...Urban Outfitters Continuing Case Study Part 2:-The Business Environment. Pr. Joseph B. Pettiford Introduction to Business 9 Nov 2009 1. Identify at least three challenges when setting up a business. Explain why they are challenges. The challenges will vary depending on the business; therefore, there are three important challenges to consider when setting a business one of them is the capital, location, and service. Acquiring adequate capital is fundamental to setting up a business this could be challenging. You need money to stat up and have something to live on until the business is successful. However, it is important to manage the capital wisely in the business needs, in order to earn profit to avoid a loss, and be successful. Depending of the type of business the right location is essential. Making a decision of picking up a right place for starting a business could be challenging. For instance if you have coffee shop food traffic is a great place, and if you have, a gas station near the intersections of the highway is perfect. However, if you pick a wrong location you may go out of business. Offering the best service and good value product is essential for a costumer. It is important to listen, stay positive and stay involved when offering a good product value. Costumers are going to be satisfied and come back to your store. However, if do not provide them value along with a costumer...
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...Chapter 4 Introduction to Business Discussion Questions 1. How do relative ethics compare to universal ethical standards? Should ethics ever be relative? Provide a rationale for your response. Relative ethics apply to mainly you and your family while universal ethics apply to everyone across a broad spectrum of situations. Yes ethics should be relative. Because it very important what you do right and what you do wrong. 2. What is an ethical dilemma? Give 3 examples of ethical dilemmas that workers or managers might face in a business setting. When whatever you might do will have negative consequences. Forcing you to choose among bad options. 1) If someone was to ask you if he should go to another job, but you need him to complete a job. So you have to make the decision to tell him to go or stay. 2) If your boss tells you that you will get a raise but only if he was to fire your friend at work that will affect him and his family. And you have to make the decision to fire him or get the raise. 3) If an office was wanting a new copy machine at the office and asks you to take it out of your pay or do some extra work and he will take it out of your friend at works pay. 3. Compare the role of the individual and the role of the organization in ethical decision making. How can business promote an ethical climate? The individual role comes with making decisions that will affect you, your family your religion. The organization role affects people who work for the organization...
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...Introduction to Business Introduction to Business American International University Abstract The inventor wants to market his product. He has no knowledge in finance or management skills. He begins to gather information about what it takes to start a business. He learns it’s best to consult with a lawyer or an account about regulations, taxes, job offers and legal matters. The three different business organizations which are, sole proprietorship, partnership and corporation. Making the decision which organization would best help him succeed and serve his customers. Introduction to Business Starting a business is important to seek a lawyer or an accountant. Having knowledge on the legal forms of business will help the business owner with regulations for the locations were you would open his establishment, and how to prepare their yearly taxes. Research the location for information on the culture that occupies the area and know what kind of products they like and want. It would be beneficial for your customers and profitable for the business owner. Also by having a business in whatever location it will open up job opportunities for the people. (AIU Online Course Material) An inventor enjoys doing little jobs around the house by, cleaning, fixing minor repairs and remodeling. He has a product that he wants to market, but has very little knowledge on financial and management skills. He doesn’t have much money to start his business. He...
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...Introduction to Business CHAPTER 1 BUSINESS CONCEPTS Learning Objectives: After completing this chapter, you will be able to: Distinguish between business and not-for-profit organization. Describe why do we study business? Explain Survival, profit, growth, and increasing shareholder value. Describe what are the different types of stakeholders? Explain what are the major resources used in a business? How do they impact business? Explain all business decisions and their functions. State what are the indicators of measuring business performance and how to measure those? Describe what role a business does play to develop economy of a country? Define social business with its 7 principles. 2 5/9/2015 GREEN BUSINESS Minimize ‘carbon footprint’. 3 5/9/2015 BUSINESS Concept of Business: Business is an organization that produces or sells goods or services to gain profit. For example, SQUARE Pharmaceutical, KDS Garment, Fresh Cement and City Bank Ltd. Activities of Business: 1. It must be organized 2. It must satisfy needs 3. It must earn a profit. 4 5/9/2015 1. IT MUST BE ORGANIZED Must include four types of resources: - Materials - Human - Financial - Informational For example, SQUARE Pharmaceuticals Ltd. needs chemical and other raw materials to produce medicine it sells in the market. In addition, this company also needs human, financial, and informational resources. 5 5/9/2015 2. IT MUST SATISFY...
