Introduction to Business

Introduction to Business

Introduction to Business covers current business practices while offering a closer look at the fundamentals of business. This comprehensive resource explores owning and operating a business, leadership and management, human resource management, marketing and social media, information systems, accounting, and finance. This course considers ethics, social responsibility, and global issues. Case studies and video segments from experienced business professionals provide real-world context.

 

Module 1: Introduction to Business

  • Define what business is
  • Discuss the role of business in the economy
  • Describe the stages of the business lifecycle
  • Discuss entrepreneurship and intrapreneurship
  • Explain the difference between for profit and nonprofit organizations
  • Identify the eras in the history of American business
  • Describe the four factors of production and how they impact the economy
  • Discuss today’s business environment
  • Explain the legal issues in starting a business venture
  • Describe the differences between sole proprietorships and partnerships
  • Discuss other forms of incorporation
  • Explain how franchises operate
  • Discuss intellectual property (IP) rights, including patents, copyright, trademarks and trade secrets

Module 2: Business Ethics and Corporate Social Responsibility

  • Discuss the role of ethics in the workplace
  • Describe some of the major ethical frameworks used in developing business ethics
  • Discuss the Ethical Triangle and its three components: Individual Ethics,
  • Leadership Ethics, and Governance and Control
  • Recognize the varied influences involved in ethical decision-making
  • Outline ethical models and guidelines
  • Apply ethical principles to workplace scenarios
  • Define corporate social responsibility (CSR) and explain how the concept has been broadened
  • Describe the moral and economic arguments for CSR
  • Outline the criticisms of CSR
  • Explain the role of CSR standards and how CSR is measured
  • Recognize the impact on corporations of their CSR performance
  • Outline best practices for CSR

Module 3: Economics

  • Discuss the importance of studying economics
  • Explain the relationship between production and division of labor
  • Evaluate the significance of scarcity
  • Describe microeconomics and macroeconomics
  • Contrast monetary policy and fiscal policy
  • Interpret a circular flow diagram
  • Contrast traditional economies, command economies, and market economies
  • Explain gross domestic product (GDP)
  • Assess the importance and effects of globalization
  • Explain the laws of supply and demand
  • Describe how firms set prices

Module 4: Global Business

  • Discuss the importance of studying economics
  • Explain the relationship between production and division of labor
  • Evaluate the significance of scarcity

Module 5: Managing and Leading the Business

  • Define leadership and explain major leadership theories
  • Discuss the importance of communications for leadership
  • Describe the basics of team leadership
  • Explain the key techniques for meeting the challenges of leading change
  • Discuss approaches to conflict resolution

Module 6: Entrepreneurial Innovation

  • Discuss the characteristics of an entrepreneur
  • Describe the eight stages of the entrepreneurial process
  • Discuss the discovery stage, idea assessment, and the corridor principle
  • Outline the market evaluation stage
  • Outline ways to structure the venture
  • Discuss the strategic planning process for an entrepreneur
  • Describe the operational and financial planning needed for a new venture
  • Outline how an entrepreneur develops and employs a business plan
  • Describe the options for funding the new venture
  • Discuss issues in implementing the plans for a new venture
  • Discuss social innovation and entrepreneurship
  • Discuss public sector entrepreneurship
  • Discuss intrapreneurship

Module 7: Organization and Human Resources

  • Describe the role of Human Resources Management in the organization
  • Explain theories of motivation and the impact of motivation on employees
  • Discuss the importance of training and development to the organization
  • Describe the performance management process
  • Discuss organizational factors including reporting relationships and EEO
  • Explore issues surrounding workforce diversity
  • Describe the recruitment and selection process for new employees
  • Discuss compensation and benefits policies and practices
  • Explain the role of unionization in today’s organizations

Module 8: Marketing

  • Define marketing and the marketing concept
  • Understand the marketing process
  • Explain the uses of the marketing mix (the Four Ps)
  • Explore the relationship between marketing and strategic planning
  • Understand customer value, customer satisfaction, and the importance of loyalty
  • Discuss the role of ethics in marketing
  • Describe the marketing planning process
  • Understand how marketing information and market research is gathered, analyzed, and used
  • Describe how target markets are identified and pursued
  • Understand product marketing, including new product development
  • Discuss the marketing issues involved in establishing the promotional mix and in setting prices
  • Understand the key issues in placement and distribution planning

Module 9: Operational Aspects of Business

  • Describe the role of operations management (OM) in the organization, including operational planning and control
  • Explain how the basic tools and techniques of quality management are employed in companies
  • Discuss how information technology (IT) management focuses on meeting the information needs of managers
  • Describe the strategic planning and analysis process
  • Explain the importance of employee productivity, managerial productivity, and technology productivity in the organization and how it is achieved

Module 10: Accounting for Business

  • Generally Accepted Accounting Principles (GAAP)
  • Rules of Double-Entry Accounting
  • The Balance of the Account
  • The Accounting Cycle
  • Relationship of Financial Statements

Module 11: Finance for Business

  • Finance for the Entrepreneur
  • Financial Planning and Budgets
  • Pricing Strategies
  • Fixed and Variable Costs
  • Calculating the Master Budget
  • The Cash Budget
  • Pro Forma Financial Statements
  • The Financing Plan
  • Evaluating New Ventures
  • Break-even Analysis
  • Return on Investment and Payback Period