...Introduction to Business CHAPTER 1 BUSINESS CONCEPTS Learning Objectives: After completing this chapter, you will be able to: Distinguish between business and not-for-profit organization. Describe why do we study business? Explain Survival, profit, growth, and increasing shareholder value. Describe what are the different types of stakeholders? Explain what are the major resources used in a business? How do they impact business? Explain all business decisions and their functions. State what are the indicators of measuring business performance and how to measure those? Describe what role a business does play to develop economy of a country? Define social business with its 7 principles. 2 5/9/2015 GREEN BUSINESS Minimize ‘carbon footprint’. 3 5/9/2015 BUSINESS Concept of Business: Business is an organization that produces or sells goods or services to gain profit. For example, SQUARE Pharmaceutical, KDS Garment, Fresh Cement and City Bank Ltd. Activities of Business: 1. It must be organized 2. It must satisfy needs 3. It must earn a profit. 4 5/9/2015 1. IT MUST BE ORGANIZED Must include four types of resources: - Materials - Human - Financial - Informational For example, SQUARE Pharmaceuticals Ltd. needs chemical and other raw materials to produce medicine it sells in the market. In addition, this company also needs human, financial, and informational resources. 5 5/9/2015 2. IT MUST SATISFY...
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...rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Factors that contribute to the rapid pace of change in business are Natural Resources, Capital, Human Resources, and Entrepreneurship. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; they support the growth and health of a country's national economy. Without entrepreneurship, a country's economy may lack: innovation (research, development, new inventions and products), employment (entrepreneurs create jobs whenever they start new companies), and profits (entrepreneurs add value to the national economy by buying and selling products and services). People risk their time, money and other resources to start and manage a business. But, they also give hope to a better workforce. A lot of people; who are unemployed right now will find jobs that are more flexible and challenging, working for big and small business owners. 3. When did American business begin to concentrate on...
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...Introduction to Business Introduction to Business American International University Abstract The inventor wants to market his product. He has no knowledge in finance or management skills. He begins to gather information about what it takes to start a business. He learns it’s best to consult with a lawyer or an account about regulations, taxes, job offers and legal matters. The three different business organizations which are, sole proprietorship, partnership and corporation. Making the decision which organization would best help him succeed and serve his customers. Introduction to Business Starting a business is important to seek a lawyer or an accountant. Having knowledge on the legal forms of business will help the business owner with regulations for the locations were you would open his establishment, and how to prepare their yearly taxes. Research the location for information on the culture that occupies the area and know what kind of products they like and want. It would be beneficial for your customers and profitable for the business owner. Also by having a business in whatever location it will open up job opportunities for the people. (AIU Online Course Material) An inventor enjoys doing little jobs around the house by, cleaning, fixing minor repairs and remodeling. He has a product that he wants to market, but has very little knowledge on financial and management skills. He doesn’t have much money to start his business. He...
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...Introduction to business and management J. Timms MN1107, 996D107, 2790107 2011 Undergraduate study in Economics, Management, Finance and the Social Sciences This is an extract from a subject guide for an undergraduate course offered as part of the University of London International Programmes in Economics, Management, Finance and the Social Sciences. Materials for these programmes are developed by academics at the London School of Economics and Political Science (LSE). For more information, see: www.londoninternational.ac.uk This guide was prepared for the University of London International Programmes by: J.N. Timms, BA, MSocSci, Researcher at the Centre for the Study of Global Governance, London School of Economics and Political Science. The 2006 and 2009 editions of this guide were amended and updated by A.E. Benjamin, BSc, MA, Dip Stats, previously at Imperial College Business School. This is one of a series of subject guides published by the University. We regret that due to pressure of work the author is unable to enter into any correspondence relating to, or arising from, the guide. If you have any comments on this subject guide, favourable or unfavourable, please use the form at the back of this guide. University of London International Programmes Publications Office Stewart House 32 Russell Square London WC1B 5DN United Kingdom Website: www.londoninternational.ac.uk Published by: University of London © University of London 2002, reprinted...
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...Unit 1: The Business Environments AIU Online Abstract Comprehending the three legal businesses are prompted through the business type you desire to generate. Based on your goal you would want to select a type of business fitting you free enterprise and the amount of management judgments you will have to make. In the particular scenario provided, you would decide the best fit type of business; first you are going to explore your business opportunities. If the accurate selection was establish it would benefit every aspect of the business. Available net worth, management experience, and demand for you product are things to be considered. The Business Environment Mentally and financially going into a business through this time of economic struggle the Unites States is in would be challenging. I have produced a product that is cheaper than the competition and it is certain to benefit the homemaker in all of us. It is a necessity to choose the way I am going to go to manufacturing and distributing my products. For my product to meet my ultimate goal it has to hit widespread market, Maximize profits and lower Liability. I will certainly not be success, if I do not explore my opportunities. There are three main categories that businesses are broken down into from the legal position they are; Sole Proprietorship, Partnership and Corporation. One of the supreme mutual varieties of the new developing trivial business is Sole Proprietorship. Each aspect of my business and making...
