BBI

Managment and Hr

Managment roles

Planning:
Researching
Forecasting the future

Organizing:
Roles and responsibilities of workers
Structure of organization

Controlling:
Make sure company goals are met
If not met figure out why
If met try to surpass it

Leadership

Autocratic:
Boss workers around
One way to do things
No other opinions or ideas

Democratic:
Everyone is involved
Supports teamwork
Ideas are supported

Laisezz-Faire:
Small direction to members
Mainly independent
Advice is only given if asked

Maslows motivators

Needs:
Existence needs(Basics and saftey) People work to earn money
Relatedness needs(Belonging and self esteem) Work to earn money but don't want to get to know colleagues
Growth needs(Self esteem and self actualization) Work for promotion

Existence need motivators:
Pay enough money
Good workplace
Incentives

Relatedness needs motivators:
Show respect
Delegate responsibilities
Praise people

Growth needs motivators:
Offer support on completing tasks
Encourage thinking for themselves
Keep people informed

Reasons for demotivation:
Lack of recognition
Boredom
Criticism

Marketing

4 P's of marketing

Product:
The product itself
Name and labeling
How to make it

Price:
How much the product costs
Find the equilibrium

Place:
Location to sell product
Manufacter, Wholesaler, Retailer, Consumer

Promotion:
Advertising the product
What can make people buy it
How people find out about the product

Advertising media

Aida (The selling formula)

Attention:
Use something big and bold to catch people's attention

Interest:
Hold the consumers attention
Make them take their time to read over the message
Help them pick out the message

Desire:
Make them want the product or service
Appeal to their needs and wants
Explain why they need the it

Action:
Directly tell the audience what to do
Make them decide to get it

Advertising medium:
Print advertising: Magazines, fliers
Broadcast advertising: Radio, television
Outdoor advertising: Billboards, events
Digital advertising: Internet, social media

Factors to select the medium:
Reach
Selectivity
Lead-time
Technical requirements
Cost

Reach:
The amount of the target audience that is exposed to the message

Selectivity:
Is the selected media able to target in on the audience

Lead-time:
How much time is necessary to get the ad ready

Technical requirements:
how difficult is the process of making the ad

Cost:
The money used to make the ad
Can you get someone to promote for a low price

Competition:
Producers compete with eachother to meet consumers wants

Direct competition:
Similar products meeting the same need
Gatorade vs Powerade

Indirect competition:
Companies competing for consumers
Subway vs McDonalds

Accounting

Balance sheet

Assets:
Anything that's owned and has a money value
Cash
Boat
land

Liabilities:
Debts that are owed
Something not yet payed
it is payable
Car payements

Owners equity:
Net worth
What you own - what you owe = networth
assets-liabilities=networth
Capital

Fundamental accounting equation:
Assets=Liabilities- Owners equity

Balance sheet rules:
Total assets = Total liabilities
4 dollar signs
Underline to end something
Double underline to end the balance sheet
Assets - Liabilities = Owners Equity
On assets side cash is 1st, accounts receivable is 2nd
On liabilities side Accounts payable is 1st
Balance sheets are based on a certain time
Formula: A=L+OE

30 days poem

Income statements

Revenue:
Money earned by doing a service or selling something
Tutoring fees

Expenses:
Costs already paid
Product expense

Net income:
Profit
Revenue is bigger than expenses

Net loss:
Losses
Revenue is smaller than expenses

Income statement equation:
Revenue-expenses=net income or net loss

Income statement rules:
3 dollar signs
underline to end something
Double underline to end income statement sheet
Happens over a period of time

Production

Production stages

Purchasing:
Buying raw material

Processing:
making one item into another

Quality control:
Standards needed to be met for the product

Grading:
Checking products for quality and size

Improving productivity

Training
Capital investment
Investment in technology
New inventory systems

Factors of production

Land/natural resources/raw material
Capital
Human resources/labour
Entrepreneurship

Entrepreneur:
A leader who has an idea and carries it out
Innovates and takes risks
Takes opportunities when presented to them

Entrepreneur characteristics:
Energy and health
Intelligence-> business instinct
Inspires people
Good values
Belives themselves
Commitment and determination
Problem solver
Calculating
Try again and again

