MGM101H5 Lecture 1: MGM101 Notes (Swanston) - Whole Course

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22 Sep 2018
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Definitions:
Strategy is the development of plans and decisions that will guide long term performance and
direction
Tactics is the immediate term actions take to meet short term objectives
Organizational Inertia is the direction of an organization that affects decision making shifting risk
propositions and inclination to innovate
Business must create a value proposition in the market and deliver goods or services based on
organizational goals thereof
Management:
Good resource allocation, under uncertainty, towards objectives, and making situational
decisions.
Four Functions of Management
Planning & Strategizing
Organizing
Leading & Developing
Controlling
Corporate GMs -> Business GMs -> Functional Managers - >Frontline Managers
Three Roles of Managers
Interpersonal
Informational
Decisional
Managerial Skills
Conceptional
Tehnical
Human
Business Operations:
Commercial endeavours
Employee interaction model
Organization efficiency & structure
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Business Models
Company-centric
Activities (R&D, procurement, manufacturing, marketing, sales, customer service)
Resources (assets, labour, capital, management value add (acumen))
Partners (retailers, wholesalers, contractors, consultants)
Cost Structures (cost of revenue, admin expenses, R&D expenses, interest)
Portfolio of products and services (product lines, service lines, product offerings)
Market-centric
Available customer segments & opportunity assessment
Positioning
Value proposition
Revenue model
Business Planning Cycle
Set Strategic Objectives & Assess Business Model -> Develop Business Plan -> Execute
Business Plan - > Evaluate Performance and Profitability -> Growth
Business Plan Decision Making Model
Visualize & Assess Opportunity -> Confirm Market Size & Profitability Potential -> Determine
Position, Approach, & Continuity -> Assess Resources and Capability -> Determine Objective
Driven Tactics -> Change Business Model
Stakeholder Management
Cannot fulfill the needs of all stakeholders, however by fulfilling the needs of some we may also
conjointly fulfill the needs of others, or the inverse
Employees\Distributors\Suppliers\Shareholders\Creditors\Customers
And more generally
General Public\Government\Local Communities
Business Resources
Assets\Labour\Capital\Managerial Acumen
Immediate Term\Short Term\Long term
Must meet all three demands for capital and drive growth by identifying opportunities and
creating competitive advantage at each stage through business resources and a business
planning cycle.
Value Proposition
Service benefits + Product benefits + Brand benefits + Cost benefits + Emotional benefits
- Price of product - difficulty of access
= Consumer surplus\Value proposition\Value add
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Research Task
| Fuel Cereal - Wheaties
Customers?
Young men and teens concerned with health and nutrition
- Athletes
- Lifters
- Manual Labourers
Value Proposition?
High in protein, a ‘performance’ cereal, masculine dark branding, food is in chunk shape,
cool/endorsements factor, healthy connotation with good taste, reasonably priced, available in
grocery aisles, suite of products
Approaches to Management:
Classical Approaches
Assumes people are rational and driven by economic concerns, pay more get more.
Assumes employees always work in the best interest of the broader organization.
Created in the industrial era to address worker management and factory productivity.
Scientific Management - Frederick Taylor
Reduce the number of steps a line worker must take to fulfill their task. Deals with
spatial and procedure design.
Administrative Principles - Henri Fayol
14 management principles to help organizations excel.
Bureaucratic Organization - Max Weber
Organizational design, how information is communicated, how decisions are
made, and how accountability is shared.
Behaviourist/Human Resource Approaches
Communal Organizations - Mary Parker Follett
The human aspect of employees is important
Hawthorne Studies - Elton Mayo
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Document Summary

Strategy is the development of plans and decisions that will guide long term performance and direction. Tactics is the immediate term actions take to meet short term objectives. Organizational inertia is the direction of an organization that affects decision making shifting risk propositions and inclination to innovate. Business must create a value proposition in the market and deliver goods or services based on organizational goals thereof. Good resource allocation, under uncertainty, towards objectives, and making situational decisions. Corporate gms -> business gms -> functional managers - >frontline managers. Activities (r&d, procurement, manufacturing, marketing, sales, customer service) Resources (assets, labour, capital, management value add (acumen)) Cost structures (cost of revenue, admin expenses, r&d expenses, interest) Portfolio of products and services (product lines, service lines, product offerings) Set strategic objectives & assess business model -> develop business plan -> execute. Business plan - > evaluate performance and profitability -> growth.

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