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Business profellowship
A manager's key responsibilities include planning, organizing, staffing, leading and controlling. Planning involves mapping goals and strategies. Organizing is coordinating resources like people, equipment and funds. Staffing involves recruiting and developing employees. Leading includes guiding and motivating teams. Controlling measures performance against goals and makes corrections. A successful strategy creates sustainable competitive advantages like low costs, differentiation or focusing on niche markets. It must have a sound business model to generate profits.
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Business profellowship
- 1. " INNOVATIVE BUSINESS PRINCIPLES AND MANAGEMENT MARLON B. SIM Manager at PJ Lhuillier Group of Companies
- 2. Topics: Definition of terms: Management Basic Functions of a Manager Business Strategy Business Principles By Steve Jobs
- 3. MANAGEMENT - in allbusiness and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, directing, and controlling and organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.
- 4. Manager Manager may referto: Anyone who uses management skills or holds the organizational title of "manager" . • A manager of a department in an organization • A manager of a division (business) • General manager, for managing both the revenue and cost elements of an organization • Project manager, for individual projects • Manager (baseball), head coach of a professional baseball team • Manager (association football), for association football • Coach (sport), in other sports • Manager (professional wrestling), a fictional character • Talent manager, for musicians, actors and other artists • Bank manager
- 5. What is amanager? A manager is a person tasked with overseeing one or more employees or departments to ensure these employees or departments carry out assigned duties as required. Depending on the size of the company there might be a single, dual or triple management layer involved.
- 6. Basic Functions ofa Manager Planning: This step involves mapping out exactly how to achieve a particular goal. Organizing: After a plan is in place, a manager needs to organize her team and materials according to her plan. Staffing: After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting, selecting, training, and developing employees.
- 7. Basic Functions ofa Manager Leading/directing: A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must also lead. Controlling: After the other elements are in place, a manager's job is not finished. He needs to continuously check results against goals and take any corrective actions necessary to make sure that his area's plans remain on track.
- 8. Planning “Well plan ishalf done” - means looking ahead and chalking out future courses of action to be followed. It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action. “Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are to where we want to go. It makes possible things to occur which would not otherwise occur”.
- 9. Planning A plan ensuresthat there is some level of focus on the activity and all stakeholders know what they can expect and when they can expect it. Without a plan nobody will notice if timings are no longer adhered to and the project gets delayed or too expensive to be beneficial. Not planning can result in expensive deviations and failures.
- 10. Organizing Organizing is thefunction of management which follows planning. It is a function in which the synchronization and combination of human, physical and financial resources takes place. All the three resources are important to get results.
- 11. Organizing If a managerprovides the strategy and the planning, but then washes his hands from the actual implementation to focus on the next plan, there is a risk that the team will not be able to achieve the implementation. They might not understand fully the requirements or don't feel that the task is important to their manager.
- 12. Staffing Staffing involves manningthe organization structure through proper and effective selection, appraisal and development of the personnel to fill the roles assigned to the employers/workforce.
- 13. Leading/ Directing Directing is saidto be the heart of management process. Planning, organizing, and staffing have got no importance if direction function does not take place. Directing is said to be a process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. Directing is the function of guiding, inspiring, overseeing and instructing people towards
- 14. Leading/Directing If a managerneglects his responsibility to lead his team, the team will be less productive and motivated. They might lose track of what is important and what is expected of them. This might result in high staff turnover and loss of internal knowledge, but also in unsuccessful campaigns and projects. Without a good team, a manager will find it hard to achieve business success. And without being a good manager and leading the team, a manager will find it hard to have a good team.
- 15. Controlling Control in managementmeans setting standards, measuring actual performance and taking corrective action. Controlling measures the deviation of actual performance from the standard performance, discovers the causes of such deviations and helps in taking corrective actions. Controlling helps to check the errors and to take the corrective action so that deviation from standards are minimized and stated goals of the organization are achieved in desired manner.
