, this task also includes organizing and supervising the work of subordinates, have to work with people in other areas too  measuring performance – they have to measure the performance of their staff, to see whether the objectives and targets they set are being achieved  developing people – they have to develop themselves and also help develop their subordinates  other tasks - also have to manage business relations with customers, suppliers, distributors, bankers, investors, neighbouring communities, public authorities,... 2. Discuss what makes a good manager. What are in your opinion three most important characteristics of a good manager?  according to Drucker, management is not entirely science, it is a mixture of skills and characteristics  you can learn skills but not personal qualities which are also essential for becoming a goo manager  you have to be more of a leader, know how to lead people, motivate them and how to make sure that you are meeting your targets  being able to follow the company's goals, being able to meet the targets that have been set, successfully executing plans and strategies, helping subordinates accomplish their goals and objectives, helping colleagues and subordinates to develop, knowing how to lead people, knowing how to motivate people, being able to maximize profit for the owners (shareholders), having good ideas, having integrity, being decisive, persuasive, hardworking, inteligent, ability to take risks and taking responsibility for them  attract exceptional staff; they make the organisation a preferred employer; they help to increase market share; add to profits and surpluses, and reduce costs,... 3. Summarize Douglas Mc Gregor´s two approaches to work and motivation: Theory X and Theory Y. What does each of them assume about people? Give examples of employees that might best fit each theory.  McGregor was an American expert on the psychology of work, he summarized these two approaches:  Theory X – is rather pessimistic, it assumes that people are lazy and will avoid work and responsibility if they can, they have to be closely supervised and controlled, and told what to do, they have to be threatened (losing job) and rewarded with incentives (pay rise, bonuses); applied by managers of factory workers in large-scale manufacturing  Theory Y - is more optimistic, it assumes that people have a psychological need to work, and given the right conditions – job security, financial rewards – they will be creative, 1

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ambitious and self-motivated by the satisfaction of doing a good job; it is probably more applicable to skilled professionals like managers, specialists, programmers, scientists, engineers his two theories are based on Maslow’s hierarchy of needs

4. What are according to Frederick Herzberg “satisfiers” and “motivators”?  Hertzberg was another well-known theorist of the psychology of work, he named and described things that motivate workers and ones that do not motivate workers, and divided them into two groups:  satisfiers – hygiene factors - good labour relations, good working conditions, job security, good wages, sick pay, paid holidays, pension,...; workers who have them take them for granted -> these factors do not motivate workers, but if they don’t have them, it can cause dissatisfaction among the workers and lower their efficiency  motivators – on the contrary include things such as having a challenging and interesting job, recognition and responsibility, promotion, and so on; unless people are motivated, and want to do a good job, they will not perform well  job rotation can help, also sharing company’s vision and values with employees who can identify with them 5. What are possible types of company structure and what are the advantages and disadvantages of each type?  the chain of command – traditional hierarchical or pyramidal structure, there is a clear chain of command running down the pyramid, everybody knows what decisions they can make, to whom their report (who is their immediate boss), who their immediate subordinates are; disadvantage for larger companies, where it is too complicated to be organized in a single hierarchy  functional structure – includes specialized production, finance, marketing, sales and human resources departments and these departments focus on their own problems, large organizations are often further divided into separate operating divisions which are more autonomous; the negative thing is that people are often more concerned with the success of their own department than that of the company as a whole and there can be conflicts between these divisions on what the objectives are  flattening hierarchies and delegating responsibility – this structure reduces the chain of command and takes out the layers of management and makes the organization more flatter. it is easier for people to make decisions without the need to consult their boss, but for owners it means that they don’t have as much control as they would wish  matrix management – another way to get around hierarchies is to use matrix management in which people report to more than one superior; it can become quite complex, so it is necessary to give one department priority in decision making  teams – further possibility than matrix is to have wholly autonomous temporary groups that are responsible for an entire project, and are split up as soon as it is successfully completed; usually require a strong leader, since they are not good at decision making 6. Explain Richard Lewis’s Model of cultural types. How do people of each cultural type behave and what do they believe in? How does your country fit in the model? Why is it important to consider cultural differences in business?  local (cultural) differences often make managing a company much more difficult and companies who want to be successful in foreign market have to be aware of local culture  Lewis classified 3 different cultures according to their natural behavior 2

