Business Admin Core: Core Concepts

Private Enterprise

Freedom in the marketplace and limited government control.

Market Economy

Private ownership of property and resources.

Marketing Functions

The Big Seven: Product/Service Mgmt, MIM, Financing, Pricing, Promotion, Distribution, Selling.

Pricing Function

Sets prices to deliver value and achieve returns.

Promotion

Communicates to inform, persuade, remind customers.

Distribution (Place)

Moves/delivers products efficiently to customers.

Selling

Helps customers make satisfying purchase decisions.

Targeted Résumé

Customized to a specific job’s requirements and keywords.

Chronological Résumé

Work experience listed in reverse chronological order.

Functional Résumé

Emphasizes skills/abilities over dates/titles.

Inquiry Email Closing

Thank them and invite additional questions.

Effective Writing

Clear, easy to understand; readers shouldn’t work to find meaning.

Tone of Voice

Vocal quality that shapes meaning of spoken words.

Nonverbal: Eye Contact

Consistent eye contact shows engagement.

Cornell Notes

Key step: write a summary for each page of notes.

Group Problem-Solving

Drawback: takes more time than individual decisions.

Stakeholder Engagement

Get feedback from your team during planning.

Project Success

Projects should be meaningful to stakeholders.

Leadership Credibility

Competence (capability to deliver).

Inspirational Leadership

Encourages employees to use and develop talents.

Laissez-Faire Leadership

Hands-off; minimal control or direction.

Emotional Intelligence: Social Awareness

Empathy; willingness to help; organizational awareness.

Adaptability Barrier

Contentment can reduce willingness to change.

Personal Vision

Built more on emotion than logic; abstract and long-term.

Assertiveness Right

You can ask others to respond to your needs.

Conflict Cause

Limited resources drive disagreements on allocations.

Supplier Evaluation

Decide whether to use the supplier again; identify improvements.

Purchase Order

Status as a legal contract once accepted.

Accounting Role

Gather, record, organize, and report financial information.

Financial Statements

Prepared by accounting (income statement, balance sheet).

Net Pay

Take-home pay after deductions.

Time Value of Money

Key factor: interest rate.

Compounding

Earning interest on previously earned interest.

Lending Investments

Bonds, CDs—earn interest as a lender.

Brokerage Firm

Advises and transacts stocks/bonds.

Electronic Funds Transfer

Computerized movement of money among accounts.

Intranet

Secure internal network for sharing messages/files.

Standardized Parts

Interchangeable components for efficient production.

Information Forms

Physical (paper) or electronic (emails, files).

Obsolescence

Need to update storage formats as tech changes.

Health & Safety

Report workplace accidents to authorities.

Workplace Security

Be observant to minimize breaches.

Job Leads

Ask friends and acquaintances for openings.

First Impressions

Sit up straight (good posture).

Cultural Etiquette

Research the country’s culture before meetings.