Videos:

- Shake Shack: Danny Meyers ( eliminated tipping, created first shake shack,
considers shake shack “fine dining”
- Bodega:
- Crossfit: Greg Glassman( gym fitness created into a spectator competition.
Workout program. Doesnt care what others think or do. He does what he wants
to do. Has no board of directors and never had a business plan. All his crossfit
information on his website is free. He doesn’t manage his affiliates.)
- Costco: Jim Senegal (humane and ethical. Does not waste on unnecessary
marketing)
- Starbucks: Howard Shultz (born and raised in nyc, he was poor and became a
CEO.
- Fedex: Fred Smith ( he shared his idea in a college class and his professor said
it wasn’t good enough. Look at him now. Part of the marines corp.)
- FTX: Sam Bankman-Fried (misbehaved convicted of fraud)
- Tyco: Dennis Kozlowski (used money from the company for his own personal
use; not ethical.)
- MTA: Andy Biford (fired as CEO because the mayor didn’t like him. Wasn't afraid
to ride the subway system and see what improvements to make. Wanted to
upgrade nyc train system to the levels that other train systems operate at around
the globe. Our train system is relying on very old parts that aren't even
manufactured anymore so MTA has their own sector of people dedicated to
repairing parts.)
- American Airlines: Scott Kirby
- Microsoft: Satya Nadella
- Leadership: Susie G.
(4 functions of management) ; good managers do not neglect any of the four functions
of management.
Management - The process of working with people and resources in order to
accomplish organizational goals. Efficient (achieve goals with minimal waste of
resources. Make best possible use of people materials time and money.) and effective
(achieve organizational goals)
Planning - systematically making decisions about the goals and activities that an
individual, a group, a work unit, or the overall organization will pursue. Analyzing current
situations, anticipating the future, determining objectives, deciding what types of
activities the company will engage.
Organizing - assembling and coordinating the human, financial, physical, informational,
and other resources needed to achieve goals. Attracting people to the organization,
specifying job responsibilities, grouping jobs into work units, marshaling and allocating
resources.
Leading - stimulating people to be high performers.
Controlling - monitoring performance and making needed changes.
Four (4) different levels of manager:
1.Top level managers: senior executive responsible for overall management and
overall effectiveness of organization.
2.Middle level Managers: managers located in the middle layers reporting to top level
executives.
3.Front line managers: lower level managers that execute the operations of the
organization.
4.Team Leaders: employees who are responsible for facilitating successful team
performance.
Three (3) skills managers need:
1.Technical skills: ability to perform specialized tasks involving a particular method or
process.
2.Conceptual and decision skill: ability to identify and resolve problems for the benefit
of the organization and its members.
3.Interpersonal and communication skills: people skills, be able to lead and motivate
and communicate effectively with others.
4.Emotional Intelligence: skill of understanding yourself, managing yourself, and
dealing effectively with others.
Knowledge management - practices aimed at discovering and harnessing an
organization's intellectual resources. Knowledge workers

Economies of Scale - Reductions in the average cost of a unit of production as the

total volume produced increases. (cost reductions that occur when companies increase
production.)
Scientific Management - Introduced by Fedrick Taylor. Classical management
approach that applied scientific methods to determine and analyze the “one best way” to
complete production cost.
Time and Motion studies - To identify and remove wasteful movements so workers
could be more efficient and productive. (Frank and Lillian Gillberth)
Bureaucracy- classical management approach emphasizing a structured, formal
network of relationships among specialized positions in the organizations.
(characteristics of effective bureaucracy-division of labor, authority, qualifications,
ownership, rules and control.)
Human relations approach - a classical management approach that attempted to
understand and explain how human psychological and social processes interact with
the formal aspects of the work situation to influence performance. Managers should
stress primarily employee welfare, motivation, and communication. Believed social
needs had precedence over economic needs.
Maslows Hierarchy of Needs - physical needs, safety needs, love and belonging
needs, esteem needs, and self-actualization needs. (The most basic need is physical
and most advanced self actualization needs(personal fulfillment). Maslow argued that
people tend to start building from their most basic needs going upwards.
Hawthorne Effect - Peoples reactions to being observed or studied resulting in
superficial rather than meaningful changes in behavior.
Inputs- goods and services organizations take in and use to create products or
services.
Outputs-the products and services organizations create.

External Environment - All relevant forces outside a firm’s boundaries, such as

competitors, customers, the government, and the economy. These cannot be controlled
or controls may be limited.
Demographics - Often includes many statistical metrics or characteristics of a group or
population such as: age, gender, occupation and education level.
Barriers to Entry - conditions that prevent new companies from entering an industry
capital requirements, restrictive distribution channels.
Suppliers - provide resources or inputs needed for production
Environmental Uncertainty - Lack of information need to understand or predict the
future.

Ethics- your moral compass of should you or should you not do this.
Moral Philosophy - principles, rules, and values that people use in deciding whats right
or wrong.
Business ethics -The moral principles and standards that guide behavior in the world
of business.

Universalism - The ethical system stating that all people should uphold certain values
that society needs to function.
Utilitarianism - An ethical system stating that the greatest good for the greatest number
should be overriding concern of decision makers.
Corporate Social Responsibility - (CSR) obligation toward society assumed by
business.

Situational Analysis - process planners use within time and resource constraints, to
gather, interpret, and summarize all information relevant to the planning issue under
consideration.
Goals - a target or end that management desires to reach. Specific, measurable,
attainable, relevant, timebound (SMART)
Plans - The actions or means managers intend to use to achieve organizational goals.
Contingency Plan - sets of actions to be taken when a company's initial plan does not
work well or if events in the external environment require a sudden change.
Strategic Planning - A set of procedures for making decisions about the organization's
long term goals and strategies.
Strategy - A pattern of actions and resource allocations designed to achieve the
organization goals.
Tactical Planning - set of procedures for translating broad strategic goals and plans
into specific goals and plans that are relevant to a distinct portion of the
organization,such as a functional area like marketing.
Mission - Organizations basic purpose and scope of operations.
Stakeholders - Groups and individuals who affect and are affected by the achievement
of the organization's mission, goals, and strategies.
Benchmarking - process of assessing how well one company’s basic functions and
skills compare with those of another company or set of companies. goal of
benchmarking is to thoroughly understand the “best practices” of other firms and to
undertake actions to achieve both better performance and lower costs.
SWOT analysis - A comparison of strengths, weaknesses, opportunities, and threats
that helps executives formulate strategy.
Vertical Integration - The acquisition or development of new businesses that produce
parts or components of the organization’s product.
Stages of Decision making -
Step 1: Identify the decision that needs to be made. ...
Step 2: Gather relevant information. ...
Step 3: Identify alternative solutions. ...
Step 4: Weigh the evidence. ...
Step 5: Choose among the alternatives. …
Step 6: take action
Step 7 : review your decision and its impact both good and bad

Random things he mentioned in class he said to keep in mind:

-the only thing constant is change
-if you can’t measure it you can’t control it
-increase sales increase profit, decrease sales, decrease profit
-behaving ethically require courage
Making ethical decisions takes moral awareness, moral judgment, and moral
character.