BUSiness admin core all pi

Explain the nature of positive customer relations

Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.

Demonstrate a customer service mindset

Be open to feedback, put self in customer shoes, respect customers time, and show empathy.

Develop rapport with customers

A positive relationship between customers and the business. Improves customer retention and satisfaction. Listen to customers, be empathetic to them, find common grounds, follow up to ensure satisfaction.

Reinforce service orientation through communication

Employees should make it clear that their intention is to help the customer. Emphasis on customer service. Make customers valued.

Respond to customer inquiries

Crucial for building a positive relationship with customers. Answering questions of customers while being clear and friendly to maintain a positive relationship with customers.Respond promptly. ... Be clear and concise

Adapt communication to the cultural and social differences among clients

avoid slang, speak slow, actively listen to make the customer feel at home. overcome stereotypes, open mind

Interpret business policies to customers/clients

Educating people about certain business policies clearly and effectively. Invite questions and tell why these policies are in place to enhance satisfaction and loyalty.

Build and maintain relationships with customers

show that you care and put self in customer shoes. be transparent and build trust to keep them coming back.

Handle difficult customers

There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer's behalf. Whenever possible, offer choices.

Handle customer/client complaints

Listen, show empathy, and apologize if necessary. Ask questions and learn from mistakes. Follow up too. Enhances satisfaction and loyalty. think of complaints as an opportunity to learn and improve service

Identify company's brand promise

Declaration of what customers can consistently expect from a business. Guiding principle for branding efforts and customer engagements. The more this is delivered, the stronger the brand in the eyes of customers.

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

Pleasant greeting, helpfulness, knowledgeable, compassion

Discuss the nature of customer relationship management

Customer relationship management involves finding customers and keeping them satisfied through a variety of means. It is useful for developing and maintaining customer relationships. good touchpoints

Explain the role of ethics in customer relationship management

Create a foundation of trust and integrity. Being transparent, being fair, and taking accountability creates a good relationship with customers and leads to long term business success.

Describe the use of technology in customer relationship management

Technology can be very important when it comes to customer relationships for the company. Whether is be surveying our customers through email or calling. Customer relationship management is impossible without technology, It would keep business updated on what consumers want. For example using something like social media. It gets through to our customers in this day and age and it also does not require an immense amount of money.

Comply with the spirit and intent of laws and regulations

grasp its intended purpose, dont find loopholes, be as ethical as possible.

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

the nature of law involves regulating societal conduct through established rules, Sources: constitution, statutory law (made by legislative), administrative regulations, common law (judicial)

Describe the United States' judicial system

in charge of deciding the meaning of laws, how to apply them to real situations, and whether a law breaks the rules of the Constitution. levels: district, circuit (1st lvl of appeal), supreme.

Describe methods used to protect intellectual property

Copyrights (original works of authorship,) trademarks(recognizable symbol/phrase showing company), patents(right of an invesntion), trade secrets(formulas, processes, like cocacola).

Describe legal issues affecting businesses

employment law, (wages, discrim), intellect prop laws, regulations, (health, environment) taxation issues.

Identify the basic torts relating to business enterprises

Tortious interference, (third party disrupts a contractual agreement) restraint of trade, (limiting business ability to operate freely in a market place) injurious falsehood, (false claims to hurt) unfair competition, (copy right/trademark infringement or trade secret stealing) fraudulent misrepresentation, (deception such as misinfo about products or services.)

Describe the nature of legally binding contracts

Enforceable in a court of law, clear agreement between 2/moreparties, define all terms, time constraints, and each party involved. Must have consideration meaning both parts willingly signed.

Describe the nature of legal procedure

The standardization for the means by which cases are brought, parties are informed, evidence is presented, and facts are determined is intended to maximize the fairness of any proceeding.

Discuss the nature of debtor-creditor relationships

Voluntary - someone volutarily purchases something, like ordering food, using a credit card, not coerced into doing.

Involuntary - made by law and judical proceedings, like a person being injured at workplace.

