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communication at Little Joe’s Auto has flowed in

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“I’d give them away, but my wife won’t let me.”

How many employees will get the meaning the manager is trying to communicate if the channel is an automated email? Worse, how many employees will question the manager’s commitment and sincerity if he chooses an email channel to transmit a message that is clearly meant to seem more personal? It’s not just about the message but the method by which the message is conveyed.

ean channels: teleconference; phone call; voice message; video Leanest channels: blog; report; brochure; newsletter; flier; email

(receivers)

Are they need based or process based? What are the results of the different motivational strategies these companies use?

can become too preoccupied with meeting goals and distracted from completing tasks.

a manager’s goals may not be aligned with the goals of the organization as whole,

Specific, Measurable, Achievable, Realistic, and Time-constrained

When Japanese motor company ASMO opened a plant in the U.S., it brought with it a large Japanese workforce but hired American managers to oversee operations. The managers, thinking to motivate their workers with a reward system, initiated a costly employee-of-the-month program that included free parking and other perks. The program was a huge flop, and participation was disappointingly low. Why? The program required employees to nominate their coworkers to be considered for the award. Japanese culture values modesty, teamwork, and conformity, and to be put forward or singled out for being special is considered inappropriate and even shameful. To be named Employee of the Month would be a very great embarrassment indeed—not at all the reward that management assumed. Especially as companies become more culturally diverse, the lesson is that managers need to get to know their employees and their needs—their unique valences—if they want to understand what makes them feel motivated, happy, and valued.

Thus a teacher from Alberta may accept lower compensation than his colleague in Toronto if his cost of living is different

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For example, let’s look at Ross and Monica, two employees who work for a large magazine-publishing company doing very similar jobs. If Ross received a raise in pay but saw that Monica was given a larger raise for the same amount of work, Ross would evaluate this change, perceive an inequality, and be distressed. However, if Ross perceived that Monica were being given more responsibility and therefore relatively more work along with the salary increase, then he would see no loss in equality status and not object to the change.

If managemen

Frederick Herzberg

Alderfer proposed that when a certain category of needs isn’t being met, people will redouble their efforts to fulfill needs in a lower category. For example, if someone’s self-esteem is suffering, he or she will invest more effort in the relatedness category of needs.

and work to fulfill them.

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Considering

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Setting compensation leve

Staffing activities include: Identifying and fulfilling talent needs (through recruitment, primarily) Utilizing various recruitment technologies to acquire a high volume of applicants (and to filter them based on experience) Terminating contracts when necessary Maintaining ethical hiring practices and aligning with the regulatory environment Writing employee contracts and negotiating salary and benefits

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Forms of Business Ownership: Comparison

Hiring Employees. If you are hiring employees, you’ll need to follow federal and state regulations for employers.

Disadvantages of an LLC

An acquisition, on the other hand, occurs when a company purchases the assets of another business (such as stock, property, plants, equipment) and usually enables the acquired company to continue operating as it did prior to the acquisition.

while the franchisor, in effect, does all of the work. 

Businesses that want to take their social and environmental commitment even further can become a Certified B Corporation.

Proprietorship

Integrated Marketing Communication (IMC)

Logistics and Information Management The physical movement of goods is called logistics, and as you can guess, it is a staggeringly complex and important function. Imagine trying to keep track all of this information—from the initial order forecast to production, warehousing, and transportation. It’s obviously not a job that a human, or even a team of humans, could easily do on a large scale. As global supply chains have grown more complex, businesses have created systems to manage and optimize the supply chain. In 2013, the market for supply chain management software was $8.944 billion.[5]. Put simply, companies are buying expensive systems to help manage the complexity of the supply chain. An RFID tag allows interested parties to track the location of packages in transit. Have you ever tracked a package that you were sending or receiving and seen its progress through the supply chain? This is done using track-and-trace software that monitors the progress of physical goods through the supply chain process, often by means of a radio-frequency identification tag. Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. The tags contain electronically stored information. Passive tags collect energy from a nearby RFID reader’s interrogating radio waves. RFID tags are used in many industries—for example, an RFID tag attached to an automobile during production can be used to track its progress through the assembly line, and RFID-tagged pharmaceuticals can be tracked through warehouses in the supply chain process. Information throughout the supply chain process is captured in systems that allow supply chain professionals to analyze results and identify improvements that will lead to more reliable, faster, and less expensive delivery to customers throughout the supply chain.

