BU111 - Every Single Lecture It's a PDF of every single lecture and everything that was taught all in one file! :)

73 views48 pages
user avatar
Published on 16 Oct 2011
School
WLU
Department
Business
Course
BU111
What Is Business?
It is some total of all activities involved in the creation and distribution of goods and services for private profit.
Primary Activities of a Business
Will create some kind of goods or services -----> operations function
Distribution of the actual goods of services -----> marketing function
Ancillary (secondary) Activities
Accounting function - information gathering, summarizing info to help marketing their products and selling the
product
H/R function - recruiting ppl, training ppl, salary admin, human side of the operation, etc
IT function
Profit Motive
Ppl are driven to make money, this is what drives business and and differs from the govt
The Business 111 Course Model (The BBA program model)
What is a model?
A model is a representation of reality
Characteristics of a "Good" Model
A good model helps to simplify our understand of what would otherwise be a very complex phenomena
A good model structures or frames our thinking regarding a complex topic
A good model provides a meaningful framework for analyzing and studying a complex phenomena
A good model helps to show how the various aspects of reality (parts of the model) interact with or impact upon one
another
Your current model of bu111 and the role of management in business
Like a blank page
Our course model will effectively "shape" or" frame" your view of business and the role that managers must play in
today's business environment
Model
Critical Success Factors
Achieving financial performance
1.
Meeting customer needs
2.
Providing quality products and services
3.
Encouraging innovation and creativity
4.
Gaining employee commitment
5.
Lecture 1
September-16-09
2:57 PM
Lecture 1 Page 1
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 48 pages and 3 million more documents.

Already have an account? Log in
Business Stakeholders
Individual or groups who depends on a company for the realization of their personal goals and on whom
the company is dependent for the realization of its goal
Therefore the relationship btwn a business and its stakeholders is said to be one of "mutual
dependency"
Primary stakeholders
Owners (shareholders)
Customers
Employees
Secondary stakeholders
Suppliers
Creditors
Communities
Govt
Society as a whole
Stakeholders Relationship
Stakeholders provide a business with the capacity to the company to operate
Owners provide capital
-
Customers provide sales revenue
-
Employees provide labour, creativity, customer quality, etc.
-
Stakeholders therefore have legitimate expectations of a business
Owners expect fair ROI (return on investment)
-
Customers expects quality of product, service
-
Employees expects fair wages
-
Therefore business must recognize its responsibility to address stakeholder expectations
Failure to address stakeholders expectations will result in demotivated and uncommitted employees
Dissatisfied and disappearing customers
Angry shareholders and falling stock prices
Potential banktruptcy of the firm
Management's Primary Objective
To devise and implement strategies that will allow the organization to achieve the critical success factors
in a manner that meets legitimate stakeholder expectations
In attempting to achieve this primary objective all managers must be able to analyze 2 different sets of
environment factors
Factors operating within the firm's external business environment
Factors operating within the firm's internal business environment
Characteristics of the External Business Environment
Extremely dynamic and constantly changing --> the paste of change is very rapidly accelerating
Increasingly competitive
Increasingly globalized
Complex, interactive, two-way phenomena
Lecture 2
September-16-09
2:59 PM
Lecture 2 Page 2
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 48 pages and 3 million more documents.

Already have an account? Log in
Largely uncontrollable from the perspective of individual firm or manager
PEST: A Model for Analyzing the External Environment
B/c the external business environment is largely uncontrollable it must be constantly monitored by
management
Goals is the be proactive vs reactive
PEST: Political, Economic, Social, Technologic
The Process of Management
All managers, in respective of their level in the organization must master the process of management
Def: The basic tasks performed by all levels of management in order to realize the firm's primary
objective - achieving critical success factors in a manner that meets legitimate stakeholders expectations
The basic tasks are:
Planning
Organizing
Directing, motivating , and employing
Controlling
Communicating
Factors of Production
The basic resources that a country's business use to produce goods & services
5 Basic factors of production:
Capital: the financial resources needed to operate a business
Labour: the mental and physical capabilities of an organization work force
Natural Resources: physical resources such as land, mineral, water, etc.
Entrepreneurs: ppl who accept the risks involved in creating and operating a business
Information Resources: information such as economic as data, market info, various measures of
performance (sales, cost, etc.) and the means where by this info can be quickly summarized, retrieved
and use by managers
Lecture 2 Page 3
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 48 pages and 3 million more documents.

Already have an account? Log in

Document Summary

It is some total of all activities involved in the creation and distribution of goods and services for private profit. Will create some kind of goods or services -----> operations function. Distribution of the actual goods of services -----> marketing function. Accounting function - information gathering, summarizing info to help marketing their products and selling the product. Finance function - responsible for generating the funds. H/r function - recruiting ppl, training ppl, salary admin, human side of the operation, etc. Ppl are driven to make money, this is what drives business and and differs from the govt. The business 111 course model (the bba program model) A good model helps to simplify our understand of what would otherwise be a very complex phenomena. A good model structures or frames our thinking regarding a complex topic. A good model provides a meaningful framework for analyzing and studying a complex phenomena.