BUS101 Final Exam Study Guide

BUS101 Final Exam Study Guide - BUS 101 Study Guide Case...

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BUS 101 Study Guide Case Analysis 1. Who are the stakeholders? 2. What are their stakes? 3. Who is more important? a. Legitimacy = Seat at the table. Four Levels: a.i. Ownership a.ii. Legal Right (there is a law) a.iii. Moral Right (it is not fair) a.iv. Interest = No Legitimacy b. Power = Ability to influence the decision (money, public opinion, political power, etc). c. Urgency = Want to influence the decision. d. Stakeholder classifications: d.i. 3/3 above = Core, 2/3 above = Strategic, 1/3 or 0/3 = Secondary 4. Perspectives of Core Stakeholders a. Economic (is there a financial impact) b. Legal (is a law being broken? What law?) c. Ethical (is there something that is legal, yet unfair? Which one of the Big 12?) (Case Analysis Continued) 5. Impact on 4 Business Processes (Internal) a. Acquiring Customers (MKT) a.i. Product (Customer), a.ii. Price (Cost), a.iii. Promotions (Communication) a.iv. Place (Convenience) b. Acquiring Financial Capital (FIN/ACC) b.i. Debt b.ii. Equity b.iii. Financial Impact, Cost and Risk c. Managing Human Resources (HR) c.i. Hiring / Firing c.ii. Retaining the best employees, people management issues d. Creating Value (OPS) d.i. Raw Materials from Suppliers d.i.1. Processes and specifications to transform inputs from suppliers into more valuable products and services to be sold to customers. d.i.2. Ways to internally reduce costs or improve quality. d.ii. Strategic Hierarchy Connections d.ii.1. Corporate Strategy d.ii.2. Business Strategy d.ii.3. Functional Strategy d.ii.3.a. Operations: d.ii.3.a.i. Structural (bricks and mortar), d.ii.3.a.ii. Infrastructural (People & Processes), d.ii.3.a.iii. Technology Strategy (Automation) CRITICAL THINKING 1. Know the 5 stages of critical thinking and their characteristics.
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a. Confused Fact Finder a.i. b. Biased Jumper b.i. c. Perpetual Analyzer c.i. d. Pragmatic Performer d.i. e. Strategic Re-Visioiner 2
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e.i. 2. Know how they apply to our stakeholder business decision making model. 3. Understand the importance of critical thinking in business decision making. INTRODUCTION TO BUSINESS 1. MILTON FREIDMAN VS EDWARD FREEMAN a. Freidman a.i. Profit, strategic approach, all about the money. If the company is successful than every would be good b. Freeman b.i. Focuses on the Customers 2. Understand the global nature of today’s business environment. a. But that is just the U.S. b. We need a broader perspective. c. The business world we live and compete in is changing at a rapid pace. d. The world we live in is getting smaller. e. Recognize and embrace a broader world view e.i. Differences in languages e.ii. Differences in culture, religion, attitudes e.iii. Differences in political, legal and ethical environments e.iv. Differences in economic environments e.v. Exchange rates, currency conversions e.vi. Restrictions with respect to trade (tariffs, taxes, quotas) 3. Key Business Facts to help you figure things out. a.
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This document was uploaded on 11/02/2011 for the course BUS 101 at Miami University.

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BUS101 Final Exam Study Guide - BUS 101 Study Guide Case...

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