6 discuss the advantages and disadvantages of the

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Foundations of Business
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Chapter 5 / Exercise 2.1
Foundations of Business
Hughes/Pride
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6. Discuss the advantages and disadvantages of the corporate form of ownership. Module 3 – Management, Organization & Motivation 1. Define what management is. 2. Describe the four basic management functions: planning, organizing, directing (leading and motivating), and controlling.
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Foundations of Business
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Chapter 5 / Exercise 2.1
Foundations of Business
Hughes/Pride
Expert Verified
3. Identify factors that make an organization a good place to work, including competitive compensation and benefits packages.
4. Explain why workers unionize and how unions are structured, and describe the collective-bargaining process. 5. Appraise the value of the HR function within organizations.
Module 4 – Marketing
1. Apply a marketing strategy (target market, develop marketing mix). Marketing is a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. It includes everything that organizations do to satisfy customers’ needs. The philosophy of satisfying customers’ needs while meeting organizational profit goals is called the marketing concept and guides all of an organization’s marketing activities. To apply this approach, marketers need a marketing strategy —a plan for doing two things: selecting a target market and then (marketing mix) implementing strategies for creating, pricing, promoting, and distributing products that satisfy customers’ needs. A target market is a specific group of consumers who are particularly interested in a product, would have access to it, and are able to buy it. To identify this group, marketers first identify the overall market for the product (from the consumer market , the industrial market , or both). Then, they divide the market into market segments —groups of customers with common characteristics that influence their buying decisions.

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