Engineering Management: Controlling

ENGG 406
Engineering
Management
MODULE 6
CONTROLLING
ENGR. NERES ANN M. REPOLLO 2022
WACKY WORDS
FORGIVE AND FORGET

3
Topic Outline
6.1 Management Control Systems
6.2 Organizational Control Systems
6.3 Control Process
4
5
What is CONTROLLING?
◉ It is a process of ascertaining whether organizational
objectives have been achieved.
◉ objectives and goals set at the planning stage are verified

as to achievement or completion at any given time
◉ Taking preventive or corrective action to keep things

on track
6
IMPORTANCE OF CONTROLLING
achieve organization’s
goal in the most efficient
and effective manner
possible
7
IMPORTANCE OF CONTROLLING
Deviations, mistakes
and errors are
less to be
occurred
8
1 Management Control Systems
9
10
a system which gathers and uses information to

evaluate the performance of different
organizational resources like human, physical,
financial and also the organization as a whole in
light of the organizational strategies pursued.
“
MANAGEMENT CONTROL SYSTEM
2 Organizational Control Systems
11
12
Organizational Control Systems
1 2 3
“
Track Identify areas
Performance of concern
Types Organizational Control Systems
Clan Control
Behavior
Control 13
focuses on measurable results

within an organization.
14
Examples:
1. the number of microwave ovens
an assembly line produces per
week
2. the number of vehicles a car

salesman sells per month
15
Stephen Covey said
“start with the end

in mind.”
16
dictate the
actions of Controlling the
individuals actions that
ultimately lead
emphasize to results.
rules and
Behavior
procedures Control 17
Behavior
Control 18
Clan Control
relies on shared traditions,
expectations, values, and
norms to lead people to
work toward the good of
their organization
19
Clan Control
Clan Control
20
Internal Controls
https://www.youtube.com/watch?v=
qqK6B1cTJVU
21
3 Control Process
22
THE CONTROL PROCESS
◉ CONTROL PROCESS
23
THE CONTROL PROCESS
• Sales targets
• Production targets Actual Performance
• Worker attendance VS
• Safety records Target
• Supplies used
when shortcoming occur,
adjustments could be made.
24
7 Basic Quality Control Tools for
Efficient Project Management
https://www.youtube.com/watch?v=
IFPF0TIFG-4
25
End
Any questions ?
26
References
◉ https://pressbooks.lib.vt.edu/strategicmanagement/chapter/10-5-creating-organizational-
control-
systems/#:~:text=Organizational%20control%20systems%20allow%20executives,and%
20(3)%20clan%20control.
◉ https://www.youtube.com/watch?v=Xaf4iNOKRyU
27
INTERNAL CONTROLS – PROTECT BUSINESS
-detect errors, avoid delays, prevent negative financial and reputational impact
COSO- international control frameworks to guide and evaluating internal controls. They
manage:
-compliance with regulations
-financial reporting
-operations
-internal policies and procedures
Different types of internal controls
-preventive
-manual – find errors and confirm information accuracy
-automated-system to system
-detective
Combination of many types of controls:
Detection, correction, prevention
CONTROL PROCESS
Controlling as a Function of Management Free Principles of Management Video
Ben Sam the manager of TQM auto repair

0:04
shop recently set goals for his business
0:06
first
0:07
Sammis established standards or a set of
0:10
requirements for his business
0:12
Sam is working on the first step
0:14
establishing standards to measure
0:16
performance Sam wants to make a hundred
0:19
thousand dollars more this year than he
0:21
did last year so he can replace older
0:24
equipment in the repair shop raising the
0:27
price of repairs can do this this is a
0:29
financial goal it is important not to
0:32
take customers for granted a goal to
0:35
increase customer satisfaction from
0:37
eighty four percent last year to 90
0:39
percent this year is set customer
0:42
service satisfaction must increase by
0:45
six percent this year this is a customer
0:48
service related goal Sam sets a goal to
0:51
increase the quota or a goal set for
0:54
production for the amount of cars each
0:57
mechanic must prepare each week this is
1:00
a production goal with all of the new
1:03
goals Sam set for the repair shop over
1:05
the past week employees may not be able
1:07
to keep up with the workload to ensure
1:10
the goals are met Sam must devise a way
1:13
to measure the productivity and
1:14
performance of his employees this
1:17
measurement is compared with the goals
1:19
he set above or the preset standards
1:22
once he evaluates the information Sam
1:25
can provide feedback to each employee
1:27
this will help them make improvements to
1:30
their work this is an employee
1:31
performance appraisal Sam developed the
1:35
standard for what he would like to
1:37
accomplish in the above step now he
1:40
needs to develop a way of determining
1:41
whether the goals are being met Sam
1:44
creates a new pricing guide a customer
1:47
satisfaction survey a sales quota system
1:50
and an employee valuation system Sam is
1:54
working on the second step measuring
1:56
actual performance Sam will present the
1:59
new pricing guide to employees he
2:02
explains his plan for raising
2:04
much-needed revenue to each employee so
2:06
the employee understands the reason for
2:08
the price increase it is important to
2:11
include employees in setting goals
2:13
if Sam's employees understand the reason
2:15
for the price increase they will be more
2:17
likely to buy into the goal Sam also
2:21
introduces the customer satisfaction
2:23
survey to his customers each customer
2:26
will fill out a survey in where they
2:28
will rate their experience based on many
2:30
factors like timeliness of repairs
2:33
quality of work price friendliness of
2:36
mechanics and ease of payment Sam also
2:39
has to develop a way to measure how many
2:42
cars are being repaired by each mechanic
2:44
on a weekly basis to be sure that the
2:46
amount of repairs done weekly monthly
2:49
and any year add up to the desired goal
2:52
of increasing revenue by $100,000 set
2:56
forth above he introduces the mechanics
2:59
to a repair quota system each mechanic
3:02
must fix 10 engines patch 5 tires and
3:05
replace 15 windshield wipers each week
3:09
that means that each mechanic must bring
3:12
in about two hundred and eighty dollars
3:13
in revenue each week to reach the goal
3:16
once broken down for the mechanics the
3:19
goal is realistic and attainable the
3:22
toughest challenge for Sam will be to
3:24
introduce the employee appraisal system
3:26
he uses a system that involves the
3:29
employee setting goals for themselves
3:31
and Sam setting goals for the employees
3:33
after chatting with each employee Sam is
3:37
able to determine the criteria for
3:38
acceptable performance he will include
3:41
sales quota system from above
3:43
dependability reliability motivation and
3:47
absenteeism in the appraisal he will sit
3:50
down with each employee to explain the
3:52
process if employees have input in
3:55
setting goals for themselves they are
3:57
much more likely to achieve the goals as
3:59
time goes by Sam needs to monitor the
4:03
process to be sure it is working Sam is
4:05
comparing performance with the standard
4:08
Sam refuses repair receipts and income
4:11
statements each month to be sure he is
4:13
on target for his financial goal of
4:15
increasing revenue by $100,000 Sam also
4:20
reviews the customer satisfaction
4:22
surveys each week he documents the
4:25
percentages in his spreadsheet
4:27
he compares each serve a percentage
4:29
change with batter the previous year to
4:31
determine whether there are positive
4:33
changes in customer satisfaction sam
4:36
reviews the daily and weekly receipts to
4:38
determine whether the mechanics are
4:40
meeting their quota said above he
4:43
documents the various work done by each
4:45
mechanic on a spreadsheet he compares
4:47
this to the standard he set in the first
4:49
step
4:50
finally Sam needs to be sure that
4:53
employers are meeting their goals set in
4:55
the employee appraisal while this cannot
4:57
be done is frequently like counting
5:00
receipts or crunching numbers it can be
5:02
done every six months to a year when the
5:05
time comes Sam will sit down with each
5:07
employee on an individual basis to
5:10
discuss progress towards the goals they
5:12
set together
5:13
he will compare the actual progress
5:15
towards the standard set for each
5:17
employee there is no doubt that some of
5:21
the actual performances will fall short
5:23
of the standard set in the first step
5:25
when this occurs Sam will have to make
5:28
important decisions he will make changes
5:30
in the way things are being done in
5:32
other words he will be taking corrective
5:34
action for instance if Sam determines
5:39
that the price increases are causing
5:40
customer satisfaction percentages to
5:43
plummet he will need to restructure
5:45
pricing or change the level of service
5:48
maybe it as simple as providing
5:50
customers with a free lunch while they
5:52
wait it could be that Sam will have to
5:55
decrease prices to retain customers he
5:58
may even have to look for new customers
6:01
Sam may determine that employees just
6:04
cannot keep up with the quotas Sam will
6:06
have to revisit the quotas perhaps the
6:09
shop needs to be reconfigured so
6:11
employees can maneuver around the cars
6:12
more efficiently
6:14
perhaps Sam needs to discipline
6:17
mechanics that are not keeping up with
6:19
the pace whatever decisions Sam makes he
6:23
will have to go back to the drawing
6:25
board and begin the controlling process
6:27
all over
7 Basic Quality Control Tools for Efficient Project Management

