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Introduction to Business

Purpose of Course  showclose

Have you ever wondered what qualities billionaire Warren Buffet, visionary Steve Jobs, or upcoming Jeff Bezos of Amazon.com all have in common? After you finish studying business practices in this course, you may discover that you have some of the same qualities as other successful entrepreneurs.

This course is designed as a survey course that will expose you to business terminology, concepts, and current business issues. The intent is to develop a viable business vocabulary, foster critical and analytical thinking, and refine your business decision-making skills. These skills will be acquired by the reading materials, exercises, and research assignments in this course that simulate the workplace today. By delving into the five units of this course, you will be able to fine tune your direction and choice of career in business.

A major goal of your education is to help you become a citizen who can contribute and compete in an increasingly global environment. Elements of this course will focus on multicultural aspects of markets and business. Additional elements will ask you to look at other countries and evaluate the combination of business models and country characteristics.

Course Information  showclose

Welcome to BUS101, Introduction to Business. Below, please find some general information about the course and its requirements.
 
Course Designer: Sharon Dexter
 
Primary Resources: This course is comprised of a range of different free, online materials. However, the course makes primary use of the following materials:
Requirements for Completions: In order to complete this course, you will need to work through each unit and all of its assigned materials.  Pay special attention to Unit 1, as this lays the groundwork for understanding the more advanced, exploratory material presented in the later units.  You will also need to complete:
  • The Final Exam 
Note that you will only receive an official grade on your Final Exam.  However, in order to adequately prepare for this exam, you will need to work through the assignments listed above and all resources for each unit.
 
In order to “pass” this course, you will need to earn a 70% or higher on the Final Exam. Your score on the exam will be tabulated as soon as you complete it.  If you do not pass the exam, you may take it again.
 
Time Commitment: This course should take you a total of 132.75 hours to complete. Each unit includes a “time advisory” that lists the amount of time you are expected to spend on each subunit. These should help you plan your time accordingly. It may be useful to take a look at these time advisories and to determine how much time you have over the next few weeks to complete each unit, and then to set goals for yourself.  For example, Unit 1 should take you 19.75 hours. Perhaps you can sit down with your calendar and decide to complete the textbook reading for subunit 1.1 (10 hours) over the course of 4 days, so each day you will read 2.5 hours from Monday night through Thursday night; then read subunit 1.2 on Friday; etc. 
 
Tips/Suggestions: Your success in this course will depend on careful attention to detail in addition to a time management system you develop. Setting aside adequate time for completion of assignments and reading will be important. Learning is an ongoing process, and you will have challenges along the way. As a self-disciplined student, you will be in the driver’s seat to meet those challenges. Make sure to take notes on the resources you encounter in this course, and keep the learning outcomes, listed at the beginning of the course and at the beginning of each unit, in mind as you take notes. These notes will serve as a useful review as you begin to study for the Final Exam.

SBCTC  
This course has been developed through a partnership with the Washington State Board for Community and Technical Colleges. Unless otherwise noted, all materials are licensed under a Creative Commons Attribution 3.0 Unported License. The Saylor Foundation has modified some materials created by the Washington State Board for Community and Technical Colleges in order to best serve our users.

Learning Outcomes  showclose

Upon successful completion of this course, you will be able to:
  • explain how economic indicators shape business decisions;
  • identify and analyze business cycles;
  • describe the components of a business plan and the purpose of each component;
  • identify the legal forms of business, and describe the advantages and disadvantages of each;
  • describe and analyze the components of the marketing mix (product, price, place, and promotion), and explain how segmentation and research will foster an understanding of consumer behavior;
  • explain the components of a balance sheet and income statement;
  • formulate several financial ratios, and communicate the implications of those ratios for future performance of a company; and
  • explain and identify leadership and management skills necessary for a successful business.

Course Requirements  showclose

In order to take this course, you must:

√    Have access to a computer.

√    Have continuous broadband Internet access.

√    Have the ability/permission to install plug-ins (e.g. Adobe Reader or Flash) and software.

√    Have the ability to download and save files and documents to a computer.

√    Have the ability to open Microsoft Office files and documents (.doc, .ppt, xls., etc.).

√    Have competency in the English language.

√       Have read the Saylor Student Handbook.

Preliminary Information

  • Exploring Business

    You will be prompted to read sections of this book throughout the course. You may choose to download the text in full now and skip to the appropriate section as prompted by the instructions in the resource boxes below, or you can simply download the specific sections of the text assigned as you progress through each resource box.