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. The agent is subject to principals control and the agent agrees. ex: real estate agent working for someone looking for a new home.

Discuss the nature of environmental law

Environmental law is a form of legislation that addresses the effects of human activity on the environment. Protects human health and nature, to reduce/prevent harmful effects of human activity on ecosystems.

Discuss the role of administrative law

!determines the power and responsibilities of federal and state agencies! The procedures determined by a government agency involving operations, rules, etc of executive branch and its agencies.

Explain types of business ownership

sole proprietorship, partnership, corporation (limited liability, legal entity distinct from its owners.) C for bigger, S for smaller corps to avoid double taxes but lower than 101 shareholders. (earned income tax and shareholders pay tax on dividends.)

Explain the nature of import/export law

A tax collected on imports and some exports by the customs authorities of a country. Regulated by customs and border protection, govern what cannot be brought into a country.

Describe the nature of customs regulations

In the USA, customs regulations are imposed by the U.S. Customs and Border Protection agency. They exist to protect the country's economy, people, and environment; and monitor the flow of goods across international borders.

Identify sources that provide relevant, valid written material

Government publications or websites, textbooks, professional research papers. Find authors sources, credibility, org thing.

Extract relevant information from written materials

word search (ctrl f), using an index/toc, skimming the text.

Apply written directions to achieve tasks

1. read once

2. clarify things

3. highlight key things

4. methodically execute each step

5. after finishing, review directions another time to insure proper following

Analyze company resources to ascertain policies and procedures

employee handbook - policies & procedures

internal reports - can be used to assess performance and plan for future

analytical reports - written document that is used by businesses to investigate business opportunities, problem-solve, and to justify decisions

Explain communication techniques that support and encourage a speaker

-NODDING

-EYE CONTACT MAINTAINED

-ACTIVE LISTENING

-POSTURE

-BODY LANGUAGE

-TAKING NOTES

-ASKING PERIODICAL QUESTIONS

-VERBAL CUES

Follow oral directions (CO:119) (PQ)

-LISTEN CAREFULLY, PRIORITIZE KEY WORDS AND DIRECTIONS

-EXECUTE STEPS AS GIVEN

-CLARIFY ANY DOUBTS

Demonstrate active listening skills

Face the speaker and have eye contact. ...

"Listen" to non-verbal cues too. ...

Do not interrupt. ...

Listen without judging, or jumping to conclusions. ...

Do not start planning what to say next. ...

Show that you're listening. ...

Do not impose your opinions or solutions. ...

Stay focused.

Explain the nature of effective verbal communications

-CLEAR MESSAGE

-PROPER TONE

-UNDERSTANDABLE LANGUAGE (KEY INFORMATION)

-DIRECT MESSAGE

-PROPER AUDIENCE

Ask relevant questions

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

Interpret others' nonverbal cues (CO:059) (PQ)

If the listener appears irratated,switch topics or end conversations. If the listen appears attentive continue on with the conversation

Provide legitimate responses to inquiries

Responses to inquires should be direct and assertive, while maintaining professionalism. They should also contain all necessary information.

Give verbal directions

Say the directions out loud in an initiative manner. Include all necessary information. Ask the audience if they have any questions, and answer clearly and thoroughly. Emphasize key points.

Employ communication styles appropriate to target audience

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

Remember the difference between formal and informal communication:

A discussion between an employee and a supervisor about work related issues is formal communication. Formal communication in the workplace involves behaving professionally and using a respectful tone. Asking another person (coworker) for an opinion or brochure are informal forms of workplace communication. A possible firing in the workplace is an example of gossip, which is a type of informal communication that should be avoided.

Defend ideas objectively

-using EVIDENCE to back up claims

-DO NOT STATE OPINIONS

-FACT-BASED information

-do not become defensive

-CALM tone, COLLECTED attitude

-ASSERTIVENESS -- stand up for your own or other people's rights in a CALM and POSITIVE way

-DO NOT be AGGRESSIVE

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.

