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Theories of job satisfaction.

Studies of employee motivation point out that people work for many different reasons. The reason or reasons a person behaves a certain way is called a motive. Employee motivation is the reason an employee works a certain way on the job. Maslow's hierarchy of needs theory explains that an individual has many different levels of needs. This theory suggests that whend one level of needs is satisfied, the next level has the greatest influence on a person's behaviour.

Self-actualizing refers to realizing of individual potential, personal future fulfillment esteem refers to self prospect, respect of others, recognition, achievement social refers to friendship, affection, acceptance, recognition in society physiological refers to food, water, rest Frederik Herzberg developed another theory of job satisfaction. It suggests that job satisfaction and job dissatisfaction come from two different sets of factors. One set he referred to as 'motivating' factors, and the other set he called 'hygiene' factors. The motivating factors (recognition, achievement, responsibility, opportunity for advancement, and the job itself) relate to internal satisfaction and influence employees to improve their performance. The set of hygiene factors (salary, company policies, working conditions, and relationships with other employees) are separate from the job itself.

Developing such work environment where the employee meets the needs of the business and the business meets the needs of the employee is what the most successful managers work at.

Douglas McGregor conceptualize some of the assumptions about human nature which are relevant to organizational behaviour. Theory X holds that the average person inherently dislikes work, is innately lazy, irresponsible, self-centered and is indifferent to the needs of the organization. Because of these characteristics the average person must be controlled, and it is not difficult to direct and manipulate people. And according to the Theory Y people do not inherently dislike work and are not inherently lazy. They have a high capacity for developing an intrinsic interest in their work, for committing themselves to organizational objectives and for working productively with a minimum of external controls.

6. What makes a successful product?

Before launching a new product people should carry careful market research to be in trand with the environment.

According to Art Fry people hate changes, they follow their own established patterns, the figure that even if a new product is better, perhaps all the work involved in learning how to use it and getting accustomed to it simply is not worth it.

Vijay Jolly identified elements crucial to success: the use paradigm – what is the product going to be used for and how; class association – when designing a product, avoid making it unique.

 

7. What might make a product fail?

Inevitably every business has periods of recession or growth. Everybody can be mistaken. For instance Ford has launched in 1957 the wrong car for the wrong market at the wrong time, since car was not the great innovation and it had a conflicting image of speed against suitability for young families more interested in safety and comfort.



 

8. Company structure of a limited liability company: lines of command and authority, peculiarities of British and American business vocabulary

Limited liability

The key factor in owning any company is the guarantee called limited liability: the owners of a company never have to pay more than they have invested in the company. Their liabilities are limited. When a company goes bankrupt, the owners can never be required to pay its unpaid bills.

The worst that can happen to investors in a limited liability company is losing their initial investment if the company fails. By limiting the down­side risk for shareholders, companies are able to attract equity investors and raise large amounts of funds called equity capital through sales of shares rather than by borrowing money at potentially high interest rates.

The names of companies around the world reflect this guarantee of limited liability. The abbreviations "Inc." in the Unit­ed States, or "Ltd." in most other English–speaking countries indicate that the firm is a limited liability company and investors have nothing more to lose than the money invested in their shares.

Many countries make a clear distinction between public and private companies, with separate designations, such as PLC and Ltd. in Britain. Generally, "public" companies are those large enough to have their shares traded on stock exchanges, while small­er unquoted companies are said to be "private," even though their shares can be held by the public at large. In some countries, a large company is said to be privately owned if its shares are not available to the general public. In the United States, where little distinction is made between pub­lic and private companies, most companies simply bear the title "Incorpo­rated."

 

Example:

I'm CEO of Bigbucks Inc. (Corp.)'Inc' stands for Incorporated.This shows that we are a corporation, a term used especially in the US for companies with limited liability. American companies are registered or incorporated with the authorities in the state where they have their headquarters. To sell shares to the public they must apply to the Securities Exchange Commission (SEC).

 

Example:

I'm the chief executive of a British company called Megaco PLC.'PLC means public limited company,so anybody can buy and sell shares in Megaco on the stock market. The minimum share capital for a public limited company is ₤50,000.

9. What makes a successful company? (reasons, examples)

Òhere are many things that contribute to making a business successful, such as starting the business in the right place, at the right time, smart and innovative ideas, a good working strategy, brilliant planning, evaluating and instituting effective short term and long term goals, or it may be just plain luck.

Some businesses become successful over night, some may grow and mature with time, and others may never get off the ground. Some people are born entrepreneurs while others have to work hard making their business successful. No one has a formula for success that will work for every type of business or for every individual.

Most experts will tell you that the overall success of a business starts with the human factor, the employee. Every person, no matter who they are, have a desire for sustenance, shelter, safety, respect, and a strong sense of accomplishment.

Those companies that have a standard policy of putting their employees first, above corporate earnings and prestige, find greater success in obtaining their long term goals and they realize a degree of higher earning potential.

There is no expectations for a company to make all of it's employees happy but giving employees consideration and valuing their opinions does make a substantial difference in how they represent the company while on the job and when they are in public settings.

Employees should be treated as valuable team members, whether it is in corporate activities, designing of office space, in the purchasing of office and other work environment equipment, and in the scheduling and the arrangement of work hours. After all, the employee is the one who has to live and work within those office environments and set hours.

