Business Admin Performance Indicators Study Set

Discuss the nature of law and the sources of law in the United States.

Criminal Law - prohibit crimes harming others/property

Civil Law - disputes between people or groups

Constitutional Law - challenging the U.S. Constitution, which is subject to interpretation by the courts (common law)

Administrative Law - governs duties and powers of U.S. federal agencies

International Law - treaties, trade agreements, etc.

Laws are passed in the form of statutes by the U.S. Congress. They can be struck down by the U.S. Supreme Court if found unconstitutional.

Describe the United States' judicial system.

The laws of the United States are upheld by its judicial branch, comprised of the Supreme Court, Circuit Courts of Appeals, and lower district courts.

Describe methods used to protect intellectual property.

Intellectual property is a proprietary work/invention that the owner has the rights to by terms defined in legal documents such as patents, copyrights, and trademarks. Owners of IP file through the U.S. Patent and Trademark Office to protect proprietorship of their work. When challenged in court, owners of IP must defend the validity of their ownership.

Describe legal issues affecting businesses.

Wrongful termination lawsuits, harassment/discrimination cases, immigration audits, copyright/patent issues, dissatisfied customers

Identify the basic torts relating to business enterprises.

Torts are civil wrongs by or against a business causing harm to its assets - both tangible and intangible. The components of torts are duty, breach of duty, and injury. The three main types are negligence, strict liability, and intentional torts.

Describe the nature of legally binding contracts.

Both parties, once having agreed to the terms, must abide by the contract or face legal consequences.

Describe the nature of legal procedure.

The accused, once indicted, is to face a fair and speedy trial with a jury present and a judge presiding. S/he has the right to an attorney and is not required to testify as per the Sixth Amendment of the U.S. Constitution and the Miranda rights.

Discuss the nature of debtor-creditor relationships.

Debtor-creditor relationships are when one party (debtor) owes another party (creditor) money. They can be voluntary (credit card purchases, mortgage payments. etc.) or involuntary (child support, etc.)

Explain the nature of agency relationships.

Contract is agreed upon where an agent acts on behalf of another (the principal) to create legal relations with a third party.

Discuss the nature of environmental law.

Environmental law is a form of legislation that addresses the effects of human activity on the environment.

Discuss the role of administrative law.

Administrative law governs the activities of administrative agencies of the government.

Explain types of business ownership.

Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt

Partnership - partners agree to cooperate in working toward mutual interests

Corporation - Sells shares in stock market, company is owned by multiple shareholders, allows for limited liability

Private LLC - limited liability, no shares of stock

Nonprofit - uses revenue to achieve social goals

Franchise - chain of suppliers providing goods/services

Cooperative/Joint Venture - multiple parties invest time, money, and effort; run/managed by employees

Explain the nature of import/export law.

There are restrictions on what can be imported and exported out of a country.

Describe the nature of customs regulations.

Customs regulations exist to protect a country's economy, people, and environment; and monitors the flow of goods across international borders.

Identify sources that provide relevant, valid written material.

Government publications, reputable news outlets, textbooks, and professional research papers provide relevant, valid written material. One should verify an author's credentials to determine credibility.

Extract relevant information from written materials.

If a piece of information from written material relates to the topic under discussion and is true, then it is relevant.

Apply written directions to achieve tasks.

Directions must be followed meticulously to achieve tasks.

Analyze company resources to ascertain policies and procedures.

Consulting the employee handbook or your co-workers can ascertain you of company policies and procedures.

Explain communication techniques that support and encourage a speaker.

enthusiasm, open-ended questions, body language, approval, attentive listening, eye contact, encouragement, energy

Follow oral directions.

Listen carefully, then execute the steps as given. After instructions are given, clarify any doubts. If further help is necessary, ask your supervisor for assistance.

Demonstrate active listening skills.

Don't slouch, sit up straight, and exhibit enthusiasm.

Explain the nature of effective verbal communications.

Effective verbal communication is when a speaker appears confident and "in the know." This can influence/persuade the listener.

Ask relevant questions.

Questions should be appropriate and relative to the topic under discussion.

Interpret others' nonverbal cues.

If the listener appears irritated, switch topics or end the conversation. If s/he appears attentive or enthusiastic, carry on and press further.

Provide legitimate responses to inquiries.

Responses to inquires should be direct and assertive, while maintaining professionalism.

Give verbal directions.

Say the directions out loud in an initiative manner.

Employ communication styles appropriate to target audience.

Use humor if appropriate, be dramatic/emotional if necessary, be serious when required, etc.

Defend ideas objectively.

