Sustaining Business 3rd Exam Review.docx

4 Pages
Unlock Document

Business Administration
BUSN 1101
Susan Mc Namara

rd Sustaining Business 3 Exam – Monday, November 25th Chapters: 3, 7 (excepted 7.3), 9.4 Take note of topics with Advantages & Disadvantages Take note of Definitions (for Terms in the Chapter Summary matching) Chapter 9 Distribution: getting the right quantity at the right place at the right time at a reasonable cost to the right customer Selling directly to customers: Advantages & Disadvantages Possible to sell directly to consumer Doesn’t make sense because there are too many transactions Advantages: direct control over pricing and promotional activity Don’t have depend on or pay an intermediary Disadvantages: must commit resources to make it happen Intermediaries – either wholesalers or retailers that help move products from their original source to the end user Business to Business Using Intermediaries (page 267): Advantages: can extend/reach more customers Disadvantages: gives up control over end pricing of the product You have to pay for the work of the intermediary Profit margin: how much we earn on each unit sold. Pg 269// vocabulary Physical distribution: taking the product from the manufacturer and delivering it to the consumer Materials handling: the process of moving materials whether they are raw or finished goods within the company Warehouse: peak season products, sold during a certain season and then stored in warehouses until the next season. (Stored during off season) Distribution center: intended for a quick turnaround, goods arrive in bulk and split into different shipments and sent off to different locations Steps in the Supply Chain: Supply’s Factory  manufacturer’s factory  warehousing  dealer’s outlet  customer Supply Chain Management (S.C.M.): extends from raw materials to the finished product Value Chain: activity in delivery to the customer, includes the efforts to convince the customer to buy the merchandise. Customer Value Triad: Quality, Service Price Chapter 7 Human resources – the most important resource Process (the strategy of managing) 1. Identify what we already have (what human resources we already have) Knowledge, Skills, and Abilities (K.S.A.) (know which ones we have and how many) 2. Forecast what the HR needs. If demand for HR is greater than we have: Solution  hire more people, overtime with existing employees, deal with a subcontractor, outsource If demand for HR is less that we have: Solution  Downsize attrition: the normal leaving of people (getting a better job) you don’t hire another encourage people to leave (early retirement) layoff = more reluctant, has to pay insurance Co. In order to forecast the needs: list tasks, duties, and responsibilities Job Specification  requirements to do the job used when hiring (makes it subjective) Hiring Employees Advantages & Disadvantages: Can hire internally and externally Hiring within the company: Advantages: good signs to other workers/motivation less of a risk because you already know them cheaper because you don’t have to pay recruit fees Disadvantages: You have to replace them Hiring outside of the company: Advantages: bring in fresh ideas fresh experience, Disadvantages: More risky the person is unknown Selection Process: depends on the organization. Application: Soft topics: test based on attitude, personality profile, writing skills Interview: usually be with the person to whom you would report to. Tests how well you interact verbally Physical tests: Depending on the job (FBI, Firefighters) Contingent Workers: can be full time for temporary time or full time but temporary work only paid salary or wage
More Less

Related notes for BUSN 1101

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.