An active locus of control:
Determine future
Work hard to acheive goals
In control of life

A passive locus of control:
No say in future
Let life play out
Go with the flow

Roles of entrepreneurs:
Recognize a problem
Identify the problem
Solve the problem
Persuade customers
Act quickly
Spot trends

Invention:
Making something new

Innovation:
Improving on something already made

Elevator pitch:
A quick persuasive speech to spark interest about
what you're doing

Income management

Money:
Something that can be exchanged for goods and services
The market decides how much money is really worth

Cheques

When to use cheques:
Large payments
Income payments
Payments

Void cheque:
A cheque with "VOID" written covering it
Used for direct deposits

About cheques:
It has a line to write the amout of money,
numerical and in word form
you need to write you signature
It has the bank branch adress

Purchasing power:
the ways we use our money

Criteria for making effective purchasing decisions

Money available:
How much money can you get?

Costs:
What are your monthly costs?

Buyer behavoir:
Every buyer has different needs and wants

Quality:
Should you pay more and get better quality goods/services
or
Should you pay less and get low quality goods/services

Comparison shopping and product information:
How you compare items
compare must haves and pro's vs con's of items

service:
What you're paying someone else to do for you

Warranties and guarantees:
Warranties: provides services after-sale on a product for a certain period of time

Guarantees: A formal promise that goods or services are at a certain quality

Income and payroll

Gross income:
Total money a person earns before taxes

Net income:
Total money a person earns after taxes are deducted

discretionary income:
Total amount of money a person earns when all basic needs are deducted

Payroll

Payroll terms

Hourly rate:
The set amount of money you make per hour
You also get paid 1.5 x more money
per overtime hour you work

Comission:
Paid a precentage amout based on your sales

Piecework:
Paid for every time you make the item

Salary:
Paid the same amount without any overtime hour money

Salary:
Monthly-12 pay cheques
bi-weekly-26 pay cheques
weekly-52 pay cheques

Formula:
Salary/number of pay periods = Money paid per cheque

Hourly:
Paid per hour worked
Formula:
Hourly money x Hours worked

Overtime:
one and a half more than the normal hourly pay
Formula:
Regular hours + Overtime hours(1.5)

Comission:
Based on a percentage of the item you sell

Straight commision:
You sell to be paid
Formula:
Amount sold x commision percentage(decimal form)

Salary+Commision:
A small salary+a small percentage of what you sell
Formula:
Amount sold x commision percentage(decimal form) + salary

Piecework:
Paid depending on the number of items you make or sell
Formula:
Money per item x Number of items(made or sold)

Deductions:
Mandatory or voluntary money taken off your paycheck

Mandatory deductions:
Deductions that must be taken off your pay by law

Income tax
employment insurance
Canada pension plan

Voluntary deductions:
Optional deductions you voluntarily are having taken off your pay

Company pension plan
Savings
Life insurance

Taxes:
Anyone who earns an income is obligated to pay provincial and federal income taxes.
Graduated tax system is based on how much money you make from your income.

More taxes payed:
Hst (13%)
Property tax
Other taxes (Things like tobacco)

Net income formula:
Income-deductions= Net income

Expenses in Canada:
Utilities
Rent or Mortgage
Internet
Food
Entertainment

Savings and banking

Financial institutions

Trust companies and banks:
These make money for share holders

Credit unions:
Run and owned by members who use the bank
Sometimes charge a refundable fee to be a member

Types of bank accounts

Savings account:
For setting aside money for large purchases or emergencie

Chequing account:
Meant for money you pal to use for day to day purchases

Budgeting:
A plan for saving money and smart spending

Financial plan should include:
Saving and investing
Paying down debt
Insurance
Taxes
Retirement planning
Estate planning

Preparing a personal budget:
1: Calculate your assets
2:Calculate what you own
3:Calculate what you owe
4:Calculate what you spend

Components of a budget:
Revenue
Expenses

Income after taxes:
Amount of money you have after taxes every month

Fixed monthly expenses:
Bills

Variable expenses:
Expenses that aren't set
Food, gas, entertainment

Compound interest:
Interest earned on interest

Compound interest formula:
PV(Present value) x R(Interest rate) x T(Time) = I(Interest)

Rule of 72:
72/I(Interest) = # of years to double money