Lecture 1 MAY 3 , 2017 Intro to Business Management Initial Public offering: where the company first issues the opportunity to buy part of the company on the stock market Manager: should be a leader; to provide employees with an objective, to oversee the employees What else may a manager oversee? Projects Resources (i.e. money (formerly capital), technology) How should an organization lead effectively? Does not always happen, do not always meet their goals Will discuss methods to get to that point Various functional aspects of business i.e. marketing, accounting, finance, etc. Marketing is around us I.e., ~76 of Facebooks revenues come from advertisements Topics Managers and managing o What is one, their role, their function, etc. o All managers should have the capacity to organize leading control How did we get here? o Why is it that we try to motivate employees a certain way? I.e. with money o Such as sales jobs, why is that? o Division of labour assembly line: can produce subs faster, in a shorter amount of time at Subway Where does this originate? Business ownership Franchising Planning a strategy (i.e. how to achieve) o What is Walmarts strategy and what are they trying to achieve? Low prices, more customers Lots of products In business terms: a LOW COST STRATEGY o Lulu Lemon Strategy: high prices, however, quality They are selling an experience Trying to generally be different than anyone else Can buy leggings anywhere, so why lulu lemon to pay 120 o Can buy a computer anywhere, so why apple?