Intro to Business Mid-Term

What are the three management roles?

Interpersonal, Informational, Decisional.

Interpersonal Management Role

Involves interacting with others, like communicating.

Informational Management Role

Involves gathering, sharing, or distributing information.

Decisional Management Role

Involves making choices or solving problems, such as planning.

Example of an Interpersonal managerial role

Leader - Motivates and manages a team.

Example of an Informational managerial role

Monitor - Focuses on receiving and transmitting information.

Example of a Decisional managerial role

Entrepreneur - Involves making decisions and developing new products or services.

What are the four functions of management?

Planning, Organizing, Leading, Controlling.

What is Planning in management?

Setting goals and deciding how to achieve them.

What is Organizing in management?

Arranging resources and tasks to meet goals.

What is Leading in management?

Motivating and managing employees to achieve goals.

What is Controlling in management?

Monitoring and adjusting performance as necessary.

Significance of Planning in Management

Establishes direction and focus.

Significance of Organizing in Management

Ensures proper allocation of resources.

Significance of Leading in Management

Drives team performance and morale.

Significance of Controlling in Management

Keeps the organization on track toward goals.

What are the four essential skills in management?

Interpersonal Skills, Technical Skills, Conceptual Skills, Decision-Making Skills.

Explain Interpersonal Skills

Ability to understand and interact effectively with people.

Explain Technical Skills

Ability to perform mechanics of a specific job.

Explain Conceptual Skills

Ability to understand the parts to a whole.

Explain Decision-Making Skills

Ability to analyze situations and make sound choices.

Public Accounting

Works for external clients, offering services like auditing.

Private Accounting

Works within an organization, managing internal finances.

What are External Auditors?

Independent professionals who review financial statements.

What are Internal Auditors?

Employed by companies to monitor internal controls.

What is the Accounting Equation?

Assets = Liabilities + Owner's Equity.

Define Assets in Accounting

What a company owns.

Define Liabilities in Accounting

What a company owes.

Define Owner's Equity

The owner's claims on the business.

What is a Balance Sheet?

Lists assets, liabilities, and owner's equity at a specific time.

What is an Income Statement?

Shows the company's revenues, expenses, and profit over time.

What is a Cash Flow Statement?

Tracks the inflow and outflow of cash.

Importance of Balance Sheet to Managers

Helps manage assets and liabilities.

Importance of Income Statement to Managers

Shows profitability and cost control.

Importance of Cash Flow Statement to Managers

Ensures liquidity and operational efficiency.

Common Roles in Accounting

CPA (Certified Public Accountant), Auditor, Financial Analyst.

Define Marketing

Activities to create, communicate, deliver, and exchange offerings that have value for customers.

Role of Marketing in Society

Drives economic growth, creates jobs, helps businesses understand consumer needs.

Consumer Decision Process

Three approaches: Cognitive, Habitual, Affective.

Cognitive Decision-Making

Requires significant thought and evaluation of alternatives.

Habitual Decision-Making

Often involves minimal or no conscious thought.

Affective Decision-Making

Influenced by emotions and gut feelings.

What is Utility?

The value that a product provides to a customer.

Types of Utility

Form utility, time utility, place utility, possession utility.

Explain Form Utility

Changing something into a product people want.

Explain Time Utility

Making a product available when needed.

Explain Place Utility

Making a product available where people can easily find it.

Explain Possession Utility

Making it easier to buy or use a product.

B2B Purchasing

Business to Business: Businesses selling to other businesses.

B2C Purchasing

Business to Consumer: Businesses selling directly to consumers.

What is Strategic Marketing Planning?

Involves identifying market opportunities and choosing the best strategies.

Four Basic Options for Identifying Market Opportunity

Reviewing past performance, evaluating competition, examining internal strengths and weaknesses, analyzing the external environment.

What are the Four components of the Marketing Mix?

Product, Price, Place, Promotion.

Describe Product in the Marketing Mix

What you're selling, including features, quality, and design.

Describe Price in the Marketing Mix

How much you charge for the product, including discounts and payment options.

Describe Place in the Marketing Mix

Where and how you sell the product, including locations and distribution channels.

Describe Promotion in the Marketing Mix

How you communicate about the product, including advertising and sales promotions.

Key Takeaways from Marco Reyes (Walmart)

Strives to make opportunities count, emphasizes continuous improvement.

Key Takeaways from Dr. Peddicord

Accounting is practical, offering travel opportunities.

Key Takeaways from Milly Thornton (Walmart)

Success involves soft skills, networking, and adaptability.

What is the Enneagram Type 9?

The Peacemaker: Receptive, Reassuring, Agreeable, and Complacent.