 

The best companies spend the time and effort on training and coaching, enacting programs such as open door policies, problem solving, making information readily available concerning company policies and government regulations, and most of all, offer promotions from within the ranks of current employees.

They provide competitive wages and salaries, profit sharing opportunities, good employee benefits, such as medical and dental insurance, 401k plans and other retirement vehicles, and they refrain from laying off employees as a last result due to a slow down in the economy or a downsizing of the company.

Popular Reasons:

 

· You want to be released from the constraints of an employment contract

 

· You want more control over, or choice in their life

 

· You see a gap in the market or opportunity

 

· You are offered an opportunity

 

· You have a wonderful idea

 

· You have a dream

 

· You have a passion

 

· It’s the family business

 

· It’s a way to making a fortune

 

· You want to be in control of your retirement plan

 

On their own some of the reasons aren’t strong enough to build a successful business upon, although many people have tried (and unfortunately failed). Certain combinations work but the wrong combination will only guarantee failure!

You can start up in business for the wrong reason, but as long as you realise this early enough you can change and still be a success.

Examples:

 

1)Molnlycke Health Care, one of Europe’s leading manufacturers and suppliers of single-use medical products, allowed production teams to decide how to meet their goals. With the responsibility for quality products moved to individuals on those teams, nearly 70 percent of the company’s new products launch on time, compared with just 15 percent previously. As a result, the company will have quadrupled its shareholder value in only five years.

2) CONSOL Energy: $6.1B revenue, 9,346 employees, Fortune 500

Adoption: 45,000 e-invoices, 33,000 POs through the network quarterly, 700+ suppliers, 225+ catalogs, and 128,412 items available on the network

Increased first time invoice match rate from 40% to 96%

Manually entered service entry reduction ($2.7 million savings)

Increased discounts taken ($7.5 million savings)

Attained $25million in less than 2.5 years, (Exceeded goal of $25M in first 4 years)

3)÷óïà-÷óïñ

 

10. Factors and indicators of an individual’s success in business.(ÿ ñ íèì íåóâåðåíà,íàäåþñü, îí íèêîìó íå äîñòàíåòñÿ)

Factors

Business Success Factors are the key principles that all successful businesses follow. These important solutions can keep a good enterprise on the right track to long-term accomplishments.

Every individual business is as unique as the person whom controls it. By harnessing the right mix of flexibility and uniqueness, whilst staying true to the set success factors you can create your own personal formula for wealth achievement.

No one particular factor is more important to your enterprise until the nature of your business is known, however some are in general more important across the board.

Branding

A brand name promotes an establishment in the marketplace that naturally brings trust and warmth to customers.

In some cases, consumers (often mistakenly) trust brands and stay loyal at the expense of good sense, so you can see that having a brand name can bring in repeat business. Get your name out there with a logo, a slogan and a very good advertising strategy. People have to know you're there before they can trust your brand.

Economies Of Scale

If you skipped economics then you may have missed the part where you learn that there is a level of maximum efficiency. This is the financial hub of business success factors and creates an internally generated profit/expenses ratio that brings the ultimate profitability to your business.

 

Much work and effort will go into bringing all facets of your enterprise into economies of scale, but if and when you reach this milestone you will achieve the ultimate profitability.

Employee Satisfaction

Happy workers are more productive, take less sick leave, are more loyal to your brand and are less likely to "steal" from the workplace.

Creating an environment of respect for authority combined with appreciation for their employment, will make staff contribute heavily to your businesses efficiency and the bottom line.

Consistency

When a customers has no idea what to expect from your business, you are asking them to take a risk and there aren't many risk taking consumers anymore. Keeping consistent standards takes the risk out of the customers hands, instilling a sense of safety and security associated with your particular brand.

Be consistent - it may be the best solution for building customer loyalty.

Market Share

Large market share percentages usually bring large profits, so building your enterprise to take a sizable chunk of the market is an important business success factor, not to mention accumulating serious wealth.

This can take time and often market share changes with eclectic unpredictability, but those who take steps to build their business with the most solid foundations, will usually always have their fair share of the profit pie.

Indictors

Business Success Indicators: POWER, IDENTITY, CONFLICT, and LEARNING.

POWER. It relates to how every individual in a company or organization views his or her POWER to act for the company or organization. The lower this indicator is the less the individual believes he or she can do without prior approval. This is the organization that has a very low chance of survival.

IDENTITY. The IDENTITY index relates to how individuals and groups within an organization relate to others. Simply stated, in an organization at the low end of the index, the identification will be at one’s self or one’s immediate team.

CONFLICT. This index deals with not only how but if a company deals with issues. The companies that bury their head in the sand are at the bottom end of the scale. While those companies that not only recognize and embrace issues, but seek them out are at the high end.

The LEARNING indicator scores low for those companies that avoid risk and thus fail to learn and grow. It scores higher for those companies that embrace and control risk to allow for growth.

11. A single proprietorship: its advantages and disadvantages.

A single proprietorship: its advantages and disadvantages.

A single (sole) proprietorship is business owned by an individual and often managed by that same individual. Single proprietors include physicians, lawyers, electricians, and other people who are 'in business for themselves'. In a single proprietorship, the owner is responsible for all debts of the business. In this form the owner is self–employed and entirely responsible for all aspects of the management of his/her business. Operating as a proprietorship is the easiest way to get started in a business activity. Other than the possibility of needing a local license, there are not any prerequisites to beginning operations.


Date: 2016-01-05; view: 1575


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