Podcast
Questions and Answers
What does product policy primarily focus on?
What does product policy primarily focus on?
Which of the following is an example of vertical diversification in product policy?
Which of the following is an example of vertical diversification in product policy?
What is the main objective of distribution in marketing?
What is the main objective of distribution in marketing?
What does product elimination refer to in product policy?
What does product elimination refer to in product policy?
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Which term accurately describes the approach of horizontal diversification?
Which term accurately describes the approach of horizontal diversification?
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Why is durability significant in product marketing?
Why is durability significant in product marketing?
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What role does marketing play in the distribution of products?
What role does marketing play in the distribution of products?
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Which of the following best describes value retention in product marketing?
Which of the following best describes value retention in product marketing?
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What is a key advantage of single procurement compared to stock procurement?
What is a key advantage of single procurement compared to stock procurement?
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Which of the following is a disadvantage of just-in-time procurement?
Which of the following is a disadvantage of just-in-time procurement?
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How does stock procurement benefit from higher quantities?
How does stock procurement benefit from higher quantities?
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What is a notable risk associated with stock procurement?
What is a notable risk associated with stock procurement?
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Which factor increases the planning need in just-in-time procurement?
Which factor increases the planning need in just-in-time procurement?
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In terms of total costs, what primarily affects the optimal order request?
In terms of total costs, what primarily affects the optimal order request?
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Why might a business face production delays under a single procurement strategy?
Why might a business face production delays under a single procurement strategy?
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What is a common misconception about just-in-time procurement?
What is a common misconception about just-in-time procurement?
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Which aspect is NOT a characteristic of stock procurement?
Which aspect is NOT a characteristic of stock procurement?
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What might be a consequence of waiting for better prices in just-in-time procurement?
What might be a consequence of waiting for better prices in just-in-time procurement?
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What is a primary objective of materials management?
What is a primary objective of materials management?
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Which factor is crucial when deciding between a single supplier and multiple suppliers?
Which factor is crucial when deciding between a single supplier and multiple suppliers?
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What does the term 'throughput time' refer to in logistics?
What does the term 'throughput time' refer to in logistics?
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Which planning is focused on raw materials and unfinished goods?
Which planning is focused on raw materials and unfinished goods?
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What is a key risk of relying on only one supplier?
What is a key risk of relying on only one supplier?
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What is a significant consideration for procurement politics?
What is a significant consideration for procurement politics?
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Which type of requirement planning focuses on finished goods?
Which type of requirement planning focuses on finished goods?
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What is typically NOT a goal of optimizing materials management?
What is typically NOT a goal of optimizing materials management?
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Which principle involves minimizing inventory holding costs?
Which principle involves minimizing inventory holding costs?
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Which planning dimension is concerned with short-term needs?
Which planning dimension is concerned with short-term needs?
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What does supplier politics primarily deal with?
What does supplier politics primarily deal with?
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What is the time between ordering and receiving a product characterized as?
What is the time between ordering and receiving a product characterized as?
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When considering supply logistics, which of the following is important?
When considering supply logistics, which of the following is important?
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Study Notes
General Business Administration - Bachelor
- Course offered by Wiesbaden Business School, taught by Prof. Dr. Markus Faber
- Course covers a broad range of topics in business administration
Agenda
- Introduction
- Basics of Business Administration
- Material
- Production
- Marketing
- Objectives
- Management
- Organization
- Human Resources
- Financing and Investment
- Accounting/Controlling
- Mega Trends and Perspectives
Introduction - Why?
- Why is Business Administration relevant for students?
- Why did students choose to study Business Administration?
Introduction - What?
- Objectives of the course "General Business Administration"
- Understanding business administration/management as a science
- Knowing the most relevant cornerstones of business administration
- Understanding a company as an organism
- Preparing for future courses
- Shifting perspective from customer to producer
Introduction - What? - Systems
- Example: Apple and Tesla
Introduction - What? - Top 50 Most Valuable Companies
- Data from 2023, ranks companies by market cap
- Data included for a range of global sectors
Introduction - What? - Operating Institution (1/2)
- Diagram illustrating the interconnectedness of sourcing, supplies, assets, operations, finance, accounting, and controlling within a company
- Shows the flow of transactions with external actors (government, customers).
Introduction - What? - Operating Institution (2/2)
- Diagram illustrating the company's relationship with financial markets, procurement markets, material, production, and sales markets.
