Intro to Business Mid-Term

Three Management Roles

Interpersonal: Involves interacting with others, like communicating
Informational: Involves gathering, sharing, or distributing information
Decisional: Involves making choices or solving problems, such as planning

Examples of Managerial Roles

Interpersonal - Leader (Motivates and manages a team.)

Informational - Monitor Focuses on receiving and transmitting information (Gathers information about industry trends)

Decisional - Entrepreneur (Involves making decisions, Develops new products or services)

Four Functions of Management

1. Planning
2. Organizing
3. Leading
4. Controlling

(POLC)

Planning (Management Function)

setting goals and deciding how to achieve them

Organizing (Management Function)

Arranging resources and tasks to meet goals

Leading (Management Function)

Motivating and managing employees to achieve goals.

Controlling (Management Function)

Monitoring and adjusting performance as necessary

Significance of Each Management Function (POLC)

Planning: Establishes direction and focus.
Organizing: Ensures proper allocation of resources.
Leading: Drives team performance and morale.
Controlling: Keeps the organization on track toward goals.

Four essential Skills in Management

1. Interpersonal Skills
2. Technical Skills
3. Conceptual Skills
4. Decision-Making Skills

Explain the four essential management Skills

Interpersonal Skills - Ability to Understand and Interact effectively with people
Technical Skills - Ability to perform mechanics of a specific Job
Conceptual Skills - Ability to understand the parts to a whole
Decision-Making Skills - Ability to analyze situations and make sound choices.

Public vs. Private Accounting

Public Accounting: Works for external clients, offering services like auditing. (Lots of Clients)
Private Accounting: Works within an organization, managing internal finances. (One organization)

Types of Auditors

External Auditors: Independent professionals who review financial statements.
Internal Auditors: Employed by companies to monitor internal controls.

Accounting Equation

Equation: Assets = Liabilities + Owner's Equity.

Key Components:
Assets: What a company owns.
Liabilities: What a company owes.
Owner's Equity: The owner's claims on the business.

Financial Statements

1. Balance Sheet
2. Income Statement
3. Cash Flow Statement

Explain balance Sheets (BS), income statements (IS), and Cash Flow Statement (CFS)

Balance Sheet: Lists assets, liabilities, and owner's equity at a specific time.
Income Statement: Shows the company's revenues, expenses, and profit over time.
Cash Flow Statement: Tracks the inflow and outflow of cash.

Why Financial Statements Matter to Managers
(BS, IS, CFS)

Balance Sheet: Helps manage assets and liabilities.
Income Statement: Shows profitability and cost control.
Cash Flow Statement: Ensures liquidity and operational efficiency.

Accounting Career Options (Common Roles and Major Roles)

1. CPA (Certified Public Accountant)
2. Auditor
3. Financial analyst
4. Etc.

Definition of Marketing

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

Role of Marketing in Society

1. Drives economic growth
2. Creates jobs
3. Helps businesses understand consumer needs.
4. Etc.

Consumer Decision Process

Consumers can use three distinct approaches to making purchase decisions, depending on the situation:
1. Cognitive decision-making
2. Habitual decision-making
3. Affective decision-making

Explain each process from the consumer decision process

1. Cognitive decision-making - Requires significant thought and evaluation of alternatives
2. Habitual decision-making - Often involves minimal or no conscious thought
3. Affective decision-making - Influenced by emotions and gut feelings

Utility and Its Types

Utility: The value that a product provides to a customer.
Types: Form utility, time utility, place utility, possession utility.

Explain the types of Utilities

Form Utility: Changing something into a product people want (e.g., turning wood into a chair).

Time Utility: Making a product available when people need it (e.g., selling winter clothes in winter).

Place Utility: Making a product available where people can easily find it (e.g., placing a store in a busy area).

Possession Utility: Making it easier to buy or use a product (e.g., offering payment plans).

B2B vs. B2C Purchasing

B2B (Business to Business): Businesses selling to other businesses.
B2C (Business to Consumer): Businesses selling directly to consumers.

Strategic Marketing Planning

Involves identifying market opportunities and choosing the best strategies.

Four Basic Options for Identifying Market Opportunity

1. Reviewing past performance: how well each product is doing in each market where it is sold
2. Evaluating the competition
3. Examining a firm's internal strengths and weaknesses
4. Analyzing the external environment.

Four main components of the Marketing Mix

Product
Price
Place
Promotion

The Four P's

Describe the four main components of the marketing mix.

1. Products: What you're selling (This includes the features, quality, and design of the product)

2. Price: How much you charge for the product (This includes discounts, payment options, and pricing strategies)

3. Place: (Physical Distribution): Where and how you sell the product (This includes the location, stores, or online platforms)

4. Promotion: How you tell people about the product (This includes advertising, sales promotions, and social media marketing)

Guest Speaker Key Take Aways:
Management - Marco Reyes (Walmart)

- From Guatemala.
- Moved to Austria right after high school for 2 years to study tourism management.
- He takes advantage of opportunities when he can
- Has been with Walmart for over 12 years.
- Always strive to "make it better."
- Recommended book: Ego is the Enemy
- Learn as if you're going to teach it: head (knowledge), heart (passion), and hands (practice).

Guest Speaker Key Take Aways:
Accounting - Dr. Peddicord

-Formula: Assets = Liabilities + Equity
- Accounting is practical, not just theoretical.
- You don't have to be a "math whiz."
- Opportunities for travel and remote work.
- Accounting is considered a noble profession
- M&M Exercise for accounting equation

Guest Speaker Key Take Aways:
Marketing - Milly Thornton (Walmart)

- She was able to travel a lot with her position
- runs a 250M business through Walmart (Works in merchandising at Walmart)
- Graduated from John Brown University (JBU) in 2020
- She appreciated internships and learning (she was an intern at health care marketing, Etc.)
- MBA at University of Arkansas
- She talked about the difference between research schools and teaching schools (Jbu being a teaching school)
- Millie Rogers Thornton emphasizes that success isn't just about technical knowledge but also about soft skills, networking, and adaptability. Building relationships and embracing continuous learning can significantly impact career growth and fulfillment.

Know Your Personal Enneagram Results and Description
9 THE PEACEMAKER
The Easygoing, Self-Effacing Type: Receptive, Reassuring, Agreeable, and Complacent