Managing a Business

A:

There are several advantages and disadvantages that come with joint venture partnerships, according to NI Business Info. One of the advantages of this type of partnership is the immediate access to new markets that can accelerate business growth, while one of the disadvantages might be an inability of both partners to see eye-to-eye on goals and objectives.

See Full Answer
Filed Under:
  • How do companies motivate their employees?

    Q: How do companies motivate their employees?

    A: Common strategies used by companies to motivate their employees include acknowledging and rewarding accomplishments, providing learning and training opportunities and involving employees in the decision-making process, according to the Guardian. Because contented employees are seen as more productive in the workplace, a company's motivational game plan is most effective if it makes employees happy.
    See Full Answer
    Filed Under:
  • What is an organogram?

    Q: What is an organogram?

    A: According to Cambridge Dictionaries Online, an organogram is a diagram that explains the relationship between different people in an organization. An organogram describes the jobs of each establishment at different levels and describes their relationships. A common name for organogram is organizational chart.
    See Full Answer
    Filed Under:
  • What are company policies?

    Q: What are company policies?

    A: Company policies refer to documented guidelines or rules of conduct within an organization. These policies and schemes outline the responsibilities of both employers and employees. Company policies help protect the rights of workers and the business interests of organizations.
    See Full Answer
    Filed Under:
  • What is the definition of "customer expectation"?

    Q: What is the definition of "customer expectation"?

    A: "Customer expectation" refers to the total perceived benefits a customer expects from a company's product or service. If the actual experience customers have with a product exceeds the expectation, they are typically satisfied. If the actual performance falls below the expectation, they are typically disappointed.
    See Full Answer
    Filed Under:
  • What is management by objectives?

    Q: What is management by objectives?

    A: Management by objectives is a business model that encourages a team collaboration committed to achieving a company's mission. Each management level identifies a target purpose, which is agreed upon by organizational consensus. This management style was first introduced in Peter Druck's 1954 book, "The Practice of Management."
    See Full Answer
    Filed Under:
  • What is a grand strategy matrix?

    Q: What is a grand strategy matrix?

    A: A grand strategy matrix is a tool used by businesses to devise alternative strategies. The matrix is primarily based on four essential elements: rapid market growth, slow market growth, strong competitive position and weak competitive position.
    See Full Answer
    Filed Under:
  • What is the role of the managing director?

    Q: What is the role of the managing director?

    A: A managing director coordinates the activities for a specific organization. He also keeps business goals and objectives in mind and makes sure employees are all on board with those goals and objectives. In other words, he controls resources and expenditures.
    See Full Answer
    Filed Under:
  • Why is it important to give and receive constructive feedback?

    Q: Why is it important to give and receive constructive feedback?

    A: Constructive criticism is important for everyone to receive and give because it promotes communication and excellence in organizations and personal growth. By hearing about areas that require improvement, individuals have the ability to change and become a better person or employee.
    See Full Answer
    Filed Under:
  • What is a baseline in project management?

    Q: What is a baseline in project management?

    A: The baseline in project management refers to the initial cost, scope and schedule of the project. The baseline functions as a measure so the project will not deviate. Establishing a baseline happens before the project starts; otherwise, project managers will not have a system of measure.
    See Full Answer
    Filed Under:
  • How does domestic business differ from international business?

    Q: How does domestic business differ from international business?

    A: Domestic business is often easier to conduct than international business because international business means combining two or more different countries, which have different cultures, politics, legal systems, religions and business procedures. In order to succeed in international business, understanding the other country is necessary because even if the business model seems sound in one country, it might not fly in another.
    See Full Answer
    Filed Under:
  • What is the best small business to start during a recession?

    Q: What is the best small business to start during a recession?

    A: Three good small business ideas to start during a recession are a household cleaning service, dog poop cleaning service and neighborhood street curb address painting. All three of these businesses can be started with an investment of under $100. Cleaning homes, garages and yards is an evergreen business regardless of the economy. Hauling away unwanted junk is another option.
    See Full Answer
    Filed Under:
  • What are the primary functions of an operations department?

    Q: What are the primary functions of an operations department?

    A: The primary functions of an operations department include the design and management of products, services and processes. In addition, the operations department evaluates and allocates resources to effectively deliver products and services.
    See Full Answer
    Filed Under:
  • How do you write a business plan format?

    Q: How do you write a business plan format?

    A: Writing a business plan format involves describing your company, analyzing the market you hope to serve, and describing your company structure. Include the products you plan to sell and financial projections for up to two years.
    See Full Answer
    Filed Under:
  • What is the purpose of management?

    Q: What is the purpose of management?

    A: The purpose of management is to plan, direct, organize and ensure the success of a business at various levels through a number of methods including customer satisfaction and employee training. Management, normally made of a manager and their assistants, is key to running an organization on what could be considered microscopic levels.
    See Full Answer
    Filed Under:
  • What are types of management control?

    Q: What are types of management control?

    A: According to Boundless, the three main types of management control are feed forward, concurrent and feedback controls. A multiple control management system is also possible when the three kinds of controls are combined. The focus of managerial processes determines the kind of control that is implemented within an organization. Each of the management controls aims at ensuring optimal utilization of resources and motivation of employees.
    See Full Answer
    Filed Under:
  • What is a business level strategy?

    Q: What is a business level strategy?

    A: Business-level strategy is an ideal that promotes providing excellent and proactive customer service in order to generate better financial returns. This method of operation focuses on monetary needs and creating superior returns on investment. Maximizing employee performances and reducing waste create the most profitable corporate landscape.
    See Full Answer
    Filed Under:
  • How would a person start a pharmaceutical company?

    Q: How would a person start a pharmaceutical company?

    A: To start a pharmaceutical company, a person needs to have the intellectual property rights to a new medication or treatment with market potential. The functionality of the medication is scrutinized, then market consultants are hired to assess sales viability. Market outcomes are then projected to aid in putting together an attractive business plan for investors.
    See Full Answer
    Filed Under:
  • Why is production planning important?

    Q: Why is production planning important?

    A: Production planning ensures materials, equipment and employees are all available to meet production goals for a business. It also provides a detailed plan on how a company will reach its production goals and how long it will take to achieve it, which can be useful for letting customers how long it will take before they can expect their orders.
    See Full Answer
    Filed Under:
  • What is meant by direct and indirect supervision?

    Q: What is meant by direct and indirect supervision?

    A: Direct supervision means that an authority figure is within close proximity to his or her subjects. Indirect supervision means that an authority figure is present but possibly not seen or heard.
    See Full Answer
    Filed Under:
  • What are advantages and disadvantages of motivating employees with money?

    Q: What are advantages and disadvantages of motivating employees with money?

    A: Money is a useful tool for motivating employees, but results can be mixed and unexpected, including the advantage of boosting production and the disadvantage of encouraging possibly unethical behavior. It is wise to research all the possible results for a particular policy before implementing it.
    See Full Answer
    Filed Under:
  • What is the best way to justify hiring additional staff?

    Q: What is the best way to justify hiring additional staff?

    A: The best way to justify hiring additional staff is to point out how important employees are for growth and customer service. Companies depend on employees to create, handle and sell products and service, and new employees are necessary for a company to meet its growth goals.
    See Full Answer
    Filed Under: