LEARNING OBJECTIVES

Sunday, 25 September, 2022 11:17 AM

CHAPTER 1
- Describe the relationship - The bigger risk, the bigger profit
between profit and risk - The contributions of businesses and nonprofit organizations can raise the
- Show how businesses and standard of living; more money businesses create, the more is potentially
nonprofits can raise the available to improve the quality of life for everyone. The goal of business
standard of living for all. leaders is to try to recognize and respond to the needs of these
stakeholders and still make a profit
Compare and contrast being an There are many benefit, as well as lost, to being an entrepreneur. Benefits
entrepreneur and working for many include freedom to make your own decisions, opportunity, and
others. possible wealth. Some lost may be no paid vacations time, no day care,
company insurance, or health insurance.

Advantages of working for others is that someone else takes the

company's risk and provides you with benefits like a paid vacation and
health insurance.
Analyze the effects of the government may allow private ownership, pass laws that enable business
economic environment and people to write contracts that are enforceable in court, establish a
taxes on businesses. currency that's tradable, lessen corruption and keep taxes and regulations
to a minimum business perspective, lower taxes=lower risk=more
growth=more money
Describe the effects of Technology; (1) be effective doing the right thing the right way
technology on businesses (2) efficiency using the least amount of items
(3) productivity amount of output generated the given amount of input
Demonstrate how businesses Focusing on making high-quality products, all the way to zero defects.
can meet and beat competition Exceed customer expectations.
Empowerment frontline workers are given authority and responsibility to
train other employees.
Analyze the social changes Diversity- minority, females, seniors, disabled people, etc
affecting businesses dealing sensitively with workers and cultures around the world
**Social Security
Identify what businesses must defense industry may prosper
do to meet global challenges,
including war and terrorism.
Review how past trends are Agricultural; improved farm technology
being repeated in the present -Manufacturing; productivity and increased competition
and what those trends mean -Service era - information based global revolution.
for tomorrow's college College graduates will find jobs that exist in the service sector.
graduates.

CHAPTER 2
Describe the changes occurring Past- managers jobs consisted of telling people what to do, watch over
today in the management Today- managers are more progressive, emphasize team building, tend to
function. guide, motivate and coach
Describe the four functions of Planning- determine the best strategies and tactics to achieve
management organizational goals and objectives
Organizing- design structure and create conditions and a system to achieve
goals
Leading- communicating, guiding, training, coaching and

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 Leading- communicating, guiding, training, coaching and
motivating others
Controlling- measuring what actually occurs to meet organizations goals
Relate the planning process and Goals- broad long-term achievements
decision making to the Objectives- specific short-term plans
accomplishment of company SWOT: strengths weaknesses opportunities threats
goals. Strategic- 5+ years planing
Tactical- monthly/yearly planning
Operational- day-to-day planning
Contingency- plan b
Describe the organizing function
of management. Organizational chart- visual device that shows relationships among people
and divides the work, shows who reports to who
levels: top management, middle management, supervisory management
skills needed: technical, human relations, conceptual
Explain the differences between
leaders and managers, and
describe the various leadership
styles.

Summarize the five steps of the (1)set clear standards,

control function of m (2) monitoring and recording performance,
anagement. (3)compare performance,
(4) communicate results,
(5) provide feedback
Standards must be specific, attainable, and measureable

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TEST PREP
Sunday, 25 September, 2022 10:15 PM

CHAPTER 1
What is the difference between Revenue is the TOTAL amount of money a business takes in during a
revenue and profit? given period by selling goods and services.
Profit is the amount of money a business EARNS above and beyond
what it spends for salaries and other expenses.
What is risk? How is it related to Risk is the chance an entrepreneur takes of losing time and money
profit? on a business that may not prove profitable.
Businesses take risks, but with great risks could come great profit.
What are the five factors of 1) Land (or natural resources)
production? 2) Labor (workers)
Which ones seem to be the most 3) Capital (machines, tools, buildings, etc.
important for creating wealth? 4) Entrepreneurship
5) knowledge