    Reading: Exploring Business (PDF)

    Terms of Use: This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work’s original creator or licensee.

Unit Outline show close


Expand All Resources Collapse All Resources
  • Unit 1: The Context of Business  

    This unit covers basic macroeconomic concepts which provide the context for business.  This unit will explore economic and historical information that aids in government decisions today but also provides a foundation for future decision-making.  The events related to the financial meltdown of 2008 such as the bailout of AIG, Lehman Brothers, and General Motors provide teachable moments for such areas as economic policy and business cycles.  This unit attempts to draw in multiple sources of information and several great documentaries that have been created lately concerning the 2008 economic crisis while giving you an introduction to the context of business.   A quote referring to two business cycles that you will study still holds true today: “It’s a recession when your neighbor loses his job; it’s a depression when you lose yours.” - Harry S. Truman

    Time Advisory   show close
    Learning Outcomes   show close
  • 1.1 Productivity in the U.S. Economy  
    • Reading: Washington State Board of Community and Technical Colleges: Leslie Lum’s Introduction to Business: Readings and Workbook, pg. 51-147

      Link: Washington State Board of Community and Technical Colleges: Leslie Lum’s Introduction to Business: Readings and Workbook, pg. 51-147 (PDF)
       
      Instructions: Please click on the link above to access Lum’s Introduction to Business: Readings and Workbook (our BUS101 textbook), and read pages 51-147 for an explanation of the United States’ economy.  American workers are considered some of the most productive in the world.  Productivity is your final output after you have considered the hours worked.  Our productivity in this country has grown because technology has lowered the cost of producing goods and services.  As you read these pages, please note that for this first section, you are focusing on macroeconomics more than microeconomics, which includes gross domestic product, unemployment rate, and price indexes.  Make sure to click on any embedded hyperlinks in the course textbook for further suggested reading.  This resource covers the topics outlined in subunits 1.2 and 1.3, including any inclusive sub-subunits.
       
      This reading should take you approximately 10 hours to complete. It is recommended that you break this reading up over the course of 3 or 4 days.
       
      Terms of Use: The article above is released under a Creative Commons Attribution License 3.0 (HTML). The original version of this resource is available through the WSBCTC Open Course Library.

  • 1.2 Components of Economic Stability  
  • 1.2.1 Gross Domestic Product  
    • Reading: Library of Economics and Liberty: The Concise Library of Economics: Lincoln Anderson’s “Gross Domestic Product”

      Link: Library of Economics and Liberty: The Concise Library of Economics: Lincoln Anderson’s “Gross Domestic Product” (HTML)

      Instructions: Please click on the link above, and read Lincoln Anderson’s entire article, which provides an explanation of Gross Domestic Product.  The GDP is the dollar value of goods and services produced in a given country in a year.  Please be thorough in answering the following question: what is the significance of GDP as an economic indicator?

      Reading, taking notes, and answering this question should take you approximately 30 minutes to complete.

      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 1.2.2 Nominal and Real GDP Growth  

    Note: This topic is covered by the reading from the BUS101 textbook assigned below subunit 1.1 (pg. 51-147).  In the BUS101 textbook, as GDP is explained, there is also a historical perspective provided. Specifically focus on page 55, where there are forms of GDP growth provided.  The high GDP in the United States allows Americans a high standard of living.

    • Reading: Exploring Business: “Section 1.6: Measuring the Health of the Economy”

      Link: Exploring Business"Section 1.6: Measuring the Health of the Economy” (PDF)

      Instructions: Please click on the link above. Read this entire section for an understanding of economic goals and growth.  If we view solely the GDP, we are not given any indication of the health of the economy.  It is the change in GDP that is relevant. If GDP goes up, the economy is growing. This positive movement is what we want as we leave behind the most recent recession.  Complete the Exercises at the end of the reading.  Please note that this reading covers the topics for sub-subunit 1.3.8 and inclusive sub-subunits 1.3.8.1 through 1.3.8.6.
       
      This reading and Exercises should take approximately 1 hour to complete.

      Terms of Use: This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work’s original creator or licensee.