Quality is one of the modern project constraints which leads the project management
processes and activities.
0:08
Quality control experts depend heavily on the 7 Basic Quality Control Tools
0:12
to improve the quality.
0:15
Let's go through each of the 7 Basic Quality control tools one by one.
0:20
First: Cause and Effect diagram Cause and effect diagram which is also known
0:26
as a fishbone diagram because of its fish-like shape is used for identifying the causes or
0:31
reasons behind a problem.
0:33
The head of the fish represents the effect.
0:35
Suppose we are facing the problem of high defect rate in the organization, then the
0:39
head of the fish will represent high defect rate.
0:42
Then we brainstorm the broad categories of factors which can lead to this problem, like
0:47
people, machine, methods, and materials.
0:51
Then we brainstorm all the possible causes which can lead to these factors like motivation
0:55
and skill set of the people.
0:57
These causes can also be further divided.
1:00
In the end, you get an image of a problem with all the possible causes leading to it.
1:04
You can now prioritize these causes and analyze the most likely causes to ultimately
reach
1:09
the root problem and its solution.
1:12
Second: Flowchart A flowchart is a pictorial representation
1:17
of the flow of a process.
1:19
It can have process points, input points, and decision points.
1:23
Using this diagram we can understand all the steps involved in a process.
1:28
This understanding can help us in coming up with better ways of performing a process.
1:33
Third: Checksheet A check sheet is used to collect data in a
1:37
systematic way.
1:39
For example, you want to know various observations made by the testing team under
various categories.
1:45
You also want to know the frequency of those observations.
1:49
Then you will have the categories of the observation on one side and the frequency of
their occurrence
1:53
on the other side.
1:58
The data collected through check sheet is then used further for quality improvements.
2:04
Fourth: Histogram Histogram works on the same principle on which
2:08
checksheet works.
2:10
The additional feature offered by histogram is the graphical representation of the data.
2:15
For example, the data collected in our checksheet can be represented by this histogram.
2:22
Fifth: Pareto Chart Pareto Chart arranges the bars of the histogram
2:26
in descending order.
2:28
The cumulative total of the frequencies is represented with the help of a line above
2:32
the bars.
2:33
In quality management, this tool can be used for knowing important pieces of information
2:38
like most common sources of defects, most common type of defects etc.
2:45
Sixth: Control Chart Based on your previous observations of a process,
2:50
you determine the acceptable highest and lowest frequency limit of the occurrence of an
event.
2:54
These limits are known as the upper control limit and the lower control limit which is
2:58
plotted on the graph in the form of two different lines.
3:01
In the middle, you have a line showing the average.
3:04
Now by plotting the current frequencies on the graph, you can understand whether a
process
3:08
is under control or out of control.
3:13
Seventh: Scatter Diagram Scatter diagram is used to see whether there
3:17
is a relationship between an independent variable and a dependent variable.
3:21
We plot independent variable on the x-axis and dependent variable on the y-axis.
3:26
For example, if you want to know if there is any correlation between the size of the
3:30
project and defects per size then you can plot the size of the project on the x-axis
3:35
and defects per size on the y-axis.
3:38
Now if you see that the defects per size are increasing with an increase in project size
3:42
then you can say that there is a positive correlation between them.
3:45
Between two variables, there can be a positive correlation, negative correlation or there
3:50
can be no correlation at all.
3:53
So these were the 7 Basic Quality control tools for efficient project management.
ENGG 406
Engineering
Management
MODULE 7
Managing Product and Service Operations
ICE BREAKER
Topic Outline
• Introduction to Operations Management (OM)
• Chief Operating Officer (COO) and Operations Manager
• Management Operating Systems
3
managing the processes to
produce and distribute products and
services.
4
What is OPERATIONS MANAGEMENT?
https://www.youtube.com/w
atch?v=FbbGlVle3oU
5
2 CHIEF OPERATING OFFICER (COO)
6
CHIEF OPERATING OFFICER (COO)
https://www.youtube.com/watch?v=InRERCfOkmI
7
CHIEF OPERATING OFFICER (COO)
8
OPERATIONS MANAGER
9
OPERATIONS MANAGER
https://www.youtube.com/watch?v=W_oErtmbSDU&t=2
78s
10
3 Management Operating System
11
Management Operating System
INPUT PROCESS OUTPUT OUTCOME IMPACT
13
https://www.youtube.com/watch?v=Wnx3wVMlZTU
14
Planning Operations Planning Operations, Managing

Systems Inventory and Quality Productivity
Control 15
◉ Product/Service Planning
◉ Capacity Planning
◉ Facilities and Layout Planning
◉ Job and Work Design

Planning Operations
Systems ◉ Work Flow Management
16
◉ Production Planning
◉ Scheduling
◉ Supply Chain Management
◉ Inventory Management
◉ Service Design Planning Operations,
Inventory and Quality
◉ Quality Control Control
17
3 factors that drive productivity

1. Job-related
2. Resource-related
3. Environment-related Managing
Productivity
18
End
Any questions ?
19
TOPIC REVIEW
◉ https://www.yout
ube.com/watch?v
=tdZOjBODtE4
20
Case Study No. 3
21
References
◉ https://managementhelp.org/operationsmanagement/index.htm#definition
22
1:02
0:05 / 3:12
Operations Management
think about all the items and services
0:08
you use on a daily basis from the
0:10
clothes you wear and the breakfast
0:12
cereal you eat to the car you drive and
0:14
the phone you use it's likely these are
0:17
all products of different organizations
0:19
you might not normally think about the
0:21
processes that produce all these goods
0:23
and services but that's what the study
0:26
of operations is all about operations
0:29
are what companies use to transform
0:31
resources into goods or services most of
0:35
an organization's financial and human
0:37
resources are invested in operations so
0:40
operations management is critical to any
0:42
organization's success the role of
0:45
operations management is to design plan
0:48
direct and improve all the activities
0:51
involved in producing goods or services
0:54
operations managers are required to make
0:56
decisions in eight key areas some of
0:59
these are more strategic whereas others
1:01
are more tactical will be considering
1:04
four of the more strategic areas they
1:07
involve high-level planning decisions
1:09
about how an organization will get from
1:11
where it is now
1:12
to where it wants to be these areas are
1:15
strategic operations management product
1:17
design supply chain management and
1:20
quality management the first area
1:23
strategic operations management involves
1:26
long term broad considerations about the
1:28
viability of a business how will it
1:31
create value for customers and gain a
1:33
competitive advantage for example you
1:36
might need to answer a question like
1:38
what are the unique features of our
1:40
apparel business that make it
1:42
competitive successful strategic
1:44
operations management aligns an
1:46
organization's operations to an overall
1:49
business strategy a second area is
1:52
product
1:53
sign this is where you make decisions
1:55
about the features of a product or
1:57
service what features will make it a
1:59
success for example a decision about
2:03
which features to include in the next
2:05
release of a company's cell phone line
2:07
may greatly impact the success of the
2:09
phones a third important area where
2:12
operations managers make decisions is
2:14
supply chain management this involves
2:17
managing monitoring and controlling all
2:20
activities along the supply chain it's
2:22
about deciding how to guarantee the
2:25
timely cost-effective acquisition of
2:27
inputs and delivery of outputs to
2:29
customers for example you might need to
2:32
decide which suppliers to use and help
2:34
us to transport goods to retail outlets
2:36
a fourth area is quality management this
2:41
involves determining how to measure and
2:43
maintain quality and how to identify and
2:46
resolve quality problems for example
2:49
you'll need to decide what to test to
2:51
check the quality of a product or
2:53
service on a daily basis operations
2:56
managers make decisions that are key to
2:58
the running of their organizations
3:00
knowing what strategic areas to consider
3:03
can make you more effective in your role
3:05
and add to your organization's success
Understanding The COO Role | Chief

