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Copyright © 2012 Pearson Education,Inc. Publishing as Prentice Hall

Copyright © 2015 Pearson Education, Inc. 1-1

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Developing aBusinessMindset

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1-3Copyright © 2015 Pearson Education, Inc.

Knowing the Language of Business

• Business• Profit• Value• Loss

• Revenue• Not-for profit organizations• Competitive advantage• Environments of usiness• Ris!• Reward

• "tandard of living• #ualit$ of life• Resear%h and development• &nformation te%hnolog$

• 'anufa%turing and produ%tion• 'ar!eting• (inan%e and a%%ounting• )uman resour%es• Professionalism

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*he Con%ept of Business and Profit

• Business: an organization that providesgoods or servi%es to satisf$ %ustomer+sneeds and to earn profits

, *angi le goods - automo iles rea!fast%ereals %omputer %hips

, "ervi%es - insuran%es musi% %on%erts %ar

rentals lodging

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.dding Value/ the Business of Business

Revenue 'one$ a %ompan$ rings inthrough the sale of goods andservi%esProfits

differen%e etween ausiness+s revenues and itse0penses

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1h$ is Business &mportant

&mpa%ts our standard of living

&mpa%ts our 2ualit$ of life

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&dentif$ing 'a3or *$pes of Businesses

Not-for-profit organizations• 4rganizations that provide goods and servi%es without

having a profit motive these are also %alled nonprofitorganizations

• Nonprofits fo%us on health human servi%es edu%ation artreligion and %ulture

• Nonprofits %ontri ute to the e%onom$

• Nonprofits are organizations that also re2uire management• 'an$ nonprofits wor! with usinesses to improve the 2ualit$ of

life in so%iet$

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Business mo e!

. %on%ise des%ription of how ausiness intends to generate

revenue

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&dentif$ing 'a3or *$pes of Businesses

$oo s-pro u%ing&usinesses

Companies that%reate value $ma!ing 6things 7most of whi%h are

tangi le

'ervi%e &usinesses , Companies that

%reate value $performinga%tivities thatdeliver some

enefit to%ustomers

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Ris! and Reward

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Ris! and Reward

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Ris! and Reward

8oods produ%ing usinesses are often%apital-intensive usinesses

"ervi%e usinesses tend to e la or-intensive usinesses

Barrier to entr( - .n$ resour%e or%apa ilit$ a %ompan$ must have eforeit %an start %ompeting in a given mar!et

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"eeing Business from the &nside 4ut

Business min set . view of usiness that %onsiders the m$riadde%isions that must e made and the man$pro lems that must e over%ome efore%ompanies %an deliver the produ%ts that satisf$%ustomer needs

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*he Business 'indset

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Positive and Negative Effe%ts of Business

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*he 'ultiple Environments of Business

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Re%ognizing the 'ultiple Environmentsof Business

'o%ia! environment*rends and for%es in so%iet$ at large• 9iversit$•

.ging Population• Rising 1or!er E0pe%tations• Ethi%s and "o%ial Responsi ilit$

'ta)e*o! ers&nternal and e0ternal groupsaffe%ted $ a %ompan$+s de%isionsand a%tivities

h l l

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1-2"Copyright © 2015 Pearson Education, Inc.

Re%ognizing the 'ultipleEnvironments of Business

+e%*no!ogi%a! environment(or%es resulting from the pra%ti%alappli%ation of s%ien%e to innovations

produ%ts and pro%esses,isruptive te%*no!ogies

*hose that fundamentall$ %hange thenature of an industr$Can e powerful enough to %reate ordestro$ entire %ompanies5

% i i h l i l

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Re%ognizing the 'ultipleEnvironments of Business

%onomi% environment*he %onditions and for%es that affe%t the%ost and availa ilit$ of goods servi%es

and la or and there $ shape theehavior of u$ers and sellers

.ega! an regu!ator( environment

Laws and regulations at lo%al statenational and even international levels

R % i i h ' l i l E i

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Re%ognizing the 'ultiple Environmentsof Business

/ar)et environment . %ompan$+s target %ustomers the

u$ing influen%es that shape the

ehavior of those %ustomers and%ompetitors that mar!et similar produ%tsto those %ustomers

' 3 ( % i l i

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'a3or (un%tional .reas in aBusiness Enterprise

&d if$i h ' 3 ( % i l

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&dentif$ing the 'a3or (un%tional .reas in a Business Enterprise

Resear%* an eve!opment 0R ,(un%tional area responsi le for%on%eiving and designing new produ%ts

nformation te%*no!og( 0 +"$stems that promote %ommuni%ation andinformation usage through the %ompan$or that allow %ompanies to offer newservi%es to their %ustomers

&d if$i h ' 3 ( % i l

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/anufa%turing pro u%tion oroperations

.n area where the %ompan$ ma!es

whatever it ma!es :for goods-produ%ingusinesses; or does whatever it does

:for servi%e usinesses;Pur%hasing logisti%s fa%ilitiesmanagement

&d tif$i th ' 3 ( %ti l

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/ar)eting%harged with identif$ing opportunities in themar!etpla%e

wor!ing with R

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&dentif$ing the 'a3or (un%tional .reasin a Business Enterprise

inan%e an a%%ountingresponsi le for virtuall$ ever$ aspe%t of a firm+sfinan%es

ensuring that the %ompan$ has the funds itneeds to operatemonitoring and %ontrolling how those funds arespentdrafting reports for %ompan$ management andoutside audien%es su%h as investors andgovernment regulators

&d tif$i th ' 3 ( %ti l i

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&dentif$ing the 'a3or (un%tional .reas ina Business Enterprise

uman resour%es 0 R

responsi le for re%ruiting hiringdeveloping and supportingemplo$ees

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E0ploring Careers in Business

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1-3"Copyright © 2015 Pearson Education, Inc.

.%hieving Professionalism

Professiona!ism*he 2ualit$ of performing at a high

level and %ondu%ting oneself withpurpose and pride

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Elements of Professionalism

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Cop right © 2012 Pearson Ed cationh © 0 d

Communi%ating Effe%tivel$

Listen a%tivel$Provide pra%ti%al information8ive fa%ts rather than vague impressions

9on+t present opinions as fa%tsPresent information in a %on%ise and effi%ient manner Clarif$ e0pe%tations and responsi ilities

4ffer %ompelling persuasive arguments andre%ommendations

ba 101 pp 2015 chapter 1

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