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BUS 102, chapter 1 notes

by: Ashley Notetaker

BUS 102, chapter 1 notes BUS 102

Ashley Notetaker
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About this Document

These notes cover the first chapter in the book and what was discussed on the audio.
Business Foundation
Elizabeth J Turnbull
Class Notes
Business Foundations




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This 3 page Class Notes was uploaded by Ashley Notetaker on Saturday January 30, 2016. The Class Notes belongs to BUS 102 at University of Alabama at Birmingham taught by Elizabeth J Turnbull in Spring 2016. Since its upload, it has received 45 views. For similar materials see Business Foundation in Business at University of Alabama at Birmingham.


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Date Created: 01/30/16
Chapter 1 Business Now: Change is the Only Constant 1-1: Business Now Moving at Breakneck Speed - The ones who survive are the ones most responsive to change - Successful business goals: to generate profit by delivering unsurpassed value (the relationship between the price of a good or service and the benefits it offers to customers) to their customers - The social media has played a crucial role in recent years 1-1a: Business Basics - Business: any organization or activity that provides goods and services in an effort to earn a profit - Profit: financial reward. Sales-expenses-salaries= profit or loss (expenses are greater than revenue) - Entrepreneurs: people who risk their time, money, etc to start and manage a business. One successful entrepreneur can affect many people  drives up the standard of living, contributing to a higher quality of life - Businesses provide products, services, jobs, and tax dollars 1-2: The History of Business: putting it all in context There are 5 distinct eras in the history of business 1. The Industrial Revolution: mid 1700s to mid 1800s - Factories replaced skilled artisan workshops, which led to the hiring of semiskilled workers and mass production - Result: production efficiency but a loss of ownership and pride 2. The Entrepreneurship Era: second half of 1800s - Building business empires - Enormous wealth created  raised standard of living - There was a lot of competition, exploitation, and manipulation - The government stepped in to regulate business and create balance 3. The Production Era: early part of 1900s - Created greater efficiencies - The assembly line led to specialized jobs - Focus on efficiency, the customers were an afterthought 4. The Marketing Era: after WWII - Power shifted to the consumers - Brands developed, a lot of enticing choices  the marketing concept emerged 5. The Relationship Era: present day - Goal is to build long term relationships with customers - Key tool is technology (use data to serve customers better) - More concerned with current relationships being maintained than establishing new relationships 1-3: Non-Profits and the Economy - There was a focus on health, human services, education, art, religion, & culture - Non-profits: business-like establishments but goals do not include profit - Business of doing good - 1 in 15 workers work for a non-profit organization 1-4: Factors of Production: The Basic Building Blocks - Natural Resources: offer value in their natural state. Value rises with high demand and low supply (land, water, wind) - Capital: synthetic resources (machines, tools, technology) - Human Resources: physical, intellectual, and creative contributions (education and motivation play a role) - Entrepreneurship: take risk and launch their own business (economic freedom and protection from corruption are key) 1-5: The Business Environment: The Context for Success - Whether an overall economy thrives or disintegrates depends on the business environment (has 5 key dimensions) 1-5a: The Economic Environment - 2008 financial crisis  11.1 million people out of work, stock market fell, housing prices fell o The Fed and the President took steps to help the economy - The government steps in on a regular basis to reduce the risks of starting a business  low federal tax rate, legislation that supports enforceable contracts - Corruption effects the economic environment. Laws keep it at bay 1-5b: The Competitive Environment: - Goal: to develop long-term, mutually beneficial relationships with customers - Unsurpassed value: when it’s benefits to the customer are equal to or greater than the price customers pay - Key source: speed to market  the rate at which a firm transforms concepts into actual products 1-5c: The Workforce Advantage - Worker satisfaction yields better results in a company - Finding and keeping the best talent will become crucial 1-5d: The Technological Environment - Business technology includes any tools that businesses can use to becomes more efficient and effective (computers, telecommunications, and other digital tools) - The World Wide Web has led to the rise of e-commerce (online sales) - It’s crucial for a company to stay technologically updated 1-5e: The Social Environment - This includes values, attitudes, customs, and beliefs, as well as demographics (the measurable characteristics of a population)  change between countries - Diversity, aging population, rising worker expectations, and ethics and social responsibility are all important factors 1-5f: The Global Environment - Technology and free trade have blurred the lines between individual economies around the world - Jobs have moved towards the lowest bidder with the highest quality (often in China or India) - The General Agreement on Tariffs & Trades has helped reduce trade restrictions 1-6: Business and You: Making It Personal - creativity, communication, and caring are all important  do what you love


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