Operating Officer
the role of chief operational officer is
0:05
one of the least understood and at times
0:07
the least recognized of positions within
0:09
the senior executive team
0:12
as their title suggests traditionally a
0:15
coo oversees the day-to-day operations
0:17
of the organization
0:20
but is this true for all coos
0:26
how much does the ceo's duties overlap
0:29
with that of the ceo
0:33
and with only some companies making use
0:35
of the position is it a role on the rise
0:38
or is the lauded coo position on the
0:40
decline
0:44
we're all about helping businesses grow
0:45
profitably scale and move into the next
0:48
phase of their success
0:51
if you're looking for consultancy and
0:52
mentorship that really makes a
0:54
difference subscribe to our channel or
0:56
visit the scaling management group
0:58
website links in the description below
1:02
in today's video we're exploring the
1:04
misunderstood role of the chief
1:05
operational officer and what the
1:07
position entails in today's rapidly
1:09
evolving corporate and startup world
1:12
we'll take a look at the qualities
1:14
needed to be a successful coo as well as
1:16
predict where this role will potentially
1:18
be in the future
1:22
the 21st century ceo and the ceo
1:26
[Music]
1:27
more and more the role of ceo is more
1:30
about charisma authority and popularity
1:32
in the public eye
1:34
whether it's appearing in tech
1:35
conferences fielding interviews on tv or
1:38
touring various sites to meet employees
1:40
the 21st century ceo has to be a master
1:43
communicator
1:44
[Music]
1:45
an enigmatic face of the brand not just
1:48
the head of an organization
1:50
there are plenty of examples of these
1:52
celebs style brand ambassador ceos from
1:54
apple's late steve jobs to tesla's elon
1:57
musk
1:59
yet this fairly recent evolution of a
2:01
ceo's place in an organization makes it
2:04
increasingly challenging for them to
2:05
provide the kind of internal leadership
2:07
and direction required for companies to
2:09
actually achieve their lofty and
2:11
ambitious goals
2:13
traditionally this is where the coo
2:15
steps in
2:17
someone who can build and continually
2:19
sculpt the internal foundations
2:21
structures and processes required for an
2:23
organization to be successful while the
2:25
ceo is off promoting his vision to the
2:27
market
2:28
the actual definition of a coo is an
2:31
ambiguous one
2:32
on paper the clo is the second in
2:35
command reporting directly to the chief
2:37
executive officer and tasked with
2:38
overseeing the day-to-day administrative
2:40
and operative functions of a business
2:43
but as industry trends shift so too do
2:46
the expectations on the role and there
2:47
can be a huge disparity between ceos at
2:50
different companies
2:52
in some organizations the co may still
2:54
be tasked with the traditional role of
2:56
exclusively handling all back office
2:58
functions while others see it as a
3:00
proving ground for potential ceos
3:03
but the lack of a clear definition of
3:05
the exact role and responsibilities of
3:06
the title is precisely why some coos
3:09
handle everything from human resources
3:11
and finance to marketing
3:14
while others focus more on overseeing
3:16
supply chain logistics and product
3:17
strategy
3:19
simply put the cos of today must be able
3:21
to handle all of the traditional
3:23
operational responsibilities while
3:25
guiding new business transformations
3:27
through strategic initiatives
3:30
what are the qualities of a successful
3:32
co
3:33
there doesn't seem to be any common
3:35
pathway that professionals take to
3:36
ascend to the role of chief operating
3:38
officer
3:39
people from wildly different career
3:41
backgrounds can rise to the position and
3:43
excel equally it's all about employing
3:45
transferable skills
3:48
sales people or marketers find that
3:49
their skills are useful even in a
3:51
dramatically different industry
3:53
financial and human resources executives
3:55
likewise are schooled and practiced in
3:57
standardized ways of doing things but
4:00
it's hard to predict whether a ceo who
4:02
has succeeded in one company has what it
4:04
takes to do the same in another
4:06
even within the same industry the
4:08
suitable qualities for the cool role can
4:10
vary
4:11
in many cases the coo is there purely to
4:14
help make the ceo's vision a reality
4:17
sometimes the coo is brought in to be a
4:19
positive influence and gently nudge the
4:21
ceo towards a particular direction
4:24
often the plan is for the coo to
4:26
eventually take over when the ceo moves
4:28
on
4:29
but in all of these scenarios the ceo is
4:32
the driving force with which the coo
4:34
must ultimately align
4:36
when it comes to the different types and
4:38
motivations for having a chief operating
4:40
officer we generally find seven distinct
4:42
types of cool and can describe them
4:44
based on their function
4:46
the seven kinds of co
4:50
number one the executor
4:54
also known as the right-hand man the
4:56
executor style coo isn't in charge of
4:58
summary firings as the name might
5:00
suggest
5:02
they're responsible for leading the
5:03
execution of strategies developed by the
5:05
ceo and top management team while at the
5:08
same time delivering day-to-day results
5:10
they effectively own three concurrent
5:12
overlapping processes strategic
5:15
organizational and operating
5:18
number two the change agent
5:21
some companies bring on a clo with the
5:23
express directive to lead a specific
5:25
strategic imperative such as a major
5:27
business transformation financial
5:29
turnaround or a planned rapid expansion
5:31
these responsibilities can be temporary
5:34
the role ceasing with the initiative or
5:35
it can be the precursor to further
5:37
initiatives down the line
5:40
number three the mentor
5:42
this arrangement is popular amongst
5:44
startups especially where young
5:46
inexperienced ceos or founders need
5:48
guidance in the early stages of the
5:50
company
5:52
a rapidly growing entrepreneurial
5:54
venture might seek an industry veteran
5:56
with experience wisdom and a rich
5:58
network who can help develop both the
6:00
ceo and the young business
6:03
number four the other half
6:06
sometimes a co is employed as a
6:08
counterbalance to the characteristics
6:10
skills and personalities of the ceo
6:14
a yin to the ceo's yang if you will
6:17
take the former relationship between
6:18
microsoft ceo bill gates and his ceo
6:21
john shirley while gates was notorious
6:24
for his brilliance and often
6:25
intimidating presence shirley offered
6:27
the calm self-effacing balance
6:31
number five the partner
6:34
occasionally the ceo is simply someone
6:36
who prefers a co-leadership style
6:39
this pairing is effective in some
6:41
circumstances like in the example of
6:43
computer hardware manufacturer dell
6:45
incorporated
6:47
the then ceo michael dell appointed
6:49
kevin rowlands a co in 1996 and the pair
6:53
were committed to leading the company
6:54
together even famously sharing the same
6:56
office in a space only separated by a
6:59
glass partition
7:00
number six the heir apparent
7:03
many businesses bring on a co to prove
7:06
or test themselves worthy of the role of
7:08
ceo elect
7:09
the role allows the incoming co to learn
7:12
the whole business
7:13
everything from its products its people
7:15
and the company culture
7:17
it's important to note that the role of
7:19
coo isn't a guarantee to succeed the
7:21
incumbent ceo many ceos have left their
7:24
roles prematurely when advancement
7:26
wasn't assured or they were found to be
7:28
ill-equipped for the position
7:31
number seven the mvp
7:33
often a company will offer the role of
7:35
chief operating officer to a
7:36
high-performing executive that's
7:38
considered too valuable to lose
7:40
especially if competitors are circling
7:42
sometimes the mvp appointed co can
7:45
almost be a ceremonious role one used to
7:47
hedge a company's bets by stopping short
7:49
of identifying a specific heir or
7:51
setting a timetable for leadership
7:53
succession in this way a company can
7:55
keep its high-powered executives
7:56
motivated engaged and safe from poaching
8:00
what the ceo owes the ceo
8:03
respect
8:05
it's essential that the coo
8:06
wholeheartedly believes in the ceo
8:08
strategic leadership and publicly
8:10
supports any initiative coming from the
8:12
top down
8:13
a checked ego an effective coo is a
8:16
self-confident leader but egos need to
8:18
be checked at the door when dealing with
8:20
other senior management
8:22
an eye on execution
8:25
a coo is expected to get it done
8:27
a simplification may be but a coo's
8:30
classical definition involves overseeing
8:32
the implementation of specific strategic
8:34
initiatives
8:36
coaching and coordination skills
8:38
a ceo must be able to trust that their
8:40
chosen ceo is able to seamlessly step
8:43
out of doing day-to-day hands-on
8:44
directing and leading of a business to
8:46
direct teach and coach others
8:49
what the ceo owes the coo
8:53
communication
8:56
without clear and direct communication
8:58
plans will ultimately fail
9:00
ceos should use their coo as a sounding
9:03
board and discuss operational plans in
9:05
explicit detail
9:07
clear decision rights
9:09
a coo's role in each organization needs
9:12
to be clearly defined especially in
9:14
demarcating between a ceo and coo's
9:16
responsibilities
9:18
a lock on the back door
9:21
a coo is to act as the gatekeeper to the
9:23
ceo a ceo must sever original lines of
9:26
communication to establish clear
9:28
reporting pathways
9:31
a shared spotlight
9:34
despite the coo being utilized to make
9:36
the ceo successful recognition should be
9:38
given where it's deserved
9:40
a ceo should make sure their coo has
9:42
networking opportunities skill set
9:44
development and a real voice in decision
9:46
making processes
9:49
the future of the coo role
9:52
if you consider the ever widening scope
9:54
of the ceo's job it's easy to argue that
9:57
the coo role is now more integral to the
9:59
running of a successful organization
10:01
than ever before
10:03
yet some market analysts believe the
10:05
role of coo is one that's declining
10:07
across corporate structures
10:09
in a study conducted by hambrick and
10:11
canela they found a 22 decline over 10
10:14
years in the number of firms with
10:15
executives holding that title in the
10:18
last few years massive companies
10:20
including microsoft airbus alcatel
10:22
chevron nissan comcast and apple have
10:26
all appointed new cos
10:28
modern coos now operate in a
10:30
specifically defined role that's unique
10:32
to the demands of the ceo and the
10:34
business
10:35
so for the foreseeable future at least
10:37
the role of coo will be defined by
10:39
nuance and an ability to adapt and lead
10:42
through unpredictable transitions and
10:43
changes
10:45
with such a demand for effective silo
10:47
leadership it's surprising that cos are
10:50
not more common
10:51
it could be because there's continuing
10:53
confusion surrounding the role
10:55
board members and investors aren't sure
10:57
when or how the position will add value
10:59
recruiters don't have an obvious pool to
11:01
tap nor do potential cos know ahead of
11:04
time whether the job is right for them
11:06
one thing is for certain as we continue
11:08
to demystify the role of the coo more
11:11
companies will benefit from more
11:12
effective leadership
11:16
that's all we have time for in today's
11:18
video understanding of the co role
11:22
like this video if you found it helpful
11:24
and for more content just like this
11:26
subscribe to our channel or visit the
11:28
scaling management group website at
11:30
scalinggrp.com
English (auto-generated)
What do Operations Managers Do?

Yeah! and you can still actually see the dent in the playground wall, and
0:05
that when I knew I always wanted to be dentist. But, tell me, what do you do?
0:13
Oh Well, I m actually an Operations manager. I work for Widget Co.
0:21
Urm. Ah, Sounds good Urm Ah. Ooh look, the ice-free cocktails!
0:31
Hi there - I m Laurence Gartside I'm a management trainer and consultant in business
operations.
0:37
Helping you and your team level up your business operations fundamentals.
0:43
So! How about a career move where you can generate blank, confused looks wherever
you go, whilst,
0:51
simultaneously taking responsibility for some of the most fundamental aspects of
0:56
basically, any organisation?... Well then, it seems that being an
1:02
operations manager really might be for you . But, what is it that they do and how can it
be
1:10
so important to so many different industries? Even ones that don't even use the word
"operations".
1:20
Operations is one of the main functions / (or departments you could say) of almost
1:26
any organisation. It's the core daily activities that create and deliver value
1:32
to customers. Operations has to work closely with other business functions such as
customer
1:39
support, finance or marketing but it's the operations where the real doing gets done.
1:46
I've got separate intro videos on what business operations is and what "Operations
Management" is
1:53
in general but in this video, we re really looking at the actual role of operations
1:58
manager - the core essentials across a huge range of types of organisations and
industries and also
2:05
some of the other names of jobs used for what is again, at its core, an operations
manager.
2:12
Basically, everything you buy has come to you via operations managers. Your chair,
2:19
your computer, your internet service, hospital treatment, your Big Mac, the IT phone
support
2:27
centre, the water coming out of your tap, the Amazon package you got delivered.
Everything.
2:33
Every one of these products and services was created and delivered under the design,
2:39
planning and supervision of operations managers. Operations managers are
responsible for designing,
2:46
delivering, developing and directing the operations of an organisation.
2:52
Designing the operations means what processes should be used, planning how much
space,
2:59
equipment, labour, energy and materials will be required. What layout, what skills,
3:05
how should the people and equipment be organised and interact with each other.
3:10
Operations managers would be integral to the design of a factory, a hospital, an airport
or
3:17
a new fast-food restaurant. Each of these are the operational core of giant
organisations
3:24
with a vast amounts of repetitive inputs being transformed through a set of processes
3:30
to produce a flow of higher value outputs... and the design of these systems, both the
physical and
3:38
the organisational aspects, are absolutely integral to their abilities and success.
3:45
"Delivering" means the planning and controlling of the ongoing operations.
3:51
Factories are not run by machines, airports are not run by pilots and in hospitals,
3:58
doctors have an essential but only partial role and expertise in the huge daily
management of
4:05
running the daily activities of the organisation. For some doctors, a big part of their role
is
4:12
operations manager, far far away and totally different from any surgical operations.
4:19
Developing is about continuous improvement. However well designed the systems
are,
4:25
there is always opportunity for improvement and also external changes to the business
environment,
4:33
new customer demands or new technology to be considered and incorporated.
4:39
Finally, operations managers are responsible for directing the operations. This is the
medium term,
4:47
higher level, management of the activities and processes. Away from the hourly / daily
issues but
4:54
much closer in than back when things were being first designed and setup. We need
5:01
active steering from our operations managers - reviewing performance data, trends
and
5:06
changes - reviewing forecasts and upcoming threats to supply. Reallocation changes of
resources or
5:15
new scheduling rules to take advantage of situational changes or strategy
refinements.
5:22
Operations managers come with many different job titles often where the job role is
part
5:29
"operations manager" and part something else like the head chef in the restaurant,
5:36
the chief engineer, department manager, line supervisor, military captain, or
5:43
head of software development. Whilst their titles can be specific to their industry, a big
part of
5:51
each of these roles is operations manager . Very often people get promoted into a
senior
5:58
role with people and operations management responsibilities because they were
6:03
a very good engineer, software programmer, doctor or salesman but now find their role
is
6:10
very little to do with them doing their old job but now rather more about the systems,
6:17
they manage, the resources they co-ordinate, work they schedule and so on. Operations
Management is
6:25
the practical discipline built on over a century of accumulated knowledge and
experience from
6:31
a thousand different industries all sharing so many of the same fundamental
challenges.
6:39
Cheesy catch phrase alert! Operations Managers may not
6:43
always grab the headlines and run the world but do make the world run!
6:49
Please remember to "thumbs up" subscribe, ring the bell and share your insights
below.
6:55
And, if you want to learn more about operations management,
6:59
supply chain, logistics, inventory, performance improvement,
7:04
well, watch my next video or check out my library of courses on my site, "Rowtons
Training. com".
7:11
Alright then! Crack On!
7:13
"Yeah so after i recovered from my gaming addiction of Roller-coaster Tycoon and
7:19
Farmville. That's when i knew always wanted to be an "Operations Manager"!
What is a Management Operating System?

in today's competitive business
0:05
landscape many organizations are
0:08
striving towards operational excellence
0:10
to achieve this goal they will need a
0:12
strong management operating system or an
0:15
MOS an ideal MOS is a structure that
0:20
helps us choose top opportunities to
0:22
work on and then helps us realize these
0:24
opportunities as quickly as possible
0:26
there are five core components to any
0:28
successful MOS the first component is
0:32
identification here we must identify and
0:35
value all of the opportunities to
0:37
improve this must be done accurately and
0:40
with trust from all stakeholders the
0:43
second component is prioritization with
0:46
all of the opportunities known and
0:48
valued the MOS must then help align the
0:51
entire organization on which of these
0:53
opportunities should be tackled at
0:55
various levels the third component is
0:57
resource management having aligned on
1:01
these top priorities the MOS should
1:03
facilitate the allocation of resources
1:05
to engage in work that they are
1:07
strategically advantaged to complete the
1:10
fourth component is improvement tools
1:11
resources will need the tools and
1:14
capabilities to successfully tackle the
1:16
opportunities these tools should be
1:18
appropriate to each specific opportunity
1:21
bring the right amount of complexity and
1:23
rigor to the situation the fifth
1:26
component is organizational behavior the
1:29
MOS needs to support the organization by
1:32
developing the mindsets and behaviors
1:34
that accelerate the rate of improvement
1:36
helping leaders ask what would it take
1:38
to achieve this rather than saying tell
1:41
me why this can't be done or even worse
1:43
yet here's why we can't do this
1:46
implementing and MOS is a game-changing
1:49
way for an organization to drive
1:50
engagement and improvement at all levels
1:53
in your organization which of the five
1:56
components are you great at and which
1:58
could use improvement
2:00
[Music]
What is Operation Management? | Duties

and Responsibilities in Operation
Management
in this video you are going to learn
0:06
operation management
0:08
topics i am going to discuss our
0:10
definition of operation management
0:12
nature of operations management duties
0:14
and responsibilities in operations
0:16
management and benefits of operations
0:19
management
0:21
let's start the video
0:24
operations management is an area of
0:26
management involved in planning
0:28
conducting the process of production and
0:30
redesigning business operations and
0:32
production of goods or services
0:36
it requires planning organizing and
0:38
inspecting the organization's processes
0:41
to balance revenues and costs to get the
0:43
highest possible operating profit
0:46
[Music]
0:47
nature of operations management
0:51
operation management is a dynamic
0:53
process that keeps changing as per
0:55
market trends
0:58
it is the management of activities
1:00
involved in the conversion of raw
1:01
materials into finished products
1:05
operation management is a continuous
1:08
process
1:09
it is engaged by organizations for
1:11
managing its activities as long as they
1:14
continue their operations
1:17
duties and responsibilities in
1:20
operations management
1:23
the duty of an operations manager is to
1:25
ensure that they are all working
1:27
together efficiently and effectively in
1:29
order to reach the desired goal of
1:31
producing useful goods and services for
1:33
consumers
1:35
the operations management
1:37
responsibilities
1:38
are 1.
1:40
product design
1:43
product design means planning and
1:45
creating a product that will be sold to
1:48
the customers
1:49
it involves developing new concepts or
1:52
expanding on current ideas in a process
1:54
that will lead to the production of new
1:57
products
1:58
the responsibility of an operations
2:00
manager is to ensure that the products
2:03
hold to customers meet their needs as
2:05
well as that is following current market
2:07
trends
2:10
2.
2:11
forecasting
2:13
making predictions of events that will
2:15
happen in the future based on past data
2:18
is called forecasting
2:21
one of the duties of the operations
2:23
manager is to predict the customer's
2:25
demand for the company's product
2:28
the forecast helps the company to
2:30
determine the future trends and the
2:32
number of products needed to satisfy the
2:34
market demand
2:37
three
2:38
supply chain management
2:41
a supply chain is an associated network
2:44
of individuals associations resources
2:47
activities and technologies involved in
2:50
the manufacture and sale of any product
2:52
or service
2:54
a supply chain starts with the delivery
2:56
of raw materials from a supplier to a
2:58
manufacturer and ends with the delivery
3:01
of the completed goods or services to
3:03
the customer
3:05
the operations manager manages control
3:07
of inventory the production process
3:10
distribution sales and sourcing of goods
3:13
at acceptable prices
3:15
i have discussed product planning
3:17
forecasting and supply chain management
3:19
in separate videos check those videos in
3:22
i button and description
3:24
[Music]
3:25
for
3:26
delivery management
3:29
delivery management is one of the major
3:31
responsibilities of the operations
3:34
manager
3:35
the manager makes sure the goods are
3:37
delivered to the consumer from time to
3:39
time
3:41
they should follow up with consumers to
3:42
ensure that the products delivered are
3:45
what they required and meet their needs
3:48
now come to benefits of operations
3:51
management
3:53
1.
3:54
product quality
3:57
operations management staff is the first
3:59
crew in a company that verifies
4:01
durability and safety in a product
4:04
operations management reviews to quality
4:06
of products that would suit customers on
4:09
and after delivery
4:12
2.
4:13
productivity
4:15
productivity is actually the ratio of
4:17
input and output
4:20
it is the only way to measure employees
4:22
effort
4:23
operations management ensures the best
4:25
staffing to maximize the output of a
4:28
company
4:29
[Music]
4:30
three
4:32
customer satisfaction
4:35
operation management helps to enhance
4:37
the goodwill and presence of the
4:39
organization
4:40
it ensures that the best quality
4:42
products are delivered to all customers
4:44
that could provide them with better
4:46
satisfaction and make them happy
4:48
customers
4:50
4.
4:52
maximize revenue
4:55
operational management directly affects
4:57
the profitability of the organization
5:00
it focuses on cutting down the cost of
5:02
operations by reducing the misuse of
5:05
resources
5:07
operations managers review every
5:09
production activity and take all
5:11
significant steps for maintaining
5:13
productivity in the organization
5:16
operations managers try to keep an
5:18
appropriate balance between cost and
5:20
revenue
5:23
5.
5:24
improve innovation
5:27
operation management implements
5:29
innovative changes in organizational
5:31
activities
5:33
operation managers take all decisions
5:36
regarding production planning by
5:37
conducting research and study of
5:39
overcoming market conditions
5:42
it considers all technological changes
5:45
and develops a strong base of knowledge
5:47
and operations
5:50
if you want to read in details and
5:52
download the pdf go through the link in
5:55
the description
5:56
if you find the video helpful give us a
5:59
like share the video and don't forget to
6:02
subscribe to education leads
ENGG 406
Engineering
Management
MODULE 8
Managing the Marketing Function
Topic Outline
• Marketing
• Marketing Functions
• The Role of a Marketing Department
• Marketing Management
• Strategic Marketing for Engineers
2
3
What is MARKETING???
https://www.youtube.com/watch?v=i1xz5Kv-7VY
4
5
https://www.youtube.com/watch?v=EarpQY6Hk5Y
6
7
8
9
10
11
12
13
The Role of a Marketing Department
https://www.youtube.
com/watch?v=rmqRMu
KmjBg
14
Importance of Marketing
https://www.yout
ube.com/watch?v=
9-NV-ekfaCo
15
4 P s of Marketing
https://www.youtube.com/watch?v=Mco8vBAwOmA
16
Marketing
Management
“the way to find out the opportunities