-respond with FIRST NAME, COMPANY NAME

-POLITE, FRIENDLY tone

-HAVE INFORMATION ON HAND to respond to inquiries

-KEEP DISCUSSION FLOWING, goal is to make a sale

-good MANNERS

-proper GRAMMAR

-DIRECT, SHORT, TO THE POINT

-state CONTACT INFORMATION

Participate in group discussions

-ask RELEVANT QUESTIONS

-RESPECT OTHERS' OPINIONS

-WORK COOPERATIVELY

-ACTIVELY LISTEN

-TAKE NOTES

-attempt to FIND A SOLUTION

-VOICE IDEAS

-try to aid MEETING A GOAL

-work COLLABORATIVELY

Facilitate (lead) group discussions

Define objectives, encourage participation, make sure no one dominates, speak clearly, be polite, learn phrases. ( Another point id like to make, on the other hand we could possible do this)

Make oral presentations

-make sure you are well prepared, know your content

-watch language, keep it simple, emphasizing the key points by repeating them with different phrasing

-voice clear, words pronounced clearly

-don't rush, speak slowly and loudly

-good body language, stand up straight

-interact with audience, have questions and points for discussion ready for them

-open to questions, check if they are with you "Does that make sense"

Utilize note-taking strategies

-don't record everything, listen for key points

-ask instructor to slow down if necessary

-seek further resources later on, as you cannot take notes on everything, or speak with instructor later

Ask yourself= what are the main points? What is informative? What is analytical? What is the lecturer's opinion

Organize information

Define purpose of the info, gather relevant info, chose by which manner you will organized like aphabet or location, use clear labels/

.

Select and use appropriate graphic aids

goal is to make the data stand out on the page, and do make the data support the main purpose of the document as clearly and strongly as possible

-we want the reader to grasp the speakers ideas and opinions from their words, and then turn to the graphics for support of those ideas and opinions, sending them back to the words, and so on

-graphics must be visible, must not be too detailed as attention must be on text

-Tables, Graphs and Charts, Photos, Drawings and diagrams

Explain the nature of effective written communications

Choose appropriate style, make it concise and clarity, make it have a clear structure that helps reader identify certain info, good grammar.

Select and utilize appropriate formats for professional writing

Email - rapid commute, concise, clear subject line.

Memos - internal communication, has a header with a message body.

Letters - external communication with clients and stakeholders, must have date and recipients address, has a structured format for professionalism.

Reports - to summarize and/or analyze a particular business-related topic in order to inform decisions and influence significant business results. has a more formal structure with title pages, toc, executive summary, headings and sections, and conclusions.

Edit and revise written work consistent with professional standards

-consider after reading: is my purpose clear? Have I considered the questions and concerns of my audience? Have I written in a appropriate format? Have I included sufficient examples and supporting details?

-examine as a writer: that your intro and conclusion are appropriate, that your paragraphs flow and are organized

-after, check for run on sentences, overused words, spelling and typos

-written work contains professional and advanced vocabulary and slang should not be used.

Write professional emails

Have a clear subject line the identifies the purpose of the email, great the person by name (avoid "to whom it may concern"), keep the email short and to the point, and close appropriately.

Write business letters

Sender's Address

Date

Inside Address

-Personal title (President, Mr., Mrs., Dr.)

-Recipient's Address

Salutation (Ex. Dear Mr. Smith)

Closing

Enclosure

-(One line below the closing, type in Enclosure)

Write informational messages

-know your topic well, consider your audience and your format

-keep it short and simple

-provide detail on topic

-be open to questions

-avoid errors

Write inquiries

Inquiries should contain relevant questions about a certain good, service, or policy. Research recipent title and name and be polite, have a polite opening with a clear point and body paragraphs with a polite conclusion.

Write persuasive messages

understand audience

communicate benefits

emotional appeal like we know life is overwhelming but we can help

call to action like offering discount and saying dont miss out

Write executive summaries

most important part, must give an overview of the report. must have what was researched and what the conclusion was, plus key insights to help decision making.

