Modern Management Trends and Techniques
Explore various types of management, effective techniques, ways to motivate employees, recruitment methods, interviewing tips, and more in modern management practices.
Modern Management Trends and Techniques
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Presentation Transcript
Management Advanced Marketing
What is management? • The process of achieving goals through the use of human resources, technology, and material resources • Top MGMT (Executive): Responsible for the entire company, Company presidents and CEO’s • Do a lot of strategic planning (long-range planning for the company/business) • Develop objectives for the company • Supervise other managers
Other types of Managers • Middle Management – report to top-level managers and usually have supervisors under them. Vice-President, Department Head, Sales Manager • Act as a liaison between top-level and supervisory managers • Use tactical/short-range planning – 1 year or less • Strategic planning – what work needs to be done to reach goals
Management types • First-level/supervisory management (more jobs in this area) – supervisors who work directly with employees, crew chiefs, shift managers • Responsible for day-to-day activities of business • Do scheduling • Assign work, • Make sure projects meet deadlines
What are some trends in management? • Horizontal organization – involves self managing teams that set own goals and make own decisions (fewer upper level managers) • Empowerment – encouraging team members to contribute to and take responsibility for the management process
What do managers coordinate? • Human resources – the people who work for the company • Financial resources – all sources of money available to the business
Managing resources • Material resources – equipment and supplies needed to produce and/or sell its goods • Information – all forms and information used to run the business • Economic info., competition, regulations, trends
Characteristics of management functions • See handout
Effective management techniques • Give clear directions • Train new employees well • Be consistent • Treat employees fairly • Be firm when necessary • Set a good example
Ways to motivate employees • Give immediate feedback • Reward smart work • Encourage creativity • Reward employees loyalty
Hiring Employees • Job description – a written statement listing the job duties and responsibilities of a job. • Educational experience • Professional experience • Salary amount
Ways to recruit employees • Classified advertising (want ad) • Employment agencies • College placement centers • Referrals from friends and other employees • Posting job on the World Wide Web
Interviewing job applicants • Be prepared – make a list of questions to ask • Be courteous – try to make applicants feel comfortable • Avoid dominating the interview • Take notes • Look for warnings that employee may not be a good worker
Interviewing the job applicant • Don’t make snap judgments about a candidate • Thank the candidate for coming • Write a summary of your impressions of the candidate
Checking job applicant’s references • Get candidate’s permission • Ask previous employers what they can tell you about the person • Explain position and ask if the candidate would perform well in the position • Ask about people skills, tardiness, attendance, etc.
Compensation packages • Wages – payments for labor or services that are made on an hourly, daily, or per-unit basis. • Salaries – payments for labor or services done on an annual basis • Bonus – financial reward in addition to a regular wage or salary • Commission – a % of the sale paid to salesperson
Benefits of a job • Paid leave: • Vacation (usually get more the longer they work for a company) • Sick leave (use only when sick or family sick) • Insurance: • Health benefits – HMO’s (Health Maintenance Organizations) sometimes have a co-pay or deductible • Dental, life, accident
Benefits of a job • Pension plan: • the employer and the employee contribute money • The money is invested • When employees retire they withdraw their pensions
Desirable leadership qualities * Good judgment • Honesty • Consistency • Enthusiasm • Cooperation • Communications • Dependability • Understanding
Ways to train employees • On-the-job training • Coaching • Mentoring • Conferences and seminars • Follow-up to make • sure using training
When leaving a job • Give a 2-week written notice
What is Accounts Receivables • Payments due for products or services provided to customers • Bills that you have sent to your customers • On-line bills that your customers owe
Accounts Payables • The payments that you owe to other businesses and your suppliers • Electric bills • Loans to banks • Bills for merchandise owed • Bills for supplies
Why is a purchase order needed? • Record of the fact that an order has been placed with a company • Legal contract between the buyer and the seller • Gives the purchaser the approval to buy the product
Cash flow statement • Describes how much cash comes in and goes out of business (checkbook). • Tells you how much money you have to pay your bills. • Cash going into your business is your revenue • Sources of cash flow are: • Money from sale of services • Money from sale of products • Money from late fees owed to you
Operating Expenses • Expenses needed to run your business: • Rent/Mortgage • Utilities • Salaries • Advertising • Supplies • Insurance • Payroll Taxes
Income statement • Summarizes the business income and expenses (profit or loss) during a specified period of time (month, year) • Basic calculations are: • Total sales – returns and allowances = net sales • Net sales – cost of goods sold = gross profit
Income statement (cont.) • Gross profit – operating expenses = net income from operations • Net income from operations – income taxes = net profit
Identify the following: • Variable expenses (vary from month to month) – utilities, water, product costs • Fixed expenses (stay the same every month typically) – rent, insurance, loan payments • Allowances – credit given to customer for damaged/exchanged goods
Other key words • Discounts – amount taken off of retail price of the product • Returns – products brought back • Mark-up – The difference between the price of an item and its cost blouse costs $5 and sells for $20 = $15 markup • Markdown – mark merchandise down for clearance, sales, defects, etc.