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linear-active – Britain, USA, Germany – these cultures are generally organized and rational, try to act logically rather than emotionally, plan in advance, like to do one thing at a time, respect rules and regulations – are 'universalists' – they think rules apply to everybody; not afraid of confrontation but will compromise when necessary to achieve a deal, essentially individualist; also Czech Republic multi-active – Southern Europe, Latin America, Africa – they put more importance on feelings, emotions, intuition, relationships and connections, like to do many things at the same time, happy to improvise, flexible, they are collectivist and also 'particularist' – they believe that personal relationships and friendships should take precedence over rules and regulations; reactive cultures – Asia – these people prefer to listen to and establish the other's position, and then react to it, try to avoid confrontation, don't want to lose face, rarely interrupt speakers, often avoid eye contact, they are compromisers, (glocalization – conflict between globalization and localization, companies that want to be successful in foreign markets have to be aware of the local cultural characteristics that affect the way business is done)

7. Describe the recruitment process from the perspective of the employer. When an employee resigns, how should the company proceed to fill the vacancy?  the recruitment process can be very difficult, the employer (manager) has to consider many possibilities, this can be very time-consuming because the deciding process is very complex, few key tips to help the manager:  try to discover why the person has resigned also, examine the job description for the post, to see whether it needs to be changed (or indeed, whether the post needs to be filled)  establish whether there is an internal candidate who could be promoted (or moved sideways) to the job – this is the most wanted option (solution) – a person who is already working for the company is used to the company’s culture, it is more efficient  if there is no suitable internal candidate, hire an empoyment agency (or a firm of headhunters for a senior post) or advertise the vacancy  receive applications, curricula vitae / resumes and covering letters, and make a preliminary selection (a shortlist)  follow up the references of candidates or applicants who seem interesting, make first selection  invite the shortlisted candidates for an interview  make a final decision  write to all the other candidates to inform them that they have been unsuccessful 8. What is the purpose of a covering letter? What kind of information should you include in a covering letter?  a CV explains why you want the job and also why you are the most suitable for the job  should be specific to the job you are applying for, adapted to the target organization, and show that you know about its activities  should highlight your skills and achievements, show your background, training, work experience, abilities relevant to the job you are applying for  formal language, demonstrate that you have good written communication skills 9. What kind of information should a CV /resume contain? What are the main differences between European CVs and US resumes?  your objective (what you want to do next is more important than what you have done) – e.g. Financial analyst 3

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Work experience Education or qualifications computer skills, languages, hobbies and interests, references European and Asian Cvs generally include photos, US resumes do not British CVs include personal details such as date of birth, marital status, number of children, US resumes do not British CVs include outside work interests (sports, travelling), US ones sometimes don't CV should be totally honest, emphasize strenghts, but not lie about your experience or skills, leave out irrelevant information or information that could give some people a chance to discriminate against you (height, weight, health, religion,...), 2 pages maximum, no grammatical and spelling or typographical errors, have a clear and neat layout

10. What is outsourcing and what consequences does it have?  Outsourcing (contracting-out) means using other businesses as subcontractors to supply components or services and do some non-core activities (e.g. cleaning, maintenance, security, bookkeeping, call centers, advertising). This includes domestic as well as foreign contracting (offshoring = relocating a business function to another country).  Advantages: it allows companies to free up cash, staff and time in order to focus on activities in which the company has a competitive advantage and thus become more efficient (reduce average per unit cost); it allows companies to hire experts for specialized tasks (which might be quicker and less expensive)  Disadvantages: less direct control of the products and services the company is purchasing; possible communication problems (also due to language barrier in case of offshoring); possible security issues 11. What are the pros and cons of - having insufficient or excess production capacity  cons of insufficient:  long lead times - this might allow competitors to enter the market or mean that customers will go to other suppliers, which results in lost sales and reduced market share (can be permanent)  cons of excess:  facilities are not fully used and workforce is underutilised, which means inefficiency – the company might be forced to produce additional, less profitable products or reduce prices to stimulate demand - having a large inventory  pros:  as production volume increases, you get economies of scale (the average fixed cost per unit produced decreases)  you can be more flexible in product scheduling, and have longer lead times and lower cost operation through larger production runs with fewer set-ups  you can meet variation in product demand  you have protection against variation in raw material delivery time (due to shortages, strikes, lost orders, incorrect or defective shipments, etc.)  you can take advantage of quantity discounts in purchasing  (you may have to reduce prices to stimulate demand)  cons:  (a long lead time may allow competitors to enter the market)  there are costs of storage, handling, insurance, depreciation, the opportunity cost of capital, 4