  • 1.2.3 GDP Per Capita  
  • 1.2.4 Inflation  
    • Web Media: New York Times’ “All of Inflation’s Little Parts”

      Link: New York Times’ All of Inflation’s Little Parts” (HTML)
       
      Instructions: Click on the link above to access the New York Times website.  Then, please read the brief text below the title and explore the interactive graph, which will give you insight into the rate of inflation as it impacts the global economy.  As the rate of inflation increases, there is a decline in your purchasing power as a consumer.  The rapid increase in the price of gasoline alone has caused fear in the eyes of the consumer.  This interactive media explains the many parts of inflation in addition to representing an average consumer’s spending.  List three main ways that inflation impacts your life as a student.  Refer to page 70 in Leslie Lum’s Introduction to Business: Readings and Workbook.  The graph entitled Inflation Rate at the top of the page shows the direction inflation has gone from 1914 to 2007.  (source: bls.gov).  Review this graph and read the text below it.  High interest rates can hurt businesses because consumers are less likely to buy when interest rates are high.  Additionally businesses find it expensive to purchase equipment and other overhead they may need to prosper.  Please note that reviewing this graph also covers the topic outlined in sub-subunit 1.2.5.
       
      You should spend approximately 1 hour studying this resource, listing ways inflation impacts your life, and reviewing the information on inflation in the course textbook.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 1.2.5 Consumer Price Index  

    Note: This topic is covered by the reading assigned below subunit 1.1 in the BUS101 textbook Introduction to Business: Readings and Workbook.  You have reviewed the graph on page 70 of Lum’s textbook in the previous sub-subunit 1.2.4; this graph will help you better understand the Consumer Price Index.  The Consumer Price Index has many uses by government and business. CPI tracks the spending habits of 10,000 people over the course of a month.  The CPI as it relates to inflation rates will tell the consumer how well the government is keeping inflation under control.  A business may use it to calculate the cost of living increases to its employees.  The U.S. government will use it to compute increases in Social Security.

  • 1.3 Components of Economic Policy  

    Note: This topic is covered by the reading assigned below subunit 1.1.  To cover this topic, please focus on page 77 of the reading for an overview of the workings of the U.S. government and its policies.

  • 1.3.1 Federal Budget (Revenues and Expenses)  
    • Web Media: U.S. Debt Clock’s “Debt Clock Time Machine”

      Link: U.S. Debt Clock’s “Debt Clock Time Machine” (HTML)
       
      Instructions: Please click the link above, and study the debt clock time machine.  This media provides an excellent illustration of federal budget and cumulative debt.  The sum of all federal deficits makes up our national debt, which you will see in the upper left hand corner of this display.  Please notice how much debt is assigned to each U.S. citizen.  You should know the difference between a yearly surplus and deficit in the United States government, and then equate this to the national debt. 
       
      You should spend approximately 15 minutes studying this resource.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 1.3.2 Budget Deficit (Expenses Exceed Revenues)  

    Note: This topic is covered by the reading assigned below subunit 1.1 in the BUS101 textbook, Introduction to Business: Readings and Workbook.  In particular, focus on the text under “Fiscal Policy” on page 77 as well as the graph on page 78 to learn about the definition of the budget deficit. In the year of an election, the candidates promise to reduce government spending.  Usually this does not happen.  The deficit in the United States is growing with the continuation of the wars in Iraq and Afghanistan.  The yearly deficit continues to add to the national debt.  Some U.S. citizens think that government spending helps the economy grow.  Others think that government spending comes out of the hands of consumers and business owners, thereby slowing growth.  Write a paragraph that expresses your thoughts on this argument.

  • 1.3.3 Budget Surplus (Revenues Exceed Expenses)  
  • 1.3.4 Government Regulation  

    Note: This topic is covered by the reading assigned below subunit 1.1 in the BUS101 textbook, Introduction to Business: Readings and Workbook.  In particular, focus on the visual and text on page 79 to learn about the monetary policy that U.S. government has in place.  This policy manages the money supply under the control of the Federal Reserve Board.

  • 1.3.5 Economic Indicators  

    Note: This topic is covered by the resource assigned below subunit 1.1 in the BUS101 textbook, Introduction to Business: Readings and Workbook.  Please focus on pages 81-84 for an explanation of the leading economic indicators. There are also lagging indicators presented.  These indicators are tools with which we measure the health and growth of our economy.

  • 1.3.6 Consumer Price Index  
    • Web Media: Bureau of Labor Statistics’ “CPI Inflation Calculator”

      Link: Bureau of Labor Statistics’ “CPI Inflation Calculator” (HTML)
       
      Instructions: Go to the CPI Inflation Calculator and perform two calculations:
      1. Compute what a pair of denim jeans cost the year you were born, if they cost $80 today.
      2. Compute what a car cost the year you were born, if it is selling for $23,000 today.
       
      Please feel free to explore the inflation rate of interest by performing additional calculations on this calculator.
       