Key words • Sales tax – a % fee based on the sale of goods and services: 6% in KY • Extensions – multiplying the # of units by the cost per unit: 10 units X 6 = $60 (the extension) • Exchanges – merchandise brought back to a store and replaced by other merchandise
Balance Sheet • Summary of a business’s assets and liabilities and indicates the financial condition of the business • Assets are: Anything of monetary value that a business owns • Land • Cash in bank • Inventory • Equipment • Furniture
Business Plan (continued) • Liabilities are: What the business owes • Outstanding debt on merchandise owed • Loans • Money owed for salaries • Taxes owed • Assets – liabilities = Net Worth (equity)
Depreciation • The amount by which a business’s assets have fallen • Example: Company car value will depreciate every year because the value goes down • Other examples????
Factors that affect how a business prices its products? • Costs and expenses • Supply and demand (if you have a lot of product to sell you may mark it down if not selling fast enough) • Consumer Perceptions of product • Competition • Government regulations
Assets - Liabilities = • A. revenue • B. owner’s equity • C. net worth • D. both b and c
Accounts payable are • A. Amounts other businesses owe you • B. discounts + returns • C. Money you owe to other businesses • D. both a and c
Net sales are • A. Total revenue – liabilities • B. Total sales – returns and allowances • C. Total revenue – total expenses • D. Total sales – total expenses
The statement that shows whether a business has a profit or loss is the • A. cash flow summary • B. balance sheet • C. account receivable worksheet • D. income statement
Expenses that it takes to run your business such as office supplies are called _____ expenses. • A. Discounted • B. Varied • C. Operating • D. Depreciation
One-time expenses to start a business are known as what types of costs?_________ • A. Accounting costs • B. start-up costs • C. operating costs • D. management costs
Money that is owed to a business by its customers is called • A. Accounts payables • B. Accounting receipts • C. Accounts receivable • D. Accounting disbursements
All of the following are assets of a business except • A. buildings. • B. equipment. • C. inventory. • D. people
When a business’s equipment has lost value this is referred to as • A. a liability. • B. depreciation. • C. an asset. • D. an expense
Expenses that stay constant over time such as rent and salaries are known as __________ expenses. • A. variable • B. asset • C. liability • D. fixed
An income can be used by a business to • A. evaluate their assets. • B. forecast a business’s performance. • C. evaluate their liabilities. • D. all of these.
The total amount of sales that a business does for the entire month is known as • A. revenue. • B. cash sales. • C. the sales amount. • D. credit sales.
How are net sales calculated? • A. Total sales – expenses = net sales • B. Total sales – taxes = net sales • C. Total sales – returns and allowances = net sales • D. Total sales – cost of goods sold = net sales
A bank statement that a person gets to balance their checkbook is the same as a(n) • A. cash flow statement • B. income statement • C. balance sheet • D. equity statement
The amount of sales needed in order to cover all of a business’s costs is known as the • A. stock reorder point. • B. inventory reorder point. • C. break-even point. • D. sales flow point.
