2aj212-topicsa(vseborec PDF

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2AJ212 – Topics A 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.  planning (setting objectives) – 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 devide the work into manageable activities and then into individual tasks. They select people to perform these tasks.  integrating (motivating and communicating) – also pay, promotions, supervision of subordinates  measuring performance – performance of the staff, are sthe objectives or targets set for the organization as a whole and for each individual member of it being achieved?  developing people  also 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?  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.  Theory X – 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); factory workers  Theory Y - people have a psychological need to work, and given the right conditions – job security, financial rewards – they will be creative, ambitious and self-motivated by the satisfaction of doing a good job; managers, specialists, programmers, scientists, engineers 4. What are according to Frederick Herzberg “satisfiers” and “motivators”?  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  motivators – having a challenging and interesting job, recognition, responsibility, promotion,..; unless people are motivated, and want to do a good job, they will not perform well 5. What are possible types of company structure and what are the advantages and disadvantages of each type?  line structure – there is a clear chain of command running down the pyramid, everybody knows what decisions they can make, to whom their report, who their immediate subordinates are; the activities of most organizations are too complicated to be organized in a single hierarchy  functional structure – specialized production, finance, marketing, sales and HR departments, large organizations are often further divided into separate operating divisions; people are often more concerned with the success of their own department than that of the company as a whole 1

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matrix management – people report to more than one superior; can become quite complex, so it is necessary to give one department priority in decision making teams – wholy 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?  linear-active – Britain, USA, Germany – 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; Czech Republic  multi-active – Southern Europe, Latin America, Africa – importance of feelings, emotions, intuition, relationships and connections, like to do many things at the same time, happy to improvise, flexible, 'particularist' – they believe that personal relationships and friendships should také precedence over rules and regulations; collectivist  reactive cultures – Asia – 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, compromisers, courteous  (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?  try to discover why the person has resigned  examine the job description for the post, to see whether it needs to be changed (or indeed, whether the post need to be filled)  establish whether there is an internal candidate who could be promoted (or moved sideways) to the job  offer the job to the internal candidate and think about replacing this person or 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  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?  explaines why you want 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 relate to the job you are applying for  formal language, demonstrate that you have good written communication skills

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9. What kind of information should a CV /resume contain? What are the main differences between European CVs and US resumes?  Objective (what you want to do next is more important than what you have done) – e.g. Financial analyst  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 10. What do you think about the “affirmative action” (the imposition of compulsory quotas concerning the number of women board members)? How far do you think affirmative action could also be used at lower levels in a company? Do you think there are differences between masculine and feminine ways of management?  (Norway – 40% of directors must be female according to the law)  experience, man's world, people will still go to those they have trusted for years, whom they have had to remove from the board – formal and informal system – not good for accountability,...  intuition, soft skills,... 11. Explain the different sectors of the economy and discuss the changes that have taken place in each sector. Give examples of activities (industries) in each sector.  primary sector – agriculture and the extraction of raw materials from the earth  secondary sector – manufacturing industry, in which raw materials are turned into finished products  tertiary or service sector – commercial services that help industry produce and distribute goods to their final consumers, as well as activities such as education, healthcare, leisure, tourism and so on  (quaternary sector – computing, ICT, consultancy, research and development; news media, libraries, universities) 12. Compare the proportions of the different sectors of the economy in less developed and developed world. What are these proportions in the Czech Republic? How do you expect them to develop in the future?  Czech rep. – 4 %, 40 %, 56 %  less developed – agriculture, developed – services,... 13. What is outsourcing and what consequences does it have?  Outsourcing means buying products or processed materials from other companies rather than manufacturing them. Outsourcing is the contracting out of an internal business process to a third-party organization. 14. What are the pros and cons of - having insufficient or excess production capacity 3