      You should spend approximately 15 minutes exploring this resource.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 1.3.7 Rate of Inflation  
    • Reading: Inflation Data: Capital Professional Services’ “Historical Inflation”

      Link: Inflation Data: Capital Professional Services’ “Historical Inflation” (HTML)

      Instructions: Click on the link above and read about the pattern of inflation rates from 1913 to the present.  Pay particular attention to the chart that shows the percentage of inflation for each month from 2000 to 2012.  Note the numbers in red font in 2009, which indicates deflation.
       
      This reading should take approximately 15 minutes to complete.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 1.3.8 Business Cycles  

    Note: This topic is covered by the reading assigned below subunit 1.1 and sub-subunit 1.2.2 in the BUS101 textbook, Introduction to Business: Readings and Workbook.  In particular, please review pages 74-76 of the course textbook to learn about the characteristics of the business cycle and its relationship with the GDP.  The combination of expansion and contractions is called the business cycle.  In the Exploring Business textbook, focus on the selection under “Business Cycles” for “Section 1.6: Measuring the Health of the Economy.”

    • Reading: Library of Economics and Liberty: The Concise Encyclopedia of Economics: Christina D. Romer’s “Business Cycles”

      Link: Library of Economics and Liberty: The Concise Encyclopedia of Economics: Christina D. Romer’s “Business Cycles” (HTML)
       
      Instructions: Click on the link above and read the entire article.  Please pay particular attention to the information under the subheading “Causes of Business Cycles”.  After reviewing this section, summarize what you consider the three most viable causes of business cycles.
       
      This reading and summary should take approximately 30 minutes to complete.
       
      Terms of Use: Please respect the copyright and terms of use on the webpage displayed above.

  • 1.3.8.1 Economic Boom  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”.  In particular, review the text under the “Economic Growth” heading and the discussion on prosperity within Section: 1.6.

  • 1.3.8.2 Recession  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”.   In particular, review the text under the “Business Cycles” heading of Section 1.6, and focus on the discussions of recession.

  • 1.3.8.3 Depression  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”.   In particular, review the text under the “Business Cycles” heading of Section 1.6, and focus on the discussions of depression.

  • 1.3.8.4 Recovery  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”.   In particular, review the text under the “Business Cycles” heading in Section 1.6, and focus on the discussions of prosperity.

  • 1.3.8.5 Full Employment and Unemployment  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”. In particular, review the text under the “Full Employment” and “The Unemployment Rate” headings in Section 1.6, and focus on the definitions of full employment and the unemployment rate.

  • 1.3.8.6 Economic Forecasting  

    Note: This topic is covered by the reading assigned below sub-subunit 1.2.2 in Exploring Business: Section 1.6: “Measuring the Health of the Economy”.  In particular, review the text under the “Economic Forecasting” heading in Section 1.6, and focus on the leading and lagging economic indicators.

  • Unit 1 Activity  
  • Unit 2: Entrepreneurship and Legal Forms of Business  

    This unit will illustrate how the various forms of ownership (sole proprietorship, partnerships, and corporations) that an owner chooses affects how that business is taxed, how profits are distributed, and what regulations are to be followed.  Through careful study, as a potential owner, you will decide in which form you are the most comfortable operating.  You will also see that in some situations, it is necessary to move from one form of ownership to another.  The form of ownership you choose will directly correspond to the growth, taxation, and future of your company.

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  • 2.1 Legal Forms of Business  
  • 2.1.1 Business Strategy  

    Note: This topic is covered by the reading from the BUS101 textbook, Introduction to Business: Readings and Workbook, assigned below subunit 2.1.  In particular, focus on pages 158 and 159 of the course textbook to learn about business strategy.

  • 2.1.2 Sole Proprietorship  

    Note: This topic is covered by the reading from the BUS101 textbook, Introduction to Business: Readings and Workbook, assigned below subunit 2.1.  In particular, focus on pages 155-156 of our course textbook to learn about sole proprietorship.

  • 2.1.2.1 Advantages  

    Note: This topic is covered by the reading in Exploring Business: “Chapter 4: Selecting a Form of Business Ownership” assigned below sub-subunit 2.1.2.  In particular, please review the text below the heading “Advantages and Disadvantages of Sole Proprietorships.”

  • 2.1.2.2 Disadvantages  

    Note: This topic is covered by the reading in Exploring Business: “Chapter 4: Selecting a Form of Business Ownership” assigned below sub-subunit 2.1.2.  In particular, please review the text below the heading “Advantages and Disadvantages of Sole Proprietorships.”