Accept the others' ideas and their right to express it, while restating your points assertively yet understandingly.

Handle telephone calls in a businesslike manner.

State your contact information, say "How may I help you?", speak as if it were a real business meeting

Participate in group discussions.

Ask relevant questions, respect the opinions of others, work together with the intention of meeting a goal.

Facilitate group discussions.

Bring up a problem or topic of casual conversation and initiate conversation.

Make oral presentations.

Exhibit assertive/strong posture, tone, and enunciation and look confident.

Utilize note-taking strategies.

Use abbreviations, write only the main ideas, and write questions to be asked.

Organize information.

Use charts and diagrams to organize information in a systematic manner.

Select and use appropriate graphic aids.

Graphic aids should organize information in a systematic and clear manner (e.g. flow chart - decision making).

Explain the nature of effective written communications.

Effective written communications should contain all of the necessary information and attempt to persuade or inform the reader.

Select and utilize appropriate formats for professional writing.

Business letters are most appropriate for professional writing as they contain contact information and the address.

Edit and revise written work consistent with professional standards.

Written work contain professional and advanced vocabulary and slang should not be used.

Write professional emails.

Professional emails should be written similarly to other forms of business communication.

Write business letters.

Business letters should contain the contact information and address of the sender, while containing a formal greeting/closing and a professional body.

Write informational messages.

Professional messages should be written the same way as other forms of written business communication.

Write inquiries.

Inquiries should contain relevant questions about a certain good, service, or policy.

Write persuasive messages.

Persuasive messages should contain all necessary information in an assertive manner.

Write executive summaries.

An executive summary should contain only the main points in a way such that the reader can understand the material without having to read it all.

Prepare simple written reports.

A report should contain all necessary information in an organized and systematic manner.

Explain how digital communications expose businesses to risk.

Digital communications can expose businesses to risk by allowing cyber-criminals access to private records and confidential information. A business's digital footprint can change its reputation.

Adapt written correspondence to target audience.

Written correspondence should be written similarly to an oral presentation when directing it to a certain audience through methods such as humor and strong emotion.

Use data visualization techniques.

Data visualization is the presentation of data in a pictorial format such as charts, graphs, and maps. These can be used to organize information in a systematic manner.

Describe the impact of a person's social media brand on the achievement of organizational objectives.

Social media can improve the morale of the person while improving the public image of the brand.

Distinguish between using social media for business and personal purposes.

Social media can be used personally to communicate with friends and family, while professionally to promote products and events.

Explain the nature of staff communication.

Staff can communicate about issues in order to resolve them in an amicable manner.

Choose and use appropriate channels for workplace communication.

Appropriate channels for communication in the workplace include email and in-person communication. Employees should refrain from using social media and group messaging apps to communicate.

Participate in a staff meeting.

Staff meetings are held to assess goals and plan for the long-term.

Participate in problem-solving groups.

Problem-solving groups allow each employee to be heard and ensure that their rights are protected.

Explain the nature of positive customer relations.

By being customer-centered, employees can build brand loyalty among customers.

Demonstrate a customer-service mindset.

By being welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset.

Develop rapport with customers.

By exhibiting empathy with customers and being understanding, employees can build rapport with and retain customers.

Reinforce service orientation through communication.

Employees should make it clear that their intention is to help the customer.

Respond to customer inquiries.

Customer inquiries should be responded to with all necessary and relevant information in an assertive and friendly manner.

Adapt communication to the cultural and social differences among clients.

Employees should refrain from using derogatory, racist, and sexist vocabulary. They should determine when it is appropriate to utilize more casual or more professional communication.

Interpret business policies to customers/clients.

The business policy should be stated in a colloquial and politically correct manner to those who do not understand it.

Build and maintain relationships with customers.

Employees should communicate with customers and have a positive attitude to keep bringing them back.

Handle difficult customers.

Difficult customers should have their needs heard and handled professionally through employees explaining policies and negotiating terms.

Handle customer/client complaints.

Complaints should be addressed appropriately and in a timely manner. An apology should be issued.

Identify company's brand promise.

A company brand's promise is a statement in which a company promises to provide and abide by a set criteria of performance and reliability.

Determine ways of reinforcing the company's image through employee performance.

Employees at a company should be seen as diligent such that more people will apply for jobs and more customers will purchase the company's products.

Discuss the nature of customer relationship management.

Employees analyze customer feedback to improve sales and marketing methods to meet/exceed the expected standards to increase revenue

Explain the role of ethics in customer relationship management.

Prices must be set fairly and customers should be heard and have their rights protected.