Supply Chain vs. Marketing Channels The supply chain and marketing channels can be differentiated in the following ways: The supply chain is broader than marketing channels. It begins with raw materials and delves deeply into production processes and inventory management. Marketing channels are focused on bringing together the partners who can most efficiently deliver the right marketing mix to the customer in order to maximize value. Marketing channels provide a more narrow focus within the supply chain. Marketing channels are purely customer facing. Supply chain management seeks to optimize how products are supplied, which adds a number of financial and efficiency objectives that are more internally focused. Marketing channels emphasize a stronger market view of the customer expectations and competitive dynamics in the marketplace. Marketing channels are part of the marketing mix. Supply chain professionals are specialists in the delivery of goods. Marketers view distribution as one element of the marketing mix, in conjunction with product, price, and promotion. Supply chain management is more likely to identify the most efficient delivery partner. A marketer is more likely to balance the merits of a channel partner against the value offered to the customer. For instance, it might make sense to keep a channel partner who is less efficient but provides important benefit in the promotional strategy. Successful organizations develop effective, respectful partnerships between the marketing and supply chain teams. When the supply chain team understands the market dynamics and the points of flexibility in product and pricing, they are better able to optimize the distribution process. When marketing has the benefit of effective supply chain management—which is analyzing and optimizing distribution within and beyond the marketing channels—greater value is delivered to customers.

The Marketing Mix As you can see from the list of responsibilities, the product marketing function is not confined to only one aspect of the marketing mix. Instead, the product marketing function focuses on a single product or product line across the marketing mix. Let’s look at a specific example of the product marketing role and a corporate marketing role, and see how they each use the marketing mix. When it introduced its watch product, Apple had a large team responsible for product marketing. The team was following emerging technology, consumer, and societal trends and identifying what would impact customer needs. They became experts in the features and marketing of competitive products. Product marketers defined the target buyer for the watch and identified the key features the buyer would require. They met with distribution partners. The product marketing team developed pricing recommendations. They managed tradeoffs involving features, schedule, cost, and pricing.  They also traveled to trade shows, customer briefings, and press visits to talk about the watch. The product marketing team was Apple’s resident expert on the target market for the Apple watch and the marketing strategy for that product. Prior to the product launch, product marketing worked with Apple’s marketing communications team to develop the press releases, press strategy, and marketing materials for the launch and ongoing sales. Marketing communications is a corporate function that works across all products. They do not try to become experts in each product but look to the product marketing team to bring that expertise. Instead, the marketing communications team are experts in promotion across all of Apple’s products. Product marketing understands the right message for the Apple watch’s target market. The marketing communications team knows how to get a writer at the New York Times to write a story about that message.

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Reading: How Companies Approach Marketing

A private company can be run by individuals, in which case it is called a sole proprietorship, or it can be run by a group, in which case it is a partnership. A private company can also be a corporation, but the stock is not sold to the public. Instead, the company’s stock is offered, owned, and traded or exchanged privately. A small law firm run by one person, even if it employs some other lawyers, would be a sole proprietorship. A larger law firm may be owned jointly by its partners. Most private companies are relatively small, but there are some large private corporations, with tens of billions of dollars in annual sales, that do not have publicly issued stock, such as farm-products dealer Cargill, the Mars candy company, and the Bechtel engineering and construction firm.

is owned by the people who run it on a day-to-day basis. A private company can be run by individuals, in which case it is called a sole proprietorship, or it can be run by a group, in which case it is a partnership. A private company can also be a corporation, but with no publicly issued stock. A small law firm run by one person, even if it employs some other lawyers, would be a sole proprietorship. A larger law firm may be owned jointly by its partners. Most private companies are relatively small, but there are some large private corporations, with tens of billions of dollars in annual sales, that do not have publicly issued stock, such as farm-products dealer Cargill, the Mars candy company, and the Bechtel engineering and construction firm

Most of the time when corporate stock is bought and sold, however, the firm receives no financial return at all. If you buy shares of stock in General Motors, you almost certainly buy them from the current owner of those shares, and General Motors does not receive any of your money. This pattern should not seem particularly odd. After all, if you buy a house, the current owner gets your money, not the original builder of the house. Similarly, when you buy shares of stock, you are buying a small slice of ownership of the firm from the existing owner—and the firm that originally issued the stock is not a part of this transaction.

When owners of a business choose sources of financial capital, they also choose how to pay for them.

Technology and Money Virtual currencies, such as BitCoin, are using the traditional concept of “money” but as an alternative to the established Federal Reserve System. Although gaining in popularity, these virtual currencies are unregulated and pose some serious risks to those using this medium of exchange. Cashless payment systems such as Google Wallet and ApplePay leverage NFC technologies to allow consumers to carry their “cash” in their mobile devices. As more retailers move to “tap to pay” or scanning QR codes to complete transactions, the need to carry conventional paper money and coin diminishes. The question raised by this technology is not whether it will lead to a cashless society, but rather which mobile payment service will rise to the top and capture the market.

