PHAR 841 Study guide Quiz 1 Getting started as a manager: managerial styles (slides 17 & 18) Managerial Styles Description of style Example of When to Use the Style Directive or autocratic Monitoring a team member closely and providing more explicit instructions and demands A pharmacy team member taking a new responsibility (i.e. monitoring pharmacy0 Coaching or paternalistic Working with a team member to resolve a concern or issue Discussion with a pharmacy team member who feels resentful because he or she was not selected for a new responsibility, to illuminate why the member was not selected for the task. Supportive Encouraging a tea member to identify strengths and build upon them Working with a pharmacy team member who has been given a new responsibility by providing individualized instruction and continuous feedback Delegating Providing a team member with the autonomy and trust with key responsibilities and decision making Providing more responsibility to the pharmacy team member who monitors pharmacy inventory Leadership theory: qualities of a leader (slide 7) o Vision • Integrity o Commitment • Positive attitude o Confidence o Self-awareness o empathy Understanding financial reports: o Financial ratios (slide 3) Profitability Gross profit margin Net profit margin Return on assets Return on equity • Financial reports (slide 3) Daily plan payment report Monthly income statement Yearly income statement • Financial statements (slide 3) Balance sheet Income statement Cash flow Exam 1 Getting started as a pharmacy manager o Know every managerial style (slide 17-18) (table above) Understanding financial reports • What balance sheets contain (slide 4) Assets, liabilities, equity o Assets calculations (slide 5) Assets liabilities + equity Assets (liabilities + equity) = 0 Financial ratios (slide 13) Profitability ratios Gross profit margin Net profit margin Return on assets Return on equity Liquidity ratios Current Quick Turnover ratios Inventory receivables Creating a strategic plan o Components of SWOT (slide 19-22) Strengths and weaknesses are internal to the organization Opportunity and threats are external to the organization Strengths What advantages does your organization have? What do you do better than anyone else? What unique or lowest-cost resources can you draw upon that others can't? What do people in your market see as your strengths? What factors indicate that you will "get the sale"? What is your organization's Unique Selling Proposition? Weaknesses What could you improve? What should you avoid? What are people in your market likely to see as weaknesses? What factors lose you sales? Consider this form an internal and external basis: Do other people seem to perceive weaknesses that you don't see? Are your competitors doing any better than you? Opportunities What good opportunities can you spot? What interesting trends are you aware of? Threats What obstacles do you face? What are you competitors doing? Are quality standards or specifications for your job, products, or services changing? Is changing technology threatening your position? Do you have bad debt or cash-flow problems? Could any of your weaknesses seriously threaten your business? Health policy o Government rules (slide 3) Medicaid provides medications to people with low incomes and assets Medicare part D provides medications to seniors and those who qualify for Medicare benefits

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