MGTA02H3 Lecture Notes - Lecture 15: Contribution Margin, Fixed Cost, Petty Cash
Business Lecture Notes
MGTA02
Arif Toor
[email protected]ronto.ca
IC 200 - B
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Lecture 1: Jan/9/2018
Chapter 1 - MANAGING AND MANAGERS
• Equality vs Equity:
o Equality – where everyone is given things equally
o Equity – things given based on need so everyone is at the same level
▪ Everyone treated based on support needed
• Business is formed for a reason, they need leadership
• Leaders – deteie the ogaizatio’s pupose ad dietio
o Guide and inspire others to go along
• Managers – people who plan, organise, lead and control resources
o Business managers: manage the process of transforming factors of production in
products that people demand
• Business – system that turns factors of production into products that people demand
• To succeed, every business must perform a number of functions:
o Determine customer needs – marketing
o Create things people demand – operations
o Collect information – accounting
o Find and allocate capital – finance
o Hire and keep good people - HRM
Managing
• Managing is not the arbitrary exercise of power
• It involves getting thing done
• Henry Fayol:
o Planning
o Organizing
o Commanding
o Coordinating
o Controlling
• Newman and Summer:
o Planning
o Organising
o Leading
o Controlling
• To be a good manager, you need to plan usig W’s ad ho
• MBO (Managing by Objective) – when you know your objective and plan how you achieve it
o eg. How to arrive on time
o have a clear goal and reverse engineer it
▪ SMART goals (Specific, Measured, Agreed upon, Realistic, Time bound)
• Types:
o Planning – what needs to be done and the best way to achieve it
o Organising – assembling and preparing the resources needed to complete a task
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o Leading – guidig ad otiatig othes to eet the ogaisatio’s ojetie
teaching, demonstrating and leading by example
o Leadership – influencing people so that they will strive willingly towards the
achievement of group goals
o Controlling – set standards (desired outcome)
▪ Measuring performance (actual outcome)
▪ If necessary, improve/correct performance (to meet standards)
• Managing Order: Planning, organizing, leading, controlling
• Business Managers: manage process of transforming factors of production (raw materials,
llabour, capital, entrepreneurship, information)
Leadership Styles
• Autocratic:
o do this tpe of leade, sot of like a strict dictator
o Cant question the leader
o Eg. Zeus, army leader
• Laissez-Faire:
o do this o that as ou see fit
o Wat the ok doe, ut does’t ae ho
o Staff not motivated
o Eg. Software developer
• Democratic:
o what do you think we should do, suggestions
o Staff feel loved, important, motivating, respected
o Might take longer for decisions
Theories:
• Trait Theory: 1950s
o you can be born with it, leaders are born mentality
• Behavioural Styles Theory: 1950/60s
o ou a deelop, do’t hae to e o ith it
• Contingency Theory: 1970/80s
o Backup plan
• Transformational Theory: 1980s
o Followers become future leaders
o Delegation
o Groom and mentor you
o Leader transforms whole organization to demonstrate leadership
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MGTA02H3 Full Course Notes
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Document Summary
Managing: managing is not the arbitrary exercise of power, henry fayol: If necessary, improve/correct performance (to meet standards: managing order: planning, organizing, leading, controlling, business managers: manage process of transforming factors of production (raw materials, llabour, capital, entrepreneurship, information) Leadership styles: autocratic, (cid:862)do this(cid:863) t(cid:455)pe of leade(cid:396), so(cid:396)t of like a strict dictator, cant question the leader, eg. Laissez-faire: (cid:862)do this o(cid:396) that as (cid:455)ou see fit(cid:863, wa(cid:374)t the (cid:449)o(cid:396)k do(cid:374)e, (cid:271)ut does(cid:374)"t (cid:272)a(cid:396)e ho(cid:449, staff not motivated, eg. Software developer: democratic, (cid:862)what do you think we should do(cid:863), suggestions, staff feel loved, important, motivating, respected, might take longer for decisions. Marketing key points: marketing focus on customer, who is the customer (cid:862)ta(cid:396)get(cid:863) (cid:373)a(cid:396)kets, segmentation dividing up the market, (cid:1008) p"s giving people what they want, research discovering what they want. Marketing defined: planning and organising, the development of a product, determining the price people will pay, making the product known, making it available to customers.