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...RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Introduction to Business Ethics BY: Carolyn Troxel BUSN 310 Unit 1 (IP) American InterContinental University (Online) RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Abstract I am going to show you how you would effectively present potentially defective products to the CEO’s. Then I am going to show how you would notify your customers of such an occurrence, and what kind of action you would take so this would not happen in future. RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Introduction to Business Ethics * How would you effectively present the issue of potentially defective products to the CEO, other directors, and managers? When you effectively present an issue to the CEO and other directors and the managers, I would empathize with those in management first and then I would present my facts. I would make sure that I used “I” in my statements throughout my whole presentation. I would always tell management what was going on and I would always begin with “I have an issue that needs to be addressed and I would also have a solution...
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...Structure and Pattern of Introduction of Business Related Discipline Research Articles Qing Tian I. Introduction Business and economics papers have made a significant contribution to the development of the corporations and economics growth. However, it may be difficult for the readers to fully understand the materials if the structure of the papers is very complicated. In recent decades, there is an increasing trend in the complicacy of business and economics papers (Ellison, 2000). This phenomenon will induce more complexity in comprehending profound research papers. Regarding it, some basic models have been invented to give a general guideline of the building blocks of the research papers. For example, for writing an introduction of an article, Swales (1990) introduced a rhetorical pattern called create-a-research-space (CARS) which segments the introduction into three major parts, namely move 1, 2 and 3. The move 1 aims to give a background information of the topic of the research paper, depicting a general picture of which area the paper will fall into. The next move known as niche basically serves to connect move 1 and 3, illustrating the motive and inspiration of the paper (Swales & Feak, 2012). Followed by niche is the main purpose of the article. By presenting in either a purposive or descriptive way, the author can show a ultimate goal of the article. However, although some kinds of standardizations have been made to formalize the research papers, the construction...
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...Unit 29 Introduction to the internet and e-business P3 + M2 What are the trends in the use of e-business? There are a lot of strong trends that are related to the world of business and the internet. More and more businesses and users are logging on every day and this changes how businesses approach certain objectives and aims. According to a survey that was carried out in 2006 about e-business trends in manufacturing by SVM showed us that there are many changes going on in the real world. 78% of the manufacturers intended to increase spending on their website, 60% intended to increase investment in email marketing and 48% were boosting spending on search engine marketing. By looking at these statistics it is clear that e-business has a major trend on the businesses of today. Some of the main trends of e-business are as follows: Marketing Benefits The internet is growing in number every single day and this means that the consumer market is growing making there more opportunities for e-business. According to Clickz Stats the population of the internet was 1.08 billion in 2005. This will continue to increase because of all the developing countries that are growing in population and technology all the time. The internet shopping method is far more convenient for the customer as they can buy items from the comfort of their own home. Re-formulating the marketing mix The original marketing mix that consists of product, place, price and promotion can be ‘remixed’ to...
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...As it is known that the altered amount of ethical standards need both the individuals and firms to agree in keeping moral principles. The firm ethics compasses both principles along with standards which guide the attitude in the business environment. Perception indeedly affects the ethical standards and form business behavior. Here's an example, in America unethical standards in firms causes a one in five to witness this in the previous six months (LRN, 2009). This is due to the Western world is very independent in their ideas, becoming competitive, and will do absolutely what ever it takes to gain success. The culture affects ethical standards and form firm behavior in many distinct ways. For example, bribing, this is somthing which is very usual in many countries. In most countries assignment can only be put to work only if bribing the person. There are also various firms which do not agree on bribing and also consider this to be highly unethical in business, then consider it also quite difficult to continue in negociation with other firms from those countries. many of the causes of bribery in their area are due to the fact that government officals receive an absolutely low salary. “Further, lucrative positions are "sold" at different rates depending on the bribe getting potential of the posts. So if an official has 'purchased' a post he feels that it is his right to ask for bribes” (Shaw, 2010). Being part of a corrupt international negation transaction is something quite...
