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Management (Planning (Organizational Missions & Competitive advantages…

- - - - SWOT Analysis
        
        Internal Weaknesses
        
        Low Profit margin, no employee exp etc.
        
        External Opportunities
        
        Technological innovation (smartphone vs camera)
        
        Internal Strengths
        
        High profit margin, high employee experience etc.
        
        External Threats
        
        Natural disasters, government regulations, tech innovation etc
        
        If strength match opp, be aggressive.
      - Porters Five Forces : gauges profitability of an industry
        
        Bargaining power of buyers
        
        Threat of substitutes
        
        Intensity of Rivalry
        
        Threat of new entrants
        
        Bargaining Power of Suppliers
      - BCG Matrix
        
        Advises firm how to deal with multiple business units via: Business growth rate & Market share
        
        High growth products require cash inputs to grow. Low growth products should generate excess cash.
  - - - Dont need to guess fashion trend, creates sense of scarcity, can adjust to market conditions
      - More expensive, less creative, Higher cost of frequent shipping
  - - - Firm morale
      - Good Social Image
      - Mix in flavors
  - - - Cost
        
        Spread out fixed costs
        
        Lower prices
        
        1% ^ in distance between 2 countries= 1% v in trade
      - Revenue
        
        Facilitates learning
        
        Weaker products from local firms
    - - Transactions (no ownership)
        
        Exporting or Outsourcing
        
        Franchising
      - Direct Investment (ownership)
        
        Joint Venture
        
        Acquisition
        
        Ownership= Higher control & Higher costs
      - Localization: Companies bloom when you accommodate local customs and cuisines
  - - - No up front payment, corporation cannot sell the store or adjust size, store owner recruits people, corporation collects payments from the store
      - Refranchising- letting a bought store become a franchise
    - - Pays up front, corporation hires employees, keeps all profit
    - - Diversify risks
      - Create synergy (2 is betta than 1)
        
        Cost Synergy: Total costs are lower than sum of the parts costs
        
        Create by Owning another firm or entering a contract
      - Bundle Selling: 2 companies sell 2 products together for increased revenue
- - - - Justifying past decisions and seeing what u want 2 see
      - Overconfidence & Anchoring
    - - Have to give up independence
      - A team can be dysfunctional
  - - - Need diversity with HRM to avoid discrimination
        
        Glass Ceiling
        
        "Choice" to be a stay at home mom
  - - - You enjoy it
    - - External Rewards
  - - - Strong culture motivates and guides employees
      - Good performance helps employees stick together, building a cohesive culture
- - - - Used for supervising more general jobs like line workers
    - - Use for supervising more specific jobs like scientists
  - - - Grouping based on organization output/location (Europe Branch, US branch) etc.
    - - Combines Functional+ Divisional
        
        Pros: Facilitates information sharing across functions/divisions
        
        Cons: May lead to conflict of interests due to reporting to multiple supervisors
    - - Grouping of positions into departments based on the types of skills