First, in chapter one I learned that competition is very important in the growth of a company. This is true because it motivates them to create better quality goods or services at a cheaper price or lower rate, with the end goal of attracting more customers. However, in some cases rival companies have been known to take the competition too far by focusing on ruining the other company rather than making their own better.
Second, in chapter two I learned that one of the keys to a successful business is that it develops and keeps a good ethical image. For example, the issue of environmental protection has been given increasing importance since the late 20th century. Therefore, governments around the world have begun to pass laws to protect the …show more content…
For example, a major legal barrier for the US is all the laws and regulations that have been set in place to govern international trade. Another obstacle companies engaging in international trade must maneuver around is the differences in American laws and any other country's laws concerning currency, taxes, patents, and quota limits.
Fourth, in chapter four I learned about the two main elements of corporations, the board of directors and the stockholders. The board of directors is elected by the stockholders, and they are responsible for setting long-term goals for the corporation and then overseeing their completion. I also found it interesting that not all the members on the board of directors are employees from that company, some are hired from outside the company as well. Directors today are usually chosen for their competence, expertise, and diverse views; therefore, qualified directors are proving to be very hard to …show more content…
When planning, a manager must determine what the objectives of the company are and the most effective way to accomplish them. Organizing comes into play when a manager divides the work into smaller units and then assigns a specific work group or task force to each one. The directing role of a manager includes motivating and leading the employees to achieve the company's objectives.
Seventh, in chapter seven I learned about the span of management, which refers to how many employees must report to a specific manager. A company may have either a wide or a narrow span of management; the wider the span, the more employees are under one manager. There are many factors to consider when determining which span will work best in a company. For example, a narrow span works best when superiors and subordinates aren't close in proximity, and the superior has several other responsibilities.
Eighth, in chapter eight I learned about managing quality, a critical element of operations management. Quality is very important because defective products give the company a bad reputation, which in turn could ruin a company, especially in cases where a defect can make the product dangerous. However, determining the quality of a product is no easy task, seeing that it depends highly on the customers opinion of how well their expectations were met and