MIE 201, Chapter 1 In Class Notes
MIE 201, Chapter 1 In Class Notes MIE 201
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This 2 page Class Notes was uploaded by Jenna Loehrer on Wednesday September 21, 2016. The Class Notes belongs to MIE 201 at North Carolina State University taught by M.K. Ward in Fall 2016. Since its upload, it has received 3 views. For similar materials see Intro to Management in Management at North Carolina State University.
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Date Created: 09/21/16
Chapter 1 InClass Notes (8.22) Developing a Business Mindset Business: any organization that provides goods and/or services designed to fulfill the needs or wants of a target market and is often profitseeking ○ Related terms: Firms, enterprises, field, industry, activities ● Value Chain (Adding Value to Satisfy Customers) ○ Different business at each step ○ Is critical that businesses add value at each step ○ Changing input to more valuable output ○ Related Terms: Business model, Revenue (money generated from sales), Expenses (how much it costs to create product/provide service), Profit (revenue expenses = profit) ○ Business goal = realize profit ○ What businesses use to reach that Goal: business model ■ Important to understand competitors business model, to make your product more desirable ○ How business models support profits: generate revenue ○ Factors in the business environment: ■ Competing competitive advantage = feature(s) of a business’ product or service that makes the business more desirable from the perspective of the target market ● Ex: more efficient with returns ■ Linking risk and reward barriers to entry ** ● Types of Businesses ○ Not for profit Organizations: can make profit, but not primary focus of organization ■ Ex: museums, boy scouts, NFL, Ikea ○ Good Producing Businesses: Capital intensive ■ Ex: retail store, Ford Motors, ○ Service Business: Labor intensive ■ Ex: mechanic, maid service, landscaping service ● Connection between risk and reward ○ Company makes a decision that involves some risk > Outcome ○ Outcome > If outcome is positive, the company reaps the rewards > Company ○ Outcome > If outcome is negative, the company suffers the consequences > back to Company ○ Outcome > If outcome is negative, the company suffers the consequences > Other companies, Taxpayers, consumers (Moral Hazard Link between risk and reward is broken) Chapter 1 InClass Notes (8.22) Developing a Business Mindset ● Business Mindset: a view that considered the decisions that must be made and the problems that must be overcome before companies can deliver the products and/or services that satisfy customer needs ○ Role of business in society good and bad ■ Good: employing people/ job creation, pay taxes, growing economy/ national wealth, stable society ■ Bad: pollution (ex: oil spills), safety risks, health risks, can disrupt local economies ● Recognizing the Multiple Business Environments ○ Economic, Market, Legal, Social, Technological (all connected to each other on different levels) ● Identifying Major Functional Areas of Business ○ Research and Development/ IT systems ○ Manufacturing, production, operations ○ Marketing, sales, distribution, customer support ○ Finance and Accounting ○ Human Resources ○ Business Services ● Exploring Careers in Business ○ Operations Manager ○ Human Resource Specialist ○ Information Technology Manager ○ Marketing Specialist ○ Sales Professional ○ Accountant ○ Financial Manager ● Communicating Effectively ○ Listen actively ○ Provide practical info ○ Give facts rather than vague impressions ○ Don’t present opinions as facts ○ Present in concise, efficient manner ○ Offer compelling, persuasive arguments and recommendations
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