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...Introduction T.G.I. Fridays will try hard to be the top casual food chain in the world. They aim to have their guest have a great meal, a good environment and an affordable price. As times have change, T.G.I. Fridays must change to hold there changing customers. They will introduce the latest menu to attract new target markets while still catering to their existing customer. New promotion will be attract a lot of people and T.G.I Fridays will continue working to create an atmosphere friendly to every race, gender, age and others. Market Segmentation Market segmentation is the process of defining and divide a large heterogeneous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that just matches the expectations of customers in the targeted segment. Few companies are big enough to supply the need of an whole market, most of them must break down the total demand into segments and choose those that the company is best fit out to handle. Clear identification of the segment, measurability of its valid size, its accessibility through promotional efforts and appropriateness to the policies and resources of the company are the four basic factors that affect market segmentation. In this section, it has four important segmentation topics, it is segmentation consumer markets, segmentation business markets, segmentation international markets, and the requirements for affective segmentation. (Philip...
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...Introduction to Business (2) – Sept. 7th 2015 – Jan van der Ende Innovative Management * Innovation = The generation, development and commercialization of products, new services or new business models by a firm. * Business model = The way a company creates, delivers and captures value. Innovation – Mostly fails (40%) * Radical innovation * Non-radical innovation No innovation = die (Kodak) Innovation: * Teamwork (Multiple perspectives) * No communication No product * Concept development Prod./Serv. Development Commercialization (process) * Innovation process in the book on page 347 Design-driven innovation * Propose the customer, without recognizing a problem. * Social process Innovation funnel (product screening) * Think 5 years ahead Product life cycle Disruptive innovation – Business model * New product with a different set of performance attributes * Underperforming on the attributes that mainstreams customers value * High improvement potential on these attributes Newspaper Website Model Christensen – The Innovator’s dilemma Problem for traditional brands. Customers think the service of the budget service is good enough. Problem for traditional brands. Customers think the service of the budget service is good enough. Solution: Brands like Air France-KLM makes a budget brand (EasyJet). Sustaining innovation * Bigger airplanes * Add service to a product (3) – Sept. 9th 2015...
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...Stereotyping | Strategic alliance | Tariff | Trade deficit | Trade surplus | Trading blocs | | | Case Study Whirlpool Summary Nations trade to obtain raw materials and goods that are either unavailable in their own country or too expensive to produce. Trade increases a country’s total output, and offers greater variety and lower prices to consumers. Nations restrict international trade to help their own economies and to protect their domestic companies from competition with foreign rivals. They do this by imposing taxes, surcharges, tariffs, quotas, embargoes, and sanctions on the goods of foreign companies. Groups of nations form trading blocs to protect their own trade interests (EU, ASEAN, NAFTA, and Mercosur). International business activities can include importing, exporting, licensing, franchising, strategic alliances, joint ventures, and foreign direct investment (FDI). Outline I. Fundamentals of International Trade Companies in different countries compete for customers with companies in other countries in our global marketplace. II. Why Nations Trade A. Economies of scale – By producing and selling more units, companies can purchase raw materials at reduced prices by buying in large quantities and distributing them more efficiently. B. Absolute advantage – occurs when a country can produce goods more efficiently than any other country. C. Comparative advantage theory – suggests...