Good Luck! Play the Chair the Fed Simulation

market

Liquidity refers to how quickly a financial asset can be used to buy a good or service. For example, cash is very liquid. Your $10 bill can be easily used to buy a hamburger at lunchtime. However, $10 that you have in your savings account is not so easy to use. You must go to the bank or ATM machine and withdraw that cash to buy your lunch. Thus, $10 in your savings account is less liquid.

Google demonstrated the app at a press conference on May 26, 2011. The app was released in the United States only on September 19, 2011. The service works with the 300,000 plus MasterCard PayPass merchant locations, with Visa licensing their Visa payWave system to Google for use in Wallet as of September 20, 2011. On May 15, 2013, Google announced the integration of Google Wallet and Gmail, allowing users to send money through Gmail attachments. Like the main service, Google Wallet’s Gmail integration is also currently only available in the United States, to those 18 or older. On February 23, 2015, Google announced that it would acquire the intellectual property of the carrier-backed competitor Softcard and integrate it into Google Wallet, and that AT&T Mobility, T-Mobile U.S., and Verizon Wireless would bundle the Google Wallet app on their compatible devices later in the year. The effective merger aims to build a stronger competitor to the recently introduced Apple Pay mobile payment service. The new service will be known as Android Pay.

To check out at brick and mortar stores, users hold their authenticated Apple device to the point of sale system. iPhone users authenticate by holding their fingerprint to the phone’s Touch ID sensor, and Apple Watch users authenticate by double clicking a button on the device. There will be 220,000 participating vendors at the time of launch, including department stores Macy’s and Bloomingdales, drugstores Walgreens and Duane Reade, restaurants Subway and McDonald’s, and other retailers including Target and Whole Foods. To check out online in supported mobile apps, users choose “Apple Pay” as their payment method and authenticate with Touch ID. Groupon, Panera Bread, and Uber apps will be compatible with Apple Pay at the service’s launch. Users can add credit cards to the service in any of three ways: through their iTunes accounts, by taking a photo of the card, or by entering the card information manually. The service will only work in the United States, though Apple plans to expand to other countries.

The service is compatible with the iPhone 6, iPhone 6 Plus, and the Apple Watch. Users with iPhone 5, 5C, 5S, 6, or 6 Plus can use the service through an Apple Watch, though the watch lacks the added Touch ID security. By default, Apple Pay is disabled, and the owner must enter a code to enable Apple Pay after putting on the watch. The watch’s sensors will then ensure that it is still being worn by its owner. If the watch is removed at any point, then Apple Pay is disabled again.

Near Field Communications (NFC)

2014,

Fiat money has no intrinsic value but is declared by a government to be the legal tender of a country.

ince the financial crisis in 2008, the U.S. economy and businesses have struggled to recover from the greatest economic crisis since the Great Depression of the 1930s. Long-established companies have closed their doors, costing workers their jobs, retirement savings, and even their homes. Thus far the U.S. economy has proven resilient, and since the Great Recession in 2008, progress has been made to

You have now looked at some of the internal parts that run this machine we’re calling business

about the engine and the

Factor of Production   Natural Resource Wind is harnessed to produce electricity that powers the electric mixer and oven. Human Resource The baker’s labor combined with the creativity and skills needed to actually bake and decorate it Capital Ovens, cake pans, flour, sugar, butter, and other ingredients used to make the cake Entrepreneurship An individual who starts the bakery or runs a home-based business baking and selling cakes to customers

Before we discuss capital, it’s important to point out that money is NOT a resource. Remember that resources need to be productive. They have to be used to make something else, and money can’t do that. Money certainly helps the economy move along more efficiently and smoothly, like grease for the economic machine. But in and of itself, it can’t produce anything. It’s used to acquire the productive resources that can produce goods and services. This confusion is understandable, given that businesspeople frequently talk about “financial capital,” or “investment capital,” which does mean money.

They use the revenue generated from operations to support the continued mission of the organization.

Instead, some organizations provide their goods and services in order to generate revenues (income) that can be used to further their purpose or mission.

As you’ll see in the next section, while all businesses seek to make a profit, what a business actually does with its profit can vary and depends on whether it’s a for-profit or nonprofit organization.  

Businesses that suffer extraordinary losses during a short period of time or slowly see their profits decline may need to close their doors or file for bankruptcy.

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Apple iPay

she faxed the prescription straight

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