  • 2.1.3 Partnerships (General and Limited)  

    Note: This topic is covered by the reading from the BUS101 textbook, Introduction to Business: Readings and Workbook, assigned below subunit 2.1.  In particular, focus on pages 155-156 to learn about sole proprietorship. Also, please review pages 156 and 157 of our course textbook to learn about general and limited partnerships.

  • 2.1.3.1 Advantages  

    Note: This topic is covered by the reading assigned below sub-subunit 2.1.3.  In particular, please review the section of text below the heading “Advantages and Disadvantages of Partnerships.”

  • 2.1.3.2 Disadvantages  

    Note: This topic is covered by the reading assigned below sub-subunit 2.1.3.  In particular, please review the section of text below the heading “Advantages and Disadvantages of Partnerships.”

  • 2.1.4 Corporations (LLC and Subchapter S)  

    Note: This topic is covered in the reading assigned below subunit 2.1.  In the course textbook, please make sure to review pages 157 and 158 as well as the section “Choosing a Business Structure.”

  • 2.1.4.1 Advantages  

    Note: This topic is covered by the reading in Exploring Business: “Chapter 4: Selecting a Form of Business Ownership” assigned below sub-subunit 2.1.4.  In particular, pay attention to the text below the heading “Benefits of Incorporation.”

  • 2.1.4.2 Disadvantages  

    Note: This topic is covered by the reading in Exploring Business: “Chapter 4: Selecting a Form of Business Ownership” assigned below sub-subunit 2.1.4.  In particular, pay attention to the text below the heading “Drawback of Incorporation.”

  • 2.2 Business Plan  
  • 2.2.1 Components of a Business Plan  

    Note: This topic is covered by the readings assigned below subunits 2.1 and 2.2.  In particular, in the BUS101 textbook, Introduction to Business: Readings and Workbook, focuson pages 159-167 to learn about a business plan.  In the Exploring Business textbook, please focus on the text below the heading “Sections of the Business Plan” in Section 5.6 of the reading.

    • Activity: BPlans’ “Sample Plans”

      Link: BPlans’ “Sample Plans” (HTML)
       
      Instructions: Please click on the link above to access the BPlans website, and choose a business plan of 1) a service business and 2) a goods business.  Compare and contrast the various components of these two types.  Be explicit in providing the name of each business plan examined.  This comparison and contrast paper should be approximately 800-1000 words.
       
      Reviewing both business plans and writing your paper should take approximately 3 hours to complete.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • 2.2.2 Break-even Analysis (Planning Tool)  

    Note: This topic is covered by the readings assigned below subunit 2.1.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 167 and 168, which explain break-even analysis.

  • 2.2.3 Tax Rates for Different Business Forms  
  • 2.3 Entrepreneurship  

    Note: This topic is covered by the readings assigned below subunits 2.1 and 2.2.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please review page 154 to learn about entrepreneurs.  In the Exploring Business textbook, please review “Section 5.1: What Is an Entrepreneur?”

  • 2.3.1 Qualities of Successful Entrepreneurs  
    • Reading: Small Business Administration’s “Is Entrepreneurship for You?”

      Link: Small Business Administration’s “Is Entrepreneurship for You?” (HTML)

      Instructions: Read this brief webpage to determine if you have what it takes to be an entrepreneur.  Then, write a summary paragraph that explains the characteristics of an entrepreneur that you believe you have and ones that you feel you could work on improving.

      Completing this reading and writing assignment should take approximately 15 - 20 minutes.

      Terms of Use: This resource is in the Public Domain.

  • 2.3.2 Role of Small Business Administration (SBA)  
  • 2.3.3 Environment for Entrepreneurs  
  • Unit 3: Marketing  

    The process of marketing found its way into the business mindset around 1950.  Marketingis the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.  It is a process that involves activities and communication designed to persuade buyers to buy, and through research, give customers what they want.  Before you enrolled in this course, you may have perceived marketing as only advertising and selling.  You will find that it encompasses the areas of publicity, public relations, and sales promotion.  Through the marketing process, businesses are able to tailor a product or service to their target market.

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  • 3.1 Marketing Defined  
  • 3.2 Marketing Strategy  

    Note: This topic is covered by the readings assigned below subunit 3.1.  In particular, in the BUS101 textbook, Introduction to Business: Readings and Workbook, focus on reviewing “Marketing Strategy” on pages 184-185.  Study the definition of Marketing Strategy and understand how the SWOT Analysis helps to arrive at a plan for marketing strategy.  In the Exploring Business textbook, please focus on the text under the heading “Marketing Strategy” in “Section 9.1: What Is Marketing?”

