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ANATOMY OF A BUSINESS CONTENTS List of Illustrations Preface Abbreviations 1. OVERVIEW/INTRODUCTION WHAT IS BUSINESS? HISTORY OF BUSINESS BUSINESS AS TRADE The Barter System The Have's and Have-nots: Natural Resources and Where's the Beef? Early Traders The Silk Road Trader as Raider Colonialism - The Sun Never Sets on the British (French, Portuguese, Spanish) Empire The First Corporation BUSINESS AS COMMUNICATION Pony Express BUSINESS AS ECONOMIC DEVELOPMENT SUMMARY 2. BUSINESS BASICS TYPES OF BUSINESSES SOLE PROPRIETORSHIP, PARTNERSHIP CORPORATION LIMITED LIABILITY COMPANY (LLC) NON-PROFIT ORGANIZATION SOME BASIC ECONOMICS SUPPLY & DEMAND FIXED AND MARGINAL COSTS THE VALUE CHAIN BASIC ORGANIZATION TYPES FUNCTIONAL ORGANIZATION HOW TO READ AN ORGANIZATION CHART MULTI-BUSINESS UNIT OR DIVISIONAL ORGANIZATION MATRIX ORGANIZATION SUMMARY 3. BUSINESS STRATEGY WHAT IS BUSINESS STRATEGY? LEVELS OF STRATEGY DIFFERENT APPROACHES TO STRATEGY PORTER'S COMPETITIVE STRATEGY BLUE OCEAN STRATEGY CORE COMPETENCIES DIVERSIFICATION STRATEGY GENERAL ELECTRIC'S #1 OR #2 SCENARIO PLANNING THE BALANCED SCORECARD THE STRATEGY SETTING PROCESS A DAY IN THE LIFE OF A CHIEF STRATEGY OFFICER Jim Schneck, Vice President, Strategy and Corporate Development, Maritz, Inc. A DAY IN THE LIFE OF A STRATEGY MANAGEMENT CONSULTANT Francis Gouillart, Founding Partner, ECC Partnership. Jobs in Business Strategy INTERNET RESOURCES SUMMARY 4. LEADERSHIP WHAT IS LEADERSHIP? FAYOL & TAYLOR: PRINCIPLES OF MANAGEMENT LEADERSHIP AND POWER: USES AND ABUSES CAPTAIN OF THE TEAM: WHAT DOES A LEADER DO? MANAGING STAKEHOLDERS BALANCING ACT DEVELOPING LEADERS AT ALL LEVELS LEADERSHIP STYLES: HOW DOES A LEADER DO IT? SOME EXAMPLES ANDY "MAD HUNGARIAN" GROVE - PARANOID CEO "NEUTRON" JACK WELCH - AMERICA'S TOUGHEST (AND MOST ADMIRED) BOSS MEG WHITMAN - OPEN-MINDED INFLUENCER LEE IACOCCA - SUPERSTAR CEO HAROLD "MEAN" GENEEN - MICROMANAGER EXTRAORDINAIRE "CHAINSAW" AL DUNLOP - RAMBO IN PINSTRIPES THE BOARD OF DIRECTORS CORPORATE GOVERNANCE A DAY IN THE LIFE OF A CHIEF OPERATING OFFICER Roger McCarthy, co-President, Vail Resorts and COO Breckenridge and Keystone Ski Resorts A DAY IN THE LIFE OF A CHIEF EXECUTIVE OFFICER Gail Plummer, CEO, Altair Global Relocation Jobs in Leadership SUMMARY 5. FINANCE & ACCOUNTING WHAT IS FINANCE? WHY IS FINANCE IMPORTANT? THE CONCEPT OF INTEREST PRESENT VALUE AND FUTURE VALUE RISK SAVING, SPENDING, BORROWING AND INVESTING THE "QUANTS" WHAT IS ACCOUNTING? FINANCIAL STATEMENTS WHY ARE FINANCIAL STATEMENTS IMPORTANT? THE BALANCE SHEET