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Lecture

BU111 Lecture Notes - Bachelor Of Business Administration


Department
Business
Course Code
BU111
Professor
Jim Mc Cutcheon

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September 15, 2010
Introduction to Business
Lecture 1 Notes - What is Business?
What is Business?
Definition of Business: The sum total of all activities involved in the creation and distribution of
goods and services for private profit
1. Primary activities
a. Creation of good/service (operations function)
b. Distribution of good/service (marketing - promotion, distribution network, retailer, getting
to final consumer)
2. Secondary activities (make possible the performance of the two primary activities)
a. Accounting
b. Finance (generate necessary capital, facilitates performance)
c. H/R (hiring, pay systems)
3. Profit Motive (purpose of business)
Business 111 Course Model (BBA Program Model)
What Is A Model?
o A model is a representation of reality
Characteristics of a "Good" Model?
o A "good" model helps to simplify our understanding of what would otherwise be a very
complex phenomena
o A "good" model structures or "frames" our thinking regarding a complex topic
o A "good model provides a meaningful framework for analyzing and studying a complex
phenomena
o A "good" model helps to show how the various aspects of reality (parts of the model)
interact with or impact upon one another (forecasting what could happen in the future,
impact on one thing against another)
Critical Success Factors (Indicators of Business Success)
Achieving financial performance (need to make profit)
o Shareholders: firm making for every dollar invested
Meeting customer needs
o Beat competitors by understand needs and address with product offerings
o Monitor customers and desires and needs
Providing quality products and services
o World-class level of service and quality
Encouraging innovation and creativity
o People-driven type of activity
Gaining employee commitment (most important: people)
o Good manager: lead people, direct people, get people motivated to achieve the goals the
organization set out for itself
o Your people are the ones really leading you to success
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