Knowledge is the most important factor. What makes companies

rich today is a combination of entrepreneurship and the effective
use of knowledge.
What are four ways the 1) actively promote entrepreneurship to allow private ownership of
government can foster businesses.
entrepreneurship? 2)Passing laws that enable businesspeople to write enforceable
contracts.
3) Establish a currency that is tradable in world markets
4) Can help minimize corruption in business and in its own ranks
What are some of the major issues -The growth of E-commerce and the use of technology
affecting the economy today? -population changes
-War and terrorism
-climate change
What major factor caused people Most farmers that lost their jobs during the 19th and 20th century
to move from farming to went to work in factories, manufacturing led to the decrease in jobs
manufacturing and from available in factories like it had done to farming, and now people
manufacturing to the service that lost their jobs in the manufacturing sector moved on to the
sector? service sector.
Basically, advancement in technology and knowledge led to the
changes that are now available jobs.
What does the future look like for The strategy for college graduates is to remain flexible, find out
tomorrow’s college graduates? where jobs are being created, and move when approprate.

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CHAPTER 1
Friday, 9 December, 2022 5:43 PM

(great risks, great profit)

GOODS - TANGIBLE PRODUCTS STANDARD OF LIVING - amounts / good & services/ buy EFFECTIVENESS - produce / desire result
(food, clothing, cars) own money
SERVICES - INTANGIBLE PRODUCT QUALITY OF LIFE - general well being / satisfaction / variety EFFICIENCY - produce / good n services / small resources
(insurance, healthcare) factors
(political freedom, safety, education, environment)
BUSINESS - activity / provide good & services / get profit STAKEHOLDERS - people / stand to business activity PRODUCTIVITY - output u generate from your input
(hours of work)
ENTREPRENEUR - person / risk time money / manage OUTSOURCING - contract w others / do some firm's E-COMMERCE - buy n sell / goods n services
business function B2C - consumer B2B - business
(production, accounting)
REVENUE - business got by selling goods & services INSOURCING - open companies in US DATABASE - electronic file of information
LOSS - expenses more than revenue NONPROFIT ORGANIZATION - goals / not making profit IDENTITY THEFT - obtain personal's information (credit
card numbers)
RISK - chance of losing / not prove profitable TECHNOLOGY - software programs / make business more EMPOWERMENT - give workers responsibility to respond
productive customer
DEMOGRAPHY - study population CLIMATE CHANGE - temperature / up or down GREENING - produce product / less harm to environment
size/density/characteristics
(age, race, gender, income)

BUSINESS ENVIRONMENT
DIVERSITY
ENTREPRENEURSHIP - Age
FACTORS OF PRODUCTION - Disability
- Land - Genetic information
UPS DOWNS - National origin
- Labor
Free to succeed Free to fail - Capital - Pregnancy
- Entrepreneurship - Race
Make own decisions No paid vacations
- Knowledge - Religion
High possiblity of wealth No health insurance - Sex
Hire own staff No daycare

DEMOGRAPHY - study population VISION - broad explaination / why organization exists/ where DECISION MAKING - 2 or more alternatives
size/density/characteristics to go
(age, race, gender, income)
CLIMATE CHANGE - temperature / up or down MISSION STATEMENT - outline fundamental purposes PROBLEM SOLVING - <formal / quicker actions
CLIMATE CHANGE - temperature / up or down GOALS - long term wish PMI - problem solving techniques by listing
(pluses , minuses , implications)
MANAGEMENT - process/ accomplish goals / POLC OBJECTIVES - short term detail to achieve goal STAFFING - recruit/hire/motivate/retain people to
accomplish the objectives

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CHAPTER 2
Sunday, 25 September 2022 11:16 AM

VISION - broad explaination / why organization exists/ DECISION MAKING - 2 or more alternatives
where to go
MISSION STATEMENT - outline fundamental purposes PROBLEM SOLVING - <formal / quicker actions
GOALS - long term wish PMI - problem solving techniques by listing
(pluses , minuses , implications)
OBJECTIVES - short term detail to achieve goal STAFFING - recruit/hire/motivate/retain people to accomplish
the objectives

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CHAPTER 4
Thursday, 13 October, 2022 1:36 PM

