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.