BUSI 1800 Study Guide - Fall 2018, Comprehensive Midterm Notes - Human Resources, Universal Product Code, United States Dollar
12 Oct 2018
School
Department
Course
Professor
BUSI 1800
MIDTERM EXAM
STUDY GUIDE
Fall 2018
The Changing Face of Business (Week 1)
●Business: all profit-seeking activities and enterprises that provide goods and services necessary to an economic
system
●Profits: rewards for business people who take the risks involved to offer goods and services to customers
Factors of Production
●Natural resources
●Capital
●Human resources
●Entrepreneurship
The Private Enterprise System
●Economic system determines business ownership, profits, and resources
●Firms rewarded for their ability to serve needs of consumers
●Minimizes government intervention
●Competition: the battle among businesses for consumer acceptance
Basic Rights within a Private Enterprise System
●Competition
●Freedom of choice
●Private property
●Profits
The Entrepreneurship Alternative
●Entrepreneurs …
○Are risk takers (career, financial, personal, and social risks)
○See a potentially profitable opportunity
○Devise a plan to achieve success in the marketplace and earn those profits
○Fuel economy
○Provide innovation
History of Business
1. Colonial Period (<1776)
2. Industrial Revolution (1760-1850)
3. Age of Industrial Entrepreneurs (Late 1800s)
4. Production Era (1920s)
5. Marketing Era (Since 1950s)
6. Relationship Era (Since 1990s)
7. Social Era (Since 2004)
Managing Relationships Through Technology
●Relationship management: the collection of activities that build and maintain ongoing, mutually beneficial ties with
customers
○Dependant on technology
Strategic Alliances
●Partnership: an affiliation of 2+ companies that help each other achieve common goals
●Strategic alliance: a partnership formed to create a competitive advantage for businesses involved
Present Business Workforce
●Reliable workforces dedicated to promoting strong ties with customers and partners
●Capable of efficient, high-quality production
●Able to compete in global markets
●Innovative and tech savvy
find more resources at oneclass.com
find more resources at oneclass.com
Changes in Workforce
●Aging Population
○As baby boomers hit the peak of their careers, generations x and y launch careers
○Technology has also intensified the hiring challenge as workers are required to have more skills
●Increasingly Diverse Workforce
○⅔ of Canada’s growth is due to international immigration, particularly from Asia
○Diverse employee teams are more effective
21st Century Manager
●Vision: ability to perceive marketplace needs as well as what an organization must do to satisfy them
●Critical thinking: ability to analyze and assess information to pinpoint problems and opportunities
●Creativity: capacity to develop novel solutions to perceived organizational problems
●Ability to lead change: managers must be comfortable with tough decisions in fluctuating conditions and guide
employees through changes
What Makes a Company Admired?
●Solid profits
●Stable growth
●Challenging yet safe work environment
●High-quality goods and services
●Business ethics and social responsibility
What’s Ahead
●New technologies
●Population shifts
●Shrinking global barriers
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
All profit-seeking activities and enterprises that provide goods and services necessary to an economic. Rewards for business people who take the risks involved to offer goods and services to customers. Economic system determines business ownership, profits, and resources. Firms rewarded for their ability to serve needs of consumers. Are risk takers (career, financial, personal, and social risks) Devise a plan to achieve success in the marketplace and earn those profits. 2: age of industrial entrepreneurs (late 1800s, production era (1920s, marketing era (since 1950s, relationship era (since 1990s, social era (since 2004) The collection of activities that build and maintain ongoing, mutually beneficial ties with customers. A partnership formed to create a competitive advantage for businesses involved. Affiliation of 2+ companies that help each other achieve common goals. Reliable workforces dedicated to promoting strong ties with customers and partners. As baby boomers hit the peak of their careers, generations x and y launch careers.
