ADMN Midterm

                                               i.     Background: impact of business on economy/society

1.     + Generate wealth, create jobs and provide products and services, foster competition, stimulate innovation, improve productivity, influence trends, raise living standards

2.     – income inequality, degrade the environment, unethical labor

                                              ii.     Distinctive Competencies- capabilities and strengths that differentiate between companies, specialized knowledge, brand reputation, customer service or unique resources

                                            iii.     Product Ecosystems- network of products and services that work together to create added value for customers

1.     Apple- phones chargers headphones

                                            iv.     Individual ethics and business ethics

1.     moral principles that guide behavior of individuals in personal lives

2.     ethical standards that guide businesses in operations

                                              v.     Social responsibility / Responsibilities to stakeholders

1.     Ethical obligations of company to contribute positively to society and maximize profits for stakeholders

                                            vi.     Dimensions of CSR (corporate social responsibility)

1.     Economic- ensure business is profitable and sustainable

2.     Legal- following laws and regulations

3.     Ethical- morally right actions

4.     Philanthropic- charitable activities and community development, social causes

2.     Marketing Research and Competitive Analysis

a.     Concepts

                                               i.     Marketing- process of promoting, selling and distributing a product or service to target audience

                                              ii.     Marketing Environments- internal and external factors that influence company’s ability to develop and maintain successful relationships with customers

1.     Micro- close to company like suppliers

2.     Macro- economic, social, technological and cultural factors

                                            iii.     Marketing Mix: 5 P’s

1.     Product- goods or services

2.     Price- amount willing to pay

3.     Place- physical stores, online, wholesale

4.     Promotion- activities to promote product

5.     People- employees

                                            iv.     Types of competition

1.     Direct- similar products in same market

2.     Indirect- different products for same problem

3.     Potential- could enter market in future

4.     Brand- brands in same product category compete

                                              v.     Marketing research (main types)

1.     Exploratory

2.     Descriptive

3.     Casual

4.     Primary

5.     secondary

                                            vi.     Competitive advantage (incl. 4 types: cost, product, service, and niche (focus))

3.     Cost Analysis

a.     Concepts

                                               i.     Role of accounting- financial management of business

                                              ii.     Types of accounting

1.     Financial

2.     Management

3.     Cost

4.     Auditing

5.     Tax

6.     forensic

                                            iii.     Accounting equation

1.     liabilities+equity=assets

                                            iv.     Financial Statements: balance sheets, income statements, budgets

1.     What is the role of each of these statements?

a.     Balance sheet- companies financial position at specific point

b.     Income statement- summarizes revenues, expenses and profits over a period

c.     Budgets- financial plans of income and expenses over period

4.     Funding Opportunities

a.     Concepts

                                               i.     Primary sources of funding- to startup company

1.     Equity- raising money by selling shares to investors

2.     Debt- borrowing money

3.     Internal- own money or profits

                                              ii.     The role of banks in finance

1.     Secured loans- loans backed by collateral

2.     Unsecured Loans- lenders rely on honesty

                                            iii.     Pros and Cons of Debt and Equity

1.     Debt pros- owner has full control of company

a.     Cons- must be repaid regardless of performance, interest

2.     Equity pros- no repayment, shared risk, more expertise

a.     Cons- loss of control and profit sharing

                                            iv.     Venture Capital and Angel Investment (main ideas)

1.     Provide funding to startups but differ in stage of investment, amount and involvement

a.     VC- past startup phase, larger amount, active role, expect high returns

b.     AI- early stages, smaller amount, mentor, more patient with return

5.     Acquiring and Nurturing Talent

a.     Concepts

                                               i.     Human Resources Management

1.     What is it? What is it’s core role?

a.     Strategic approach to managing people and everything related to employees

b.     Manage and maximize potential of workplace to support objectives

2.     HR Management Process

a.     HR planning

b.     Recruitment and selection

c.     Onboarding

d.     Training

e.     Employee retention