 a long lead time may allow competitors to enter the market  if lead time increases, some customers may go to other suppliers  lost sales and market share are usually permanent  you may be under-utilizing your workforce  you may be forced to produce additional, less profitable, products  you may have to reduce prices to stimulate demand - having a large inventory  a long lead time may allow competitors to enter the market  as production volume increases, you get economies of scale (the average fixed cost per unit produced decreases)  there are costs of storage, handling, insurance, depreciation, the opportunity cost of capital, and so on  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  there is always a risk of obsolescence, theft, breakage, and so on.  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 - having large production facilities?  the working environment might get worse and industrial relations could detoriorate  finding enough workers and coordinating material flows can become difficult  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) 15. Compare different strategies for stock control and manufacturing. Explain push and pull strategies in logistics management.  pull strategy – company manufactures according to current demand, which is satisfied from a small inventory, when pieces are removed from stock, replacements are automatically ordered from suppliers; 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, means 'visual card'  push strategy – production is based on estimates of future demand and begins according to the planned production lead time, often incorporate dafety stocks and safety lead times ◦ e.g. Manufacturing Resources Planning (MRP) 16. What are potential supply chain risks in today’s globalized world?  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,... 17. Discuss different managerial approaches to quality. Explain TQM. Give examples of the expenses companies can avoid by preventing poor quality before it happens.  TQM was developed in America, but was first taken up by the Japanese, who adopted it to revive their post-war industry, it involves an attitude and a corporate culture that are 4

dedicated to providing customers with products and services that satisfy their needs, products should have no defects and services should be as close to perfect as possible; continuously improving quality, quality is more important than maximizing output or reducing costs 18. 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.  The 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 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. 19. 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,… 20. 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 ◦ Sales volume begins to go down. ◦ Either costs are too high compared to sales, so the product is discontinued, or the 5

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. 21. What are the four Ps of marketing? What is the role of marketing of today’s business world?  Product, Price, Place, Promotion  marketing approaches: 1. sales-driven companies – 'any color as long as it's black' 2. customer driven – 'tell us what color you want' 3. market driven – 'let's figure out together how and whether color matters to your larger goal' ◦ marketing oriented toward creating rather than controlling a market 22. Explain the difference between the two pricing strategies – market penetration and market skimming and discuss which companies might use which?  market penetration – the strategy of setting a low price to try to sell a large volume and increase market share  market skimming – setting a high price for a new product, to make maximum revenue before competing products appear on the market 23. What are the roles of an advertising agency and its client when planning an advertising campaign?  The agency creates advertisements and develops a media plan specifying which media will be used and in which proportions.  A company gives them a statement of the objectives of the campaign, known as brief, an overall advertising strategy concerning the message to be communicated to the target customers, and a budget. 24. Think of an advertisement you have seen recently and analyze it (Who did it target? What made it memorable? Why did you enjoy it?). 25. What are the disadvantages of traditional advertising? What is viral marketing and what are its advantages? Can you give any examples if it?  Traditional advertising is expensive, it doesn't always reach the target customers, and it isn't always welcome if it does reach them.  viral marketing – trying to get customers to forward an online marketing message to other people, Hotmail adding a little advertisement at the bottom of every email sent ◦ an idea spreads very quickly, at very little cost 26. Give examples of some banking products or services. Which of them do you find useful? Give examples of the different types of financial institutions and explain their role.  a current account, a savings account, cashpoints (ATMs), chequebooks, credit/debit cards, loans, mortgages, overdrafts, buying or selling foreign currency, investment advice, internet/telephone banking  commercial banks – receive deposits from, and make loans to, individuals and small companies  investment banks – work with big companies, giving financial advice, raising capital by 6

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issuing stocks or shares and bonds, arranging mergers and takeover bids,... private banks – for wealthy individuals, provide them with banking and investment services hedge funds – private investment fund for wealthy investory that use a wider variety of risky investing strategies than traditional investment funds, in order to achieve higher returns stockbrokers – buy and sell stocks or shares for clients Islamic banks – offer interest-free banking non-bank financial intermediaries – some car manufacturers, food retailers, department stores offering loans, insurance and credit cards

27. What was the subprime crisis and who do you think was responsible for it?  When American house prices began to fall in 2007, many subprime borrowers, defined as those with poor credit ratings and consewuently a high risk of default, stopped paying their mortgages, as their debt was greater than the value of their house.  Investors and hedge funds also suffered because lenders sold mortgages they originated into the secondary market. Here the mortgages were bundled together and sold to investors as collateralized debt obligations (CDOs) and other mortgage-backed securities (MBSs). When the higher risk underlying mortgages started to default, investors were left with properties that were quickly losing value. In the wake of the meltdown, central banks released liquidity into the market place, which allowed struggling lenders and hedge funds to continue operations and make the necessary payments on their obligations. 28. What is microfinance and what do you think of this kind of banking initiative?  A type of banking service that is provided to unemployed or low-income individuals or groups who would otherwise have no other means of gaining financial services. Ultimately, the goal of microfinance is to give low income people an opportunity to become selfsufficient by providing a means of saving money, borrowing money and insurance.  Although most modern microfinance institutions operate in developing countries, the rate of payment default...