which are profitable and create these
opportunities by satisfying the
customers”
17
Marketing Management is a process of :
controlling
the setting the
marketing goals
aspects of a
company
taking organizing
decisions the plans
for the firm step by
step
EXECUTING THEM! 18
STRATEGIC
MARKETING
19
STRATEGIC MARKETING
https://www.youtube.com/watch?v=1DLVy0nV5jE
20
End
Any questions ?
21
Exercise No. 8
◉ To be accomplish by group:
○Research for Best Marketing Strategies for
Engineering Companies
○ Make a presentation and be ready to present it to

class next meeting
22
References
◉ https://www.tutorialspoint.com/marketing_management/marketing_management_functi
ons.htm
◉ https://www.brafton.com/blog/content-marketing/functions-of-marketing
◉ https://www.thehartford.com/business-insurance/strategy/creating-marketing-
department/role
◉ https://instagantt.com/project-management/what-is-marketing-management
23
Introduction to Marketing
what is marketing how would you explain
0:09
marketing the first few words that
0:11
usually pop into a person's head are
0:13
marketing equals sales marketing is not
0:17
just personal selling or even just
0:19
advertising most people define marketing
0:22
in a very limited way marketing includes
0:25
activities such as public relations
0:27
sales promotion advertising social media
0:30
pricing distribution and many other
0:33
functions companies have increased their
0:35
marketing budgets dramatically for
0:38
example it is estimated that companies
0:40
spend over 15 billion dollars annually
0:43
on marketing to just kids this is an
0:47
increase of over 2.5 times more than
0:50
they were spending in 1992 the
0:53
cumulative function of marketing is to
0:55
communicate deliver and create value to
0:58
the consumer in addition companies must
1:01
take into consideration their employees
1:03
stakeholders and society the most
1:06
successful companies engage in very
1:08
consumer oriented marketing they spend
1:11
enormous amounts of time money and
1:13
resources examining the everyday lives
1:16
of their customers and then create
1:18
products to fill a need examples of
1:21
companies that are known for creative
1:23
leading-edge marketing are Disney Pepsi
1:26
Apple and Procter & Gamble Marketing is
1:29
made up of four elements product place
1:32
promotion and price the elements must be
1:35
used in a cohesive plan to effectively
1:38
target the consumer a product can be
1:41
either a physical product or a service
1:43
place is where the product is purchased
1:46
price is the amount a consumer pays for
1:49
the product and promotion consists of
1:51
the communication tools used to
1:53
effectively get the company's message
1:55
out the official definition of marketing
1:59
is it is a philosophy that's main focus
2:02
is providing customer satisfaction
2:04
marketing is the activity set of
2:07
institutions and processes for creating
2:09
communicating delivering and exchanging
2:12
offerings that have value for customers
2:15
clients partners and society at large
2:19
so included in the definition are all of
2:21
the activities that help businesses
2:22
reach their target market effectively
2:25
the ultimate outcome for marketing is
2:27
when a successful exchange occurs
Core Functions of Marketing

marketing consists of seven key
0:02
functions
0:03
these seven key functions define all the
0:06
aspects
0:07
that are part of the practice of
0:09
marketing
0:10
the first core function is channel
0:12
management slash
0:14
distribution okay you can use those
0:16
words fairly interchangeably
0:19
okay so what is channel management and
0:21
distribution
0:22
well it involves the question of how
0:24
does the customer get the good
0:26
okay the thing that we're selling are we
0:28
going to ship it to them
0:30
are we going to sell it in a store where
0:32
they can come and pick it up and take a
0:34
look at the product before we sell it to
0:36
them
0:36
are they going to order it online okay
0:38
those are some options
0:41
and choices that businesses need to make
0:43
regarding channel management
0:45
and distribution the example we have
0:47
here is ups
0:48
okay the united post parcel service
0:51
excuse me
0:52
uh it has to make the decision whether
0:54
or not they're gonna overnight air
0:57
a significantly important customer order
1:01
the second core function is marketing
1:03
information management
1:05
we can see here that the definition for
1:07
marketing information management
1:09
is the gathering storing and analyzing
1:12
of customer and market information
1:15
okay this is when we go out we gather
1:18
that information about our customers
1:20
that are
1:21
that we expect to buy our product and
1:23
then how do we
1:24
um take that data that we've collected
1:27
and how do we manage it how do we store
1:29
it
1:30
how do we go through it and pick out the
1:32
pieces of information that we need to
1:34
know
1:34
all those things fall under this core
1:36
function okay the example i have here is
1:39
of nabisco nabisco makes
1:41
ritz crackers okay so if nabisco goes
1:44
out and they
1:45
set up a bunch of taste testing stations
1:47
in different grocery stores across the
1:49
u.s
1:51
the people are going to be filling out
1:53
surveys okay those surveys come back to
1:55
nabisco
1:56
and then they have to take those survey
1:58
results and they have to store them they
2:00
have to process them in some sort of way
2:02
so that they can take just filled out
2:04
surveys and get useful information out
2:07
of it
2:07
to try and sell their product
2:11
our third core function is market
2:13
planning and this is the applying of
2:15
marketing concepts that we're going to
2:17
be learning about
2:19
over the course of the semester and then
2:21
taking those concepts and developing an
2:23
overall plan to market the products
2:25
to the customers the example i have here
2:28
is of
2:29
amazon if amazon goes out and develops a
2:33
new marketing campaign
2:35
on social media to target young
2:36
customers focused on electronics and
2:39
fashion
2:40
that would be an example of amazon
2:43
exercising the market planning
2:46
core function
2:50
fourth core function is pricing now
2:52
pricing is something that we're all very
2:54
familiar with we've all gone to the
2:55
store and we've bought different types
2:57
of things
2:58
okay what you may not realize is the
3:00
company that produced that product there
3:02
was somebody in charge
3:03
of determining what that price should be
3:06
that you ended up paying for the product
3:08
that you bought
3:09
okay they don't just randomly pick
3:11
prices there's a lot of science
3:13
and a lot of study that goes into
3:15
figuring out
3:16
how much can we charge for a product
3:18
because it's a it's a sweet spot okay
3:20
you don't want to charge too little
3:22
because
3:22
if you could be charging more than
3:24
you're losing out on money
3:26
if you start to charge too much though
3:28
then the optimal number of people are
3:30
not going to buy your product so you
3:32
want to maximize the price and the
3:34
number of people that can
3:36
buy your product at that price okay the
3:39
example
3:40
nike sets a price of 179 dollars for a
3:43
newly developed sneaker
3:46
our fifth core function is product slash
3:48
service management remember
3:50
goods can fall into two categories they
3:52
can be products
3:53
those things that we can touch tangible
3:56
items
3:56
or they can be services the things that
3:58
we cannot reach in there they're
4:00
intangible
4:02
okay so product service management is
4:04
how we can
4:05
improve the product in the future to
4:07
meet the needs of our customers
4:09
okay so companies are continually trying
4:11
to make
4:12
their products and their services better
4:15
the reason for that is there's always a
4:17
competitor out there there's always some
4:19
other business that wants to try
4:21
and take away your customers one of the
4:23
ways to prevent that
4:24
is to continually be making your
4:26
products or your services better
4:29
okay an example would be yeti coolers
4:31
yetis are known as
4:32
some of the best coolers on the market
4:36
so if yeti decides that they need to add
4:38
a new stronger lid
4:40
to its cooler to keep up with its
4:43
competitors
4:43
or to one-up their competitors that
4:46
would be
4:47
a a example of the product
4:50
service management core function
4:53
promotion is our sixth core function now
4:55
this is another core function where you
4:57
probably have a lot of
4:59
uh first hand personal experience
5:02
promotion
5:02
is how we inform the customer about our
5:05
product we've
5:05
all seen advertisements commercials
5:09
on you know television ads on the
5:12
internet
5:13
billboards as we're driving from
5:15
different places
5:16
okay those are all examples of promotion
5:19
those companies are trying to get the
5:21
word out
5:22
to anybody and everybody that sees that
5:25
promotion to let them know
5:29
what their products all about and and
5:30
how it's going to make their life better
5:33
okay the example mcdonald's if they
5:34
develop a new tv commercial
5:37
for the new and improved big mac that
5:39
would be an example
5:40
of promotion so our last and seventh
5:44
core function
5:45
is selling okay this is really the
5:47
culmination of
5:48
all the other core functions the product
5:50
the service is ready
5:52
to go the last thing that the company
5:54
needs to do
5:55
is just get the customer to buy it okay
5:58
and selling is very important because if
6:00
your customers
6:00
aren't buying your products or services
6:03
then you're not going to stay in
6:04
business very long they're not going to
6:05
make any money
6:06
okay so selling is how the product is
6:08
sold to customers
6:10
selling can come in a wide variety of
6:12
ways okay there's online
6:14
selling there's in-store there's
6:17
door-to-door salesmen and sales women
6:19
that go around
6:20
their sales representatives at stores
6:23
those are
6:23
all different ways that a company
6:27
methodically chooses how they're going
6:29
to get their product or service
6:31
to the customer how they're going to
6:33
complete the sales process
6:36
okay so an example honda is going to
6:38
spend a lot of money to train all their
6:40
sales people
6:41
how to greet inform and manage a
6:44
customer's car buying experience
6:46
honda recognizes that when people buy a
6:49
car they want to have a pleasant
6:50
experience
6:52
okay a lot of cars offer the same
6:53
features they're priced very
6:55
competitively
6:56
so this is how honda is recognizing that
6:58
they're going to set themselves apart by
7:00
by training staff to present a very
7:03
positive
7:04
selling and buying experience for
7:06
customers
7:08
okay so this concludes our seven core
7:10
functions of marketing
Role of Marketing in the Organization