Prepare simple written reports

(1). Title page

(2). Abstract

(3). Introduction

(4). Materials and Methods

(5). Results

(6). Discussion

(7). Conclusions

(8). References

Explain how digital communications (e.g., email, text messages, chats) exposes business to risk

Data Privacy - theft of personal info could jeopardize operations

Noncompliance - not complying with data laws can lead to penalties.

Miscommunication due to no nonverbal cues and automated messaging makes big impact

Social media use can create bad PR

Adapt written correspondence to targeted audiences

To adapt written correspondence to a target audience, you need to make sure that it appropriately written, written with just the jargon that the audience would understand, and written for the audience's reading (because why would a CEO read something that was meant for a production line supervisor).

Use data visualization techniques (e.g., infographics, heat-maps, dynamic model outputs)

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. Graph for profit, pie chart for budget, etc.

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

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively.

Distinguish between using social media for business and personal purposes

Personal - friends and family, casual tone, for self expression and sharing life updates.

Business - formal, goal for specific objectives like engagement and brand awareness, more standardized schedule.

Explain the nature of staff communication

Types of Staff Communication:

Upward - subordinate -> manager (same dept.)

Downward - manager -> subordinate (same dept.)

Horizontal - same hierarchical level

Diagonal - subordinate <-> manager (diff. depts.)

Grapevine - circulation of rumors and unofficial info

Choose and use appropriate channel 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

-be prepared and have an understanding of the agenda

-think before you speak

-contribute to the discussion, asking questions, making comments, or lending your support

-choose timing, don't be the first one, wait until you are confident and your input is needed

-don't dominate

-frame disagreements in a positive way

Participate in problem-solving groups

Research the agenda and prepare research on the problem, respect opinions and keep an open mind

Distinguish between economic goods and services

In economic terms, goods are tangible items that have monetary value and satisfy your needs and wants (such as cars and clothing). Services are intangible items (meaning you cannot physically touch them) that have monetary value and satisfy your needs and wants. Services involve a task, such as cooking food or repairing a computer.

Explain the concept of economic resources

labour(human resources and talent), land or natural resources, capital(physical assets), and entrepreneurship (innovative ability and the ability of people starting business.)

Describe the concepts of economics and economic activities

Concepts - supply and demand, scarcity, costs and benefits, micro and macroeconomics.

Activities - production, distribution, consumption, exchange, investment, government intervention

Determine economic utilities created by business activities

Form - The production of the product and the aspects

Time - When services are provided at the time customer want or need them

Place - The value added to an item by having it at an optimal location for consumers

Possession - value added based on a consumer being able to use it as soon as the need arises

Explain the principles of supply and demand

Law of demand=the higher the price of the good, the less demand, the lower the price, the more demand (negative correlation)

Law of supply=the higher the price, the higher the supply (positive correlation) (more incentive for producers to produce more if price is higher)

Describe the functions of prices in markets

Signal - shows relative scarcity or abundance, abundance will cause more production

Incentive - for consumers, high prices lead to decreased buying and substitutes, for producer high prices lead to more producing

Rationing - high prices help ration

Measure of value - place a subjective value on something to compare with others easily

Explain the role of business in society

Creates jobs, providing goods and services that are specialized in, innovation, drive economic growth and gdp.

Describe types of business activities

Operations - IMPROVING QUALITY/EFFICIENCY, activities involved in manufacturing/servicing (INPUTS INTO OUTPUTS)

Marketing - IMPROVING PRODUCT APPEAL to consumers, understanding needs and desires of consumers, distribution channels, selecting proper form of promotion, analyzing message, audience eg demo psycho, cost, distribution channel

Finance - receiving funds/payments, recording financial transactions to make recommendations, filing reports to banks and gov, forecast ability to meet future challenges, managing finances of a business

Describe types of business models

Manufacturer - takes raw material and creates product

Distributor - makes product available to retailers

Retailer - sells product to consumers

Franchise - a franchise is a method of business expansion by which the owner of a business, the franchisor, grants to investors, the franchisees, the right to operate a business in the manner and style the company has already developed.Apr 27, 2021

