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UM - PSY 110 - Business 200 - Class Notes

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Schools > University of Miami > Psychology > PSY 110 > UM - PSY 110 - Business 200 - Class Notes

UM - PSY 110 - Business 200 - Class Notes

School: University of Miami
Department: Psychology
Course: Intro to Psychology
Professor: Charles Carver
Term: Fall 2016
Tags: business
Name: Business 200
Description: Notes of one week of class. Material for exam #1.
Uploaded: 01/22/2016
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background image Introduction to Business Chapter 1 Business Any profit seeking organization that provides good and services 
designed to satisfy the customers’ need 
Adding value to satisfy customers every company in the chain where 
a products passes through adds values for the next costumers and for 
the ultimate costumer 
Revenue  money that a company brings in through the sale of goods 
and services 
o Price that the product it is sold for Profit  money left over after all the costs involved in doing business 
have been deducted from the revenue 
o Symbol of pi= R-C  Competitive advantage  some aspect of a product or company that 
makes it more appealing to its target 
o Example: Nike, Apple Two types of business   o Good producing business  companies that create a value by  making “things”, most of which are tangible  o Service business  Barrier to entry  Any resource or capability a company must have 
before it can start competing in a given market 
o Difficult to get into that business  Multiple environment  o Important things that a business person has to be aware of  Stakeholders  internal and external groups affected by a company’s 
decisions and activities 
o Example  employers, owner of company, manager 
o Chair holder  owner of acuity and firm 
Disruptive technologies  those that fundamentally change the nature 
of an industry, can be powerful enough to create or destroy entire 
companies 
o Example: Kodak  Functional areas  o Research and development  conceiving and designing new  products (R&D) o Informational technology (IT) systems that promote  communication and information usage through the company or 
that allow companies to offer new services to their customers 
o Manufacturing, production or operations  area where the  company makes whatever it makes or does whatever it does 
background image Marketing o Everything that is evolved from knowing what the consumer  wants to (research on the consumer) and getting it to the 
consumer, production is not marketing
o Is involved with logistic, advertising, branding (logos),  distribution channel (sell it online, website)  Finance and accouting  o Reports to the CFO 
o Ensuring that the company has the funds it needs to operate 
o Monitoring and controlling how those funds are spent 
o Drafting reports for company management and outside audience
such as investor and government regulators  Human resources  responsible for recruiting, hiring, developing and 
supporting employees 
Economics  Economy  study of how society uses it resources to produce and 
distribute goods and services 
o Sum of all the economic activity within a given region  Natural resources Macro economy  big, looks at the overall big picture, inflation  Micro  small, looks at the individual, firm, industry  economy does not grow at a consistent pace  Factor of production  inputs, capital and labor  things that are used in
production to produce outputs
o capital  physical inputs, money 
o labor  human efforts  
o Technology  how you organize capital (can also be consider a 
factor)  China is a capitalist country even though they call themselves 
communist 
Chart  o Quantity  x axis 
o Price  y axis 
o Higher price the item has a low demand 
o Shift in curve (goes up) is an increase in demand 
Demand can increase due to good economy in the society, 
trend and popularity of the product, consumer think price 
is going to go up in the future 
Normal good  income increase you consume more of 
something 
Inferior good  income decreases  o Equilibrium  system at rest  point where the two lines meet 

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School: University of Miami
Department: Psychology
Course: Intro to Psychology
Professor: Charles Carver
Term: Fall 2016
Tags: business
Name: Business 200
Description: Notes of one week of class. Material for exam #1.
Uploaded: 01/22/2016
4 Pages 52 Views 41 Unlocks
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  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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