Flashcards (DAY1)(BMG100)

Introduction

• Instructor: Vincent Hutier

• Course: Understanding Business and Society

• Schedule: Monday and Wednesday afternoons, 4-5:30 PM

• Class Duration: Next 3 months

Course Overview

• Main Topic Areas:

  • Understanding the business environment

  • Impact of external factors on business

  • Organizational adaptation to opportunities and threats

Defining Business

• Business Organization:

  • Group of people aiming to achieve specific goals

  • Can be individuals or teams trying to earn profit

  • Profit generated by providing products or services that satisfy customer needs

Types of Products and Services

• Products:

  • Tangible goods such as:

    • Cars

    • Computers

    • Clothes

    • Food Items

  • Characteristics:

    • Can be manufactured and stored

    • Can build inventory

• Services:

  • Intangible offerings such as:

    • Transportation (e.g., Uber)

    • Technical support

    • Event management

  • Characteristics:

    • Cannot be stored or inventoried

    • Quality may be variable and inconsistent

Primary Goal of Business

• Definition of Profit:

  • Profit = Revenue - Expenses, where:

    • Revenue comes from selling products and services

    • Expenses include costs of production, marketing, etc.

  • Businesses must manage costs to ensure profit generation

• Non-Profit Organizations:

  • Aim to provide services rather than profit

  • Need to generate revenues to cover expenses to avoid bankruptcy

  • Surpluses, not profits, are termed in non-profits

Stakeholders in Business

• Stakeholders:

  • Individuals or groups with an interest in the organization, including:

    • Shareholders

    • Employees

    • Customers

    • Suppliers

    • Governments

    • Communities

  • Stakeholder interests must be managed for business success

Corporate Social Responsibility (CSR)

• Definition:

  • Organizations must not only make profits but also consider social impacts

  • Importance of being good corporate citizens

  • Example: Kinex supporting local culture and arts

Course Components and Learning Outcomes

• Content Covered:

  • Economic environment, technology, legal, regulatory forces, competition

  • Ethical practices and social responsibility

  • Management functions (planning, organizing, staffing, directing, controlling)

• Skills Developed:

  • Critical thinking, problem-solving, team communication

  • Business report writing, understanding business operations

Teaching Methodology

• Primarily lectures with class discussions

• Participation: Attendance and engagement are mandatory

Important Classroom Etiquette

• Respect classmates and the instructor

• Arrive on time and remain for the entire class

• Turn off mobile devices and stay focused

Course Materials

• Textbook: "Business: A Changing World, 8th Canadian Edition" by Ferrell et al.

• Simulation: Enrollment in Praxar simulation essential for the course success

Evaluation Structure

• Evaluation Breakdown:

  • Group Project in Simulation: 40%

  • Midterm Exam: 25%

  • Final Exam: 25%

  • Weekly Quizzes (10 total): 10%

  • Bonus Points for Class Participation: Up to 5%

• Must achieve passing marks in both project and exam components to pass the course

Tentative Schedule

• Upcoming Topics:

  • Week 1: Introduction and overview

  • Week 2: Economic Environment

  • Other weeks: Covering various business aspects leading to exam preparation

##Instructor's Background

• Background in marketing, advertising, and media

• Experienced educator for over 20 years

• Active community involvement with organizations such as the Sherbrooke Symphony Orchestra

Conclusion

• Open for additional questions.