...Chapter Four Business Ethics and Social Responsibility: Doing Well by Doing Good 1. What is an ethical dilemma? Give 3 examples of ethical dilemmas that workers or managers might face in a business setting. a. Ethical dilemma is b. If your boss says that you will get a raise only if you fire your friend who needs the money to support their family, you must choose if you will keep your friend or take the raise. c. Your office wants a new copier and they say that if you do extra work they will take the money out of your friends pay and if you don’t they will take it out of your pay. d. 2. What are the 4 consumer rights originally outlined by President Kennedy in the early 1960s? How would you rank those rights in terms of importance? Why? a. The right to safety, the right to be informed, the right to choose, and the right to be heard b. Safe, informed, heard, choose because Chapter Five Business Communication: Creating and Delivering Message that Matter 3. What are the 6 main barriers to effective communication? Which barriers are easiest to surmount? Why? a. Organizational, physical, cultural, language, perceptual, and body language b. The barriers easiest to surmount are physical- (you can act like they aren’t bothering you or there irrelevant), perceptual-(you can explore your audiences perceptions of positive and negative beforehand), body language barriers-(you can work on avoiding certain gestures and keep a natural, appropriate body stance...
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...DEFINING MARKETING FOR THE 21ST CENTURY WHAT IS MARKETING? Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “ meeting needs profitably.” 3 ALTERNATIVE PHILOSOPHIES THAT CAN GUIDE ORGANIZATIONS IN THEIR EFFORTS TO CARRY OUT THEIR MARKETING GOAL(S) THE PRODUCTION CONCEPT The production concepts, one of the oldest concepts in business, holds that consumers prefer products that are widely available and inexpensive. Managers of production– oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. This orientation makes sense in developing countries such as China, where the largest PC manufacturer, Lenovo, takes advantage of the country’s huge and inexpensive labor pool to dominate the market. Marketers also apply the production concept when they want to expand the market. THE PRODUCT CONCEPT The product concept proposes that consumers favor products offering the most quality, per-formance, or innovative features. However, managers are sometimes caught in a love affair with their products. They might commit the “ better mousetrap” fallacy, believing a better product will by itself lead people to beat a path to their door. A new or improved product will not necessarily be successful unless it’s priced, distributed, advertised, and sold properly. THE SELLING CONCEPT The selling concept holds that consumers and businesses, if left alone, won’t buy enough...
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...Chapter Five Business Communication: Creating and Delivering Messages that Matter Review Questions 1. What are the 6 main barriers to effective communication? Which barriers are easiest to surmount? Why? 1. Organizational barriers 2. Physical barriers 3. Cultural barriers 4. Language barriers 5. Perceptual barriers 6. Body language barriers The barriers easiest to surmount are physical- (you can act like they aren’t bothering you or there irrelevant), perceptual-(you can explore your audiences perceptions of positive and negative beforehand), body language barriers-(you can work on avoiding certain gestures and keep a natural, appropriate body stance.) Why is nonverbal communication so important? How can you tell when non-verbal communication is effective? Nonverbal communication is important because 38% of meaning comes from tone of voice and 55% of meaning comes from body language. You can tell it is effective when it supports the verbal element of the message. Why is active, effective listening difficult for many people? What are 5 strategies for improving listening skills within the American culture? Active, effective listening is difficult for many people because, it requires a person’s complete attention; they have to focus solely...
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...Chapter One Business Now: Change Is the Only Constant Review Questions it 1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Financial Institutions got a bailout By President Obama in 2009, Mortgage values dropped, financial institutions begin to Feel the pressure especially firms such as Bear Stearns that specialized in trading Mortgage backed securities. There was $61.7bn in losses with AIG, strong economy Out of more jobs can accelerate the next decade, there be a budget deficit. AIG got A $180bn bailout; while Bank of America got $45bn as well as JP Morgan Chase $25bn, Goldman Sachs got $10bn. The Rapid pace of change in business is the Internet, Cellphones and exposure on television. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? 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 such as myself 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 customer needs? Why? Value of Certain Products begin to go up. High Gas Prices from $1.25 to $4.25, The Cost of a loaf Of Bread is $2.79, the cost of dishwashing liquid about a $1.00, Purchase...
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...first chapter, we examined the changing environment for business over the last half century. In this chapter, we explore how these changes have affected corporate communication and why it has become imperative for modern companies to communicate strategically. Strategic communication can be defined as “communication aligned with the company’s overall strategy, [intended] to enhance its strategic positioning.”1 An effective strategy should encourage a company to send messages that are “clear and understandable, true and, communicated with passion, strategically repetitive and repeated, [and] consistent (across constituencies).” We begin this chapter with a summary of the basic theory behind all communication, whether individual or organizational in nature. We will also briefly discuss influential models in modern communication theory. Although many communication experts have adapted these theories to help leaders communicate in writing and speaking, few have looked at how these same basic theories apply in the corporate communication context—that is, the way organizations communicate with various groups of people. Communication, more than any other subject in business, has implications for everyone within an organization—from the newest administrative assistant to the CEO. Thanks in part to important strategy work by academics such as Michael Porter, Gary Hamel, and C. K. Prahalad, most managers have learned to think strategically about their business overall...
