business exam 2

• phases of team development:

  1 - socializing

  2 - storming (some conflict)

  3 - norming (objective understood)

  4 - performing (hitting high note)

  5 - adjourning (separating, project done)
• management: controlling, planning, operating
• leadership: influencing, inspiring, creating
• everyone is a leader. if you inspire and motivate people with just your actions, you’re a leader!
• 4 behaviors of a high performing CEO:

  1 - make decisions with speed and conviction

  2 - engage for impact (don’t be afraid to be disliked)

  3 - adapt proactively

  4 - deliver reliability
• Management functions:

  1 - leading: giving assignments

  2 - organizing: placing employees where they will be most effective. allocating resources

  3 - planning: setting precise standards. determining resources needed

  4 - controlling: measuring results, monitoring performance, etc
• strategic planning: the setting broad long range goals by top managers
• tactical planning: the identification of specific short range objectives by lower level managers
• contingency planning: backup plans in the case the primary plan falls through
• Operational planning: the setting of work standards and schedules
• IDE: identify the best alternative, develop the plan of action, evaluate the solution
• quiet quitting solutions: managers need to make deeper connections with their employees. 15-30 minutes a week with employees
• protected characteristic: a characteristic that is protected by law from discrimination
• Why do people quiet quit: lack of respect/boundaries, don’t feel valued
• what does HR do for quiet quitting?: dialogue with management, survey
• Marketing: helping buyers buy and sellers sell
• What are 5 the eras of marketing:

  1 - production

  2 - selling

  3 - marketing concept

  4 - consumer relationship

  5 - mobile marketing
• What are the 4 P’s?:

  1 - product

  2 - place

  3 - price

  4 - promotion
• Competitive pricing: looking at the market and pricing accordingly
• Cost based pricing: looking at how much it costs to make that product
• Demand based pricing: increasing the product price based on the supply and demand
• Penetrating pricing: start selling the product at a low price then upping the price as you build more customers
• Skimming: setting the price high for a new product
• The product life cycle: