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Intro to Business notes

Intro to Business notes - Intro to Business Journal...

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Intro to Business Journal: Thursday’s ½ page article on something- analysis - Cite the article (Forbes/ WSJ- save copy of article McDonald’s stock went up 18% because of the dollar menu Google added video chat/ call via computer (Gmail talk) Hybrid sales fall- gas prices down a lot (supply and demand) cost of the car went up Egg- salmonella Chapter 1: Framework of cont business Business vs. non- for- profit Factors of production 6 eras of business and their relationship How workforce changes How nature of work is changing Business- profit seeking activities and enterprises provide goods and services necessary to an economic system Profit- reward for business people who take risks involved to offer goods and services to customers Factors of production - Natural resources (wood, paper, coal) - Capital (money, machinery) - Human resources - Entrepreneurship Private Enterprise (capitalism) - Adam Smith- father of capitalism - Economic system determines business ownership, profits and resources - Rewards firms for their ability to serve the needs of consumers - Minimized government interference - Competition- battle among business for consumer acceptance Basic rights in private enterprise - Private rights in private enterprise - Competition - Profits - Freedom of choice Entrepreneurship Alternative - Risk taker - Fuels the U.S. economy - Provides innovation - Entrepreneurial thinking is important within large firms Six Eras in the history of U.S. Business (figure 1.3) - Colonial- agricultural - Industrial revolution- people/ machines - Industrial entrepreneurs
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- Production- assembly like, Henry for making cars- if made people will buy - Marketing - Relationship September 9, 2010 Managing Relationships through connections - Relationship Management: activities to build and maintain mutually beneficial ties with customers and other parties - Relationship management depends upon technology - It’s cheaper to keep customers then it is to get a new one Strategic alliances and partnerships - Partnership: an affiliation of two of more companies that help each other achieve common goals - Strategic alliance: a partnership formed to create a competitive advantage for both parties Today’s Business workforce - Dedicated workers who can foster strong ties with customers - Capable of high- quality production Car parts? Badness is on mechanic—need high quality products - Ability to compete in global markets - Technically savvy people Changes in the Workforce aging population - By 2030, the number of U.S. workers 65 or older will reach 72 million - Many baby boomers are hitting the peak of their careers, while Generations X and Y are launching their careers - Technology has intensified the hiring challenge by requiring workers to have ever more advanced skills - Read healthcare shrinking labor pool/ diversity - Economists predict the U.S. labor pool could soon fall short by as many as 10 million people - The 2 fastest- growing ethnic populations in the United States are Hispanics and people of Asian origin ***** Get marketing to mimic area -
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