BUS-110-M1D Study Guide Chapters 1, 2, 4, 7, & 6
BUS-110-M1D Study Guide Chapters 1, 2, 4, 7, & 6 BUS-110-M1D
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This 3 page Study Guide was uploaded by Ryan Notetaker on Sunday September 18, 2016. The Study Guide belongs to BUS-110-M1D at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Leruth M. Sisson in Summer 2016. Since its upload, it has received 8 views. For similar materials see Introduction to Business in Business at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.
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Date Created: 09/18/16
Value: relationship of price and beneﬁts available to customers Marketing: business and building business vs. Relationship: consumers Non-proﬁt: do not focus on making money, instead they focus on helping society Loss: less money going out than coming in Entrepreneurship: risking time, money, and resources Proﬁt: ﬁnancial reward of a business 5 Business Dimensions: Economic: - enforceable contracts - corruption and bribery - government steps in to help businesses - free enterprise and fair competition Competitive: - develop long-term relationships with customers - word-of-mouth advertising - consumer satisfaction - Measure of value: the gap between product beneﬁts and price - beneﬁts are ≥ the price paid = product value - speed-to-market: how fast a company/organization can turn ideas into reality Technological: - Business Technology: businesses use to become more efﬁcient and effective - computers, telecommunications, other digital tools - improved many industries - World Wide Web; e-commerce - rise to a more individualized experience when shopping Social: - values, attitudes, customs, and beliefs shared by groups of people - demographics: measurable characteristics of a population - population size, density, and speciﬁc traits such s age, gender, race, education, and income - diversity, aging population, rising worker expectations, ethics and social responsibility, Global: - technology and free trade have blurred the lines between individual economies around the world - foreign investment - free trade- lowered prices and increased quality across virtually every product category - General Agreement on Tariffs and Trade (GATT)- signed by 125 countries- took bold steps to lower tariffs (taxes on imports) and to reduce trade restrictions worldwide - goods move freely than ever across international boundaries Micro=smaller units and Macro=larger units Fiscal: government inﬂuences the economy through taxation and spending decisions that are designed to encourage growth, employment, and decrease inﬂation - political philosophy - can offer economic beneﬁts - boost economy by providing jobs - ﬁscal cliff - budget surplus - budget deﬁcit - federal debt Monetary: actions that shapes interest rates and the supply of money to boost economy - managed by Federal Reserve (central bank of the US) - board of governors - oversees the operation of the 12 Federal Reserve Banks that carry out policies and perform banking services for commercial banks - money supply Capitalism: “private enterprise system”; “free market system”; private ownership, economic freedom, and fair competition; hard work; innovation; - right to own a business and keep after-tax proﬁts, right to private property, right to free choice, right to fair competition Socialism: government should own and operate key enterprises that directly affect public welfare, such as utilities, telecommunications, and healthcare; tend to have higher taxes- to distribute wealth; tax revenues fund services; Communism: public ownership of all enterprises, a strong central government; Karl Marx; 5 Common Measures of Economic Performance: 1. GDP 2. Employment Level 3. Business Cycle 4. Price Levels 5. Productivity Ethics, Business Ethics, and Social Responsibility: ethics consider right and wrong, good and bad in any situation; business ethics consider right and wrong, good and bad in the business world; social responsibility: obligation of a business to contribute to society Decision guides for framework for ethical decisions: exec. buy-in, estab. expectations, integrate ethics, ensure ethics code both global and local, build & maintain structure, estab. protection for whistle-blowers, enforce code of ethics impact of organizational culture of ethics: CEOs must communicate high ethical standards and leak the message down to employees through their actions; appearance of shaky ethics and any other approach can be damaging to a company’s ethical climate Purpose of a written code of ethics: to tell employees what is right and what is wrong, as well as what is good and what is bad in any situation. social responsibility of a company’s stakeholders; goal of stakeholder approach: stakeholders have a say in the planning and actions of an organization; goal of stakeholder approach is planning appropriately for a long-term business plan Characteristics of successful entrepreneurs: vision, self-reliance (internal and external locuses), energy, conﬁdence, tolerance of uncertainty, tolerance of failure Funding options for small businesses: personal resources, loans, crowdfunding, angel investors, venture capital, Tools for success: trustworthiness, respect, responsibility, fairness, caring, citizenship
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