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... Chapter 1 – Defining marketing for the 21st Century Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketers are skilled at managing demand: they seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, proper- ties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit. Marketing is not done only by the marketing department. It needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers. Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. These forces have created new opportunities and challenges and changed marketing management significantly as companies seek new ways to achieve marketing excellence. There are five competing concepts under which organizations can choose to conduct their business: the...
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...first chapter, we examined the changing environment for business over the last half century. In this chapter, we explore how these changes have affected corporate communication and why it has become imperative for modern companies to communicate strategically. Strategic communication can be defined as “communication aligned with the company’s overall strategy, [intended] to enhance its strategic positioning.”1 An effective strategy should encourage a company to send messages that are “clear and understandable, true and, communicated with passion, strategically repetitive and repeated, [and] consistent (across constituencies).” We begin this chapter with a summary of the basic theory behind all communication, whether individual or organizational in nature. We will also briefly discuss influential models in modern communication theory. Although many communication experts have adapted these theories to help leaders communicate in writing and speaking, few have looked at how these same basic theories apply in the corporate communication context—that is, the way organizations communicate with various groups of people. Communication, more than any other subject in business, has implications for everyone within an organization—from the newest administrative assistant to the CEO. Thanks in part to important strategy work by academics such as Michael Porter, Gary Hamel, and C. K. Prahalad, most managers have learned to think strategically about their business overall...
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...Chapter Five Business Communication: Creating and Delivering Messages that Matter Review Questions 1. What are the 6 main barriers to effective communication? Which barriers are easiest to surmount? Why? 2. Why is nonverbal communication so important? How can you tell when nonverbal communication is effective? 3. Why is active, effective listening difficult for many people? What are 5 strategies for improving listening skills within the American culture? 4. What factors should you consider when you choose a communication channel for your messages? Should you always use the richest channel? Why or why not? 5. When you develop messages, what factors should you consider as you choose your words? Which considerations do you think are most important? Why? 6. How should the needs and expectations of your reader affect the structure of your writing? Why does it matter? 7. What steps can you take to create a smooth, conversational tone for your writing? 8. Why do so many people ignore or delete email messages? How can you boost the chances that your target audience will read your message? 9. What are your options for creating an effective opening “hook” for a verbal presentation? Why is humor not always the best...
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...BUS 100 – Student Notes COURSE DESCRIPTION Provides a foundation in business operations through a survey of major business functions (management, production, marketing, finance and accounting, human resource management, and various support functions). Offers an overview of business organizations and the business environment, strategic planning, international business, and quality assurance. INSTRUCTIONAL MATERIALS Required Resources Kelly, M., McGowen, J., & Williams, C. (2014). BUSN (6th ed.). Mason, OH: South-Western Cengage Learning. (Note: This is a textbook uniquely created for Strayer and can only be purchased via Strayer’s Virtual Bookstore, available through iCampus. The chapters within this custom textbook are the same as those from the national title, only rearranged in a different order.) Note: There are slides, audio chapter summaries, flashcards, workplace videos, and games located in the course shell to be used as additional resources to assist you in understanding the course material. Supplemental Resources Asare, S. K., & Wright, A. M. (2012). Investors’, auditors’, and lenders’ understanding of the message conveyed by the standard audit report on financial statements. Accounting Horizon, 26(2), 193-217. Aytaç, G., & Turan, O. Z. (2012). Issues of business ethics in domestic and international businesses: A critical study. International Journal of Business Administration, 3(5), 82-88. Bulu, I., Radojicic, M., & Nesic, Z. (2012). Some considerations on modern...
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...(1) What is The Definition of a Marketing Trend The market going in a different direction over a period of time. There are long time frames, medium time frames, and short time frames. The long ones are often called “secular”; the ones which are in the middle are “primary”, and any others that last for only a short time are “secondary”. To figure out which trend is which most people use a technical analysis. A technical analysis takes the price support and resistance over time. Marketing trends fluctuate because of technology and demographics. Also in the economic view demographics in a particular market will affect the advancement of businesses and organizations. The internet has let buyers have the ability to access to multiple merchants. That being said it is still thought of that marketing trends change due to the new technology available. It is safe to assume the market very much relies on the advancement of technology. The nature and scope of marketing research are rapidly changing to keep pace with a changing marketplace. In the face of global competition, research that measures product quality and consumer satisfaction is the fastest growing form of marketing research. (2) http://www.slideshare.net/dipalij07/porters-generic-strategies-with-examples Porter's Generic Competitive Strategies (ways of competing)A firm's relative position within its industry determines whether a firm's profitability is above or below the industry average. The fundamental basis of...
