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Mgt 250 power point final
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  • Taylor
  • Taylor
  • McKenna
  • Sarah
  • Sarah
  • Pursue their purpose with passionPractice solid valuesLead with their hearts as well as with their headsEstablish connected relationshipsDemonstrate self disciplineStay REAL
  • McKenna
  • Introduced with flyers
  • Didier
  • Sarah

Mgt 250 power point final Mgt 250 power point final Presentation Transcript

  • Open for Business: Prohibition is Over, Green is More Than Money! McKenna Mender Taylor Clayton Didier-Renaud Martelly Sarah Figueroa
  • Amendment 64: Use and Regulation of Marijuana Article 18, Section 16 of the Colorado state Constitution: Personal Use and Regulation of Marijuana: “Adults 21 or older can grow up to three immature and three mature cannabis plants privately in a locked space, legally possess all cannabis from the plants they grow (as long as it stays where it was grown), legally possess up to one ounce of cannabis while traveling, and give as a gift up to one ounce to other citizens 21 years of age or older. Consumption is permitted in a manner similar to alcohol, with equivalent offenses proscribed for driving.”
  • Why Legalize? • A natural replacement for prescription drugs • Potential to lower tax rates among citizens – Keeping non-violent drug offenders out of jail • New careers – Farming and growing positions & cooperate titles in the production and commercial process • Lower the unemployment rate – Raise the minimum wage
  • The Issue • Many loopholes and “grey areas” in its legalization – Federal agencies have been apprehensive to accept money from marijuana dispensaries • Only short-term objectives have been addressed and because of this these laws are continually changing and adjusting • Industry is changing quickly
  • Planning Develop the plan Translate the plan Plan Operations Execute the Plans Monitor and Learn
  • Planning Mission Vision Define Tactical plan Define Contingency Define operational Stretch goals Crisis plans Decentralize Single use plan Hold planning Reviews
  • Mission Statement “Our mission is to enhance the livelihood of recreational marijuana by educating potential customers. To gain a further economic opportunity a great brand will be developed that seeks to give smokers the most satisfying experience. As well as secure continuous growth in turnover and profits. We will educate and encourage our customers in the proper use and practices of our products so that future generations can gain integrity in this growing industry. Overall, our vision is to be a dynamic and innovative marijuana company with growing leadership through many dispensaries.”
  • Mission Vision Educate Customers on proper uses of marijuana Regulate and maintain an orderly adult smoking rate Support but also control the use of marijuana Define operational Stretch goals Crisis plans Decentralize Single use plan Hold planning Reviews
  • Mission Vision Define Tactical plan Define Contingency Security Department Operational Goals Human Resources Operational Goals Finance Operational Goals Marketing Department goals Decentralize Single use plan Hold planning Reviews
  • Mission Vision Define Tactical plan Define Contingency Define operational Stretch goals Crisis plans The organization will designates a manager to each of its branches; Accounting, Finance, security, Marketing and Human resources. They will have a set objective and focus on achieving their operational, and tactical goals Hold planning Reviews
  • Mission Vision Define Tactical plan Define Contingency Define operational Stretch goals Crisis plans Decentralize In the case of the failure or poor output of this plan, the organization will work on developing synergy and use all of its branches to form a better planning process. The organization will innovate and cope with environment and social demands
  • • Educate • Advertise • Track monetary movement • Regulate Taxes • Monitor employee & Company standards • Maintain Internal environment Security Human Resources MarketingEconomic
  • Organizing • To effectively organize the deployment of resources to achieve strategic goals – Division of Labor – Lines of Authority – Coordination of Departments
  • The General Environment: Task Environment Customers Competitors Culture Employees Internal Environment General Environment Legal/Political Economics Suppliers Management Sociocultural Labor Market
  • Recruiting Process • Legal considerations to ensure that employment practices conform to state laws • Employee background checks • Intense training & development program • Greater skill sets= fewer employees= money saved
  • Work Specialization Tasks are sub-divided into individual jobs: • Host or doorman • Kitchen person • The sales person • The person at the register
  • The Vertical Function Approach • The grouping of positions into departments based on skills, expertise, work activities and resource use. – Managers: the general manager, the compliance manager, and a floor manager • Delegation
  • Human Resource Management (HRM) – Human Capital= including the economic value of the combined knowledge, experience, skills and capabilities of employees – Federal Legalization impacts HRM because the legal and regulatory environment is constantly changing in this industry – HR Managers
  • Loopholes: Closing The Gaps • Mandatory testing of marijuana • Employee communication – Casual, Respectful Level – Educational Level – Advocators • Liquor store example
  • Leading • Leadership is the ability to influence people toward the attainment of organizational goals • Empowering people to meet higher needs. – Motivation – Communication
  • Authentic Leadership Style Authentic Leader Demonstrates self-discipline Practice s solid values Pursues purpose with passion Connects with others Leads with heart as well as head
  • Employee Motivation Productivity • Power and Influence – Position and Personal Power • Coercive Power • Reward Power • Expert Power • Rewarded based on company performance. – Commission – Employee Discount(s)
  • Controlling • The systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans, targets, and standards of performance
  • Open-book Management • This industry is largely social and is influenced by consumers and the social environment – Managers take major external factors into consideration when making decisions of any sort • Safety measures and precautions
  • Universal Standards • Monitor sales & establish business – Money and taxation • Demand for recreational marijuana is high – Novelty – People are willing to pay more for a new product • Major Obstacles – “Cash-only” due to hesitation from banks
  • Statistics • 7,500-10,000: The estimated number of marijuana industry jobs that currently exist in Colorado • $1.53 billion: The amount the national legal marijuana market is worth, according to a Nov. 2013 report from ArcView Market Research • $10.2 billion: The estimated amount the national legal marijuana market will be worth in five years • $98 million: The total tax revenue that Colorado could reap in the fiscal year that begins in July; and $40 million is the amount of marijuana tax revenue that Colorado is devoting to public school construction. • $17.4 billion: The estimated total amount that marijuana prohibition costs state and federal governments every year, according to a 2010 study by Harvard University
  • Retail Management Rules • Regulations – Packaging requirements – Advertising guidelines – Health & safety • Training Requirements – ServeSafe Food Handler Certificate or required food & safety course
  • Comprehensive Management Control System • Balanced scorecard – Traditional financial measures – Measures of customer service – Internal business processes – Capacity for learning and growth – Accurate and official inventory records
  • Hierarchical Management System • Formal measures taken when there are interactions between federal to state and state to local branches • Hierarchical controls include the monitoring of behavior through rules, policies, reward systems and written documentation – Employees must be monitored closely in a dispensary
  • A Changing Industry • Allen St. Pierre, the Executive Director of NORML and a marijuana advocate for several decades • New generation of pot entrepreneurs – Motivated by monetary gains “These people have [resumes] not based on being the toughest guy on the block, but from having gone to Yale and Harvard…”
  • Exclusive Interview
  • Conclusion • Effective management team • Efficient use of resources • Abide by regulations and standards of state law enforcement • Potential for recreational marijuana in other states
  • Group Consensus • Recreational marijuana benefits the state economically and maximizes revenues for the state • The law should only stand as long as he regulations are strictly enforced and improved as time progresses • In the long run, Colorado may develop a trend among other states in our nation. Due to the high profits and regeneration of production among state resources Colorado may soon start a trend for other states to follow • Overall: Recreational marijuana has the ability to be one of the most high-functioning and profit-generating businesses of all time