- 16. Controlling Without consistent controllinga manager won't know if their budget is spent in the most profitable way and a manager might not notice the signs when changes should be implemented. It will reduce the return of investment and therefore limit the success a manager can achieve within his department. Without measuring and controlling, the team won't know if what they do is best for the company and cannot learn from previous mistakes. Therefore
- 17. What Do WeMean By “Strategy”? Consists of competitive moves and business approaches used by managers to run the company Management’s “action plan” to Grow the business Attract and please customers Compete successfully Conduct operations Achieve target levels of organizational performance
- 18. Key Elements ofa Successful Strategy Developing a successful strategy hinges on making competitive moves aimed at Appealing to buyers in ways to set the enterprise apart from rivals and Carving out its own market position Involves developing a distinctive “aha” element to Attract customers and Produce a competitive edge Copying competitive moves of other successful companies rarely works!
- 19. A Powerful StrategyLeads to Sustainable Competitive Advantage A company achieves sustainable competitive advantage when an attractive number or buyers prefer its products/services over those of rivals and when the basis for this preference can be maintained over time Its nice when a strategy produces a temporary competitive edge but a durable edge over rivals greatly enhances a company’s prospects for winning in the marketplace and realizing above- average profits What separates a powerful strategy from an ordinary strategy is management’s ability to forge a series of moves, both in the marketplace and internally, that produces sustainable competitive advantage!
- 20. Four “Best” StrategicApproaches to Building Sustainable Competitive Advantage Being the industry’s low-cost provider (a cost-based competitive advantage) Incorporate differentiating features (a “superior product” type of competitive advantage keyed to higher quality, better performance, wider selection, value-added services, or some other attribute) Focusing on a narrow market niche (winning a competitive edge by doing a better job than rivals of serving the needs and preferences of buyers comprising the niche) Developing expertise and resource strengths not easily imitated or matched by rivals (a capabilities-based competitive advantage)
- 21. Competitive Advantage Examples Strive to be the industry’s low-cost provider Wal-Mart Southwest Airlines Outcompete rivals on a key differentiating feature Johnson & Johnson – Reliability in baby products Harley-Davidson – King-of-the-road styling Rolex – Top-of-the-line prestige Mercedes-Benz – Engineering design and performance L.L. Bean – Good value Amazon.com – Wide selection and convenience
- 22. Competitive Advantage Examples (cont) Focus on a narrow market niche eBay – Online auctions Jiffy Lube International – Quick oil changes McAfee – Virus protection auctions Starbucks – Premium coffees and coffee drinks The Weather Channel – Cable TV Develop expertise, resource strengths, and capabilities not easily imitated by rivals FedEx – Next-day delivery of small packages Walt Disney – Theme park management and family entertainment Toyota – Sophisticated production system Ritz-Carlton – Personalized customer service
- 23. What Is aBusiness Model? A business model addresses “How do we make money in this business?” Is the strategy capable of delivering good bottom-line results? Do the revenue-cost-profit economics of the strategy make good business sense? Look at revenue streams the strategy is expected to produce Look at associated cost structure and potential profit margins Do resulting earnings streams and ROI indicate the strategy makes sense and the company has a viable business model for making money?
- 24. Relationship Between Strategy andBusiness Model Strategy . . . Business Model . . . Deals with a company’s Concerns whether competitive initiatives and revenues and costs flowing business approaches from the strategy demonstrate a business can be amply profitable and viable
- 25. Why Is StrategyImportant? A compelling need exists for managers to proactively shape how a firm’s business will be conducted A strategy-focused firm is more likely to be a strong bottom-line performer than one that views strategy as secondary
- 26. Good Strategy +Good Strategy Execution = Good Management Crafting and executing strategy are core management functions Among all things managers do, nothing affects a company’s ultimate success or failure more fundamentally than how well its management team Charts a company’s direction, Develops competitively effective strategic moves and business approaches, and Pursues what needs to be done internally to produce good day-in/day-out strategy execution Excellent execution of an excellent strategy is the best test of managerial excellence – and the most reliable recipe for winning in the marketplace!
- 27. Tips for InnovativeBusiness Success 1. Do what you love. "People with passion can change the world for the better." 2. Put a dent in the universe. “Believe in the power of vision”. 3. Kick start your brain. “Creativity is connecting things”. 4. Say no to 1,000 things. “Proud of what Apple chose not to do as he was of what Apple did”.
- 28. Tips for InnovativeBusiness Success 5. Create insanely different experiences. “Innovation in the customer-service experience”. 6. Master the message. “You can have the greatest idea in the world, but if you can't communicate your ideas, it doesn't matter”. 7. Sell dreams, not products. “captured our imagination because he really understood his customer”.
- 29. “God Bless thework of your hands” THANK YOU.