Notes, summaries, assignments, exams, and problems for Other subjects

Understanding Business Strategy

Strategy specifies how an organization matches its own capabilities with opportunities in the marketplace to accomplish its objectives. It describes how an organization can create value while differentiating itself from competitors. This includes industry analysis and Porter's Five Forces.

Key Strategic Concepts

Common strategies include Product Differentiation and Cost Leadership.

Strategy Map Explained

A Strategy Map describes how an organization creates value by connecting strategic objectives in explicit cause-and-effect relationships across Financial, Customer, Internal Business, and Learning and Growth perspectives.

Conditions for an Effective Strategy Map

• Strength of ties
• Orphan objectives
• Focal points
• Triggers
• Distinctive

PESTLE Analysis

Factors outside organizational control that impact long-term strategies.

Market Research

Connecting consumers, customers, and the public to the market through information for decision-making.

Customer Relationship Management (CRM)

Building customer loyalty through communication and rewards to increase satisfaction, commitment, and retention.

Customer Centricity

Prioritizing the customer experience throughout the entire process, from awareness to post-purchase.

Emotional Impact

Positive or negative experiences linked to specific physiological responses.

Conceptual Consumption

Influence of expectations shaped by advertising and branding on purchasing decisions.

Commodities

Uniform, interchangeable goods with minor quality variations across... Continue reading "Key Marketing Concepts & Strategies" »

Project Management Life Cycle

Project Initiation

During the project initiation phase, it is crucial for project champions to develop a thorough understanding of the project's important characteristics. Barry Boehm's W5HH principle summarizes the questions that need to be asked and answered to understand these characteristics.

Project Planning

Various plans are created during this phase:

• Project Plan: Assigns project resources and time frames to tasks.
• Resource Plan: Lists the resources, manpower, and equipment required to execute the project.
• Financial Plan: Plans for manpower, equipment, and other costs.
• Quality Plan: Outlines quality targets and control measures.
• Risk Plan: Identifies potential risks, prioritizes them, and outlines actions to mitigate

Core Functions of Human Resource Management

• Strategic Management: Working with other parts of the organization to create and carry out plans to provide quality goods and services.
• Workforce Planning: Identify jobs that capture the tasks employees need to accomplish.
• Development: Measuring employee performance.
• Compensation and Benefits: Paying employees fairly.
• Employee and Labor Relations: Working with labor unions.
• Health and Safety: Establishing procedures to prevent injury and accidents.

Strategic and Functional Perspectives in HR

Effective human resource management requires a combination of strategic and functional perspectives.

Human resource roles involve people and processes. Part of the human resource professional role is spending time interacting... Continue reading "Core Functions and Trends in Human Resource Management" »

Quality Management Systems and After-Sales Service

A Quality Management System (QMS) is a management system for a customer-focused organization that involves all employees in a continuous process of improvement. It integrates quality into all activities of the company. It is necessary to set up quality standards, procedures, and work practices. The goal is to maintain a competitive advantage, to evaluate a company's performance, and to achieve business excellence.

The international standard that reflects a quality management system is the ISO 9000 Certification. Every company that has passed the quality audit and is registered for ISO 9000 gets a certificate. This certificate guarantees a quality standard and it transmits confidence in the products... Continue reading "Quality Management Systems: ISO 9000 & After-Sales Service" »

Organizational Chart of a Hotel Department

General Manager (GM) - The GM is the head of the department and oversees all operations. The Chief Engineer reports to the GM and is responsible for the following departments:

• Corporate Offices - Establish policies and procedures, ensuring accountability. They do not have executive responsibility for individual property performance.
• Property Management
• Repairs & Maintenance
• Landscaping - This department includes roles such as storekeeper, electrician, refrigerator engineer, painter, gardener, plumber, and air conditioning technician.

Hotel Physical Premises Design and Concept

The design and concept of a hotel's physical premises depend on its defined characteristics:

• Location
• Existing infrastructures
• Climate
• Concept
• Target

Managing a Crisis Gracefully

When the worst happens, there are tactics you can use to contain the disaster, or at least try to dampen it down before it gets worse.

Don’t Panic

If you’ve just realized a mistake, take a few deep breaths.

Fess Up

If you make an error, your audience will realize it before your manager does, and your manager would rather not hear about it via third-party sources. It’s better to own up and consult your team for their expertise.

Go Straight to the Top

Regardless of who made the error, the head of department should be the one to deal with it. Crisis management should come from the top, and using a junior staff member to deal with it is not only bad for brand reputation, it’s also bad for inexperienced staff to have... Continue reading "Effective Crisis Management: Strategies for Handling Challenges" »

Excellent managers come in all shapes and sizes. Their management style can be as unique as their personalities. Here are five things the best managers do – and don’t do.

What Effective Managers Do:

On the positive side, the best managers:

1. Keep the big picture in mind – They have a sound strategic mindset. They know their company’s business well and ensure that the activities of their unit, department, or division are always firmly aligned with broader initiatives and strategies.
2. Are consistent in their behavior – People like and need predictability. Problems arise for employees when a manager is erratic – for example, lenient and upbeat one day, and controlling and dour the next.
3. Treat their employees’ time as if it’s as important

A.1) Canada banned walrus hunt as it became a danger to the species population

Inuit subsistence revolved around the hunt of this large animal, so the government decided to make an exception for this community. Allow aboriginal people to sell their right to kill some of their walrus quota to hunters. They would collect the fee, serve as guides, & keep the meat & skins as they had always done. This way, trophy hunters fulfill their desire to shoot a walrus while the Inuit gain a new source of income, all without exceeding the agreed amount of walrus’ deaths. According to Sandel, they reached the best solution by employing a utilitarian approach. In order to maximize the happiness of all parties, market logic had to be followed. Walrus... Continue reading "Impact of Utilitarianism on Walrus Hunting and Cultural Values" »