Podcast
Questions and Answers
What percent of retirement income may Social Security account for?
What percent of retirement income may Social Security account for?
Which plan typically has a repayment period of 10 years?
Which plan typically has a repayment period of 10 years?
Which of the following is NOT considered a type of life insurance?
Which of the following is NOT considered a type of life insurance?
What type of financial help should be sought early in your career?
What type of financial help should be sought early in your career?
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Which action is recommended under the principle of 'Pay yourself first'?
Which action is recommended under the principle of 'Pay yourself first'?
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What is a primary characteristic of effective customer intimacy?
What is a primary characteristic of effective customer intimacy?
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Which aspect of customer intimacy involves decision-making?
Which aspect of customer intimacy involves decision-making?
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What is a key focus of management systems in customer intimacy?
What is a key focus of management systems in customer intimacy?
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What best describes the approach to relationship building in customer intimacy?
What best describes the approach to relationship building in customer intimacy?
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Which of the following is NOT a feature of customer intimacy?
Which of the following is NOT a feature of customer intimacy?
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What is the main advantage of using FIFO inventory management?
What is the main advantage of using FIFO inventory management?
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Which inventory tracking method combines both perpetual and physical counts?
Which inventory tracking method combines both perpetual and physical counts?
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What was the average increase in the cost of the 30 most prescribed brand name drugs from January 2003 to January 2004?
What was the average increase in the cost of the 30 most prescribed brand name drugs from January 2003 to January 2004?
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What factor is NOT typically considered when ordering inventory?
What factor is NOT typically considered when ordering inventory?
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What is the key characteristic of vendor managed inventory (VMI)?
What is the key characteristic of vendor managed inventory (VMI)?
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What is a key element of performance appraisal planning?
What is a key element of performance appraisal planning?
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Which aspect contributes to successful performance?
Which aspect contributes to successful performance?
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What is an effective method for recognizing and rewarding performance?
What is an effective method for recognizing and rewarding performance?
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How should feedback be approached during the performance period?
How should feedback be approached during the performance period?
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What gap commonly exists in performance appraisal practices?
What gap commonly exists in performance appraisal practices?
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What factor is linked to the favorable impact of recognition?
What factor is linked to the favorable impact of recognition?
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What type of management occurs most frequently and involves personal decisions?
What type of management occurs most frequently and involves personal decisions?
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Which type of management primarily involves interactions between the manager and one other person?
Which type of management primarily involves interactions between the manager and one other person?
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Which of the following is not a recommended practice during performance appraisal?
Which of the following is not a recommended practice during performance appraisal?
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What does effective performance appraisal contribute to?
What does effective performance appraisal contribute to?
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What is the primary purpose of strategic planning within an organization?
What is the primary purpose of strategic planning within an organization?
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Which statement best describes organizational management?
Which statement best describes organizational management?
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What is a common misconception about strategic planning?
What is a common misconception about strategic planning?
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What key element is emphasized in strategic planning according to Steiner, Miner, and Gray?
What key element is emphasized in strategic planning according to Steiner, Miner, and Gray?
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In the context of strategic planning, why is it important for an organization to consider its environment?
In the context of strategic planning, why is it important for an organization to consider its environment?
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What underlying question must be answered for effective strategic planning in a community pharmacy?
What underlying question must be answered for effective strategic planning in a community pharmacy?
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Study Notes
Financial Security
- Social security may account for 25% of retirement income
- Equity in your home, personal savings, pension plans, and retirement savings from 401k plans and IRAs can contribute to retirement income
Blueprint for Financial Security
- Spend less than you earn
- Pay yourself first
- Take advantage of free money
- Keep investment expenses low
- Owe as little as possible
- Diversify investments
- Trust the power of average
Other Personal Finance Issues
- Student loans:
- Standard plan: 10 years
- Extended plan: longer term
- Other plans: Graduated and Income contingent
- Planning for college:
- 529 plans: tax advantage savings plans
- Life insurance:
- Term: temporary coverage
- Permanent: lifetime coverage
Getting Financial Help
- Put together a professional team early in your career:
- Lawyer: for legal guidance
- Accountant: for tax and financial advice
- Financial advisor: for investment advice
- Insurance agent: for insurance needs
- Doctor: for health care
Principles of Management and Organization
- Pharmacists are primarily information providers
- Levels of management:
- Individual management: self-management
- Interpersonal management: interactions between two people
- Organizational management: decisions affecting large groups
Strategic Planning
- A goal without a plan is just a wish
- Strategic planning: the process of selecting organizational goals, determining policies to achieve them, and establishing methods for implementation
- Long term strategic planning: ensuring an organization's future success
- Strategic planning: involves interacting with the organization's environment
Strategic Planning for a Community Pharmacy
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Core Process:
- Organization: Ad-hoc, organic, cellular
- Management: Decisive, risk-oriented
- High skills in a loose-knit structure
- Disjoint work procedures
- Information technology
- Person-to-person communications systems
- Technologies enabling cooperation and knowledge management
Customer Intimacy
- Focus on building customer loyalty:
- Thrive on customer loyalty
- Cultivate customer relationships
- Consider customer lifetime value
- Obsession with core processes of solution development
- Delegates decision making to employees to close customer contacts
- Management systems:
- Creating results for carefully selected and nurtured clients
- Culture:
- Embraces specific solutions
- Deep and lasting client relationships
Customer Intimacy (cont'd)
- Customer intimacy is based on marketing the individual needs of a particular customer
The Operating Model of Customer Intimacy
- Expert at their customer's business & creating solutions
- Unmatched value
- Evolutionary improvement, not revolutionary
Job Responsibilities
- Fulfillment of assigned duties:
- Job analysis, description, other documents
- Achievement against goals and objectives:
- Campus, department, and team goals
- Key behaviors contributing to successful performance:
- Leadership competencies and key behaviors
Performance Appraisal
- Feedback
- Recognition
- Reward
Performance Appraisal: Planning
- Goal setting
- Clarification of competency key behaviors
- Assignment and clarification of job responsibilities
- Identify and address developmental needs
Performance Appraisal: Planning (cont'd)
- Ongoing throughout the performance period
- Practice as opposed to an event
- Dialogue as opposed to forms and ratings
- Information that enables maintenance of a high probability of success
- Largest gap between belief and practice
- Lack of planning exacerbates poor feedback
Performance Appraisal: Recognition & Reward
- Favorable impact linked with personal interaction
- Specific and timely
- Monetary and non-monetary
- Annual pay increases not clearly connected to any particular accomplishment.
Tracking Inventory
- Perpetual: running count of items used
- Physical: manually counting items
- Combination of both: most used method
Vendor Managed Inventory
- Wholesalers or vendors manage your inventory
- Works through electronic data interchange (EDI)
Price Updates
- Prices of drugs frequently used by elderly rose by 4.3 times the rate of inflation in 2003
- Prices of drugs from 2001-2004 increased by 3.6 times the rate of inflation
Price Updates (cont'd)
- Not only did the prices of drugs increase rapidly, but also more often.
Accounting
- FIFO: First In First Out - Higher income figure than LIFO (during rising prices)
- LIFO: Last In First Out - Tax advantage during periods of rising prices
Ordering Inventory
- Order factors:
- Season
- One-of-a-kind items/cost of storing
- Death
- 3-month supply/mail order
Facts and Future Trends
- Worldwide sales of generic drugs grew by more than 20% a year and reached $80B by 2008.
- Sales of generics have helped to reduce overall drug costs.
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Description
Test your knowledge on essential personal finance strategies, retirement income sources, and the importance of financial planning. This quiz covers topics like student loans, life insurance, and building a professional financial team.