Describe the use of technology in customer relationship management.

Technology can be used to communicate with customers to respond to inquiries and complaints through methods such as email.

Distinguish between economic goods and services.

Economic goods are tangible and purchased for manual use while economic services are purchased for an employee to complete a task on behalf of the client.

Explain the concept of economic resources.

Labor and management are necessary as a company needs workers and people to manage those workers. Capital is also needed as a business often has a budget that needs to be met.

Describe the concept of economics and economic activities.

Economics is the study of meeting unlimited human wants, often with the goal of making a profit. Economic activities include sales, marketing, distribution, and purchase.

Determine economic utilities created by business activities.

Economic utilities are methods of improving products and services to make them more appealing to the customer, as well as improving customer relations.

Explain the principles of supply and demand.

Supply is the amount of a good or service, and demand is the human need for these goods and services.

Describe the functions of prices in markets.

Prices set a value to a good or service and changes depending on the economic status of the area and competition from other businesses.

Explain the role of business in society.

Business provides goods and services necessary to the people of a society.

Describe types of business activities.

Operations - improving quality/efficiency

Marketing - improving product appeal to consumers

Finance - recording financial transactions to make recommendations, filing reports to banks and gov.

Describe types of business models.

Manufacturer - takes raw material and creates product

Distributor - makes product available to retailers

Retailer - sells product to consumers

Franchise - includes all 3 functions/models

Explain the organizational design of businesses.

Organizational design is when a business takes a holistic approach to increased profitability, decreased operating costs, and improved customer relations.

Describe the global environment in which businesses operate.

Globalization improves communication and availability to consumers, but business must abide by foreign law and adapt marketing strategies to the country's market.

Describe the factors which affect the business environment.

Company leadership can have a direct effect on a company's efficiency, and external competition can motivate or discourage a company from achieving maximum performance.

Explain the nature of business ethics.

Business ethics is a set of moral values relating to a corporate environment, such as harassment, discrimination, wrongful termination, and various torts.

Explain how organizations adapt to today's market.

Organizations have market research specialists to analyze trends in the ever-changing market and make recommendations to the marketing team based on their findings.

Explain the types of economic systems.

Traditional - set in stone by society

Command - government-controlled

Market - individual decisions

Mixed - decisions made by individuals, regulations made by government

Identify the impact of small businesses/entrepreneurship on market economies.

Small businesses and entrepreneurs can freely operate and persuade consumers to purchase their products in order to easily profit.

Explain the concept of private enterprise.

Private enterprising is a type of business that the government has no control over and is wholly owned by private individuals.

Identify factors affecting a business's profit.

prices of goods/services, customer interest, brand loyalty, external competition

Determine factors affecting business risk.

Employees, vendors, and customers can file suit, and uninsured office buildings can impose economic downturn on a business.

Explain the concept of competition.

Competition is when multiple businesses sell similar products at different prices in hopes that the consumers will purchase from them over another supplier.

Determine the relationship between government and business.

Governments can impose regulations that businesses must abide by, but businesses have freedom over their capital and other resources.

Describe the nature of taxes.

Taxes are funds paid to the government by individuals and organization in order to improve public services such as roads, schools, and parks. Donations are often deducted from taxes due.

Explain the concept of productivity.

Productivity is the speed at which an employee or group of employees completes tasks.

Analyze impact of specialization/division of labor on productivity.

Division of labor allows specialists to improve in their field and can increase productivity as multiple employees work towards a common goal. However, this can come with increased costs, such as more paychecks to hand out.

Describe the concept of organized labor and business.

Organized labor unions often strike against a business for increased rights, such as higher wages.

Explain the impact of the law of diminishing returns.

The law of diminishing returns is an economic principle stating that investment will increase efficiency until a certain threshold which once reached, cannot be passed until other variables are increased.

Describe the measure of consumer spending as an economic indicator.

The more consumer spending a business has, the higher its profits are likely to be, making it an effective economic indicator.

Describe the economic impact of inflation on business.

Inflation causes economic value to decrease, forcing businesses to increase prices to remain profitable.

Explain the concept of Gross Domestic Product.

A nation's GDP js a quantitative measure representing the monetary value of all goods and services produced within its borders over a period of time.

Discuss the impact of a nation's unemployment rates.

The higher a nation's unemployment rate, the more pressure businesses have to open more jobs. In addition, unemployed persons do not need to pay federal and state income tax.

Explain the economic impact of interest-rate fluctuations

When the interest rate fluctuates, businesses who invested capital in stocks and banks will lose money when the market value decreases and profit when the market value increase.