December 11, 2006

Management Wrap-Up

To wrap up management 250 for the year I would say it was an well run, productive class that taught me interesting aspects of running a business. I learned the proper way to hire an employee, create a network with possible clients, and the way to write a case analysis. I was lucky to be involved with the mock interview process that taught me the importance of a business interview. Last but not least, I learned how to run a human resource department of a company from the HR simulation. Management 250 was an excellent class that taught me a lot of business tactics that I would apply if I owned a business.

Information Systems Used As Marketing Devices

Information systems have been described as devices used to gather, distribute, and analyze data with the possibility of future usage of that data. The future usage could be a board meeting (Groove Officespace), Graphs/Charts (Microsoft Excel), or Buying/Selling items (eBay). All of these are appropriate uses of information systems, however I want to describe information systems in a different way: as devices to enhance the way a business’s marketing department operates. As we've learned in management 250, a marketing manager would be in charge of using and applying the correct information systems that would increase profit levels. He would suggest using the internet to market or advertise your business on sites such as Google or Yahoo. You can use email to release the newest products to probable users. Finally, you can use classifieds in the newspaper to market your individual business or products. Information systems are excellent marketing resources as long as business managers use them correctly.

December 04, 2006

My Motivation To Work

“If I produce at a high rate and benefit the company to the best of my ability, will my work be noticed and rewarded?” This is the one question I ask myself when evaluating my motivation to work for a certain company. In management 250, Professor Johnson discussed that motivation can also come from wage raise, benefits, and excellent training programs. SHe also presented examples of when certain jobs provide more motivation to employees than others. For instance, we discussed working for an insurance company, where meeting your monthly quota and receiving pay through commission provides excellent motivation to be successful and do productive work. As I said before, my motivation to work is to be productive enough to earn rewards and sufficient pay to live a successful and happy life. I want to work at a job that increases my motivation to be successful more and more everyday.

The Decision To Fire An Employee

The decision to fire an employee should be based on the one factor of productivity. If an employee is producing at an efficient rate and causing your business no problems, than he or she should remain with the company. However, if an employee is failing to produce and causing the company problems, he or she should be let go. As a manager responsible for hiring and firing, you will be blamed for insufficient productivity from a respective employee you hired. In management 250, we discussed the multiple ways of hiring and firing employees and agreed firing should not be based on race, religion, or sex. You should not take into account their life outside the company. It should be based on the key factor of whether or not they are producing at a rate that is beneficial to the company.

Information System's Impact On Business

Information systems have influenced business in a positive way. The internet, cellular phones, and business machines have increased the efficiency with which business is managed. To quote management 250, managers need to apply the newest technology to their work in order to be a succesful conductor of business. For instance, if you want to stay up to date on the stock market or the business world, the information you need is just a click away. You can purchase stock in five minute and gain information about the world because of the internet. Also, you can get vital information and alerts from your cellular phone. In order to communicate in this fast paced world, it is important to understand how to use the new and improved information systems.

November 09, 2006

Selecting The Correct Market Segment To Increase Profitability

The ability to choose a market segment that will produce the most profits is essential to any business. For instance, if you are a toy company that manufactures toys for children ages 1-10, your target market segment would obviously be for children under the age of eleven. Taking this into account, you would not advertise your products on television channels like MTV and VH1. You would advertise on television channels like Nickelodeon, Disney, and Cartoon Network. To ensure success of the company, you would not waste money on advertising to teenagers. The key to increase profits would be to show children your outstanding products on television channels and magazines that they in fact watch and read. This was a rather obvious example; however, choosing the proper market segment is one of the most important steps to improve profit levels for a business. Determining exactly who you want to market your product to is a key management and marketing principle.

Mock Interview Process

The mock interview process was very helpful to my knowledge of a practical business interview. My interview was held at the Peter B. Lewis building and conducted by graduate accounting student Kamieka Hairston. The interview process began by her asking me who I am, what I plan to do in the future, and how I plan to get there. She then asked me a series of questions and required me to respond using the STAR (situation, task, action, results) method. My answers were thorough and I maintained excellent eye contact throughout the interview process. When the interview was completed, Kamieka told me I did an excellent job. She said the only thing I need to work on is speaking clearly. This mock interview allowed me to discuss my accounting aspirations with a student who has already completed her degree in accounting. It also helped me become aware of the interview process and the types of questions a possible employer may ask.