Okay so when we talk about marketing and
0:02
when we think about marketing we usually
0:04
think about it in the
0:05
context of a business function, and so
0:09
what is the function or the role of
0:11
marketing within the organization?
0:14
Well starting at the very beginning what
0:17
products should we make and what
0:18
features should it have?
0:20
Well that's a marketing decision and
0:22
that product of course can be a
0:24
good or a service either way designing
0:26
it
0:27
is a marketing operation. So we
0:30
are critically involved as marketers in
0:32
determining what the business is going
0:34
to do.
0:36
Then the next part of the process is
0:38
promoting that product whatever that
0:40
might be,
0:41
that is clearly a marketing function
0:43
where we have to design
0:44
ads or we have to communicate with
0:46
certain partners
0:48
whoever it might be we have to create
0:50
messaging
0:51
to get across what it is that we offer.
0:55
The next step then is figuring out how
0:57
much to charge for that product
0:59
and that is also a marketing decision.
1:02
So as you can see marketing is really
1:04
involved
1:05
in a lot of things that don't even
1:06
involve people outside of our
1:08
organization,
1:09
deciding what we should be doing as an
1:11
organization.
1:13
And then of course the thing that we
1:15
almost always think about when we think
1:16
of marketing is sales,
1:18
it is the marketing department's
1:20
responsibility or the marketer's
1:22
responsibility
1:23
to make sure that we sell the product, so
1:26
that is a key part of marketing's role
1:28
as well.
1:30
Mixed up with all of this though is
1:31
getting the product to
1:33
the customer or what we call
1:35
distribution
1:36
and that is also a marketing role or a
1:38
marketing decision is
1:40
where should we put the product to make
1:42
it available to the customer
1:44
and how do we get it there that's the
1:46
essence of distribution.
1:49
Lastly and perhaps most importantly
1:53
within the organization marketing's
1:55
responsibility
1:57
or I should say it is marketing's
1:59
responsibility
2:00
to make sure we have revenue that goes
2:02
hand in hand with sales
2:04
but in the end you know revenue is
2:05
critical to keep keeping the business
2:08
going and that falls on marketing to
2:10
make sure that happens that we get that
2:12
revenue.
2:13
So all those things combined make up the
2:16
role of marketing within the
2:17
organization.
English (United States)
5 Reasons Why Is Marketing SO Important

for Your Business
why marketing is important for success
0:02
business here are five reasons one
0:05
marketing gets your word out if you want
0:08
your business to be successful the
0:10
service or the product you are offering
0:12
must be known so that you will have
0:13
potential buyers
0:14
if your business is unknown to the
0:17
community and you don't have any kind of
0:19
communication with your customers you
0:20
need to use marketing strategies to
0:22
create awareness for your service or
0:24
product not having proper marketing may
0:27
cause that potential customers are not
0:29
aware of any offers your business has to
0:31
make and your company can lose the
0:33
opportunity to expand and become
0:35
successful so if you use marketing to
0:38
promote your company it will give you a
0:39
chance to be discovered by many
0:41
potential customers - it boosts up your
0:45
sales once you had advertised your
0:47
service product or company and got it on
0:50
the radar you will need to increase your
0:51
chances of making a sale the very second
0:54
this becomes reality there is a chance
0:56
that new customers will spread the word
0:58
and tell their family and friends about
1:00
your amazing services or the products
1:02
they have discovered as they spread
1:04
their word more and more your sales will
1:06
slowly increase so if you haven't used
1:09
marketing strategies this would have
1:11
never happened and without sales your
1:13
business will not be successful 3 gives
1:16
your company reputation the company's
1:19
reputation as one big factor which
1:21
decides whether your business will be
1:23
successful or not having good marketing
1:26
helps you build your brand name when you
1:29
set high expectations for your company
1:31
in the public eye then your company will
1:33
stand on a firmer ground so when your
1:36
reputation grows it will increase your
1:38
sales and expand your business to build
1:40
a good reputation for your company you
1:42
have to actively participate in
1:44
community programs have effective
1:46
communication both internally and
1:48
externally and offer quality services
1:50
and products to support your marketing
1:52
and make your efforts worthwhile 4 gives
1:55
you healthy competition marketing makes
1:58
room in the marketplace for a little
1:59
healthy competition when you present
2:02
your prices via marketing it reaches the
2:04
potential customers but it also reaches
2:06
other businesses who are selling in the
2:08
same industry like there are monopoly
2:11
companies that put
2:12
prices they want on certain services and
2:14
products there is marketing which
2:16
generates competition between businesses
2:18
who are trying to win over customers
2:19
before their competing company does if
2:22
there wasn't for this healthy
2:24
competition monopoly companies would
2:26
sell their products and other companies
2:27
wouldn't stand a chance in the
2:29
marketplace so marketing enables both
2:32
small and new business to grow and enter
2:34
the marketplace 5 what to have in mind
2:37
even though marketing is very important
2:40
for every business to be successful have
2:42
in mind that it can be very expensive it
2:45
may happen that a business can spend
2:47
almost half of its revenue on marketing
2:49
in the very first year after that your
2:52
marketing budget will approximately be
2:54
30% and maybe sometimes more in order
2:57
for your company to have the best chance
2:59
of succeeding the best form of marketing
3:01
will be to use mixed in different forms
3:03
of marketing like website development
3:06
print and the broadcast form of
3:08
advertising as well as public relations
3:10
designing and printing materials and
3:12
maybe some special events like trade
3:14
shows I hope that you got the idea why
3:17
marketing is important for a successful
3:19
business it is true that it can cost a
3:22
lot but you have to invest in order to
3:24
gain so study this video well and you
3:27
will see that a good form of marketing
3:29
can help you attract customers and
3:30
expand your business thanks for watching
The 4 Ps of The Marketing Mix Simplified

the marketing mix it's a combination of
0:08
the 4ps
0:09
product price promotion and place when
0:17
we talk about product we mean things
0:19
like the quality of the products the
0:21
design the packaging that's sold in and
0:24
the brand price not only refers to the
0:28
retail price but also any discounts you
0:31
accept payment plans are there any
0:33
specific credit terms that the customer
0:35
has to borrow money to buy your product
0:38
promotion deals with any advertising
0:41
personal selling are their sales people
0:44
public relations emails anything that
0:48
gets the word out place you have a
0:52
retail location or a storefront do you
0:55
deliver and the product be downloaded
0:57
basically all distribution methods let's
1:02
say you want to sell hamburgers great
1:05
but first you need to know your target
1:07
market who are you going to sell
1:09
hamburgers to well I know that your
1:13
target market will affect your four p's
1:15
in this case you'll want a very high-end
1:18
hamburger consider a product that
1:21
features truffle which are super
1:23
expensive stinky mushrooms hey that
1:26
sounds delightful you're going to have
1:28
to charge a lot because your cost will
1:30
be high $25 a good promotion might be an
1:34
advertisement in fancy-pants magazine
1:37
and a perfect place to sell the
1:39
hamburger would be at the Polo Club okay
1:43
but what if we have a different target
1:45
market what about this guy please man
1:49
this marketing mix won't work for him
1:52
consider a vegetarian burger you won't
1:56
be able to charge much you may even have
1:58
to loan him money you'd including good
2:02
karma fries will encourage him to spread
2:04
the word and selling them in a public
2:06
park would be a good idea
2:09
okay but what about this target market
2:12
our rule again we should adapt the
2:15
marketing mix he spends a lot of time at
2:17
sea the waterproof packaging would be a
2:19
good idea
2:20
he doesn't have any cash but has plenty
2:22
of goats on board and who doesn't love a
2:25
free viking helmet wool and you'll need
2:29
to deliver so there you have it the four
2:33
peas make up the marketing mix product
2:35
price promotion and place
2:39
[Music]
What is strategic marketing?

