Business Explain: Business Administration

Explain career opportunities in entrepreneurship.

There is opportunity to make a lot of money, be your own boss, have total authority, make an impact on the economy and on society, to leave a legacy, and to know that you have done a great accomplishment.

Explain the rights of workers.

Employees have the right not to be discriminated on because of age, disabilities, gender, genetic predispositions, race, religion, sexual orientation, etc.
They should be able to support unions, take medical leaves, file complaints and report unsafe conditions without retaliation.

Explain the employee's role in expense control.

Employees have a big impact on how much money their business spends. They should:
Help the company save when travelling (if applicable)
Control the energy costs by turning of lights and putting their computers to sleep
Not waste office supplies
Take care of what they use (desks, break room, etc.)
Keep their printing to a minimum
Accept temporary reduced work hours

Explain the nature of overhead costs.

The term for all of the expenses for which a business must pay on an on-going basis to keep their business running, not including the cost of materials, labor, or third-party expenses.
Ex. Rent, utilities, insurance.

Describe health and safety regulations in business.

OHSA (The Occupational Safety and Health Administration) is a government agency that tries to make sure that workplaces in America are safe
Businesses are required to provide their employees with consistent protection from harm

Describe the marketing functions. 7 Functions of Marketing.

Describe the marketing functions.

The 7 marketing functions are:

Distribution: Determining the best ways for customers to locate,obtain,and use the products and services of an organization. Involves moving the product each step from the deign idea to the consumer.
Financing: Budgeting for marketing activities,obtaining the necessary funds needed for operations,and providing financial assistance to customers so they can purchase the business products and service.
Marketing Information Management: Obtaining,managing,and using information about what customers want to improve business decision making, performance of marketing activities, and determining what will sell.
Pricing: Setting and communicating the value of products and services. Setting the price at the right level.
Product and Service Management: Designing,developing,maintaining,improving,and aquiring products and services that meet consumer needs.
Promotion: Communicating with customers about the product to achieve the desired result--customer demand for and purchase of the product. Includes advertising, personal selling, publicity, and public relations.
Selling: Communicating directly with potential customers to determine and satisfy their needs.

Marketing-information management

A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions. Examples can include questionnaires, customer surveys, and observing customers.

Promotion

A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Examples: TV ads, magazine ad, direct mail.

Marketing functions

Interrelated activities that must work together to get goods and services from producers to customers

Selling

A marketing function that involves matching and satisfying of customers needs and wants with available goods or services.

Product/Service management

A marketing function that involves creating the correct product mix for a business and working to meet the wants and needs of the customer.

Channel Management

A marketing function that is responsible for the flow of goods or services from the producer to the consumer and determines where products should be sold.

Pricing

A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value

Testimonial

An endorsement of a product by someone claiming to have benefited from its use.

Explain marketing and its importance in a global economy.

To remain competitive, companies must often market their product to the entire world, instead of just a small group
The product, price, placement, or promotion of a product or service will vary across the world
By marketing globally, companies like Coca-Cola and Starbucks are known and trusted worldwide

Explain the role of ethics in human resource management.

Human resource departments must work ethically, especially when making decisions about the hiring and treatment of employees. They are responsible for making sure that the company has workplace safety as well as a zero tolerance for discrimination.
Ethics in human resource management help the company work better and improve the perception of the company by the public

Discuss the nature of human resource management.

The department in a business that is responsible for attracting, selecting, training, hiring, and rewarding employees within the business.

Describe the nature of income statements.

A statement that shows how much a business has made in a certain accounting period
Shows the net profit or net loss incurred during a time period

Explain the nature of balance sheets.

Summarizes a company's assets, liabilities, and shareholders' equity at a certain point in time
Allow investors to see what the business owns, what it owes, and how much was invested in the company by shareholders

Describe the nature of cash flow statements.

Measure how much money is coming into and going out of a business
Shows the business how much profit they are making and shows them where they may need to cut spending to make a higher profit

Discuss the role of ethics in accounting.

The nature of what accountants do requires a high level of ethics because accountants work with people's money

"Knowledge of ethics can help accountants and auditors to overcome ethical dilemmas, allowing for the right choice that, although it may not benefit the company, will benefit the public..."

Explain the concept of accounting.

Keeping financial records so that an individual or business can see where their money is coming from, what it is going to, and how they can spend their money more efficiently.

Describe concept of insurance.

When you buy insurance, you agree to a policy that says that if something happens to whatever you have insured, it will be fixed, replaced, or protected up to a certain amount

Explain types of investments.

Bonds: by purchasing a bond, you are lending money to a company or business—in return the company or government will eventually pay you back
Stocks: by purchasing stock, you are essentially buying a piece of the company, so you can vote as a shareholder and say what the company can or cannot do
Mutual funds: a collection of stocks and bonds that is held by a group of people. By investing in a mutual fund you are sharing in your part of the risk and your part of the reward

Explain the purposes and importance of credit.

Having good or bad credit determines whether or not people can be approved to get credit cards, take out loans, buy cars, start businesses etc.
Credit shows how financially responsible a person is based on how they pay their bills and what debt they are in.

Explain the concept of leadership.

Good leaders are:
Ethical
Respectful
Objective
Open-minded
Skilled in the field that they lead
Good communicators (both talking and listening)

Identify desirable personality traits that are important to business.

Creative—you have to think outside of the box so that you're ahead of what everyone else is doing
Dependable—do what you say you will do so that others will respect your word
Compassionate—in business, you have to deal with a lot of people, and they will respect you more if you are compassionate
Enthusiastic—having the right attitude will help you to be the best
Motivated—being self-motivated makes you more effective
Curious—curiosity may lead to great innovations
Resilient—you have to accept that you will fail, and you can let those failures make you better
Confident—do not be obnoxious or arrogant but believe in what you are saying

Explain the nature of global trade.

Also called international trade, it is the exchange of goods and services across international borders
Effected by industrialization, globalization and outsourcing
Causes new competition to arise and innovations to be made