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...According to L. A. Allen --- ‘’ Management is what a manager does’’. Manager: A manager is he who does various kinds of task and he has the power of supervise the employee to achieve the organizational goals & objectives. Various Managerial skills: Robert L Katz identifies three skills of managers:- (1) Technical skill. (2) Human skill. (3) Conceptual skill. Technical skill: Technical skill is the knowledge or ability of managers to use a process, technique, procedure or any specialized activities. Accounts engineers, surgeons all have their technical skills necessary for their respective professions. Most managers especially at the lower level and mid-level need technical skills for effective task performance. Technical skills are important especially for first line managers, who spend much of their time training subordinates &supervising their related problems. Human skill: Knowledge and ability to work with other people effectively to understand other people, to motivate other people both has individuals and groups. Managers spend much of their time interacting with people both inside and outside their organizations. We may recall here Mint berg’s explanation of how top (And middle) managers spend their time: 59 percent in meetings, 6 percent on the phone, and 3 percent no tours. All of these managerial activities involve other...
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...MANAGEMENT Laurie Dahl AIU College Abstract Let’s say that you want to start up a business. You need to have a manager to be able to run the business. And you need to have employees also to be able run your business. But you have to be able to be controlling, leading, organized, and to be able to plan out the product that you want to build. You also need to have a in line plan for your business. MANAGEMENT Controlling: you can assess, measuring performance, and corrective action that is a necessary. You can bring performance to the line with expectations. You need to bring measuring performance yields information to the business position that is respect it goals, objectives, standards, and have the expectations. The measurement is predetermined standard. You need to know the business how it is performing in a business. The standards that may be used in running a business are quality, quantity, time cost and the behavior when you are running a business. When you have a business any size you need the efforts of all the functional area. You need to have it organized do that all areas work as a team and meet their goals. Leading: It is ability to have a positive influence, and motivate, and inspire the staff to the performance of service of the business goals and objectives. When leading you have a stronger social component than other management functions that involves in range activities. Managers have the ability to establish strong relationship that is based on their...
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...The Entrepreneur who inspires me Background: The entrepreneur who inspires me is Kaniz Almas Khan who is the owner of Persona. She is the pioneer who established Persona as a brand in the beauty industry. She is the successful entrepreneur not only among the women but also among the entrepreneurs of Bangladesh. With a deep passion on beautification of human being and a great wish to do something different and big, she started her journey in the beauty industry. She has started her journey with a very small capital. Though her parental home is in Dhaka but she was born in Chittagong. Her father Dewan Badiul Alam used to stay there in connection with employment. She had passed her childhood at Dhaka’s garden house in Malibag. After passing Secondary and Higher Secondary Examinations from Siddheswari Girls School and College, Kaniz Almas Khan accomplished graduation from Eden College. Then she took training on Beatification from famous beautician of Bangladesh, Zerin Ashgar Khan. Later took training from Kolkata, Mumbai, Delhi, China and Bangkok. With a deep passion on beautification of human being and a great wish to do something different and big, she started her journey in the beauty industry. In her journey to become a successful woman entrepreneur in the beauty industry of Bangladesh, she got all types of necessary supports from her mother, in laws, husband and peer groups. Then from innate eagerness to beauty and with the inspiration of the members of the family, make-up...
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..."types of advertising" under types of advertising. List, define and provide examples of each. * Product advertising- is any method of communication about the promotion of a product in an attempt to induce potential customers to purchase the product. Advertisement usually requires payment to a communication channel. The general objective of product advertisement is to increase brand awareness or to demonstrate the differences between the product and competing products to induce purchasing. Example - Products or services that appeal to the general public are often advertised on radio and television because they reach a broad audience. * Institutional advertising - focuses on touting the benefits, ideas, or philosophies of your business, or its entire industry, to enhance or repair its reputation rather than selling a product or service. Since institutional advertising attempts to build a positive image, it's closely related to public relations. In fact, it's a form of advertising that may be used in a public relations campaign. Institutional advertising relating to an entire industry is usually funded and developed by industrial, trade or professional associations rather than individual businesses. Example- a tobacco company can use institutional advertising to produce an antismoking commercial that warns consumers of the dangers of its products. Beer and liquor companies can also run commercials that warn consumers of the dangers of drinking and driving * Cause...