what is strategic marketing well it has
0:03
to do with marketing and advertising
0:04
things like writing awesome ads and
0:07
creating incredible websites and special
0:09
reports that won't lull people to sleep
0:12
and it has to do outside the box
0:14
innovation figuring out ways to not only
0:17
think but act outside the box and sell
0:20
products and services in a way that
0:22
causes people to salivate and stumble
0:24
over themselves to do business with you
0:26
so yeah strategic marketing has a lot to
0:30
do with real-world innovation marketing
0:32
that works like gangbusters and
0:34
advertising that gets people to take
0:36
action but guess what when you tear it
0:39
down to the bare bones strategic
0:41
marketing is a mindset it's way outside
0:44
the box thinking you could say it's an
0:47
insider's club for SMB owners and
0:49
marketers who hate dull that's the way
0:52
we do it
0:52
who disdain that's the way we've always
0:55
done it and you know who absolutely
0:58
positively know in the depths of their
1:00
hearts that they've got something that's
1:02
truly outstanding something far better
1:05
than all their wimpy ignorant and
1:08
unworthy competitors strategic marketing
1:10
is where business owners come together
1:12
because they want their company their
1:15
products or their services genuine
1:17
superiority to shine like a beacon for
1:19
all to know see and experience it's for
1:23
people like you have had it up to here
1:25
with the same old worn-out approaches
1:27
recommended by all those insane ad
1:30
agencies marketing leeches advertising
1:33
sales executives and alleged webmasters
1:36
and all the other fools who talk a lot
1:38
of trash but leave you dizzy I because
1:41
you know they just don't get it so if
1:45
you like to dream if you like to be
1:47
challenged if you've already stepped
1:50
outside of the box a long time ago and
1:52
now you want to blitter rate the box
1:54
then welcome you're a kindred spirit and
1:56
you're the only kind of business owner
1:58
who can benefit from strategic marketing
2:01
philosophies and methodologies this
2:03
definitely ain't no quick fix and it
2:06
surely isn't marketing a box that's
2:08
it doesn't exist and you know
2:11
this is the real deal at strategic
2:14
marketing you're going to learn how to
2:16
take everything about your product or
2:18
service that's already outstanding and
2:20
then here's the killer part you're going
2:23
to learn how to communicate it with such
2:24
a high level of power passion and
2:27
precision that for the first time ever
2:29
your marketing your advertising and your
2:33
website will rock and roll and all the
2:36
strategies and tactics that you thought
2:38
you'll come here for in the first place
2:39
it'll finally sync up with how you feel
2:42
about you'll finally release the
2:44
wizardry of absolute genius of who and
2:48
what you are and more specifically your
2:51
entire target market they'll all see it
2:53
they'll all feel it and go all knowing
2:56
and that my friend is what strategic
3:00
marketing is all about
ENGG 406
Engineering
Management
MODULE 9
Managing the Finance Function
Topic Outline
• The Finance Function
• Essential Strategies for Managing the Finance Function
• The Role of the Finance Manager
2
BRAIN TEASER
I left my campsite and hiked

south for 3 miles. Then I turned
east and hiked for 3 miles. I
then turned north and hiked for
3 miles, at which time I came
upon a bear inside my tent
eating my food! What color
was the bear?
3
What is Financial Management for Businesses?
https://www.youtube.com/watch?v=AE3_8GGhX1c&t=1
6s
4
5
5 Principles of Finance
◉ https://www.youtube.com/watch
?v=WxXCPmKkfUI
6
OBJECTIVES OF FINANCE FUNCTION
Financing Decisions
◉ Here a company decides

where to raise funds from
◉ Two main sources to

consider mainly equity
and borrowed. 7
Investment Decisions
◉ This is where the finance manager
decides where to put the company
funds.
8
Dividend Decisions
◉ decisions as to how much,
how frequent and in what
form to return cash to
owners.
9
Liquidity Decisions
◉ Liquidity means that a firm

has enough money to pay
its bills when they are due
and have sufficient cash
reserves to meet
unforeseen emergencies.
10
CLASSIFICATION OF FINANCE FUNCTION
Classification Short Term Finance Long-Term Finance

Medium Term
Finance
Term below1 year 3 yrs ++
1 - 3 years
Sources • bank overdrafts, • bank loans • owner capital,
• commercial paper, • share capital,
• advances from • financial • long-term loans,
customers, institutions. • debentures,
• trade credit etc. • internal funds 11
Why a Business Needs
the Finance Functions ?
12
13
Why a Business Needs the Finance Functions ?
Helps
Run a
Business
Run a Business 14
Expand . Modernize . Diversify
15
PURCHASE ASSETS
◉ Purchase Assets - You need money to purchase assets. This can be tangible
assets like furniture, buildings or intangible like trademarks, patents, etc. to get
this you need finances.
16
BRAIN TEASER
A woman shoots her husband.

Then she holds him under water
for over 5 minutes. Finally, she
hangs him. But 5 minutes later
they both go out together and
enjoy a wonderful dinner together.
How can this be?
17
Essential Strategies
for
Managing the
Finance Function
1
Understand
Your Own
Changing
Role
19
2
Evaluate
your
Current
Capabilities
and Needs
20
3
Embrace
Digital
Transformation
21
BRAIN TEASER
I am taken from a mine, and

shut up in a wooden case,
from which I am never
released, and yet I am used by
almost everybody. What am I?
22
Role of FINANCIAL MANAGER
https://www.youtube.com/watch?v=0RHqiYBrzWg
23
End
Any questions ?
24
Exercise No. 8
25
References
◉ https://planergy.com/blog/managing-the-finance-function/
◉ https://www.managementstudyhq.com/financial-function-types-importance-
objectives.html
◉ https://www.slideshare.net/kandykctanguilan/managing-the-finance-function-57880519
◉ https://opentextbc.ca/businessopenstax/chapter/the-role-of-finance-and-the-financial-
manager/#:~:text=Finance%20involves%20managing%20the%20firm's,and%20financin
g%20(raising%20money).
◉ https://managementstudyguide.com/finance-functions.htm
26
What is Financial Management for
Businesses?
If you don’t have control of your finances, you don’t have control of your business
0:06
and the fate of your business.
0:08
Financial management deploys funds
0:10
optimally towards hiring talent, paying suppliers, investing in R&D and other initiatives
that
0:15
will drive profitable customer acquisition and retention.
0:19
Effective financial management can help your business operate smoothly - without
running
0:23
out of cash - improve profitability and prepare for long-term, sustainable growth.
MBA 101: Intro to Financial Management 5

