No matter where your career plans take you, the dynamics of business will affect your work and life in innumerable ways. If you aspire to be a manager or an entrepreneur, knowing how to run a business is vital, of course. If you plan a career in a professional specialty such as law, engineering, or finance, knowing how businesses operate will help you interact with clients and colleagues more effectively. Even if you plan to work in government, education, or some other noncommercial setting, business awareness can help you; many of these organizations look to business for new ideas and leadership techniques. Social entrepreneurs, people who apply entrepreneurial strategies to enable large-scale social change, use business concepts as well.
As you progress through this course, you’ll develop a fundamental business vocabulary that will help you keep up with the latest news and make better-informed decisions.
By participating in classroom discussions and completing the chapter exercises, you’ll gain some valuable critical-thinking, problem-solving, team-building, and communication skills that you can use on the job and throughout your life.
This course will also introduce you to a variety of jobs in business fields such as, accounting, economics, human resources, management, finance, and marketing You’ll see how people who work in these fields contribute to the success of a company as a whole.
You’ll gain insight into the types of skills and knowledge these jobs require, and you’ll discover that a career in business today is fascinating, challenging, and often quite rewarding.
In addition, a study of business management will help you appreciate the larger context in which businesses operate and the many legal and ethical questions managers must consider as they make business decisions. Government regulators and society as a whole have numerous expectations regarding the ways businesses treat employees, shareholders, the environment, other businesses, and the communities in which they operate.
TBS TECHRCLOOICNE CTMPENMENT:
The technological environment stems from the practical application of science to innovations, products, and processes. Technological advances have the potential to change every facet of business, from altering internal processes to creating or destroying market opportunities.
Disruptive technologies, those that fundamentally change the nature of an
industry, can be powerful enough to create or destroy entire companies, many of the tech – neologies that you use in your academic, personal, and social activities, from digital audio and video to the Internet to social media, are disruptive technologies that have shaken up multiple industries.
One of the newest disruptive technologies to hit the business world is mobile connectivity, including smartphones, tablets, app software, and the networking infrastructure that connects all these devices. Venture capitalist Joe Schoendorf call mobile “the most disruptive technology that I have seen in 48 years in Silicon Valley.” Researcher Maribel Lopez calls mobile “the biggest technology shift since the Internet, “6
Companies recognize the value of integrating mobile technology, from employee collaboration systems to banking to retail. Mobile apps and communication systems can boost employee productivity, help companies form closer relationships with customers and business partners, and spur innovation in products and services (see Exhibit 1.6 on the next page). Given the advantages and the rising expectations of employees and customers, firms on the leading edge of the mobile revolution are working to integrate mobile technology throughout their organizations.
Economic Environment:
The economic environment refers to the various conditions and forces that impact how much goods, services, and labor cost and how available they are. These factors influence how businesses operate and how consumers make buying decisions. For example, inflation, interest rates, and employment levels all play a role in shaping the economic environment.
Legal and Regulatory Environment:
The legal and regulatory environment consists of the laws and regulations that businesses must follow. These rules can come from local, state, national, and even international levels. They cover a wide range of areas, including business practices, employment laws, environmental regulations, and consumer protection. Companies must comply with these regulations to operate legally and avoid penalties.
Market Environment:
The market environment refers to the factors and conditions that influence how companies and consumers interact in a market. It includes elements like customer preferences, competition, market trends, and demographic shifts. The market environment shapes how businesses develop, price, and promote their products or services, as well as how consumers make purchasing decisions. Understanding the market environment is crucial for companies to stay competitive and meet customer needs effectively.
Research and Development (R&D):
Products are created and designed through research and development (R&D), also known as product design or engineering. While not all companies have an R&D department—some simply resell products made by others—R&D is vital for those that do develop their own products. It generates the ideas and designs necessary for these companies to meet customer needs in competitive markets. Additionally, companies may engage in process R&D to find new and improved ways to run their operations, often focusing on information technology (IT) systems that enhance communication, information management, or customer service.
Manufacturing, Production, and Operations:
This function, known as manufacturing, production, or operations, involves whatever a company makes (for goods-producing businesses) or does (for service businesses). Operations managers oversee the actual production process and handle other key tasks, such as purchasing materials, managing logistics (coordinating the flow of materials and finished products), and maintaining facilities.
Marketing, Sales, Distribution, and Customer Support:
As a consumer, you’re likely familiar with marketing, sales, distribution, and customer support. Marketing identifies opportunities in the marketplace, collaborates with R&D to develop products, creates branding and advertising strategies, and sets prices. Sales focuses on building relationships with potential customers and convincing them to buy the company’s products or services. The distribution function helps promote products to retailers and ensures they are delivered to customers. Once customers have the products, customer support steps in to provide assistance and information.
Recent technological advances, particularly social media, have significantly transformed these areas of business. Customers can now engage in conversations with companies and each other, shifting the balance of power toward consumers.
Finance and Accounting:
Finance and accounting functions ensure that the company has the necessary funds to operate, monitor spending, and create reports for management and external parties like investors and regulators. Financial managers focus on planning, while accounting managers are responsible for tracking and reporting on financial performance. They work with other departments, such as R&D, production, and marketing, to estimate costs, set prices, and make profitable decisions.