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...Business: organized approach to providing customers with the goods and services they want. The word business also refers to an organization that provides these goods and services. Types of businesses A. Manufacturing Firm Manufacturing firms produce a wide range of products. Large manufacturers include producers of airplanes, cars, computers, and furniture. Many manufacturing firms construct only parts rather than complete, finished products. B. Merchandisers Merchandisers are businesses that help move goods through a channel of distribution—that is, the route goods take in reaching the consumer. Merchandisers may be involved in wholesaling or retailing, or sometimes both. A wholesaler is a merchandiser who purchases goods and then sells them to buyers, typically retailers, for the purpose of resale. A retailer is a merchandiser who sells goods to consumers. C. Service Enterprises Service enterprises include many kinds of businesses. Examples include dry cleaners, shoe repair stores, restaurants, hospitals, and hotels. 1.3. BUSINESS OPERATION or BUSINESS FUNCTION. A variety of operations keep businesses, especially large corporations, running efficiently and effectively. Common business operation divisions include (1) Production, (2) marketing , (3) finance, and (4) human resource management Management is an Art: This is due to the following reasons: 1. Manager applies knowledge and skills to coordinate the efforts of people 2. Management seeks to achieve concrete...
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...Unit 1: The Business Environments AIU Online Abstract Comprehending the three legal businesses are prompted through the business type you desire to generate. Based on your goal you would want to select a type of business fitting you free enterprise and the amount of management judgments you will have to make. In the particular scenario provided, you would decide the best fit type of business; first you are going to explore your business opportunities. If the accurate selection was establish it would benefit every aspect of the business. Available net worth, management experience, and demand for you product are things to be considered. The Business Environment Mentally and financially going into a business through this time of economic struggle the Unites States is in would be challenging. I have produced a product that is cheaper than the competition and it is certain to benefit the homemaker in all of us. It is a necessity to choose the way I am going to go to manufacturing and distributing my products. For my product to meet my ultimate goal it has to hit widespread market, Maximize profits and lower Liability. I will certainly not be success, if I do not explore my opportunities. There are three main categories that businesses are broken down into from the legal position they are; Sole Proprietorship, Partnership and Corporation. One of the supreme mutual varieties of the new developing trivial business is Sole Proprietorship. Each aspect of my business and making...
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...rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Factors that contribute to the rapid pace of change in business are Natural Resources, Capital, Human Resources, and Entrepreneurship. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; they support the growth and health of a country's national economy. Without entrepreneurship, a country's economy may lack: innovation (research, development, new inventions and products), employment (entrepreneurs create jobs whenever they start new companies), and profits (entrepreneurs add value to the national economy by buying and selling products and services). People risk their time, money and other resources to start and manage a business. But, they also give hope to a better workforce. A lot of people; who are unemployed right now will find jobs that are more flexible and challenging, working for big and small business owners. 3. When did American business begin to concentrate on...
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...RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Introduction to Business Ethics BY: Carolyn Troxel BUSN 310 Unit 1 (IP) American InterContinental University (Online) RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Abstract I am going to show you how you would effectively present potentially defective products to the CEO’s. Then I am going to show how you would notify your customers of such an occurrence, and what kind of action you would take so this would not happen in future. RUNNING HEAD: INTERNATIONAL LEGAL AND ETHICAL ISSUES IN BUSINESS Introduction to Business Ethics * How would you effectively present the issue of potentially defective products to the CEO, other directors, and managers? When you effectively present an issue to the CEO and other directors and the managers, I would empathize with those in management first and then I would present my facts. I would make sure that I used “I” in my statements throughout my whole presentation. I would always tell management what was going on and I would always begin with “I have an issue that needs to be addressed and I would also have a solution...
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