cisnotes7 - CHAPTER 7 LECTURE NOTES Information Systems...

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CHAPTER 7 LECTURE NOTES Information Systems Role in Business Most businesses share the same core business functional behaviors , or departments, whether it is a global enterprise, or a sole proprietorship. A broad definition of a business is that is an organized entity designed to sell goods and/or services, usually in an endeavor to make a profit. Business functional behaviors therefore can be defined as the necessary core activities required to operate a successful business. The Accounting Department Accounting measures and provides financial information about an organization primarily for its decision makers, investors, and taxing authorities. Accounting is often referred to as the language, or mathematics of business. GAAP ( generally accepted accounting principles) are accounting rules for preparing, presenting, and reporting financial statements so the organization and its investors can have a standard set of reports regarding a business’ well being. Some of these financial statements include balance sheets, income statements, earning statements, and cash flow reports. To insure the accuracy and fair reporting of these financial statements, laws like the Sarbanes Oxley Act of 2002 were enacted to counter fraudulent reporting. The Human Resources Department Economic terms like “ firm specific human capital ” and even “ human resource s” suggest that people are a commodity, which is true by some definitions. What is true is that people are the most important asset in any business, and it’s the job of human resources departments to administer people. Traditional roles of human resource departments involve recruiting and hiring new employees, evaluating and managing personnel, tracking personnel data, administering payroll and pensions, and sometimes providing advice to employees regarding work‐related issues. The Marketing Department Marketing is the promotion of a business’ products and is a core business functional behavior. Marketing departments focus on customers and have core responsibilities like advertising and branding a business’ products and services. Products are the actual goods and services a business produces and how they relate to customer’s needs including warranties, guarantees, and.
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Pricing refers to what a product costs, or at least what a business is willing to exchange for their products.
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