Introduction to Business
|Course Number||MGT 153W|
|Course Description||Clarifies the role of business in modern society both domestic and international. Includes an overview of the American business environment, forms of business ownership, obtaining and managing financial resources, management of organizations and human resources, and current issues in the free enterprise system. (45-0)|
Outcomes and ObjectivesDemonstrate an introductory knowledge of the foundations of business.
Demonstrate an introductory knowledge of ethics and social responsibility.
- Define business and identify potential risks and rewards.
- Describe the important reasons for studying business.
- Describe the two types of economic systems, capitalism and planned economy.
- Identify the ways to measure economic performance.
- Outline the four types of competition.
- Summarize the development of America's business system.
- Discuss the challenges that American businesses will encounter in the future.
Demonstrate an introductory knowledge of the forms of business ownership.
- Describe what is meant by business ethics.
- Identify the types of ethical concerns that arise in the business world.
- Discuss the factors that affect the level of ethical behavior in organizations.
- Explain how ethical decision making can be encouraged.
- Describe how our current views on the social responsibility of business have evolved.
- Explain the two views on social responsibility of business and understand the arguments for and against increased social responsibility.
- Discuss the factors that led to the consumer movement and list some of its results.
- Analyze how present employment practices are being used to counteract past abuses.
- Describe the major types of pollution, their causes and their cures.
- Identify the steps a business must take to implement a program of social responsibility.
Demonstrate an introductory knowledge of small business, entrepreneurship, and franchises.
- Describe the basic differences among the three most common forms of business ownership: sole proprietorships, partnerships, and corporations.
- Explain the advantages and disadvantages of proprietorships, partnerships, and corporations.
- Summarize how a corporation is formed, who owns it, and who is responsible for its operation.
- Describe the basic structure of a corporation.
- Name three types of corporations organized for special purposes, and explain how they differ from the more typical open or close corporation.
- Identify how corporations grow.
- Discuss three additional forms of ownership: cooperatives, joint ventures, and syndicates.
Demonstrate an introductory knowledge of the management process.
- Define what a small business is and recognize the fields in which small businesses are concentrated.
- Identify the people who start small businesses and the reasons why some succeed and many fail.
- Assess the contributions of small businesses to our economy.
- Judge the advantages and disadvantages of operating a small business.
- Explain how the Small Business Administration helps small businesses.
- Explain the concept and types of franchising.
- Analyze the growth of franchising and its advantages and disadvantages.
Demonstrate an introductory knowledge of creating an organization.
- Define what management is.
- Describe the four basic management functions: planning, organizing, leading and motivating, and controlling.
- Distinguish among the various kinds of managers, in terms of both level and area of management.
- Identify the key management skills and the managerial roles.
- Explain the different types of leadership.
- Discuss the steps in the managerial decision-making process.
- Describe how total quality management can improve customer satisfaction.
- Summarize what it takes to become a successful manager today.
Demonstrate an introductory knowledge of people and motivation in business.
- Identify five characteristics common to all organizations.
- Explain why job specialization is important.
- Identify the various bases for departmentalization.
- Explain how decentralization follows from delegation.
- Describe how the span of management describes an organization.
- Distinguish between line and staff management.
- Describe the three basic forms of organizational structure: bureaucratic, organic, and matrix.
- Summarize how corporate culture, entrepreneurship, committees, coordination techniques, informal groups, and the grapevine affect an organization.
Demonstrate an introductory knowledge of human resources management.
- Explain what motivation is.
- Recognize some earlier perspectives on motivation: scientific management, Theory X, and Theory Y.
- Outline Maslow's hierarchy of needs.
- Discuss Herzsberg's motivation-hygiene theory.
- Describe four contemporary views of motivation: equity theory, expectancy theory, reinforcement theory, and Theory Z.
- Explain several techniques for increasing employee motivation.
Demonstrate an introductory knowledge of union-management relations.
- Describe the major components of human resources management.
- Identify the steps in human resources planning.
- Describe cultural diversity and understand some of the challenges and opportunities associated with it.
- Explain the objectives and uses of job analysis.
- Describe the processes of recruiting, employee selection, and orientation.
- Discuss the primary elements of employee compensation and benefits.
- Explain the purposes and techniques of employee training, development, and performance appraisal.
- Outline the major legislation affecting human resources management.
Demonstrate an introductory knowledge of an overview of marketing.
- Explain how and why labor unions came into being.
- Discuss the sources of unions' negotiating power and trends in union membership.
- Identify the main focus of several major pieces of labor-management legislation.
- Enumerate the steps involved in forming a union, and show how the National Labor Relations Board is involved in the process.
- Describe the basic elements in the collective bargaining process.
- Identify the major issues covered in a union-management contract.
- Explain the primary bargaining tools available to unions and management.
Demonstrate an introductory knowledge of money, banking and credit.
- Know the meaning of marketing, and explain how it creates utility for purchasers of products.
- Trace the development of the marketing concept and understand how it is implemented.
- Describe what markets are and how they are classified.
- Identify the four elements of the marketing mix, and be aware of their importance in developing a marketing strategy.
- Explain how the marketing environment affects strategic market planning.
- Describe how market measurement and sales forecasting are used.
- Distinguish between a marketing information system and marketing research.
- Identify several factors that may influence buying behavior.
- Describe three ways of measuring consumer income.
Demonstrate an introductory knowledge of financial management.
- Identify the functions and important characteristics of money.
- Describe the differences between commercial banks and other financial institutions in the banking industry.
- Identify the services provided by commercial banks and other financial institutions.
- Summarize how the Federal Reserve System regulates the money supply.
- Explain the function of the Federal Deposit Insurance Corporation (FDIC), Savings Association Insurance Fund (SAIF), Bank Insurance Fund (BIF), and National Credit Union Association (NCUA).
- Discuss the importance of credit and credit management
Demonstrate an introductory knowledge of securities markets and investments.
- Explain the need for financing and financial management in business.
- Summarize the process of planning for financial management.
- Describe the advantages and disadvantages of different methods of short-term financing.
- Evaluate the advantages and disadvantages of equity financing and debt financing from the corporation's standpoint.
- Discuss the importance of using funds effectively.
- Describe how securities are bought and sold through the primary and secondary markets.
- Develop a personal investment plan.
- Explain how the factors of safety, risk, income, growth, and liquidity affect an individual's investment decisions.
- Identify the advantages and disadvantages of the traditional investment alternatives: savings accounts, bonds, stocks, mutual funds, and real estate.
- Describe the high-risk investment techniques, including buying on margin and selling short.
- Use the various sources of financial information to evaluate potential investments.
- Explain how federal and state authorities regulate trading in securities.