WEEK 10

Week 10, we are reminded to submit our business plan by next week. Besides, this week topic is about Management Skills. I find the skills learned is so applicable not only to business but useful to our daily lives as well.

Management is a process of administrate & coordinate the resources effectively. The 4 management functions are:

1) Planning -framework activities done to obtain objectives
 - long term planning-> research
 - operational -> day-to-day basis
 - fixed -> (eg: 5-years Malaysia plan)
 - one-off -> come only once (eg: dinner)
 - Management By Objective (MBO) -> (eg: top level is the thinking, and strategy formulation, whereas bottom level implement in action)
 - contingency -> Alternative plan B

2) Organizing
 - Job design
 - Job Description
 - Job Enlargement
 - Job Enrichment
 - Job Rotation
 - Know your command chain

Organisation structure
 - function based like production & finance
 - division based is 2 or more department
 - matrix combined function & project based department
 - chain structure (eg: Giant, Tesco, Mydin)

3) Leading
Leading Attributes of Leaders
 - passionate
 - high emotional control
 - honest
 - motivating
 - cognitive ability
 - confident and firm
 - knowledgeable

4) Control 
Have long term strategy (eg: Bank has policies to enable payback)

Basics of Marketing
Government sells

Market Size
either monthly or yearly

Market Segmentation
in terms of geographic/ Demographics/ psycho graphics

SWOT analysis
 - Strength / weakness
 - Market share number
 - Sales forecast

Marketing strategy
 - product/ service
 - price
 - promotion
 - place to obtain products easily

Finance
 - Cash budget
 - Capital Budget
 - Operational budget

Proforma Income Statement:
 - Sales Forecast
 - Profit Target
 - Balance Sheet*



HON CHIEW EE
KET 120009