Notes Introduction Business

They should help others.

Conforming to personal beliefs and social norms about what is right and good.

Top Managers, Middle Managers, and First-line Managers.

Consistency with fairness.

Social responsibility (SR).

Legal entities that can own property, sue, or be sued.

The process of helping an organization maintain an effective alignment with its environment.

Optimize benefits to all affected parties.

Organization charts.

Management and technology skills, particularly in communication.

How a nation allocates resources among its citizens, including individuals and organizations.

Job creation, innovation, and supply chain support for larger firms.

Guiding and motivating employees to meet the organization’s objectives.

Limited liability and continuity.

Conforming to beliefs and norms about what is wrong and bad.

Ethical or unethical behavior by employees in their jobs, and should be part of business ethos and company culture.

It helps firms allocate resources.

Complex problem-solving skills.

By including ethics in interviews to assess decision-making tendencies.

A centralized government controls most production factors and makes allocation decisions.

Behavior towards employees, the organization, and economic agents (customers, competitors, stockholders, etc.).

Specific areas such as marketing, finance, and operations.

Seeking business opportunities under risk.

Growth in e-commerce.

Decisions about resource allocations, company priorities, and steps needed to meet strategic goals.

Simple formation and tax benefits.

The difference between revenues and expenses; rewards for risk-taking.

Short-term economic fluctuations, including expansions and contractions.

Competition, political stability, technology, tax systems, population growth, and financial stability.

Conditions affecting operations; strong economies lead to higher wages, while weak economies allow lower wages.

Compensating employees who enforce the firm's new values.

Consistency with responsibilities to each other.

Understanding foreign markets, cultural differences, and the motives and practices of foreign rivals.

It helps managers assess performance.

Double taxation and complex formation.

Related diversification and unrelated diversification.

High start-up costs and ongoing fees.

Combines elements of both planned and market economies, featuring privatization and socialism.

Planning, organizing, leading, and controlling resources to achieve goals.

To measure success or failure.

Safety, information, choice, education, and service.

A single producer controls the market and sets prices based on consumer demand.

The total value of goods/services produced within a country during a specific period.

The shared experiences, stories, beliefs, and norms that characterize an organization.

To formulate a vision for the company.

Respect the rights of all individuals involved.

Fraud and manipulation, sustainability, diversity and inclusion, exploitation, corruption, and bribes.

Provides direction and guidance for managers at all levels.

What has been planned versus what has been achieved.

They should address those problems.

Independent businesses with limited market influence.

Mutual gain.

President, vice president, CEO, CFO.

Individual producers and consumers dictate production and allocation through supply and demand interactions.

Ambiguity (e.g., financial disclosure) and global variations in practices (e.g., bribes).

Work with and supervise employees.

Determining goals, developing strategy, and designing tactical and operational plans.

Resourcefulness, strong customer relations focus, desire for independence, ability to manage uncertainty and risk, and networking skills.

Shorter-term plans for implementing specific aspects of the company’s strategic plans.

It measures how demand changes with price fluctuations.

Arranging people, resources, and activities in a coherent structure.

Monitoring a firm's performance to ensure it meets its goals.

Corporate culture.

What business a company will own and operate.

Core values.

Labor, Capital, Entrepreneurs, Physical Resources, Information Resources.

Lower risk, but it may have existing issues.

A statement of how a business will achieve its fundamental purpose.

Proven model and support from the franchisor.

Mergers, acquisitions, divestitures, and spin-offs.

Rights that allow individuals to own and control their possessions.

Implement strategies and work toward goals set by top managers.

Avoids inherited problems.

Written codes of conduct, top management support, ethics training programs, and ethical hotlines.

A market structure with many small firms where prices are determined by supply and demand.

Assessing internal strengths and weaknesses and external opportunities and threats.

Numerous sellers differentiate their products, allowing some control over pricing.

The willingness and ability of producers to offer goods/services; directly related to price.

Demand increases.

Hard work, market demand, and managerial competence.

Mid-level and lower-level managers set short-term targets for daily, weekly, or monthly performance.

Shareholders, a board of directors, and corporate officers.

Childhood responses to adult behavior, peer influence in elementary school, and adult experiences and developed values.

To ensure the board acts in the company’s interest.

Responsible for business performance and effectiveness, accountable to key stakeholders.

Gather relevant information, analyze facts against moral values, and make a judgment based on rightness or wrongness.

They take risks to create and grow businesses.

Poor management and insufficient capital.

A volatile, uncertain, complex, and ambiguous environment influenced by technological advancements.

Planning for change by identifying important aspects of a business or market that might change and how to respond.

Unlimited liability for general partners.

Analysis of the company’s environment to highlight extensive change.

The regulatory relationship between business and government defining operational boundaries.

Customs and values that affect acceptable goods/services and business conduct.

Objectives that a business hopes and plans to achieve.

A culture of openness and dissent.

Profit motivation drives businesses to innovate and improve efficiency.

Balancing commitments to stakeholders.

To match environmental threats and opportunities against corporate strengths and weaknesses.

Goals and objectives, strategies for achievement, and implementation plans.

Statistics that reflect the health of an economic system, measuring growth and stability.

GDP adjusted for inflation, reflecting true economic growth rates.

By rewarding and promoting those who understand and work toward maintaining it.

Downsizing and divestiture, especially during difficult times.

Long-term goals (five years or more), intermediate goals (one to five years), and short-term goals (one year or less).

Services, retailing, construction, wholesaling, finance and insurance, manufacturing and transportation.

Personal resources, family and friends loans, bank loans, venture capital, SBA financial programs.

Control pollution, waste disposal, and recycling.

A market dominated by a few large sellers with significant barriers for new entrants.

Costs threaten profits.

More talent and fundraising capability.

Minimizing costs and maximizing quality to earn higher margins.

International trade agreements, economic conditions, political unrest, market opportunities, cultures, competitors, and currency values.

Practices like waste reduction that contribute to environmental preservation and long-term economic stability.

Improving the company’s competitive position at the level of the business unit or product line.

A firm's mission.

The willingness and ability of buyers to purchase products; inversely related to price.

Setting strategic goals.

Illegal discrimination, and they should ensure safety and work-life balance.

Unlimited liability and limited resources.

By providing options to satisfy needs based on consumer preferences.

The comparison of output against resource input; higher productivity leads to lower prices.

An organization providing goods/services for profit.

An organization’s methods for dealing with a crisis requiring immediate response.

Benefits of sole proprietorships with corporate power.

By enhancing reputations, attracting socially responsible consumers, mitigating risks, and strengthening community relations.

Occurs when quantity supplied exceeds quantity demanded, leading to potential losses for producers.

Individuals to pursue their interests with minimal government intervention.

Human knowledge, methods of work, equipment, telecommunications, and processing systems.

Happens when quantity demanded exceeds quantity supplied, resulting in lost profits and increased competition.

Efficient cash flow management.

Goods/services, employment, innovation, improved quality of life, personal income enhancement, tax contributions, and community support.