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...Chapter 1 - Defining Marketing for the 21st Century Questions to be answered 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts and new marketing realities? 4. What are the tasks necessary for successful marketing management? Reviewing important marketing concepts, tools, frameworks and issues. The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand creates jobs * Allow firms to more engage in socially responsible activities The scope of marketing Marketing is about identifying and meeting human and social needs. 1. Meeting needs profitably Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Important part of Marketing (Peter Drucker) The aim of marketing is to know and understand the customer so well that the product of service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. What is marketed Marketers market 10 main types of entities: * Goods...
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...PART 1 Understanding the Foundations of Business Communication CHAPTER 1 CHAPTER 2 CHAPTER 3 Achieving Success Through Effective Business Communication Mastering Team Skills and Interpersonal Communication Communicating in a World of Diversity career, and how to adapt your communication experiences in life and college to the business world. Improve your skills in such vital areas as team interaction, etiquette, listening, and nonverbal communication. Explore the advantages and the challenges of a diverse workforce and develop the skills that every communicator needs to succeed in today’s multicultural business environment. N o other skill can help your career in as many ways as communication. Discover what business communication is all about, why communication skills are essential to your 1 1 1 2 3 Achieving Success Through Effective Business Communication LEARNING OBJECTIVES After studying this chapter, you will be able to Explain the importance of effective communication to your career and to the companies where you will work Describe the communication skills employers will expect you to have and the nature of communicating in an organization by using an audience-centered approach Describe the communication process model and the ways that social media are changing the nature of business communication 4 5 List four general guidelines for using communication technology effectively Define ethics, explain the difference between an ethical...
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...materials, practice exams, textbook help and tutor support. 4 Chapter PLANNING BUSINESS MESSAGES Multiple Choice 1. The three primary steps involved in preparing a business message are a. planning, writing, and completing. b. informing, persuading, and collaborating. c. defining the purpose, the main idea, and the topic. d. satisfying the audience's informational, motivational, and practical needs. ANSWER: a; DIFFICULTY: easy; PAGE: 90; TYPE: concept 2. In developing business messages, the stage during which you step back to see whether you have expressed your ideas clearly is the a. planning stage. b. writing stage. c. completing stage. d. feedback stage. ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 3. In preparing business messages, you should devote about ______ percent of your time to planning. a. 10 b. 20 c. 50 d. 70 ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 4. Which of the following is not a general purpose common to business communication? a. To inform b. To persuade c. To negotiate d. To collaborate ANSWER: c; DIFFICULTY: moderate; PAGE: 92; TYPE: concept 5. An example of a specific purpose for a business message would be a. to impart information to the audience. b. to inform employees about the new vacation policy. c. to persuade readers to take an action. d. to obtain audience participation and collaboration. ANSWER: b; DIFFICULTY: moderate; PAGE: 92; TYPE: application 6. Most messages should not be sent unless they will a. bring about a change...
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...Marketing Management MKTG5561; SE-2, 2015, Seminar 1 Dr Richard L. Gruner Assistant Professor 1 What is Marketing to you? 2 How many marketing messages are we exposed to every day? 3 3000-20,000* every day. most days of your lives. *Source:fluiddrivemedia.com/advertising/marketing-messages/ 4 5 So what can be done? 6 7 8 9 10 ...too often messages fail to stand out. 11 12 But marketing is not just about B2C communications. 13 Who is being targeted in this ad? 14 Nor is Marketing always about selling products. 15 Boycotting products... 16 17 18 And Marketing is not just about tangible products. 19 What’s the product in this campaign? 20 Behaviour Change 21 Can you think of other behaviour change campaigns? 22 23 24 25 26 AND! 27 Marketing is not limited to advertising and communications! Marketers need to be prepared to answer all sorts of strategic questions. Can you think of any? 28 [ ] Do we extend our product line/brand? [ ] How do we fight off a competitor? [ ] How do we push into new markets? [ ] Should we restructure our supply chain? [ ] Change or production processes? [ ] Raise our prices?.... It’s much more than just making ads. 29 In fact...“Marketing is Everything” (Regis McKenna). “Marketing is about all factors that influence a company's ability to deliver value to customers...
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...Chapter 2: Economics: The Framework for Business 1. How does economics relate to business? Can an understanding of economics help business people succeed? If so how? Economics relates to business because it teaches business people how to make choices that can get their business the most revenue with the least amount of cost. The understanding of economics can help business people succeed, economics can teach you things like marginal cost and revenues and this is essential to an type of business. Economics can teach you statistics that if used properly can provide you with an upper hand against competition. 2. Compare and contrast microeconomics and macroeconomics. How do the 2 approaches interrelate? Use a specific example to explain. Macroeconomics and Microeconomics are both dealing with economics but indifferent levels, Macroeconomics is the study of a country's overall economic issues and Microeconomics deals with economics on an individual consumer,families and individual businesses. They can affect how much you can purchase for your family and what is available for you to purchase for your family. 3. What are the fundamental elements of the free market economic system? How can businesses thrive within this system? 1. The rights to own a business and keep after-tax profits 2. The right to private property 3. The right to free choice 4. The right to fair competition Free Market economies allows businesses to thrive...
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