    • Reading: Marketing Teacher’s “SWOT Analysis”

      Link: Marketing Teacher’s “SWOT Analysis” (HTML)
       
      Instructions: Please click on the link above, and review this entire lesson on SWOT analysis.  Near the end of the webpage under “Free SWOT Analysis Examples,” choose two SWOT analyses from U.S. companies.  Compare the two and write a response on how the company’s marketing plan may be adjusted.  Then, at the top of the webpage, click on “Exercise,” and complete a SWOT for the given mock situation.  After completing the exercise, click on and check your “Answer.”
       
      This reading and these exercises should take approximately 2 hours to complete.
       
      Terms of Use: Please respect the copyright and terms of use displayed on the webpages above.

  • 3.2.1 Marketing Segmentation  

    Note: This topic is covered by the readings assigned below subunit 3.1. In the BUS101 textbook, Introduction to Business: Readings and Workbook, focus on the text below “Targeting Markets” on pages 183 to 184.  Also, in Exploring Business review the text below the headings “Segmenting the Market”. This section will focus on four types of segmentation: demographic, geographic, behavioral, and clustering.

  • 3.2.2 Marketing Mix  

    Note: This topic is covered by the readings assigned below subunit 3.1.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, focus on the “Marketing Mix” section on pages 185 and 186.  Also, review “Section 9.2: The Marketing Mix” in the Exploring Business textbook.

  • 3.2.3 Marketing Research  

    Note: This topic is covered by the reading assigned below subunit 3.1.  In the Exploring Business textbook,  pay particular attention to the text below “Conducting Marketing Research” in “Section 9.2: The Marketing Mix”.  You will be reading the section on Robosapien, the marketers at Wow Wee.  By reviewing their questions for marketing research, you will arrive at an understanding of marketing research and its benefits.

  • 3.2.4 Product Life Cycle  

    Note: This topic is covered by the readings assigned below subunit 3.1.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, start on page 186 under “Product” and re-read through “Brand” on page 190.  Review “Section 9.3: Pricing a Product,” “Section 9.4: Placing a Product,” “Section 9.5: Promoting a Product,” and “Section 9.7: The Product Life Cycle” in the Exploring Business textbook.

  • 3.3 Consumer Behavior  

    Note: This topic is covered by the readings assigned below subunit 3.1.  in the BUS101 textbook, Introduction to Business: Readings and Workbook,  make sure to review the information on customers on pages 191 and 192.  Review “Section 9.6: Interacting with Your Customers” in Exploring Business.

    • Lecture: University of Delaware: Alex Brown’s “Consumer Behavior” Lecture Notes

      Link: University of Delaware: Alex Brown’s “Consumer Behavior” Lecture Notes (HTML)
       
      Instructions: Please click on the link above, and read this entire webpage with lecture notes on consumer behavior.  These notes provide a brief overview of consumer buying behavior, the stages and types of this behavior, as well as factors which influence consumer buying behavior.
       
      This lecture should take approximately 30 minutes to complete.
       
      Terms of Use: Please respect the copyright and terms of use on the webpage displayed above.

  • 3.3.1 Customer-Relationship Management  

    Note: This topic is covered by the reading assigned below subunit 3.1.  Make sure to review the information under the “Customer-Relationship Management” heading in “Section 9.6: Interacting with Your Customers” in the Exploring Business textbook.

  • 3.3.2 Social Media Marketing  

    Note: This topic is covered by the reading assigned below subunit 3.1.  Make sure to review the information under the “Social Media Marketing” heading in “Section 9.6: Interacting with Your Customers” in the Exploring Business textbook.

  • 3.3.3 Cultural Aspects of Marketing  
  • Unit 4: Accounting, Finance, and Banking  

    Daily there are financial decisions made by the business owner that will impact every phase of the business operation such as payroll, cash flow, and projecting future growth.  A thorough understanding of accounting and financial management will allow you, as a business owner, to find the best sources and use of funds.  Your means of measuring the health of the business will come from the income statement, balance sheets, and financial ratios.  The concepts you will learn in this unit will be key to your business survival and success.  This unit will also help you understand how to report your business’s finances to the Internal Revenue Service.