Explain the organizational design of businesses

Organizational design refers to the process through which a business aligns its structure, processes, and culture with its strategic objectives.

functional, divisional, matrix, and flatarchy -

1. groups based on departments and expertise

2. groups based on regions and products

3. employees report to multiple managers

4. small amount of levels

Discuss the global environment in which businesses operate

inevitable external barriers imposed by the environment -

economic factors - economic development, exchange rates

cultural dynamics - communication styles

regulations - laws, standards of quality, trade agreements

politics - political stability and government policies

Describe factors that affect the business environment

Internal - human resources, core values and mission, organization structure as well defined and effective structure benefits business, capital.

External - legal regulations, economic regulations, cultural norms, technological advances, competitor's actions.

Explain the nature of business ethics

Ethics are guidelines for good behavior, based on knowing the difference between right and wrong. Behaving ethically means being truthful, fair, open, and mindful of the law. In marketing, business ethics involves a company's efforts to protect individual consumers and society as a whole. Businesses must keep consumers informed and protected against fraud and deceit, and they must not produce unsafe goods. Being ethical retain employees and creates a good reputation which leads to business success.

Explain how organizations adapt to today's markets

Organizations adapt to today's markets by using tools like SWOT (strength, weakness, opportunity, threats) Analysis and environmental scans to identify ways the business can improve. A SWOT Analysis assesses a company's strengths and weaknesses and the opportunities and threats that surround it. An environmental scan is an analysis of inside and outside outside information that may have an impact on an organization. A business is constantly engaged in the process of renewal when they choose to use this data.

Explain the types of economic systems

Traditional - unregulated perfect competition

Command - government monopolies

Market - unregulated, various forms of competition

Mixed - regulated, various forms of competition

Identify the impact of small business/entrepreneurship on market economies

Employment growth, support for local communities, innovation, usually more environmentally friendly,

Explain the concept of private enterprise

Basis of a free market capitalist system, it is a business unit established, owned, and operated by private individuals for profit, instead of by or for any government or its agencies.

Identify factors affecting a business's profit

Price - setting the right price maximises profit

Quantity - numbers of goods being sold; directly related to profit

variable costs - keeping these in check is essential to maintain profitability

fixed costs - regularly review fixed costs to identify price saving opportunities.

Determine factors affecting business risk

Human Risk - possibility of loss caused by humans

Economic Risk - unfavorable market conditions

Natural Risk - natural disasters

Explain the concept of competition

Competition is the rivalry between companies selling similar products and services. It motivates companies to increase sales volume by utilizing the four components of marketing mix

Monopoly - 1 business, no differentiation

Oligopoly - few businesses, low differentiation

Monopolistic Competition - many businesses, similar but not different

Perfect Competition - many businesses, no product differentiation

Determine the relationship between government and business

Interdependent entities.

Governments establish regulations that dictate how businesses operate

Gov wants economic stability and growth while business wants profit, but both are connected to each other. They both influence each other so a balanced relationship is essential.

Describe the nature of taxes

Taxes are payments you make to the government for services they provide. The U.S. tax system is based on the idea that everyone should contribute their fair share, that tax laws should be clear and simple, and that the tax system should be flexible. Tax dollars are spent on a number of things including public education and libraries, military defense and law enforcement, transportation costs, and fire protection to name a few.

Income tax - calculated as a percentage of the taxable income you earn on the job. Social Security, or FICA, tax is used so that workers can receive benefits upon retirement.

Sales tax - a percentage of the price of an item that a person pays when they buy something.

Estate and inheritance taxes - are taxes on wealth, which are collected after a person has died.

Property tax - is the main source of money for many local governments, and is based on the value of property such as land and buildings.

Explain the concept of productivity

Productivity is a quantitative measure of the ratio of outputs to inputs.

Technology: Advances in technology can significantly enhance productivity by automating processes and improving efficiency.

Human Capital: The skills and education level of the workforce play a critical role in determining productivity.

