Three Levels of Management
Administrative or Top Level of Management.
Executive or Middle Level of Management.
Supervisory or Lower Level of Management.
Top Level of Management
The Top Level Management consists of the Board of Directors (BOD) and the Chief Executive Officer (CEO). The Chief Executive Officer is also called General Manager (GM) or Managing Director (MD) or President.
The Middle Level Management consists of the Departmental Heads (HOD), Branch Managers, and the Junior Executives. The Departmental heads are Finance Managers, Purchase Managers, etc. The Branch Managers are the head of a branch or local unit.
The lower level management consists of the Foremen and the Supervisors. They are selected by the middle level management. It is also called Operative / Supervisory level or First Line of Management.
22. What factors does one need to consider when he or she wants to start his or her own business?
1. Can you clearly describe the problem your business will solve or the need it will satisfy? People and businesses pay for superior solutions—it’s that simple. So can you describe the problem you can solve better than others or the need you are tops at satisfying?
2. Are you comfortable with running a low-cost business? Some former corporate types insist on a fancy office suite filled with furniture that rents for hundreds of dollars per month. Some business concepts, such as high-end consulting, demand such an arrangement. The vast majority of boomer entrepreneurs, however, need to save on rent by locating at home; use every discount and deal around; and buy help from outside service providers “as needed.”
3. How comfortable are you with a shade of gray? Successful entrepreneurs will tell you that their most important motivating force is their ability to avoid “decision by committee” when they decide to turn an idea into a new source of revenue. But most will also caution that an entrepreneur’s life is often ambiguous until well into the business development process—this lack of initial certainty is not for everyone.
4. How good is your network? Before you start the first paragraph of your business plan, you should be able to write down a description of who will be your initial group of prospective customers—either by name or described by whom in your network can introduce you.
5. How does your life vision fit your income needs? Typically over-50 entrepreneurs come into the business planning process a bit burnt out emotionally from their time in the corporate world. Therefore, when asked to describe their ideal business venture, they often talk about how they only want to work part-time during a typical week and intend to not work at all some weeks of the year. This is fine, as long as you are realistic in what level of income you can produce from this time commitment.
6. Are you more of an outside or inside person? Let’s face it, many of us have had corporate jobs that did not fit our personalities all that well. Starting a business after 50 is a great opportunity to come as close as you can to “the ideal job.” So you need to be honest with yourself about what style of work best suits you—for example, do you thrive on mixing and mingling with people every day or do you prefer to work behind the scenes in satisfying your customers?
7. Are you willing to be taught? When you launch a business a bit later in life, you don’t have as much time to learn by doing. You may only want to run your business for five or six years, so you need to be ready to let others teach you what you need to know to fill in the blanks from your corporate career. And this sometimes requires sucking it up and getting instruction from a twenty-something-year-old.
8. Are you prepared to pump up your technology smarts? Chances are good that you know how to use a word processing program, send and receive e-mail and surf the web. For many new businesses, this may be all the technology smarts you need. But some businesses require a more advanced set of skills, such as running an e-commerce business where you need to know search engine optimization, autoresponders and shopping cart software. Make sure that you’re ready to get up to speed with the technology demanded by your particular business.
9. Are you ready to run it full-time for a while? It’s a very appealing notion that you can earn a $100,000-a-year income only working two days a week. And this is quite possible—just not in the first or possibly second year of your business.
10 How are your customer service skills? Sad to say, but not all corporate sellers go out of their way to nurture their customers. If you’ve worked for one, you may need to relearn how really good customer service is presented.
23. what is the difference between a wholesale and a retail dealer?
With a retail, you can sell cars to the public. You can also sell cars to dealers and wholesalers. You can also become an auto broker and you can sell cars through consignment. A retail license typically includes wholesaling privileges!
With a wholesale, you can only sell cars to dealers and wholesalers. No exceptions!!
24. What fair have you visited of late? What exhibits have you seen there?
"1939 World's Fair" redirects here. The term can also refer to the Golden Gate International Exposition, which was held in San Francisco/Oakland at the same time as the New York fair.
Trylon, Perisphere and Helicline photo by Sam Gottscho
The 1939–40 New York World's Fair, which covered the 1,216 acres (492 ha) of Flushing Meadows-Corona Park (also the location of the 1964–1965 New York World's Fair), was the second largest American world's fair of all time, exceeded only by St. Louis's Louisiana Purchase Exposition of 1904. Many countries around the world participated in it, and over 44 million people attended its exhibits in two seasons. The NYWF of 1939–1940 was the first exposition to be based on the future, with an opening slogan of "Dawn of a New Day", and it allowed all visitors to take a look at "the world of tomorrow".
Exhibit
One of the first exhibits to receive attention was the Westinghouse Time Capsule, which was not to be opened for 5,000 years (the year 6939). The time capsule was a tube containing writings by Albert Einstein and Thomas Mann, copies of Life Magazine, a Mickey Mouse watch, a Gillette Safety Razor, akewpie doll, a dollar in change, a pack of Camel cigarettes, millions of pages of text on microfilm, and much more. The capsule also contained seeds of foods in common use at the time: (wheat, corn, oats, tobacco, cotton, flax, rice, soy beans, alfalfa, sugar beets, carrots and barley, all sealed in glass tubes). The time capsule is located at 40°44′34.089″N 73°50′43.842″W, at a depth of 50 feet (15 m). A small stone plaque marks the position.
25. How do you understand such a notion as market segmentation?
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them.
Market segments allow companies to create product differentiation strategies to target them.
26. How do you understand the right of freedom of choice in the private enterprise system?
In the private enterprise system business is owned by private individuals, not by public institutions like government. Private enterprise is based on 4 principles or rights : the right to private property, freedom of choice , profits, and competition.
The right to private property.
In the private enterprise system individuals have the right to buy, own, use, and sell property as they see fit. This right of ownership includes land, buildings, equipment, and intangible property such as inventions.
The right to freedom of choice .
This freedom of choice applies to the individual’s right to decide what type of work, and how and where money is to be spent.
The right to profit.
In the private enterprise system , the person who takes a chance in starting the business by investing is guaranteed the right to all profits. This right is what attracts people to begin business, and it is the ultimate goal of business. Not all entrepreneurs are successful, but the opportunity is there to start a business and reap the rewards.
The right to compete.
Competition and profit are a cornerstone of the private enterprise system . The competition helps the production of better goods with a more responsiveness to consumer needs.