Archive for December, 2012

ACCOUNTING

Posted: December 3, 2012 in Uncategorized

Accounting is the language of business! By far the most meaningful thing I’ve taken away from this chapter. Looking at it now I realize how true that really is. Without it, we would never be able to run a successful business or even know if we are profitable or not. Accounting keeps track of all the financial data put into our business, organizes the information, and then translates it into something we can use to lead us in a better way. VERY IMPORTANT!

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You wouldn’t dare spend money if it was trapped in a box and you couldn’t see how much you had, you would be too fearful to spend it all. Accounting works in the same way. It tells the owners of the company how much they can afford to spend to improve their business and keep up with expenses. Without accounting, which every company should invest in getting a proffesional to do it I believe, businesses would ultimately fail. Their accounts would run dry and everything would be so clustered and unorganized that it would be impossible to track where your money is going every month.

 

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CH12

Posted: December 3, 2012 in Uncategorized

I got addicted to that beer game! Very fun way to represent a model of how supply chain management works. This chapter taught me a lot about the sort of work that I would like to go into. I’d like to do something with business and this is an interesting chapter to kind of get a more inside look at what I can expect in the business line of work. The game taught me how hard it can be just to balance an inventory, much less keep customers satisfied. My first job I’ve ever worked was at a small, family-0wned barbeque restaurant that was just opening up. The location, in my opinion, was great. (Right off one of the main highways, across the street from a really big neighborhood that I lived in.) However, the place barely generated any business and the family ended up having to close down the place after only 4 months. It was interesting to be in that sort of situation for my first job though. The manager was the owner’s youngest son who was only a couple years older than I was. Everyday we would talk with one another about what we would be doing differently to make the place more successful. We thought our ideas were solid and really would have worked, but of course the owner never even listened to a word we had to say.

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(His loss I guess.) We did no advertising and the prices were a little ridiculous for barbeque. This is where learning the pricing strategy in this chapter becomes so important. I can remember countless times customers would come in and leave after seeing the price. In economics we learn a lot about supply and demand and the rule goes that if the demand isn’t as high as you want/need it to be, then you lower the price. The owner never did this, and lost a large portion of the possible clientel who he could of got hooked. The food was really good, and I know people would have came back repeatedly if they tried it once. But the owner was just too set in his ways and I believe his business fell because of that.

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This is what the restaurant would look like on a regular basis…

My older sister recently graduated from Texas Tech with a marketing degree so a lot of information in this chapter were things I’ve heard directly from her. She’s told me about how much they emphasize on the same 4p’s we’ve learned in this chapter.  From producing a prodcut that reaches a certain target audience, to advertising it in a way to achieve the best possible results is what she said they placed a heavy importance on in her classes. It’s funny to hear about these things because once you learn how important advertising is and how strong of a tool it is, you begin to see all the advertisements on tv in a different light. Everything put into those commercials are there for a purpose and intended to reach a certain group of people. Once you realize that, you can see why these companies are able to get these products off the shelves and into the hands of the people they intendced it to get to.

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I mean even deciding what channel a commercial will air on is a big advertising move that I have started to notice. (for example Viagra commercials are always coming on the History and Discovery channel, and yet I’ve never seen one aired on MTV haha) In the type of free market society we live in, customers are the ultimate driving force of our economy and it’s what decides the price of a certain product. Adam Smith’s “invisible hand” is something my conomics professor has constantly stressed as to why our market works the way it does.

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As for the ice skating rink question you asked in the blog, I have a friend that has been working there since they opened and he says it’s packed every single night; he even said there was ticket scalping going on in the parking lot! So, I guess there’s always a market for some things no matter where you are; just goes to show how spontaneous people can be.

CH 10 (Managing Human Resources)

Posted: December 3, 2012 in Uncategorized

I can relate alot with this particular chapter in terms of having a job and “employment at will.”  I already knew about what this was because it is preached to us daily at work that we are replaceable and that we need to be conducting our work in an exceptable manner or we WILL get fired. Definitely works as a motivator… But I enjoyed watching the videos on the class blog; they gave me a good laugh- especially the one from the movie Waiting, that’s a great movie haha. I think the presence of unions are great for employees and help keep work conditions fair and reasonable. Before there were Unions in the U.S. child labor and unsafe working conditions were prominent in everyday life. I remember reading in a book once that if a man were missing an arm or leg it was more likely due to the dangerous work done in the fatories rather than coming back from a war.

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I mean not even wearing shoes, REALLY?!

Today, Unions work together to try and improve life for workers and that is something I value very much. Big corporations, like Wal-Mart, need to see that we are not just pawns in their scheme that they can just play with and manipulate; We are American people providing a service for them and we need to be respected for the work we do and taken care of by our employers, not threatened.

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