BUSI 1301 - Business Principles

After studying the material presented in the text and online, the student should be able to complete all behavioral/learning objectives listed below with a minimum competency of 70% on exams and quizzes.

1. Describe the foundations of American business.
   1. Define basic business terms including business, competition, profit, free enterprise, etc.
   2. Define economics and describe the two types of economic systems.
   3. Define how the three basic economic questions—what, how, and for whom—are answered in free-market and planned economies.
   4. List possible risks and rewards associated with becoming an entrepreneur.
   5. State the four main ingredients of laissez-faire capitalism.
   6. Describe how the United States measures economic performance.
   7. Outline the phases of the typical business cycle.
   8. Summarize and differentiate among the four different types of economic competition.
   9. Describe how supply and demand determine price in competitive markets.
   10. Summarize the development of our business system.
   11. Identify the roles that households, businesses, and governments play in our business system.
2. List current ethical and social responsibility issues in American business.
   1. Identify the types of ethical concerns that arise in the business world.
   2. Discuss the ethical pressures placed on decision makers.
   3. Explain how ethical decision making can be encouraged.
   4. Describe how our current views on the social responsibility of business have evolved.
   5. Explain the two view of social responsibility of business.
   6. Discuss the factors that led to the consumer movement and list some of its results.
   7. Discuss how present employment practices are being used to counteract past abuses.
   8. Identify the steps a business must take to implement a program of social responsibility.
3. Define international business.
   1. Explain the economic basis for international business.
   2. Discuss the restrictions that nations place on international trade, the objectives of these restrictions, and their results.
   3. Outline the extent on international business and the world outlook for trade.
   4. Discuss international trade agreements and international economic organizations working to foster trade.
   5. Define the methods by which a firm can organize for and enter into international markets.
   6. Describe the various sources of export assistance.
4. Distinguish among the forms of business ownership in America.
   1. Describe the three most common forms of business ownership: sole proprietorships, partnerships, and corporations.
   2. Explain the advantages and disadvantages of sole proprietorships, partnerships, and corporations.
   3. Explain the different types of partners and the importance of partnership agreements.
   4. Summarize how a corporation is formed, who owns it, and who is responsible for its operation.
   5. Describe the basic structure of a corporation.
   6. Describe the special types of corporations including S-corporations, limited-liability companies, and not-for-profit corporations.
   7. Discuss three additional forms of ownership: cooperatives, joint ventures, and syndicates.
   8. Explain how corporations grow from within and through mergers.
5. Define small business, entrepreneurship, and franchises.
   1. Describe what a small business is and recognize the fields in which small businesses are concentrated.
   2. Identify the people who start small businesses and the reasons why some succeed and many fail.
   3. Assess the contributions of small business to our economy.
   4. List the advantages and disadvantages of operating a small business.
   5. Explain how the Small Business Administration helps a small business.
   6. Explain the concept and types of franchising.
   7. Analyze the growth of franchising and its advantages and disadvantages.
6. Analyze the management process.
   1. Define management.
   2. Describe the four basic management functions: planning, organizing, leading, and controlling.
   3. Distinguish among the various kinds of managers in terms of both level and area of management.
   4. Identify the key management skills of successful managers.
   5. Explain the different types of leadership.
   6. Discuss various stages of the managerial decision-making process.
   7. Describe how organizations benefit from total quality management.
7. Discuss the process of creating an organization.
   1. Describe what an organization is and identify its characteristics.
   2. Explain why job specialization is important.
   3. Identify the various bases for departmentalization.
   4. Explain how decentralization follows from delegation.
   5. Define span of management and explain how it affects an organization.
   6. Distinguish between line and staff management.
   7. Describe the four basic forms of organizational structure.
   8. Describe the effects of corporate culture.
   9. Define what an informal organization is and how it operates through informal groups and the grapevine.
8. Summarize the elements of operations management.
   1. Explain the nature of production (operations management).
   2. Outline the conversion process which transforms input resources into finished goods and services.
   3. Understand the importance of service businesses to consumers, other businesses, and the nation’s economy.
   4. Discuss the need for research and development and how it leads to new products and services.
   5. Discuss the components involved in planning the production process.
   6. Explain how purchasing, inventory control, scheduling, and quality control affect production.
   7. Summarize how technology can make American firms more productive and competitive in the global marketplace.
9. Explain human resources management.
   1. Describe the major components of human resources management.
   2. Identify the steps in human resources planning.
   3. Describe cultural diversity and understand some of the challenges and opportunities associated with it.
   4. Explain the objectives and uses of job analysis.
   5. Describe the processes of recruiting, employee selection, and orientation.
   6. Discuss the primary elements of employee compensation and benefits.
   7. Explain the purposes and techniques of employee training and development.
   8. Discuss performance appraisal techniques and performance feedback.
   9. Outline the major legislation affecting human resources management.
10. List motivation theories and explain the use of motivation in business.
    1. Explain what motivation is.
    2. Describe earlier perspectives on motivation such as scientific management, Theory X and Theory Y, Maslow's hierarchy of needs, Herzberg's motivation-hygiene theory, and Theory Z.
    3. Describe three contemporary views of motivation: equity theory, expectancy theory, and goalsetting theory.
    4. Explain several techniques for increasing employee motivation.
    5. Describe the types, development, and use of teams.
11. Describe the basics of marketing.
    1. Define marketing and explain the importance of managing customer relationships.
    2. Explain how marketing adds value.
    3. Trace the development of the marketing concept and understand how it is implemented.
    4. Understand what markets are and how they are classified.
    5. Understand the two major components of a marketing strategy—target market and marketing mix.
    6. Explain how the marketing environment affects strategic market planning.
    7. Understand the major components of a marketing plan.
    8. Identify the major steps in the consumer buying decision process and the factors that may influence buying behavior.
12. Explain how companies decide on products and pricing.
    1. Explain what a product is and how products are classified.
    2. Discuss the product life cycle and how it leads to new-product development.
    3. Explain the uses and importance of branding, packaging, and labeling.
    4. Describe the economic basis of pricing and the means by which sellers can control prices and buyers' perceptions of prices.
    5. Identify the major pricing objectives used by businesses.
    6. Examine the three major pricing methods that firms employ.
    7. Explain the different strategies available to companies for setting prices.
13. Discuss physical distribution and promotion of a product.
    1. Identify the various channels of distribution that are used for consumer and industrial products.
    2. Understand how supply-chain management facilitates partnering among channel members.
    3. Discuss the need for wholesalers and describe the services they provide for retailers and manufacturers.
    4. Distinguish among the major types of retail outlets.
    5. Explain the most important physical distribution activities.
    6. Explain how integrated marketing communications works to have the maximum impact on customers.
    7. List the basic elements of the promotion mix.
    8. Identify types of advertising, sales promotion, and public relations techniques.
    9. Identify the major steps in developing an advertising campaign.
    10. Recognize the various kinds of salespersons, the steps in the personal selling process, and the major sales management tasks.
    11. Describe the types and uses of public relations.