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Introduction to Business

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Introduction to Business ­MGT 211
VU
LESSON 39
TOTAL QUALITY MANAGEMENT (continued)
Benchmarking--process by which a company implements the best practices from its own
past performance and those of other companies to improve its own products.
Internal benchmarking uses the firm's own performance to evaluate progress and set goals;
external benchmarking begins with a critical review of competitors or even companies in other
businesses to determine which have "best practices."
Getting Closer to the Customer
i.
Customers are the driving force for all business activity.
ii.
The most successful businesses keep close to their customers and
know what they want in the products they consume.
Trends in Productivity and Quality Management
a. ISO 9000:2000 and ISO 14000
i.
ISO 9000:2000--a certification program attesting to the fact that a
factory, a laboratory, or an office has met the rigorous quality
management requirements set by the International Organization for
Standardization, to ensure that a manufacturer's product is exactly the
same today, in terms of level of quality, as it was yesterday and will be
tomorrow. More than 140 countries have adopted ISO 9000 as a
national standard.
ii.
ISO 14000--Certification program attesting to the fact that a factory,
laboratory, or office has improved environmental performance
Process Re-engineering
Business Process Re-engineering -- quality improvement process that focuses on
improving both the productivity and quality of business processes.
Re-engineering -- quality improvement process that entails rethinking an organization's
approach to productivity and quality.
i.
The Re-engineering Process
1. Identify the business activity that will be changed
2. Evaluate information and human resources to see if they can
meet the requirements for change
3. Diagnose the current process to identify its strengths and
weaknesses
4. Create the new process design
5. Implement the new design
Adding Value through Supply Chains
i.
The Supply Chain Strategy--Flow of information, materials, and
services that starts with raw-materials suppliers and continues through
other stages in the operations process until the product reaches the end
customer
140
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Introduction to Business ­MGT 211
VU
ii.
Supply Chain Management--Principle of looking at the supply chain
as a whole in order to improve the overall flow through the system
iii.
Reengineering Supply Chains for Better Results--By lowering costs,
speeding ser-vice, or coordinating flows of information and materials,
process improvements and reengineering often improve supply chains.
Investing in Innovation and Technology -- Many U.S. firms that have continued to invest in
innovative technology have enjoyed rising productivity and rising incomes.
Adopting a Long-Run Perspective -- Many quality-oriented firms are committed to long-
term efforts at continuous improvement: the ongoing commitment to improving products and
processes.
Emphasizing Quality of Work Life
i.
Employee Empowerment--concept that all employees are valuable
contributors to a firm's business and should be entrusted with decisions
regarding their work.
ii.
Employee Training--For employee involvement to be effective, firms
are investing in employee training programs that will enhance employee
performance.
Improving the Service Sector -- in trying to offer more satisfactory services, many
companies have discovered five criteria that customers use to judge service quality:
i.
reliability
ii.
respnsiveness
iii.
assurance
iv.
empathy
v.
tangibles
141
Table of Contents:
  1. INTRODUCTION:CONCEPT OF BUSINESS, KINDS OF INDSTRY, TYPES OF TRADE
  2. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:THE ECONOMIC ENVIRONMENT
  3. BUSINESS ORGANIZATION:Sole Proprietorship, Joint Stock Company, Combination
  4. SOLE PROPRIETORSHIP AND ITS CHARACTERISTICS:ADVANTAGES OF SOLE PROPRIETORSHIP
  5. PARTNERSHIP AND ITS CHARACTERISTICS:ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP
  6. PARTNERSHIP (Continued):KINDS OF PARTNERS, PARTNERSHIP AT WILL
  7. PARTNERSHIP (Continued):PARTNESHIP AGREEMENT, CONCLUSION, DUTIES OF PARTNERS
  8. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:ETHICS IN THE WORKPLACE, SOCIAL RESPONSIBILITY
  9. JOINT STOCK COMPANY:PRIVATE COMPANY, PROMOTION STAGE, INCORPORATION STAGE
  10. LEGAL DOCUMENTS ISSUED BY A COMPANY:MEMORANDUM OF ASSOCIATION, CONTENTS OF ARTICLES
  11. WINDING UP OF COMPANY:VOLUNTARY WIDNIGN UP, KINDS OF SHARE CAPITAL
  12. COOPERATIVE SOCIETY:ADVANTAGES OF COOPERATIVE SOCIETY
  13. WHO ARE MANAGERS?:THE MANAGEMENT PROCESS, BASIC MANAGEMENT SKILLS
  14. HUMAN RESOURCE MANAGEMENT:Human Resource Planning
  15. STAFFING:STAFFING THE ORGANIZATION
  16. STAFF TRAINING & DEVELOPMENT:Typical Topics of Employee Training, Training Methods
  17. BUSINESS MANAGERíS RESPONSIBILITY PROFILE:Accountability, Specific responsibilities
  18. COMPENSATION AND BENEFITS:THE LEGAL CONTEXT OF HR MANAGEMENT, DEALING WITH ORGANIZED LABOR
  19. COMPENSATION AND BENEFITS (Continued):MOTIVATION IN THE WORKPLACE
  20. STRATEGIES FOR ENHANCING JOB SATISFACTION AND MORALE
  21. MANAGERIAL STYLES AND LEADERSHIP:Changing Patterns of Leadership
  22. MARKETING:What Is Marketing?, Marketing: Providing Value and Satisfaction
  23. THE MARKETING ENVIRONMENT:THE MARKETING MIX, Product differentiation
  24. MARKET RESEARCH:Market information, Market Segmentation, Market Trends
  25. MARKET RESEARCH PROCESS:Select the research design, Collecting and analyzing data
  26. MARKETING RESEARCH:Data Warehousing and Data Mining
  27. LEARNING EXPERIENCES OF STUDENTS EARNING LOWER LEVEL CREDIT:Discussion Topics, Market Segmentation
  28. UNDERSTANDING CONSUMER BEHAVIOR:The Consumer Buying Process
  29. THE DISTRIBUTION MIX:Intermediaries and Distribution Channels, Distribution of Business Products
  30. PHYSICAL DISTRIBUTION:Transportation Operations, Distribution as a Marketing Strategy
  31. PROMOTION:Information and Exchange Values, Promotional Strategies
  32. ADVERTISING PROMOTION:Advertising Strategies, Advertising Media
  33. PERSONAL SELLING:Personal Selling Situations, The Personal Selling Process
  34. SALES PROMOTIONS:Publicity and Public Relations, Promotional Practices in Small Business
  35. THE PRODUCTIVITY:Responding to the Productivity Challenge, Domestic Productivity
  36. THE PLANNING PROCESS:Strengths, Weaknesses, Threats
  37. TOTAL QUALITY MANAGEMENT:Planning for Quality, Controlling for Quality
  38. TOTAL QUALITY MANAGEMENT (continued):Tools for Total Quality Management
  39. TOTAL QUALITY MANAGEMENT (continued):Process Re-engineering, Emphasizing Quality of Work Life
  40. BUSINESS IN DIGITAL AGE:Types of Information Systems, Telecommunications and Networks
  41. NON-VERBAL COMMUNICATION MODES:Body Movement, Facial Expressions
  42. BUSINESS ORGANIZATIONS:Organization as a System
  43. ACCOUNTING:Accounting Information System, Financial versus Managerial Accounting
  44. TOOLS OF THE ACCOUNTING TRADE:Double-Entry Accounting, Assets
  45. FINANCIAL MANAGEMENT:The Role of the Financial Manager, Short-Term (Operating) Expenditures