How do you apply the time value of money concept to make decisions in your personal life?


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You know that within the field that I am in right now I use time value of money everyday. When I go to work I make a goal for me to reach each shift on how much tips I want to make that day. It all depends on the type of service that I give to my customer’s. If I do not treat my customer’s like they are number one on my checklist, and make sure that they have everything that they possibly need for their meal I will not make any money. If I do not walk around with a smile on my face this is going to hurt my pocket as well. People do not want to come in and see their server in a bad mood or not smiling. Many people want to see an outgoing person with a great personality, and they want to make sure that their food comes out the way that the customer wants it. If I do not make the goal that I have set out then I have not provided the right service to these customer’s. The weekends are totally different because the goals are set a little higher in order for me to make the budget that I have set out. The way that I use time value of money within this daily agenda through the week my goal is to make $40.00 per shift. On the weekends I set a goal of $60.00 per shift and normally you will go over the goal. We use time value of money in everything that we do in our daily lives to set goals for our children’s education, or buying a new car, buying a house, and anything else that we do. There are many ways to use the time value of money in quantitative reasoning in business by weighing the pros and cons of everything that you do now and in the future. Even when I have my own business I will set much higher goals on the amount of money that I want to earn within that day.

Generic and Grand Strategies


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Generic strategies require specific skills, organizational arrangements, and resources in order for a successful implementation for the business. Starting a business requires  a lot of research, and examples along with notes. Small businesses are looking to keep the costs low but also keeping the quality of the products in tacked for the customer. Even for a aqua phonics greenhouse there is countless research materials that have to be looked at to determine if the business can survive with these types of strategies. Low cost and differentiation  are what businesses are looking for when they think about generic and grand strategies. Generic strategy models are perhaps the most prevalent conceptual approach to competitive strategy today (Porter 1980, 1985; Miles and Snow 1978; Miller 1986).

Grand strategies is a strategy that provides a basic direction for the specific strategic and functional tactics of the business. Some of the grand strategies are used so that the business can reinforce each other. These grand strategies are also called strategic thrusts companies can address quality, price of the products, and they need to value the customer’s regarding issues that they might incur. Grand strategies concentrate on increasing sales of the current products or services that they offer with the current distribution channels that they have in place for their business. If the economy or environment is unstable this would increase the risks for that business. An example of a business that uses the grand strategy would be McDonald’s. when it comes to marketing business’s will market the current products or services that they offer by changing the advertising or promotions that they offer their customer’s. With the example of McDonalds they send out coupons to all residences that offer some of their products to the consumer at a discounted price or some buy one get one free to entice the customer to come in and spend their money. Listening to the customer’s and what they want or need from your business is the key to having a successful business.

References

Miller, D. (1986) “Configurations of Strategy and Structure: Towards a Synthesis,” Strategic Management Journal, 7, pp. 233-249.

Porter, M.E. (1980) Competitive Strategy: Technologies for Analyzing Industries and Competitors. New York: Free Press.

Porter, M.E. (1985) Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.

Miles, R.E. and C.C. Snow (1978) Organizational Strategy, Structure and Process. New York: McGraw-Hill.

Marketing


Which components do you think are the most important when developing a marketing plan? Explain why. Discuss at least three key components
In my opinion the most important components of developing a marketing plan would include the marketing strategies, a situation analysis, and the SWOTT analysis. All of these components are useful within the business setting for a variety of reasons. With a SWOTT analysis the company is able to see whether or not the product or service is doing well and fitting in with the latest trends within the market. By having this type of component the company is able to see where the weaknesses are for that product or service so that they may act quickly in resolving any issues that may arise. When it comes to the situation analysis which is another component that company’s should use in order to know what the macroeconomic or social factors may be before creating a newer product. Also by having marketing strategies in effect will allow the company to see the demand of the product so they might be able to bring in some profits from the product or service that they have created. Marketing strategies are another component that businesses will use in order to maximize their profits. Every business has to compete to stay within the market. Which means they have to constantly keep checking their product or service for the better of the consumer.