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  • 4.1 Components of Income Statement  
  • 4.1.1 Understanding Financial Statements  

    Note: This topic is covered by the readings assigned below the Unit 4 introduction.  In particular, in the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 207-209 for information on income statements.  In the Exploring Business textbook, please make sure to review Chapter 12, “Section 12.2: Understanding Financial Statements” to gain an overview of the functions of different financial statements: income statement, balance sheet, and statement of owner’s equity. As you study the text below “Functions of the Financial Statements,” there are pertinent questions posed with four financial statements guiding you to the answers.  These financial statements are vital to survival in business.  They will serve as guidelines to making intelligent business decisions.  Also, pay particular attention to the text below the “Income Statement” heading.

  • 4.1.2 Key Financial Ratios Using the Income Statement  

    Note: This topic is covered by the readings assigned below the Unit 4 introduction.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 211-213 for information on income statement analysis.  In the Exploring Business textbook, please make sure to review Chapter 12, “Section 12:3: Accrual Accounting” and “Section 12.4: Financial Statement Analysis” to learn how to evaluate your company’s success based on the income statement and ratio analysis. For Section 12.3, please review the section under “The Income Statement” heading, and walk through the business scenario with the College Shop, which will allow you to determine if in fact this company made any money.

  • 4.2 Components of Balance Sheet  

    Note: This topic is covered by the readings assigned below the Unit 4 introduction.  In the BUS101 textbook, Introduction to Business: Readings and Workbook,  please focus on pages 210 and 211 for information on balance sheet analysis.  In the Exploring Business textbook, please make sure to review Chapter 12, “Section 12.2: Understanding Financial Statements,” focusing on the text under “The Accounting Equation.”  After reading the definitions, proceed to the paragraphs where you are going to prepare two balance sheets for your fictitious company.  The first balance sheet will be the situation at the start of the month and the second balance sheet will reflect what happened throughout that month.  Also, review “Section 12.4: Financial Statement Analysis,” focusing on the section under “Ratio Analysis.”

  • 4.2.1 Assets, Liabilities, and Stockholders’ Equity  

    Note: This topic is covered by the readings assigned below the Unit 4 introduction.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 210 for information on assets and liabilities.  In the Exploring Business textbook, please make sure to review Chapter 12, “Section 12.2: The Role of Accounting,” and focus on the text under the heading “How Do Financial Statements Relate to One Another?”  After reading this section, read the Key Takeaways for a summary that brings all the concepts of the reading together.  Also, re-read “Section 12.4: Financial Statement Analysis,” focusing on the section under “Ratio Analysis.”

  • 4.2.2 Key Financial Ratios Using the Balance Sheet  

    Note: This topic is covered by the readings assigned below the Unit 4 introduction.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 214-220, starting under “Financial Analysis.”  In the Exploring Business textbook, please make sure to review Chapter 12, “Section 12.4: Financial Statement Analysis,” focusing on the section under “Ratio Analysis.”  As you read, keep the following in mind: what is the main purpose of completing ratio analysis using any firm’s financial statement?  What are the categories of financial ratios?  It is important to remember that financial ratio guidelines may be different for one industry as compared to another.

  • 4.3 Role of Banks in Finance  

    Note: This topic is covered by the reading assigned below the Unit 4 Introduction in the Exploring Business textbook. In particular, focus on “Section 13.2: Financial Institutions,” and keep the following questions in mind as you read: what were the causes of the 2008 banking crisis?  What does the FDIC do for you if you deposit your money in a bank?  Are savings, loans, and credit unions part of the banking system?

  • 4.3.1 Role of the Federal Reserve  

    Note: You learned a bit about what the Federal Reserve does in sub-subunit 1.3.4.  This topic is also covered by the readings assigned below the Unit 4 introduction and subunit 4.3.  In the BUS101 textbook, Introduction to Business: Readings and Workbook, please focus on pages 220-223, starting under “Banking”. Also, review pages 2-10 of Appendix 2.  In the Exploring Business textbook, please make sure to review “Section 13.3: The Federal Reserve System,” focusing on the definition of the Fed in the first paragraph.

  • 4.3.2 Federal Reserve and Interest Rates  

    Note: You learned a bit about what the Federal Reserve does in sub-subunit 1.3.4.  This topic is also covered by the readings assigned below the Unit 4 introduction and subunit 4.3.  In the BUS101 textbook, Introduction to Business: Readings and Workbook,  please focus on pages 220-223, starting under “Banking” as well as review pages 11-18 of Appendix 2.  In the Exploring Business textbook, please make sure to review “Section 13.3: The Federal Reserve System,” focusing on the text below the heading “Reserve Requirements.” While reading Section 13.3, keep the following questions in mind: what are the three tools used by the Federal Reserve System to regulate the money supply in the United States?  How does the usage of these three tools affect you as a consumer? Who is at the head of the Federal Reserve Board?

