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BLOCK 3 BUILDING LONG-TERM SUCCESS** - Coggle Diagram
BLOCK 3 BUILDING LONG-TERM SUCCESS**
The politics of business & management
Understanding the political context
Analysing the political context
Managing the political context
Importance of quality
Quality & business sutainability
Quality management
Cost of quality
Quality systems
Quality assurance & quality control
7 key tools to controlling quality
Histogram
Control chart
Scatter diagram
Pareto chart
Checklist/tally
Cause & effect diagram
Stratification
Operational risk & resilience
Managing risk
Reduce the impact of an event
Reduce the likelihood of an event
Recover from an event
Hazards
Supply chain - defective components, delayed or damaged
Human capital - human error, failure due to incorrect or incomplete training
Technology - system or equipment failures
Impact of possible hazards, areas it will impact
Likelihood of something happening
Internal marketing
Benefits
Role & impact
Internal marketing communication
Relationship market
Types of relationship
Customer loyalty
Benefits of relationships marketing
Commitment, trust, customer orientation & communication
Defining relationship marketing
Customer value & satisfaction
Measuring success
Historical cost accounting (HCA) - assets recorded at the amount of cash or cash equivalents paid or fair value.
Fair value accounting (FVA) - measures assets & liabilities by estimating their current value.
Deprival value - The value of the business (how much worse off the business would be if deprived of an asset.
Leadership Vs Management
Leadership
- Developing a vision, aligning people with the vision, motivating people
Thinking Process - Focuses on people, looks outward
Goal Setting - creating a vision and inspiring others to follow that vision
Governance - Uses influence & conflict & act decisively
Employee Relations - Empowers, trust & develops colleagues
Operation - Doing the right thing & creates change
Motivation
Provide direction
Motivate employees to perform & encourage customers to buy.
Golden circle
Why
How
What
Motivation Theories
The presence of hygiene factors - clear company policies, company benefits, good relationships with managers & co-workers
The presence of motivation factors - Motivate employees, make them feel valued, career progression, feeling that work their work has a purpose
Maslow's Triangle
Level 1 - Work is warm, have regular breaks
Level 2 - Feel safe (physically & mentally), no bullying environment
Level 3 - Sense of belonging, flexible, being included, having opportunities
Level 4 - Need for self-esteem, feel valued by others, able to achieve targets
Level 5 - Meet levels 1-4 are satisfied, individual performs to the best of their ability
Management
- Planning & Budgeting, Organising & Staffing
Thinking process - Focuses on things, looks inwards
Goal setting - Executes plans & improves the present
Employee relations - Controls, directs & coordinates
Operation - Doing thigs right, manage change
Governance - Uses authority, avoids conflict & acts responsibly