Principles of Finance
financial management if you watch my
0:08
other videos on the MBA 101 segment on
0:10
this channel then you're aware of the
0:12
type of the videos I make if so please
0:14
keep the introduction which will get you
0:17
straight to the topic the exact time is
0:19
stated in the description below this is
0:21
one of the topics that was requested
0:23
from many viewers from my other videos
0:25
also special thank you to all the
0:28
viewers and the positive comments that I
0:30
received from all across the world
0:31
especially Croatia Belgium Russia India
0:36
Pakistan and Philippines your kind words
0:39
inspire me to make better content let's
0:41
dive straight into the video with my
0:44
engineering background I really had a
0:46
tough time with this course for my MBA
0:47
studies but like always
0:49
I decided to come up with a real life
0:51
simple examples to understand the
0:54
theories frameworks and concepts this is
0:57
the genesis of the videos and content I
0:59
create so what is finance as per my
1:03
business school's textbook which is
1:05
introduction to financial management by
1:07
tippmann at all finance is the study of
1:11
how people and businesses evaluate
1:14
investments and raise capital to fund
1:16
them this can be simply put into context
1:19
in two scenarios
1:20
number one imagine if you work for a
1:24
company as an engineer who gets paid
1:26
weekly the understanding evaluation and
1:29
analysis of your paycheck and what you
1:31
need to do with it
1:32
may be called as looking for looking
1:34
after finance number two say if you own
1:38
a business at a local market called for
1:41
example I happy novelties selling
1:43
light-up t-shirts the understanding
1:46
evaluation and analysis of structuring a
1:49
price point for sale of t-shirts to
1:52
accommodate the rent worker wages
1:54
ongoing inventory and am i right of
1:57
other things is also called as finance
2:00
make sense let's look at it in a more
2:03
granular manner the scope of the video
2:07
will be more focused on business and
2:09
corporation finance I highly suggest you
2:12
watch the video on my channel
2:14
to thoroughly understand the difference
2:16
between sole proprietors corporation
2:18
limited liability I will add a link in
2:21
the description below more importantly
2:24
relax most financial calculations are
2:27
now handled by powerful calculators so
2:30
you just need to have a good
2:31
understanding of the concepts and my
2:34
team and I will try a hardest to portray
2:36
this in an interesting and simplistic
2:38
manner my curiosity is like my pet cat
2:41
Raja I always wondered why study finance
2:46
turns out most successful people have a
2:49
firm understanding on financial
2:51
management and it's extremely important
2:53
to understand the concepts of money if
2:55
you envision yourself to be a successful
2:57
entrepreneur or if you're studying for a
2:59
school trust me
3:02
the concepts you'll learn can be applied
3:03
in your daily life once you start
3:05
earning unlike studying history or
3:07
literature just joking
3:10
we're now going to look at five basic
3:12
principle of finance please ensure you
3:15
understand the five principle as they'll
3:18
be the backbone of future videos rule
3:21
number one money has time value in
3:24
simple terms this means if I were to
3:27
tell you I'll give you two choices and
3:29
now you have to pick one of them first
3:32
choice I'll give you a thousand dollars
3:34
in a year from now second choice instead
3:37
of giving you a thousand dollars two
3:39
years from now or a year from now I will
3:42
give you a hundred dollars today think
3:45
about it for a moment
3:46
although a thousand dollars in two years
3:49
is nice but there is something called as
3:51
opportunity cost that you'll be
3:53
foregoing hence based on the principle
3:56
it's better to choose the money now then
3:58
choose the money in the future remember
4:01
this question as it shows up in a lot of
4:03
tests quizzes rule number two there's a
4:07
risk return trade-off now using the same
4:10
example above I give you the same option
4:12
but add to you saying that rather than I
4:15
give you the money if you give me the
4:17
money today
4:18
I'll give you an enormous return at the
4:20
end of one year now it's really
4:23
depending on the risk associated with
4:24
the money and the trade-off see if
4:27
you're willing to forego
4:28
hundred dollars and believed in my
4:29
business also because the rate of
4:31
interest is so convincing that you're
4:34
willing to lose a hundred dollars on
4:35
hopes of making ten times the amount
4:37
that's the risk return trade-off rule
4:41
number three cash flows are source of
4:44
values normally profits are an
4:47
accounting concepts which gives a
4:49
performance of the business over time
4:51
remember profits could be projected
4:54
value or real time but does not
4:56
guarantee you can take the money out of
4:58
business for example for ìhappy
5:01
novelties if I sell a t-shirt with a
5:04
cost price of ten dollars with a selling
5:06
price of thirty dollars my profit on the
5:09
t-shirt would be twenty dollars which is
5:11
pretty good right what if from my
5:14
profits I need to pay the rent bank
5:17
charges employee wages etc so say for
5:20
example I need to sell at least five
5:22
t-shirts every day to cover for the
5:24
charges which is a break-even point this
5:27
value is a cash flow of the business so
5:30
cash flows are very important and hence
5:32
a source of value for business it is
5:35
important that you understand clearly
5:37
the difference between profits and cash
5:39
flow as we'll be discussing this in
5:40
future topics as well rule number four
5:43
market prices reflect information this
5:47
is more applicable to a public company
5:49
meaning the information of the company
5:51
is available where secondary research
5:53
meaning of available on a public domain
5:56
if you watch the stock market as soon as
6:00
companies earning come out the stock
6:02
rise or fall accordingly this is a good
6:04
example of market prices as per the
6:07
financial management book by tippmann at
6:09
all managers can expect their company
6:12
share prices to respond quickly to the
6:14
decisions they make the book further
6:17
states that a good decision will result
6:20
in higher share prices poor decision
6:22
will result in lower share prices lastly
6:26
rule number five individual response to
6:30
incentives this is a fundamental theory
6:33
that you need to understand if you want
6:36
to be a successful manager or an
6:37
entrepreneur or become or have a
6:40
successful business
6:41
the explanation about agency theory and
6:44
stewardship is extremely extremely
6:46
important and I'll post a link in the
6:48
description of the video that I made for
6:50
another segment that explains this
6:52
clearly the part that you need to
6:55
understand is that you need to motivate
6:57
people to act on their behalf for
7:00
example if you have a business you need
7:02
to ensure that the people are well paid
7:04
and that their interest are well taken
7:06
care of
7:07
only then they will work on the
7:09
betterment of the company the principle
7:11
states that the individual will keep
7:13
their interest ahead of the company's
7:15
interest so as a manager you need to
7:17
reward them with incentives to maintain
7:19
the balance I really hope you enjoyed
7:22
this video I'll be posting written notes
7:25
on my website where you can easily
7:26
download it for your class or reference
7:28
your comment and feedback are always
7:31
cherished and welcome I look forward to
7:34
seeing in another topic this is canon
7:37
channel signing off peace
Role of financial manager | Functions of a

Finance Manager
in this video you are going to learn the
0:06
roles of a financial manager
0:08
[Music]
0:09
let's start the video
0:12
the financial activities of a firm are
0:14
one of the most important and complex
0:16
activities
0:18
therefore in order to take care of these
0:20
activities a financial manager performs
0:23
all the necessary financial activities
0:27
a financial manager is a person who
0:29
takes care of all the important
0:31
financial functions of an organization
0:34
the person in charge should maintain a
0:36
far-sightedness in order to ensure that
0:38
the funds are utilized in the most
0:40
efficient manner
0:42
his actions directly affect the
0:44
profitability growth and goodwill of the
0:47
firm
0:49
following are the main functions of a
0:51
financial manager
0:53
1.
0:54
raising of funds
0:57
order to meet the necessity of the
0:59
business it is important to have enough
1:01
cash and liquidity
1:04
it is the responsibility of a financial
1:06
manager to decide the ratio between debt
1:09
and equity
1:10
it is important to maintain a good
1:12
balance between equity and debt
1:14
[Music]
1:16
2.
1:17
allocation of funds
1:20
once the funds are raised through
1:22
different sources the next important
1:25
function is to allocate the funds
1:28
in order to allocate funds in the best
1:30
possible manner the following point must
1:33
be considered
1:34
the size of the firm and its growth
1:37
capability
1:38
condition of assets whether they are
1:40
long-term or short-term
1:43
the method by which the funds are raised
1:47
these financial decisions directly and
1:49
indirectly influence other managerial
1:53
hence the proper allocation of funds is
1:56
one of the most important activities
2:00
three
2:01
profit planning
2:04
profit earning is one of the prime
2:06
functions of any business organization
2:09
profit earning is important for the
2:11
survival and sustenance of any
2:13
organization
2:15
profit grows because of many factors
2:17
such as pricing industry competition
2:20
state of the economy mechanism of demand
2:22
and supply cost and output
2:26
a healthy mix of variable and fixed
2:28
factors of production can lead to an
2:30
increase in the profitability of the
2:32
firm
2:33
these areas are all managed by the
2:36
financial manager
2:39
4.
2:40
understanding capital markets
2:44
they traded shares of a company on the
2:46
stock exchange for continuous sale and
2:48
purchase
2:50
it is understood that the capital market
2:52
is an essential factor for a financial
2:54
manager
2:56
hence it is the responsibility of a
2:58
concerned person to understand and
3:00
calculate the risk involved in this
3:02
trading of shares debts
3:06
if you want to read in details and
3:08
download the pdf go through the link in
3:10
the description
3:12
if you find the video helpful give us a
3:14
like share the video and don't forget to
3:17
subscribe to education leaves

Engineering Management: Controlling

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Engineering Management: Controlling

Uploaded by

Copyright:

Available Formats

ENGG 406

FORGIVE AND FORGET

6.1 Management Control Systems

6.2 Organizational Control Systems

6.3 Control Process

◉ objectives and goals set at the planning stage are verified

◉ Taking preventive or corrective action to keep things

a system which gathers and uses information to

Organizational Control Systems

focuses on measurable results

2. the number of vehicles a car

Stephen Covey said

“start with the end

-compliance with regulations

-internal policies and procedures

Different types of internal controls

-manual – find errors and confirm information accuracy

Combination of many types of controls:

Detection, correction, prevention

Controlling as a Function of Management Free Principles of Management Video

Ben Sam the manager of TQM auto repair

7 Basic Quality Control Tools for Efficient Project Management

• Introduction to Operations Management (OM)

• Chief Operating Officer (COO) and Operations Manager

• Management Operating Systems

Planning Operations Planning Operations, Managing

◉ Facilities and Layout Planning

◉ Job and Work Design

3 factors that drive productivity

Understanding The COO Role | Chief

What do Operations Managers Do?

What is a Management Operating System?

What is Operation Management? | Duties

• The Role of a Marketing Department

• Strategic Marketing for Engineers

“the way to find out the opportunities

○ Make a presentation and be ready to present it to

Core Functions of Marketing

Role of Marketing in the Organization

5 Reasons Why Is Marketing SO Important

The 4 Ps of The Marketing Mix Simplified

What is strategic marketing?

• The Finance Function

• Essential Strategies for Managing the Finance Function

• The Role of the Finance Manager

I left my campsite and hiked

◉ Here a company decides

◉ Two main sources to

◉ Liquidity means that a firm

Classification Short Term Finance Long-Term Finance

the Finance Functions ?

A woman shoots her husband.

I am taken from a mine, and

MBA 101: Intro to Financial Management 5

Role of financial manager | Functions of a

You might also like