Intro to Business 9/10/09 ADDIN AudioData Chapter 1 Younger workers are looking to something other than work-comes-first Part time and temporary workers are growing Collaboration is replacing working alone Value risk taking and innovation Critical thinking is the ability to analyze and assess Guide employees and organizations through changes Managers must be comfortable with decision making Factors that require organizational change can come form external and internal sources What makes a company admired Solid profits Stable growth Safe and challenging work environment High quality of good and services Business ethics Chapter 2 : Business Ethics and Social Responsibility Whistle blowing Business Ethics Social Responsibility Balance between what?s right and what?s profitable Often no clear cut choices Often shaped by the organizations ethical climate Sarbanes-Oxley Act A 2002 law that companies are now required to show their records publically High profile investigations and arrest in headlines Vast majority of businesses ethical New corporate officers charged with deterring wrongdoing and ensuring ethical standards Individuals can make a difference in ethical expectations and behavior Putting own interest ahead of the organizations Lying to the employee Misrepresenting hours Safety violations Internet abuse Technology is expanding Development of Individual Ethics Code of Conduct Formal statement that defines how the organizations expects and requires employees to resolve questions Executives must demonstrate ethical behavior in their actions Social Responsibility Management?s consideration of profit, consumer satisfaction, and societal well-being of equal value in evaluating the firms performance Contribution to the overall economy, job opportunities Workplace Safety. Monitored by Occupational Safety and Health Administration Obligation to make profits for shareholders Chapter 3 Economic Challenges Facing Global and Domestic Business Balance budget - situation in which total revenue from taxes and fees equals government spending Economics - Analysis of the choices people and governments make in allocating resources Supply: Amount of goods and services for sale at different prices Supply curve ? shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand Demand: Willingness and ability of consumers to purchase goods and services for sale at different prices A change in overall demand, shifts to a new demand curve Supply and demand curves meet at the equilibrium price Political, social and legal environments differ in every country Economies generally classified in one of three categories: Private enterprise system Planned economies Mixed economies Capitalism ? businesses meet needs of consumers and are rewarded through profit Four degrees of competition Pure competition Monopolistic Oligopoly Monopoly Productivity ? Relationships between the goods and services produced and the inputs needed to produce them. Chapter 4 Exchange Rates Influenced by: Domestic economic and political conditions central bank intervention speculation over future currency values North American Free Trade Agreement US Canada Mexico, worlds largest free-trade zone Central America-Dominican Republic Free Trade Agreement European Union Forms of Private Ownership Corporation Domestic Foreign Alien Stockholders Board of Directors Corporate Officers & Management Mergers and Acquisitions Merger ? combination of two or more firms to form one company Acquisition ? procedure in which one firm purchases the property and assumes the obligations of another Joint Ventures ? partnership between companies for a specific purpose Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative More than 11% of Americans own their own business Chapter 7 : E-Business ? Doing Business Online Electronic Business ? conducting business via internet E-tailing or virtual storefronts on web sites Online business-to-business transactions Electronic data interchange, the business to business exchange of data E-mail The gathering and use of demographic product and other information Global Reason. Good B2B transactions total $2.5 trillion. Business to Business transactions between businesses on the internet Electronic data interchange is a computer to computer exchange of invoices, purchase orders, price quotations and other sales information. Business to consumer (B2C) E-tailing accounts for 4% of all US sales Growing at a rate of 18% Services like banking and brokerage are key aspects of e-tailing Encryption ? data is encoded for security purposes Many companies use Secure Sockets layer (SSL) Privacy is main concern 50% of carts are abandoned before any purchase is made lack on information inability to find the information they need feeling overwhelmed by to much information Chapter 8: Management Management is the process of achieving organizational objectives through people and other resources Top management Develop long range strategic plans for the organization Inspire to achieve their visions Middle management Focus on specific operations, products or customer groups within an organization Develop detailed plans and procedures Supervisory management Implement the plans developed by middle management Motivate workers Managerial Functions Planning Organizing Directing Controlling Primary type of planning Strategic Tactical Operational Contingency SWAT Analysis Leadership Traits Empathy Self-awareness Objectivity in dealing with others Midterm Review 70 questions T/F Multiple Choice Chapters 1-8 Non for profit In the US economy ___ are considered the reward for entering business Capitalism What is a partnership Understand outsourcing Vision Business Ethics Private enterprise system Sarbanes Oxly Micro and macro economics Supply and Demand Pure competition, polygamy, monopoly Communism and socialism Exchange rate United Nations and world trade organizations NAFTA Small business administration Franchises Small business Supervisory, middle and top management Planning Difference between tactical, strategic and contingency plan SWAT analysis
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