Management Practices: Effective management strategies can optimize resource allocation and improve operational efficiencies.

When productivity is lower than necessary, inflation occurs due to more input (resources) resulting in less output (money), decreasing each individual unit of money's value.

Analyze impact of specialization/division of labor on productivity

Increases productivity. As people specialize, they can complete certain specific tasks quicker. Reduces time switching between tasks. Larger quants can be produced faster making costs reduce.

Explain the concept of organized labor and business

Originated in the industrial revolution when workers faced harsh conditions and unionized for better conditions. Workers join a union representing their interests

Horizontal union - workers with same skills or trades

Vertical union - workers in the same industry

Allow workers to improve their wages, working conditions, health benefits. Many business try to resist unions to reduce labor costs and maintain profitability. Nowadays, unions are harder, as business can relocate labor overseas.

Explain the impact of the law of diminishing returns

The law of diminishing returns states that the greater the number of inputs, the less outputs each individual input will produce unless other factors are manipulated (e.g. more employees, each one is less productive; more time, more procrastination, etc.). The change in total product output that results from hiring one more worker is called the marginal product. Diminishing returns is experienced when the number of workers being utilized causes output to increase at a decreasing rate. Utilizing too many workers may actually cause production to decrease.

Discuss the measure of consumer spending as an economic indicator

Consumer spending is a key driving force behind economic growth. It constitutes a significant portion of Gross Domestic Product (GDP) in many economies, particularly in the United States, where it accounts for approximately 70% of GDP. As such, fluctuations in consumer spending can provide insights into the broader economic landscape. Economists and policymakers closely monitor these trends to gauge economic performance and make informed decisions regarding fiscal and monetary policies.

Economic growth indicator

Forecasting (if consumer spending lowers of a few months there could be a recession_

Guides fiscal and monetary policies

Describe the economic impact of inflation on business

The costs of inputs increase which makes profit margins smaller and make business make decisions about cost cutting and price increasing to maintain profitability. Price increasing may lose customers reeking cheaper alternatives. Consumer behavior may shift to purchase more essential goods and seek discounts and promotions more, so businesses have to adjust products and marketing during inflationary periods. Employees also demand higher wages. Also makes economic environment uncertain, making it difficult to invest in new products and slows business growth.

Explain the concept of Gross Domestic Product (GDP

A nation's GDP is a quantitative measure representing the GDP IS TOTAL MONETARY VALUE OF ALL GOODS AND SERVICES PRODUCED WITHIN A COUNTRY OVER A PERIOD OF TIME.

-measures nation wealth

-measures nation productivity

- It can be used as a measure of a nation's wealth. Gross Domestic Product (GDP) is the output of goods and services produced by labor and property located within a country. GDP is one measure of a nation's productivity, or the output of workers in a given period of time. GDP is made up of several elements: private investment, government spending, personal spending, net exports of goods, and change in business inventories. Two types of GDP are nominal GDP and real GDP. Nominal GDP is stated in the price levels in which the GDP was measured; real GDP is the nominal GDP adjusted for changes in prices (inflation).

Calculate GDP as follows: add private business spending, government spending, and personal spending. Then either add a trade surplus or subtract a trade deficit, and either add expanding inventories or subtract shrinking inventories. A similar measure to GNP is Gross National Product. GNP is the total dollar value of goods and services produced by a nation, including those produced outside of its own territory by its own citizens.

Discuss the impact of a nation's unemployment rates

The higher the unemployment rate, the worse the economy of a country does. It serves as an indicator of poor economic conditions that cause high rates of unemployment, but also causes economic issues of its own.

Types of Unemployment:

Structural - low demand for job skills

Frictional - temporary employment transition (e.g. college grads, retirement)

Cyclical - caused by business cycles (e.g. GDP change)

Causes of Unemployment:

industrial reorganization, typically due to technological change, causing low demand for a skill (causes structural)

more recent college grads than there are jobs (causes frictional)

GDP decrease, bear market, etc. (causes cyclical)