THE INCOME STATEMENT OTHER FINANCIAL STATEMENTS WHERE ACCOUNTING AND FINANCE MEET THE AUDIT FUNCTION Control systems Some Control Failures INVESTORS: SHAREHOLDERS AND BONDHOLDERS STOCKS Common versus Preferred Stock Stock Exchanges Stock Split THE ANNUAL MEETING, PROXIES CREDITORS LOANS AND LEVERAGE BONDS Bonds and Interest Rates What is a Credit Rating? The Yield Curve A DAY IN THE LIFE OF A CFO TK INTERNET RESOURCES SUMMARY 6. MARKETING WHAT IS MARKETING? WHY IS MARKETING IMPORTANT? STRATEGIC MARKETING PLANS THE SWOT ANALYSIS BCG GROWTH SHARE MATRIX IDENTIFYING YOUR CUSTOMERS CUSTOMER, SHOPPER, USER CUSTOMER PROFILES MARKETING APPROACHES MASS MARKETING MASS CUSTOMIZATION RELATIONSHIP MARKETING INTERNET MARKETING ONE-TO-ONE MARKETING CUSTOMER RELATIONSHIP MANAGEMENT BRANDS AND BRANDING BRAND EQUITY BRAND EXTENSIONS LADDERING PROCESS OR HOW TO GET AT CORE VALUES UNIQUE SELLING PROPOSITION ADVERTISING A DAY IN THE LIFE OF A MARKETING EXECUTIVE Eric McCarthey, Sr. Vice President, Managing Director, Global 7-Eleven Business Unit, Coca-Cola INTERNET RESOURCES SUMMARY 7. SALES WHAT IS SALES? WHY IS THE SALES FUNCTION IMPORTANT? DISTRIBUTION CHANNELS SELLING TO THE CONSUMER SELLING TO INSTITUTIONS CALL CENTERS WHO IS THE CUSTOMER? SEGMENTATION OF THE SALES FORCE REWARD STRUCTURE (OR INCENTIVES) SALARY OR COMMISSION? QUOTAS PUBLIC RECOGNITION AND AWARD PROGRAMS A DAY IN THE LIFE OF A SALES EXECUTIVE Vincent Roche, Vice President, Global Sales, Analog Devices Inc. INTERNET RESOURCES SUMMARY 8. MANAGEMENT OF INFORMATION SYSTEMS WHAT IS THE MANAGEMENT OF INFORMATION SYSTEMS? THE AUTOMATION OF INFORMATION AND COMMUNICATION WHY IS MIS/IT IMPORTANT? BUSINESS PROCESS ENGINEERING THE PEOPLE IN MIS INFORMATION PROCESSING DATA WAREHOUSING DATA MINING LEGACY SYSTEMS DECISION SUPPORT SYSTEMS DATA SILOS DATA MARTS SWIVEL CHAIR NETWORKS WHO OWNS THE DATA? SYSTEMS DESIGN END PRODUCT UTILITY SYSTEM RELIABILITY REPAIR AND UPGRADES SECURITY HACKER AND PHISHER PATROL KEEPING BUSINESS AND CUSTOMER DATA SAFE A DAY IN THE LIFE OF AN MIS MANAGER Monica Herbold, Vice President, Information Systems, A West Coast Bank INTERNET RESOURCES SUMMARY 9. HUMAN RESOURCES WHAT IS HUMAN RESOURCES? WHY IS HUMAN RESOURCES IMPORTANT? STRATEGIC VERSUS TRANSACTIONAL HUMAN RESOURCES ADMINISTRATORS, SPECIALISTS AND GENERALISTS THE HIRING PROCESS PERSONALITY & SKILLS TESTS HIRE FOR SKILLS OR ATTITUDE? THE APPRAISAL PROCESS TO RANK OR NOT TO RANK? TALENT MANAGEMENT AND PEOPLE DEVELOPMENT THE DIVERSITY DEBATE TRAINING JOB ROTATION & STRATEGIC ASSIGNMENTS BUILDING THE GENERALIST MOTIVATION REWARD SYSTEMS Job-Based