Introduction 2 Management at TU München

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Implications of the stakeholder concept

Exemplary flashcards for Introduction 2 Management at the TU München on StudySmarter:

Stakeholders

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Economic Darwinism

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The principle of financial balance

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Principle of pursuing profit (“Erwerbswirtschaftliches Prinzip”):

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Maximum principle

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Minimum principle

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Economic principle (“Wirtschaftlichkeitsprinzip”):

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Value chain

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Competences of managers

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Controlling and documentation

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Corporate sustainability

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Exemplary flashcards for Introduction 2 Management at the TU München on StudySmarter:

Introduction 2 Management

Implications of the stakeholder concept

Organizations have to provide incentives in order to receive expected
benefits from stakeholders.
Organizations should keep balance between interests of the stakeholders;
companies should not concentrate on interests of one stakeholder (over the
other) in the long run if this affects the relationships to other stakeholders
negatively.
The relationships between organizations are not only monetary, but also
non-monetary (e.g., personal communication, public relations).

Introduction 2 Management

Stakeholders

Stakeholders are advocacy groups that have certain expectations from
organizations or that expect contributions from them.
An organization can be considered as an “open system,“ which is tied to the
environment in various ways.

Introduction 2 Management

Economic Darwinism

An organization that does not follow the principle of pursuing profits will
disappear from the market.

Introduction 2 Management

The principle of financial balance

The principle of financial balance is a secondary condition of the
principle of pursuing profits:
§ At any given point in time, organizations should be able
to meet their payment obligations
§ Illiquidity will lead to bankruptcy

Introduction 2 Management

Principle of pursuing profit (“Erwerbswirtschaftliches Prinzip”):

The main goal of entrepreneurial activity in a company is making as much
profit as possible.
Profit = turnover – costs
with: turnover = sales volume × sales price
The return on investment indicates the degree to which capital yields
interest during a certain time span.
Return on equity:
rOE
profit
=
equity
Return on assets:
rOA
=
profit + interest on borrowed capital
equity + debt
× 100
28
× 100

Introduction 2 Management

Maximum principle

E =
Actual performance
Target performance

Maximize outcome with given resources

Introduction 2 Management

Minimum principle

E =
Target costs
Actual costs

Minimize effort to achieve a certain goal

Introduction 2 Management

Economic principle (“Wirtschaftlichkeitsprinzip”):

No production factors should be wasted.

Introduction 2 Management

Value chain

Value chain = sum of all physically and technically definable activities
within an organization that transform input into output.
§ The better the alignment between each steps of the upstream and downstream
value chains, the more efficient is the process of producing the goods and
services; this can affect both cost efficiency and quality)
§ Division of labor (between businesses): Another organization is responsible for
certain activities

Introduction 2 Management

Competences of managers

ð Methodological competence:
Capability to apply knowledge, techniques and methods in specific
contexts (here: health care / sport).
ð Social competence:
Capability to cooperate with fellow human beings and to understand,
and adapt to, different cultures; capability to convince others from ideas,
work in, and lead, a team.
ð Conceptual competence:
Capability to structure complex issues, put them into context,
and transfer knowledge in order to derive specific implications.

Introduction 2 Management

Controlling and documentation

Controlling and documentation
ð Accounting

Introduction 2 Management

Corporate sustainability

§ Economic dimension:
Secure the company’s future profits.
§ Ecological dimension:
Preserve the company’s natural environment.
§ Social dimension:
Take responsibility towards the company’s employees and the society
Corporate Social Responsibility (CSR)
Actions that serve the society, produce something good, and go beyond what is
required by law (e.g., focus on the environment and social causes that
organizations do not have to fulfill by law).

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