Business lecture notes 1/6/15&1/8/15
Business lecture notes 1/6/15&1/8/15 20860
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Popular in Business
This 5 page Class Notes was uploaded by Hannah Diamond on Saturday January 17, 2015. The Class Notes belongs to 20860 at University of Oregon taught by Tom Durant in Winter2015. Since its upload, it has received 89 views. For similar materials see Introduction to Business in Business at University of Oregon.
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Date Created: 01/17/15
Business inclass 1615 Two market segments low tech and high tech based on size and performance They drift over time as costumers want smaller and faster gadgets Functional areas of Business Basic Resea rch and Development MarketingSales Production Hnance Economic concepts Economics The study of distributing resources for the production of good and services within a social system Resources Raw materials tools machinery capital and people factors of production Demand Supply and Price The principle elements of economics Economic Systems Command communism socialism free market and mixed Command economics The government controls what goods services are produced their quantity and prices Free market system private enterprise or capitalist What goods and services are produced their quantities and prices are based upon consumers demand and supply producers Government s role encourage free and fair competition between private producers Adam Smith wrote the Wealth of Nations 1776 promoted idea of unrestricted free trade Wealth of Nations nvisibe Hand An economic principle holding that the greatest bene t to a society is brought about by individuals acting freely in a competitive marketplace in the pursuit of their own selfinterest If each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it the market will settle on a product distribution and prices that are bene cial to all the individual members of a community Individual selfinterest Promotes competition innovation product and process greater value the worth importance or usefulness of something to somebody Bene ts All members of the community not just each individual 0 More products more choices 0 New products additional wealth Lower prices Yieds Ef cient allocation of resources especially through the division of labor specialization of tasks matched to each individual s skills Free market requirements include Private property Freedom of choice Fair competition Right to keep pro ts pBusiness inclass notes 1815 Adam Smith Wealth of Nations self interest invisible hand free market requirements Settle on product distribution and prices that benefit the consumer producer and all members of the community Markets Creating wealth and making transactions Market definition a group of people who have similar needs similar buying characteristics and the ability to purchase Markets are Socialized the degree to which activities are broadly or narrowly defined Complex a complex set of activities by many entities to get the product to the consumer Uncertain markets are not easily predictable Risky the chance of something going wrong Consumers will make an exchange or transaction only when they are made better off wealth As part of these exchanges or transactions competition between suppliers results in Pressure for lower prices Pressure for newbetter products Pressure for more efficient ways to do things To manage the economic part of your life including wealth You have to understand How the system works basic principles And be an informed Citizen Consumer Employee Business Owner Management Process To deal with uncertainty and risk in complex and specialized competitive markets Managers perform four functions Planning Organizing LeadingDirecting operating Controlling Planning Definition The process of defining intended future courses of action aimed at achieving specific goals or higher level objectives within a specific timeframe Planning involves Assessing future conditions and circumstances Setting goals based on that assessment Making decisions Work to be done By whom When Resources requirements Planning from top to bottom 35 years Sr Managers strategic 13 years middle managerstactical 6 mo1 year 1st line managers operational Planning starts at the top Strategic plans Define the marketsproducts necessary to realize the company s vision and objectives relative to competitors Purpose statement A statement regarding the purpose of the organization aka vision statement Strategical Objectives Higher level statements of how the visionprupose will be realized flows from the purpose statement Tactical Plans Specify how a company will use resources budgets and people to accomplish goals related to its strategic objectives Goals Specific statements of what will be done in what timeframe to achieve a specific end result flows from higher level objectives Operational plans Day to day plans from producing and delivering products and services Actions Who what when and how the goals will be accomplished Organizing Process and Structure Organizational Process The collection of activities that transform inputs into outputs that costumers value Organizational Structure The vertical and horizontal configuration of departments authority and jobs within a company LeadingDirecting Operating LeadingDirecting Communicating a vision Inspiringmotivating Point outprescribe a course of action Controlling Regulating the work of those for whom a manger is responsible including Setting standards of performance Monitoring ongoing realtime performance toward goal achievement Taking corrective action when needed Business functions primary Research and development Design productsservices that meet costumers needs Marketsales Know your customers determine how to best serve them and get them the product Productions Build quality products at lowest possible cost Finance Arrange for the tools and money necessary to meet the goals of the company Accounting Track summarize and analyze a firm s financial position Asset accounting term Assets ltems tangible or intangible that have value probable future economic benefits In an economic sense your knowledge skills and abilities are assets In your career you will take your knowledge skills and abilities to the market that is specialized complex and uncertain and hope to trade no them