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Developing Workable Approach

Developing Workable Approach

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Developing Workable Approach

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  1. Developing Workable Approach Agribusiness Management

  2. Unifying Central Goal • Maximize long-run firm profits • Profitably satisfying customers’ needs • Goal ties together everything manager does • Four things to remember • Management art supported by science • Firm never better than its people • Firm must earn it’s right to make a profit • Never-ending task

  3. Firms Must Earn Their Rightto Make A Profit Every Day Long Run Financial Success Requires firms be the first choice of: • Customers -- Products must offer greatest value • Employees -- Work must offer greatest overall satisfaction • Investors -- Financial return must offer highest ROIC

  4. Management Success 2 Golden Rules 1. Treat customers the way the customers want to be treated 2. Kind of manager you would like to work for

  5. The Two Golden Rules Bring Management Success Commitment to golden rules of success results • Fully satisfied customers • Who will buy all they can • Products completely fill needs and give great value • Happy and productive employees • Give excellent service

  6. Manager Is Ringmaster Four-ring circus 1. Revenues 2. Costs 3. Communication/Information 4. People/Leadership

  7. Revenues • Goal: maximize profits nor revenues • Need: jointly manage revenues & costs • Start with monitoring marketing plan & marketing mix • Re-examine firm’s purpose and objective • Compare financial goals see if compatible

  8. Monitored Revenue Items • Customer Needs Changes • Market Areas Expand • Value Definition Changes • Competition • Keep Customers Aware Products • Credit Policies Changes

  9. Monitor Cost Items • Evaluating Effectiveness & Efficiency • Break-Even Analysis • Plant Size • Accounts Receivable

  10. Communication/Information • Strong, open, two-way communication system with free flow of information to all who need it • Communication system full of accurate, timely, and relevant information • Does system give decision-makers information needed to make decisions

  11. Communication/Information • Financial records • Highest priority information • System must provide information --Dollar Sales --Unit Sales --Costs --Technology --Market Conditions --So On

  12. People/Leadership Always remember the difference between • Managing Things -- Planning -- Organizing -- Controlling • Leading People -- Motivation -- Inspire