and so on  there is always a risk of obsolescence, theft, breakage, and so on. - having large production facilities?  pros:  you can be more flexible in product scheduling, and have longer lead times and lower cost operation through larger production runs with fewer set-ups  if lead time increases, some customers may go to other suppliers  as production volume increases, you get economies of scale (the average fixed cost per unit produced decreases)  cons:  the working environment might get worse and industrial relations could detoriorate  finding enough workers and coordinating material flows can become difficult 12. Compare different strategies for stock control and manufacturing. Explain push and pull strategies in logistics management.  pull strategy – manufacturing companies produce according to current demand, which is satisfied from a small inventory, when pieces are removed from stock, replacements are automatically ordered from suppliers; this is a replenishment strategy – both production and suppliers are constantly reacting to the actual consumption of components rather than planning ahead, nothing is bought or produced until it is needed; also called as lean production, stockless production, agile manufacturing ◦ this strategy developed as Just-In-Time production by Toyota in the 1950; Kanban = the most common JIT, a visual system signalizing that items need replenishing  push strategy – production is based on estimates of future demand and begins according to the planned production lead time, often involves safety stock and lead times (because forecasts are not always accurate) ◦ e.g. Manufacturing Resources Planning (MRP) - sophisticated IT-based forecasting of the parts needed for production 13. What are potential supply chain risks in today’s globalized world?  possible problems using suppliers from other countries: unstable political situation of some countries (wars, conflicts, hostile political regimes, etc.)  possible financial instability  possible labour problems (strikes)  problems with the infrastructure (roads, railways, power supplies, etc.)  possible damage to goods in transit  problems with climatic conditions (earthquakes, hurricanes etc.)  unreliability  problems with quality  Companies might choose not to use suppliers from a country if they are unsure about its future political or financial stability, or about future industrial relations (the possibility of strikes, …) or the condition of its infrastructure (roads, railways, power supplies) or possible changes in the climate,... 14. What is branding and what is the purpose of it? What is the difference between corporate branding and individual branding? What might be some advantages and disadvantages of both strategies?  A brand is a name, or a symbol, or a logo that distinguishes products and services from competing offerings, and makes consumers remember the company, product or service.  Branding’s key objective is to create a relationship of trust. Customers have an image of the brand in their minds, combining knowledge about the product and their expectations of it.  Some brands are seen as representing customers' attitudes, feelings or lifestyles – e.g. Apple, The Body Shop, Nike, Louis Vuitton, Starbucks.  Companies also try to achieve (by way of advertising) brand recognition even among people who are not even interested in their 5

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products / services.  Branding is used for B2B (Business-to-Business) as well as B2C (Business-to-Consumer) marketing. Some companies include their names in all their products (corporate branding), e.g. Philips, Virgin, Yamaha. Other companies do individual branding, and give each product its own brand name (Proctor & Gamble – Pampers, Duracell, Gillette). Some companies have a multi-brand strategy, which allows them to fill up space on supermarket shelves, leaving less room for competitors. It also gives a company a better chance of getting some of the custom of brand-switchers.

15. Think of a product concept you would like to launch in our town (what would the business offer and how it would differ from similar competing businesses). Explain what market research you would do (what information you would need and where you could get it from) before launching the business.  Product, location, name, image, design, pricing, competition,…  Things to take into account when launching a new product / service:  The product concept: what exactly would the business offer and how it would differ from similar, competing businesses  The location: what would the ideal location be and why (taking into account costs related to rent, which is higher in town centres and on busy streets)  The name of the business and the image it wants to project: the brand image, design etc.  Pricing strategy: competing on price (being cheaper) or offering better or different products (unique selling proposition) for higher prices – connected to the target customer profile  Market research methods:  questionnaire research (by email, telephone or personal interviews)  focus group interviews (getting a small group of potential target customers to meet and discuss the product)  using secondary data (government statistics, business newspapers, magazines and journals, reports by market research agencies, competitors' annual reports etc.) 16. Explain the life cycle of a standard product. What happens to the sales, costs, prices and promotion during each stage of the cycle?  Introduction stage ◦ The sales volume is low and customers have to be persuaded to try the product. ◦ Costs are high. ◦ The company can choose between high skim pricing to recover development costs, or low penetration pricing to build market share rapidly, if there are already competitors. ◦ Promotion is aimed at educating potential consumers (innovators and early adopters) about the product, and building public awareness.  Growth stage ◦ Public awareness about the product increases and sales volume rises significantly. ◦ Costs are reduced due to economies of scale, so profitability increases. ◦ The price can remain unchanged because demand is increasing but competitors aren't usually yet well established. ◦ Promotion is aimed at a much broader audience (the majority of the product's users).  Maturity stage ◦ Sales volume peaks. ◦ The product's features may have to be changed so that it differs from competing brands, which involves new costs. ◦ Prices may have to be reduced because competitors are established in the market, but companies try to defend market share while also maximizing profit. ◦ Promotion emphasizes product differentiation.  Decline stage 6

◦ Sales volume begins to go down. ◦ Either costs are too high compared to sales, so the product is discontinued, or the company continues to offer the product to loyal customers, while reducing costs to a minimum. ◦ The price is either maintained, or greatly reduced to liquidate stock if the product is discontinued. ◦ At this stage, there is virtually no promotion. 17. What are the four Ps of marketing? Wha...