Pay Skill-Based Pay Pay for Performance ORGANIZATION DEVELOPMENT ORGANIZATION BEHAVIOR ORGANIZATION DESIGN A DAY IN THE LIFE OF AN HR MANAGER Keith Lawrence, Director of Human Resources, Global Beauty, Procter & Gamble INTERNET RESOURCES SUMMARY 10. SUPPLY CHAIN WHAT IS A SUPPLY CHAIN? SUPPLY CHAIN VERSUS VALUE CHAIN WHY IS THE SUPPLY CHAIN IMPORTANT? PARTNERING ALONG THE SUPPLY CHAIN PROCUREMENT OR PURCHASING WHAT IS PURCHASING? WHY IS PURCHASING IMPORTANT? ECONOMIES OF SCALE LEVERAGING PURCHASING POWER B-2-B EXCHANGES AUCTIONS & REVERSE AUCTIONS OPERATIONS WHAT IS OPERATIONS? WHY IS THE OPERATIONS FUNCTION IMPORTANT? MASS PRODUCTION, MASS CONSUMPTION & THE DISEMBODIED WORKER Factors of Production MANUFACTURING PLANNING AND CONTROL SYSTEMS MRP and MRP-II Job Shops Mass Customization LEAN MANUFACTURING Just-in-Time and Kan-Ban Quality, Six-Sigma and ISO Certification OUTSOURCING WHY OUTSOURCE? LOGISTICS AND DISTRIBUTION WHAT IS LOGISTICS? Scheduling Algorithms WHAT IS DISTRIBUTION? RFID A DAY IN THE LIFE OF A SUPPLY CHAIN MANAGER Chris Barry, Senior Strategic Solutions Manager, FedEx CAREERS IN SUPPLY CHAIN MANAGEMENT INTERNET RESOURCES SUMMARY 11. RESEARCH & DEVELOPMENT WHAT IS RESEARCH & DEVELOPMENT? WHY IS R&D IMPORTANT? R&D AS A PERCENT OF TOTAL SALES (R&D INTENSITY) R&D THROUGH THE GENERATIONS FIRST GENERATION R&D SECOND GENERATION R&D THIRD GENERATION R&D FOURTH GENERATION R&D THE TREASURE HUNT DIFFERENT INNOVATION MODELS THE GREENHOUSE EFFECT: NURTURING GOOD IDEAS Skunk Works Greatest Idea & Best Failure Awards Customer Insights or Lead Customer R&D IF WE BUILD IT, WILL THEY BUY IT? THE DESIGN & DEVELOPMENT PROCESS EVALUATING PRODUCT DEVELOPMENT PERT and Gantt Charts Phased Process Evaluations Metrics A DAY IN THE LIFE OF AN R&D MANAGER Bob Niichel, Director of R&D, A Pharmaceutical Company INTERNET RESOURCES SUMMARY 12. OTHER STAFF FUNCTIONS LEGAL WHAT DOES THE LEGAL DEPARTMENT DO? Contracts Intellectual Property Protection Legal Defense Public Documents WHY IS THE LEGAL DEPARTMENT IMPORTANT? COMMUNICATIONS INTERNAL COMMUNICATIONS EXTERNAL COMMUNICATIONS INVESTOR RELATIONS CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY PUBLIC AFFAIRS HEALTH, SAFETY AND ENVIRONMENT QUALITY CUSTOMER ADVOCACY A DAY IN THE LIFE OF A CORPORATE AFFAIRS EXECUTIVE Kathleen Linehan, Vice President (retired) Corporate Affairs, CEEMA, Philip Morris SUMMARY Appendix: Job/Career Training and Preparation Resources Glossary Annotated Bibliography Index
Library of Congress Subject Headings for this publication:
Business enterprises.
Industrial management.
Business.
Commerce.