Introduction - How/When?
- Relevant information: See StudIP
- Literature: (specific books by Wöhe and Vahlen)
- Other materials: Script and Content of the Course; Financial Times
Basics of Business Administration - Science
- Identification and increase of knowledge (research)
- Qualitative aspects
- Quantitative aspects
- Imparting and broadening knowledge (teaching)
- Education for jobs
- Universities
- In-company training
Basics of Business Administration - Science - Business Administration and Science
- Characteristics of a science with four elements
- Object of knowledge (focus on economics in a company; decisions about scarce goods)
- Knowledge target (theoretical and practical)
- Methods (interdisciplinary science, methodology; gaining information in a context)
- System (cause-and-effect mechanisms in context)
Basics of Business Administration - Science - Business Administration in the Context of Science
- Ideal sciences (logic, mathematics, methods)
- Real sciences (biology, chemistry, physics)
- Social sciences (sociology, political sciences, psychology)
- Humanities (law, arts, languages)
- Economic sciences (economics, business administration)
History of BA Science - Main Steps of Development
- Antiquity (400 B.C.) - Lively long-distance trade, skepticism towards profit, Aristotle's view of money
- Middle Ages (1200 onwards) - Compatibility of economy and religion, Thomas Aquinas' Just Price, prohibition of interest
- Modern Times (1650 onwards) - State promoting trade, mercantilism, maximization of state wealth, import duties
- 19th Century (1800 onwards) - Trade as an industry, national economy (A. Smith), first industrial revolution, cheap labor
- 20th Century (1900 onwards) - Birth of modern business administration, business schools, business administration as an independent science since 1912
Science and BA - Needs, Definitions, Principles (1/5)
- Maslow's hierarchy of needs (physiological, safety, belongingness, esteem, self-actualization)
Science and BA - Needs, Definitions, Principles (2/5)
- Kinds of individual economies (producers, consumers, private, governmental)
- Company characteristics (open, dynamic, complex, autonomous, market-oriented, social system)
- Principles (maximizing output, minimizing input, optimizing)
Science and BA - Needs, Definitions, Principles (3/5)
- Effectiveness (assessment of target achievement, measured by efficiency and profitability; doing the right things)
- Efficiency (assessment of the relationship between service provided and use of resources, measured by productivity; doing things right)
- Goods (physical, non-physical, services)
Science and BA - Needs, Definitions, Principles (5/5)
- Comparison of market economy and planned economy (socialist centrally planned economy and capitalist market economy)
- Prerequisites for both economies (use of production factors, economic efficiency, financial equilibrium)
Science and BA - Code of Conduct of Business Administration Science
- Visible reality versus value judgments
- Experience object of business administration
- Object of business administration knowledge
Material - Basics
- Basics
- Procurement
- Storage
Material - Basics (Decision and Function-Oriented Model)
- Company constitutive decisions (location, legal form, cooperations); general management (controlling, organization, human resources)
- Performance (research and development, logistics); procurement; production; marketing; accounting/finance; economy
- Suppliers → real goods → nominal goods → customers
Material - Basics
- The object of materials management (supply and disposal of goods for all areas in accordance with requirements)
- Procurement and logistics
- Merchandise management and procurement management are synonymous with materials management
Material - Objects and Types of Materials Management
- Raw materials; auxiliary materials; operating materials/consumables; completed goods; other goods; info + resources; assets; services
Material - Objectives
- Costs
- Time
- Output (quality, supply readiness, right time, location, quantity, status quo)
Procurement (Basics)
- Objectives (ensuring needs-based supply)
- Strategic considerations (outsourcing decisions, supplier quantity/location)
- Operative considerations (planning needs, stock planning, supplier policies)
Procurement (Requirements Planning)
- Requirements planning (procurement planning, production planning, sales planning, using an example of an automotive parts list)
- Deployment principles (single procurement, stock procurement, just-in-time)
Procurement - Cost Trends
- Cost trends as a function of order volumes (optimum order quantity, trade-offs)
Storage (Basics)
- Comparison of manual and automatic bearings (flexible space allocation, short training times, handling costs)
- Barcode shapes (linear, stacked, 2D, 3D)
- RFID system - structure
Storage - Cycle
- Pallets and containers cycle, challenges (returning empty containers, documentations, defective containers, stock fluctuations)
Production - Basics
- Production management (design, implementation of transformation of production factors in internal services/products using production processes)
- Input factors (raw materials, auxiliary materials, consumables, human resources)
- Combination of factors
- Production Process
- Output (products/services)