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...How would you effectively present the issue of potentially defective products to the CEO, other directors, and managers? When effectively presenting an issue to the CEO and other directors and managers I would make sure that I empathized with them, and then I would present the facts. I would ensure that I used “I” statements throughout my presentation. I would tell the management team what was going on and always begin with “I have identified an issue that needs addressed and it is…” and then I would also have ready solutions to assist with correcting the issue. When I have completed my presentation I would finish with thanking them for their time and ask them to keep the things that I have noted under consideration. I conduct the presentation this way because then they are more likely to assist in the issue because I treated them with dignity and respect. How would you specifically notify customers of such an occurrence? When notifying the customers of any occurrence of an issue with a product, I would first have them return the product to our company for either a refund or an exchange for another product if they wished. The notification would be handled through the process of involving the media and local newspapers announcing the product recall. Additionally the company would also process e-mail communication to customers we had e-mail addresses for as well as posting the recall information on our company website. The company would list instructions for the customers to...
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... | | |Chapter 2 Review of Related Literature | | | | Introduction to Rev of Literature | | | | Foreign and Local Literature | | | | Foreign and Local Studies | | | | Synthesis | | |Chapter 3 Results and Discussions | | | |Narrative description of the result obtained from the survey questionnaire | | | |Chapter 4 | | | |Conclusions and recommendations | | |References | | |Appendices | | | Survey questionnaire (accomplished) | | |Financial Statement of your surveyed company | Sustainable Business Operation Survey Questionnaire The introduction of cleaner production/operation or sustainable business operation...
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...Resource: University of Phoenix Material: Appendix A Select three business-related messages you have sent or received. Sources for the messages can include: (a) correspondence you have initiated or received with a company or business on a personal or business related topic; (b) samples letters from a reference source; or (c) correspondence you have sent or received within your organization or with an outside organization/ person on a business topic. Please submit paper to Assignments folder with a copy of a plagiarism report and your Certificate of Originality. Compose a 1,050- to 1,400-word paper that includes response, and rationale. The count does not include the messages inserted in the Appendix. Use headings and subheadings to organize paper Analyze these messages using the communication process ( UOP Material: Appendix A). The analysis should include the following: Descriptions of the purpose, sender, receiver, message, environment, technology, noise, and feedback Explanations of whether the message and technology were appropriate given the environment and purpose Respond to one of these messages and insert it as Appendix D in the Appendix Section. Use direct, effective writing techniques. Explain how the content, media, and technology of the feedback are appropriate for the purpose and audience of all the messages. Insert each of these messages as separate appendices (A, B, C and D) in an Appendix Section following the Reference section. ...
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...Case Study 2 -Internal Control Due by Sunday of week 5, 11:59PM, Mountain Time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase...
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...Urban Outfitters Continuing Case Study Part 2:-The Business Environment. Pr. Joseph B. Pettiford Introduction to Business 9 Nov 2009 1. Identify at least three challenges when setting up a business. Explain why they are challenges. The challenges will vary depending on the business; therefore, there are three important challenges to consider when setting a business one of them is the capital, location, and service. Acquiring adequate capital is fundamental to setting up a business this could be challenging. You need money to stat up and have something to live on until the business is successful. However, it is important to manage the capital wisely in the business needs, in order to earn profit to avoid a loss, and be successful. Depending of the type of business the right location is essential. Making a decision of picking up a right place for starting a business could be challenging. For instance if you have coffee shop food traffic is a great place, and if you have, a gas station near the intersections of the highway is perfect. However, if you pick a wrong location you may go out of business. Offering the best service and good value product is essential for a costumer. It is important to listen, stay positive and stay involved when offering a good product value. Costumers are going to be satisfied and come back to your store. However, if do not provide them value along with a costumer...
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...Chapter 4 Introduction to Business Discussion Questions 1. How do relative ethics compare to universal ethical standards? Should ethics ever be relative? Provide a rationale for your response. Relative ethics apply to mainly you and your family while universal ethics apply to everyone across a broad spectrum of situations. Yes ethics should be relative. Because it very important what you do right and what you do wrong. 2. What is an ethical dilemma? Give 3 examples of ethical dilemmas that workers or managers might face in a business setting. When whatever you might do will have negative consequences. Forcing you to choose among bad options. 1) If someone was to ask you if he should go to another job, but you need him to complete a job. So you have to make the decision to tell him to go or stay. 2) If your boss tells you that you will get a raise but only if he was to fire your friend at work that will affect him and his family. And you have to make the decision to fire him or get the raise. 3) If an office was wanting a new copy machine at the office and asks you to take it out of your pay or do some extra work and he will take it out of your friend at works pay. 3. Compare the role of the individual and the role of the organization in ethical decision making. How can business promote an ethical climate? The individual role comes with making decisions that will affect you, your family your religion. The organization role affects people who work for the organization...
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