HUMAN RESOURCIS:
The human resources (HR) function is responsible of, Hasup Ing, hiring, developing, and supporting employees. Like finance and account her areas ports all the other functional areas in the enterprise. Although managers in respire are usually closely involved with hiring and training the employes in the departees departments, HR generally oversees these processes and supports the other department-as needed. The HR department is also charged with making sure the company is in com pliancy with the many laws concerning employe rights and workplace safety.
BUSINESS SERVICES:
In addition to these core functions, a wide variety of business services exist to help companies with specific needs in law, banking, real estate, and other areas. These services can be performed by in-house staff, external firms, or a combination of the two. For example, a company might have a small permanent legal staff to handle routine business matters such as writing contracts but then engage a specialist law firm to help with a patent application or a major lawsuit. Similarly, all but the smallest companies have accounting professionals on staff to handle routine matters, but companies that sell shares of stock to the public are required to have their financial records audited (reviewed) by an outside accounting firm.
Exploring Careers in Business:
Whether you’re getting ready to start your career or you’ve been in the workforce for a while, use this course as an opportunity to explore the many career track options in the world of business. To help stimulate your thinking, this section offers a quick overview of six major business fields.!” However, don’t limit yourself to these six by any means. For just about any professional interest you might have, you can probably find business-reared career and sue, from entertainment and sports to health care and sciences and everything in between. Also, pay attention to employment trends; as in business environment evolves, employment opportunities in various fields grow and shrink at different rates.
OPERATIONS MANAGER:
Operations management encompasses all the people and processes used to create the goods and perform the services
chat a company sells. The work can involve a wide range of tasks and disciplines, including production engineering, assembly, testing, scheduling, quality assurance, information technology, forecasting, finance, logistics, and customer support. Some degree of technical acumen is always required, and many managers begin their careers in technical positions such as industrial engineering.
The work can be/stressful as the organization deals with nictating demand levels and with process and supply problems. On the other hand, if you want to balance your business interests with being involved in creating a company’s products, one of these management positions might be perfect for you
HUMAN RESOURCES SPECIALIST:
HR specialists and managers plan and direct personnel-related activities, including recruit-Ing, training and development, compensation and benefits, employee and labor relations, and health and safety. In addition, HR managers develop and implement HR systems and practices to accommodate a firm’s strategy and to motivate and manage diverse work-forces. In the past, top executives and professionals in other functional areas sometimes viewed HR as a tactical function concerned mostly with processing employee records and other nonstrategic duties. However, in many companies, the HR function is becoming more strategic and focused on the global competition to find, attract, and keep the best talent on the market.
INFORMATION TECHNOLOGY MANAGER:
Like HR, IT is evolving from a tactical support function into a critical strategic compo-net. Reflecting Its strategic importance, many midsize and large companies now have a chief information officer (CIO) position at the executive level to plot IT strategy. IT specialists design, implement, and maintain systems that help deliver the right information at the right time to the right people in the organization. Jobs in IT typically require a degree in a technical field, but an understanding of business processes, finance, and management is also important, particularly as you move up through the ranks of IT management. Many IT managers and executives also have a business degree, although not all companies require one.!
MARKETING SPECIALIST:
A wide range of career opportunities exist in the interrelated tasks of identifying and understanding market opportunities and shaping the product, pricing, and communication strategies needed to pursue those opportunities. Whether your interests lie in branding strategy, electronic commerce, advertising, public relations, creative communication, interpersonal relations, or social media, chances are you can find a good fit somewhere in the world of marketing.
Many small companies and virtually all midsize and large companies have a variety of marketing positions, but many of these jobs are also found in advertising agencies, public relations.
Identifying the Major Functional Areas in a Business Enterprise: Business Services:
Business services are specialized services that exist to help companies address specific needs in various areas, such as law, banking, real estate, and more. These services are provided by external firms or professionals who offer their expertise to support a company’s operations. For example, a law firm might provide legal advice, a bank might offer financial services, and a real estate agency might assist with property transactions. These business services are essential because they allow companies to focus on their core activities while relying on experts to handle specialized tasks.
Exploring Careers in Business:
- Operations management
- HR specialists
- Information technology manager
- Marketing specialist
- Sales professional
- Accountant
- Financial manager
Achieving Professionalism:
Professionalism refers to consistently performing at a high level and conducting oneself with a sense of purpose and pride. This means doing your job well, maintaining a strong work ethic, and behaving in a respectful and responsible manner. It involves being skilled and knowledgeable in your field, demonstrating reliability and commitment, and treating others with respect. Professionalism is about upholding high standards in your work and interactions, which helps build trust and respect in your professional environment.
Being a Team Player:
- Professionals know that they are contributors to a larger cause.
- Great team players know how to make those around them more effective.
- Being a team player also means showing loyalty to your organization and protecting your employer’s reputation.
Communicating Effectively:
- Listen actively.
- Provide practical information.
- Give facts rather than vague impressions.
- Don’t present opinions as facts.
- Present information in a concise and efficient manner.
- Clarify expectations and responsibilities.
- Offer compelling, persuasive arguments, and recommendations.
Demonstrating Etiquette:
Etiquette refers to the expected norms of behavior in a specific situation. It involves following the social rules and customs that dictate how people should act in various contexts. This can include things like manners, politeness, and appropriate dress or communication styles. Adhering to etiquette helps ensure respectful and smooth interactions, whether in a social setting, at work, or in other formal or informal situations.
Maintaining a Confident, Positive Outlook:
- Successful people are optimistic.
- Successful people buckle-down and get the job done despite obstacles.
- Energy, either positive or negative, is contagious.
- One negative personality can make an office miserable