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Comm 101 1 - Sept 07 - Intro to Business.docx

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COMM 101
Jeff Kroeker

Comm101 – September 7 CLASS 1: INTRO TO BUSINESS INSTRUCTIONS Please go to the Comm101 library page* and view the following video and pre‐read the followin g article: 1) Watch: Sandstorm listed on NYSE 2) Read: Russia vodka drinkers get New Year headache • Consider: Is this the role of government or business? 3) Read: New BYOB rules just ‘common sense’ • Consider: If you own a restaurant is this good news or bad news? 4) Read the Syllabus on Vista 5) Buy an iClicker from the UBC Bookstore, register it on Vista, and bring it to class 6) Sign up for a personal UBC blog and pulsepress • Instructions are on Vista  Comm 101 Business Fundamentals Russia vodka drinkers get New Year headache – Threats/opportunities for vodka businesses - Role of government in taking measures and setting regulations, taxes, tariffs - Can be beneficial and help tackle issue at hand – excessive drinking - Drinking is part of their culture – may not affect demand level so much (elasticity) - Can bring more money through higher prices and set minimum - Black market – illegal, no quality control - Government – socialist vs capitalist view - Can challenge companies to be more innovative New BYOB rules just ‘common sense’ – Good news or bad news for business owners - Corkage fee for bringing your own bottle, making pure profit without costs/supplying - Changing demands of public, of companies - How much will consumers be willing to pay for corkage fee (from $5-25) - More customers who may not have bought a drink because of the set prices - There is a hassle, competition with other companies with this new change - Used to make a nice margin on wine Reflection – What did I learn today? - Examples of how government may work in the business through imposing laws, taxes, tariffs - “two sides to every story” – there are pros and cons with any changes and decisions - Customers ultimately decide if these changes work Things to look into for next class: • Why would marketing need to communicate with accounting? o Business is truly interdisciplinary, taking into account a mathematical discipline as well as  requiring logic, rationality and analysis. It deals with the social aspect of life, being an  essential part of social change and progress, but is also a science in its analysis of the  economy with its theories, evidence and predictions. Finally, it takes a daring  character to be able to take calculated risks and the confidence and foresight to succeed.  Marketing and accounting aren’t the only two business applications that are intertwined in its fate –  there are many others to follow in Commerce 101. o Accounting Marketing The accounting industry has its own need for marketing professionals. People who have experience working with accounting and marketing might find a place working in marketing for a certified public accountant, accounting or bookkeeping firm or business consulting firm which focuses on providing financial oversight for businesses. Marketing with these firms involves determining how to best promote the services, conduct market research related to the trends in accounting software and practices, and managing customer accounts to ensure satisfaction. o Accounting for Marketing Activities: Implications for Marketing Research and Practice Accounting practices affect the perceptions of marketing contributions both within and outside  the organization, and these perceptions in turn affect marketing budgets, resources,  influence, and practice.  Better understanding of the financial reporting model and its effects on marketing practice can help  practitioners better articulate the contribution of marketing activities, advocate 
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