  • 4.3.3 Federal Reserve Involvement in the Recent Financial Crisis  
  • 4.3.4 Federal Reserve’s Monetary Tools  

    Note: You learned a bit about what the Federal Reserve does in sub-subunit 1.3.4.  This topic is also covered by the readings assigned below the Unit 4 introduction and subunit 4.3.  In the BUS101 textbook, Introduction to Business: Readings and Workbook please focus on pages 220-223, starting under “Banking” as well as review pages 20-26 of Appendix 2.  In the Exploring Business textbook, please make sure to review “Section 13.3: The Federal Reserve System,” focusing on the text below the heading “The Tools of the Fed.”

  • 4.4 Credit Analysis  
  • 4.5 Value of Money  
  • Unit 5: Management  

    Management is a process through which the goals of an organization are achieved and change in the workplace is handled.  This process involves using human, financial, and informational resources.  The goals of any profit or non-profit business are achieved through the four steps of management: planning, organizing, controlling, and leading.  In this unit, you will discover that technical, conceptual, and interpersonal skills are essential to the management process.

    Time Advisory   show close
    Learning Outcomes   show close
  • 5.1 Define Management  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 249 and 250 of the BUS101 textbook, Introduction to Business: Readings and Workbook. Note the quote by Peter Drucker: “Management is doing things right; leadership is doing the right things.”  For the Exploring Business textbook, focus on Chapter 6, especially on “Section 6.1: What Do Managers Do?” “Section 6.2: Planning,” “Section 6.4: Organizing,” “Section 6.4: Directing,” and “Section 6.5: Controlling” for an overview of all the different aspects of management.  As you read the section in the Collins’ text, provide an example from you present workplace of each of the four functions of management.  Keep in mind there is also the self-management process you complete as an individual.  The movie “Slum Dog Millionaire” is a good example of overcoming weaknesses and building your confidence.

  • 5.1.1 Skills Needed for Management  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 249-253 of the BUS101 textbook, Introduction to Business: Readings and Workbook,  to learn about top management and skills that a manager needs.  For the Exploring Business textbook, focus on Chapter 6, especially “Section 6.6: Managerial Skills,” which includes discussions on various skills: technical, interpersonal, communication, conceptual, time-management, and decision-making.

  • 5.1.2 Social Responsibility  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 252 and 253 of our course textbook, starting under the heading “Corporate Social Responsibility.”

  • 5.1.3 Managing Information and Technology  
  • 5.2 Role of Human Resource Management  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 253-256 of the BUS101 textbook Introduction to Business: Readings and Workbook, starting under the heading “Human Resource Management.”  For the Exploring Business textbook, please review Chapter 7, especially “Section 7.1: Human Resource Management.”  Human Resource Management is about attracting, developing, and retaining a productive workforce in your company.  What are the steps to attract a qualified employee?  After reading Section 7.1 of Collins’ Exploring Business text, consider the challenge of managing three generations in the workplace (baby boomers, Generation X, and Generation Y).  Research the characteristics of each generation and its implications in the workplace. What other challenges lie ahead in the U.S. labor force?

  • 5.2.1 Employee Benefits  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 256-262 of the BUS101 Introduction to Business: Readings and Workbook, textbook, starting under the heading “Employee Benefits.”  For the Exploring Business textbook, please review Chapter 7, especially “Section 7.4: What Makes a Great Place to Work?”

  • 5.2.2 Labor Negotiation  

    Note: This topic is covered by the readings assigned below the Unit 5 introduction.  In particular, focus on pages 263 and 264 of the BUS101 textbook, Introduction to Business: Readings and Workbook, starting under the heading “Unions.”  For the Exploring Business textbook, please review Chapter 7, especially “Section 7.6: Labor Unions.”

  • 5.3 Teamwork and Communication  

    Note: This topic is covered by the Exploring Business reading assigned below the Unit 5 introduction.  In particular, please review “Chapter 8: Teamwork and Communications.”

  • 5.4 Forming a Corporate Mission and Culture  

    Note: This topic is covered by the reading in the BUS101 textbook, Introduction to Business: Readings and Workbook, assigned below the Unit 5 introduction.  In particular, make sure to review pages 249 and 250, starting with the text below “Mission Statement” and reading through the end of “Corporate Culture.”

  • Final Exam  

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