THEORY

TAYLOR Increase worker productivity to

benefit both the firm and the worker
( time, methods, rules )
MASLOW To understand motivation at work, we
must understand human motivation
in general
HERZBERG Job factors that cause employees to
be productive and that give them
satisfaction
X Person dislike work, prefers to be
directed and wishes to avoid
responsibility
Y People like work, naturally work
towards goal to which they are
commited
Z Employee involvement is the key to
increase productivity
GOAL Setting ambitious but attainable goals
SETTING can motivate

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USING EFFECTIVE PROMOTION
Wednesday, 26 October, 2022 9:38 AM

PROMOTION MIX (APSPP)

- Combination of promotional tools an organization uses
(advertising / personal selling / sales promotion / product /public relations)
INTEGRATED MARKETING COMMUNICATION
- Combines the promotional tools into one comprehensive strategy
(positive brand image/needs of consumers)
STEPS IN PROMOTIONAL CAMPAIGN
(target market/objectives/promo budget /unifying message/plan/effectiveness)
ADVERTISING
- Paid, non-personal communication through various media
(goals- inform/persuade/remind)

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FINALE
Thursday, 24 November, 2022 10:00 AM

Quality of life HR planning CAD - Comp Aided Design Marketing process

- General well being - Prepare HR inventory Uses computers to help design
- Prepare job analysis products
- Access future HR demand
- Access future labor supply
- Establish strategic plan
contribute the most to a JOB FIXED POSITION LAYOUT
nations ability to create - ANALYSIS (various job) When working on a major project
wealth are - DESCRIPTION (work) involving the production of large
- Entrepreneurship - SPECIFICATION (min item
- knowledge qualification)
Taxes and gov regulations Training and Development JIT Inventory Control System
- Economic and legal - Improve - Hold only parts for a short
employees'productivity period of time
• Orientation (introduce to
the organization) MODULAR LAYOUT
• On-the-job training (at the Combine to perform a variety of
workplace) tasks--> complex units
• Apprentice program
(experienced) MASS PRODUCTION
• Off-the-job training (away - Make large quantities at low
from workplace) cost
• Online training (via
internet) A firm that is certified as meeting
• Vestibule training (in both ISO 9000 and ISO 14000
classroom) - World class management
• Job simulation (duplicate PERT
exact combination) - analyze tasks
- Helpful to min time required

Efficiency PERFORMANCE APPRAISALS Venture capital firms look to invest

- Producing goods and 1. Establish performance their funds
services using the 2. Clearly communicating - Present financial statement
least amount of 3. Evaluate performance
resources 4. Discuss result
5. Correct action
6. Make decision
Federick Taylor FRINGE BENEFITS FINANCIAL - INside
- Father of scientific Sick leave, vacation pay, pension MANAGERIAL - for managers
management and health plans that provide AUDIT - review
additional compensation to
employees beyond base wages
LEDGER - specialized
JOURNAL - day's transaction
Hawthorne effect CORE TIME RETAINED EARNINGS
- The tendency for All employees must be present in Represent a favorable source of
people to behave a flextime plan meeting long term
differently when they
are being studied Debt financing - incurs legal
obligation to pay back
Abraham Maslow UNION FINANCE
- The concept that a An employee organization that - Involve credit management/
hierarchy of human represents workers in employee- collect fund from customer
needs could be used management bargaining over job-
to explain motivation related issues
was developed
Douglas McGregor Assembly Process A BOND ISSUE
- Theory X and Theory Puts together components to - Long term finance for
Y make a product corporation
A firm's marketing mix refer Major types of market TARGET MARKETING
- Strategies regarding - Consumer - A firm decides it can serve
4Ps - B2B profitably
MARKETING BRAND NAME TEST MARKETING
- Niche (small profit) A word, letter, or group of - Process used to test
- One to one (unique words or letters that consumer reactions about a

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 4Ps - B2B profitably
MARKETING BRAND NAME TEST MARKETING
- Niche (small profit) A word, letter, or group of - Process used to test
- One to one (unique words or letters that consumer reactions about a
mix) differentiates one seller's product among potential
- Mass (promotion) goods and services from users
- Relationship those of competitors
DATA WAREHOUSE DATA MINING Intranet - closed to public access
Stores data on a single Looks for hidden paterns and Extranet - different server
subject over specific period unknown relationship among the
of time data a firm has accumulated
CLOUD COMPUTING Characteristic of shareware
- Stores data - Protect by a copyright

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