ch 1 notes
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This 3 page Class Notes was uploaded by paigeehack on Saturday September 12, 2015. The Class Notes belongs to BUS 150 at Pace University taught by Douglas Watson in Summer 2015. Since its upload, it has received 40 views. For similar materials see Introduction to Business in Business at Pace University.
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Date Created: 09/12/15
Business 150 Ch 1 Developing a Business Mindset Learning Objectives Explain the concept of adding value in business and identify major types of business List 3 steps you can take to help make the leap from consumer to business professional 5 major environments every business operates Explain the purpose of the 6 major functional areas in a business enterprise Summarize 7 of the most important business professions ldentify components of professionalism Business Used as a label quotplan to major in businessquot Used as a collective label quotAmerican businessquot Indicates speci c activities of efforts quotour furniture businessquot A synonym for quotcompanyquot Business is any pro tseeking organization that provides good and services designed to satisfy customers39 needs Negative ways a business can impact a society Polluting and creating waste Creating health and safety risks Disrupting communities Causing nancial instability 5 major environments Social environment trends and forces in society at large Technological environment forces resulting from the practical application of science to innovations products and processes ex music companies etc Economic environment conditions and forces that 1 Affect the cost and availability of goods and 2 Thereby shape the behavior of buyers and sellers Legal and regulatory environment laws and regulations at local state national and international levels Market environment a company39s target customers the buying in uences that shape the behavior of those customers and the competitors that market the similar products to those customers 6 major functional areas in business enterprise P PWF 9 Accounting monitors controls and reports on spending Finance plans and provides funds Human resources supports all other functional areas Business services performs a variety of specialized functions Research and development RampD functional areas responsible for conceiving and designing new products Information technology IT systems that promote communications and information usage through the company or allow companies to offer new services to their customers 7 most important business professions 1 Operations manager management of the people and processes involved in creating goods and services a tasks production engineering assembly testing scheduling nance etc Human resources specialist plan and direct human resource activities recruiting training development compensation employee and labor regulations and health and safety Information technology manager design implement and maintain systems that help deliver the right info at the right time to the right people in the organization Marketing specialist identifying and understanding market opportunities and shaping the product pricing and communication strategies needed to pursue those opportunities a tasks branding advertising public relations creative communications social media etc Sales professional becoming one of the professionals responsible for building relationships with customers and helping them purchase decisions Accountant management accountants are responsible for collecting analyzing and reporting on nancial matters a Tasks analyzing budgets assessing the manufacturing cost of new products and preparing state and federal tax returns b Must be good with numbers analytical minds and attention to detail Financial manager perform a variety of leadership and strategic functions a Controllers oversee the prep Of income statements balance sheets etc b Treasurers and nancial of cers establish longterm nance goals and budgets raising capital need Professionalism the quality of performing at a high level and conducting oneself w purpose and pride 7 traits a professional works at Striving to excel wants to perform at the highest level possible Being dependable and accountable Be a team player Communicate effectiver be clear active listening Be respectful demonstrate etiquette Be ethical Be positive NP P PP N
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