Lecture #2-Business Intro -Course Model -Critical Success Factors

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Published on 16 Oct 2011
School
WLU
Department
Business
Course
BU111
Page:
of 2
September 21
BU 111
Lecture 2
online lab reg-Thursday 7am
need iclicker for first lab
prep for lab: read “What is a Case” (Lab Manual), “Joe McBrine Case”, discuss case using format from
“What is a Case”
NOT necessary to write the case up for submission to TA (this is a demo case)
jot some thoughts down to facilitate discussion
Jim posts slides after classes(5:30)
forces you to take good notes
don’t rewrite slides, you’ll already have it!
expand on bulleted points!!! (He could spend 5 mins on 1 point)
all exam questions are based on things discussed in lectures
summaries of lecture material will be up when we come to class--copy it down!!! (Helps organize
studying!!!
Business
Defn: The sum total of all activities involved in the creation and distribution of goods and services for
private profit.
Primary Activities of Business
ALL activities can be primary functions--CREATION, (operations, production, other primary function) or
--DISTRIBUTION (marketing) 2 primary reasons why a business exists
Ancillary Activities: secondary activities that dont create or distribute product, but need to exist anyways
such as accounting, finance (getting money), HR (the people), I/T, legal, etc.
Profit Motive: makin money! (the whole point of having a business)
The Business 111/121 Course Model (page 6 of lab manual)
What is a model: a representation of reality
Characteristics of a “Good” Model:
1.helps simplify our understanding of what would have been very complex,frames our thinking
2.provides MEANINGFUL framework for analyzing and studying the complex phenomena
3.shows various aspects of reality and how they interact with and impact one another
The Critical Success Factors (5 big themes in BBA) ON MIDTERM
What Are They? Indicators of business success
1.Achieving financial performance (makin money!!) means in the long term, making profit
2.Meeting customer needs: understand what the customer wants/needs, realize you have
competition for customer, satisfy needs better than competing companies, always reinventing
yourself
3.Provide QUALITY: compete with the very best, provide world-class service,
4.Encouraging innovation and think creatively: looking for new ways to do things offering
suggestions for improvement, being a manager who makes subordinates feel comfortable sharing
ideas
5.Gaining Employee Commitment (most important): enlist in the help of others, everything’s
people-driven, they help meet the needs of customers
September 21
BU 111
Lecture 2
**Every manager has the responsibility to help their organization achieve success

Document Summary

Lecture 2: online lab reg-thursday 7am, need iclicker for first lab, prep for lab: read what is a case (lab manual), joe mcbrine case , discuss case using format from. Defn: the sum total of all activities involved in the creation and distribution of goods and services for private profit. All activities can be primary functions--creation, (operations, production, other primary function) or. -distribution (marketing) 2 primary reasons why a business exists. Ancillary activities: secondary activities that dont create or distribute product, but need to exist anyways such as accounting, finance (getting money), hr (the people), i/t, legal, etc. Profit motive: makin money! (the whole point of having a business) The business 111/121 course model (page 6 of lab manual) What is a model: a representation of reality. 1. helps simplify our understanding of what would have been very complex,frames our thinking. 2. provides meaningful framework for analyzing and studying the complex phenomena.