- Objectives (cost optimization, deadline compliance, throughput time, quantity, quality)
- Different types of production (individual, serial, mass)
- Shop floor
- Workshop / flow production
Production - Planning
- Differences between inventory management and production planning (independent demand(forecasting), dependent demand (intermediate products))
- Process of production planning (business planning, aggregated планирование, master production scheduling, material requirement planning, process planning, manufacturing resource planning)
- Dimensions of aggregation (time, spatial, factual)
- Production control alternatives (push/pull)
- Target operationalization
Marketing - Basics
- Problem-solving process (analysis of situation, definition of objectives, definition of strategy, definition of instruments, creation of marketing mix, implementation, evaluation)
- Monitoring functions (planning, controlling, management, assignment, decision)
- Sales market (all consumers to whom a company turns, purchase decision process)
- Market research (object of purchase, purchasing goals, purchasing influencers, decision makers, buyer, user)
- Market segmentation (geographic, demographic, socio-psychological, behavioral)
- Product ideas - idea selection (interesting because of economic reasons, fit in existing portfolio, performance, technical feasibility, high risk)
Marketing - Product
- Product development (research, development, prototyping, tests, optimization, market surveys, production launch/marketing tools)
- Design considerations (functionality, service abilities, operational safety, susceptibility to failure, durability, value retention)
- Product policy (retention, product changes, product innovation, product elimination, horizontal/vertical/lateral diversification, differentiation)
Marketing - Place
- Distribution (design and control of product transfer)
- Sales channels (direct, indirect, mixed paths, sales bodies, own bodies, others)
- Logistical distribution ( part of logistics of a company; activities of transfer; main objectives-right product at right time/location at minimal cost, objective: high delivery service at minimal cost)
- Degree of distribution (product availability)
- Direct and Indirect sales paths
- Franchising
Marketing - Price
- Conditions policy (pricing of products/services, terms and conditions, rebates/discounts/credit financing
- Pricing policy decisions (price-performance ratio, customer/target oriented)
- Practice-oriented price determination (risk appetite, competitor behavior, pricing strategies)
- Causes for price setting (new product introductions, modifications, changes, optimized prices)
- Price orientations (cost-oriented, profit-oriented, demand-oriented, competitor/industry-oriented)
- Cost orientation (progressive costing, mark-up costing, full cost accounting, partial cost accounting)
- Profit orientation (setting a profit target, break-even analysis)
- Demand-oriented pricing (value perception by buyer, based on market data)
- Competitive pricing (bases price on competitors)
- Price differentiation (spatial, time-related, according to target customer group, sales path, and body, according to order size, according to quantity)
- Price increases/reductions (market, cost, volume, competition)
Marketing - Promotion
- Communication policy and public relations (aim is to inform about products, create positive image with current/future customers)
- Public relations
- Advertising concept/functions (information delivery/market transparency)
- Main objectives of advertising (announcement, information, image/building, action-trigger, immediate sale, further activities, message forwarding)
- AIDA concept
- Elements of advertising concept (advertising object, target group, objectives, budget, location, period, media, message)
Objectives - Types
- Factual objectives - Specific actions in business operations; performance, financial, social, and ecological
- Formal objectives - Overarching, expressed success of entrepreneurial activity, productivity, economic efficiency, profitability
- Formal and Factual Objectives are based on Economic Efficiency and are also tied to Environmental protection
Objectives - Types (Functions)
- Decision-making process: Orientation, evaluation, selection
- Decision realization: Coordination, motivational, appraisal
- Review of consequences: Control
Objectives - Types (Example)
- Resource objective (conserve/keep scarce resources)
- Emission and waste objectives (avoid, reduce, recycle, dispose of polluting emissions/waste)
- Risk objectives (minimize potential dangers, prevent incidents, risk limitation)
Objectives - Setting Process
- Management cycle (will formation, measure decisions, organization, will enforcement, control,
- Step-by-step development of a possible target system (target search, operationalization, ordering, feasibility check, decision, implementation, review)
- Base of the target search (theory of firm - premises: homo economics, individual decision makers; reality/empirically - existence of other goals, security, qualitative growth, social responsibility)
- Target Operationalization
- Target content
- Target extent
- Temporal reference
- Organizational reference (who, departments, goals, employees)
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