Introduction to Business
Homework 1 (HW1) Questions
Due: June 7, 2016
Grade: _ out of 50
Instructions: Refer to Homework Grading Rubric (located in the Homework Folder of Desire-2Learn - D2L) for requirements to complete this assignment. The
Discussion 6: Entrepreneurship Attributes
If you were going into business for yourself what would be your core capabilities? What capabilities do
you have now, and what capabilities are you going to develop? Describe what your role would be in a
Purpose of tactical Planning
Difference between top and middle
Purpose of a mission statement
What does SWOT analysis compare
Difference between progrmd/nonprogrmd
CHAPTER 8 TERMS
Function of attracting, developing,
CHAPTER 10 NOTES
PRODUCTION AND OPERATIONS
TYPICAL PRODUCTION SYSTEMS
THE STRATEGIC IMPORTANCE OF
SPECIALIZATION OF LABOR
The process of measuring, interpreting, and communicating financial information
to enable people inside and outside the firm to make informed decisions.
sharing sensitive financial information with employees and te
process by which money flows from savers to users
Households, businesses, government, financial institutions, and financial mar
1. a.natural resources
b. human resources
2. a. private property
c. freedom of choice
d. fair competition
6. relationship era
7. competitive differentiation
The Financial System
Understand the financial
List the various types of
Explain the role of
Define the role of the
Describe financial planning.
Outline how organizations
manage their assets.
Discuss the sources of funds
and capital structure.
1. Production and operations managers oversee the conversion of inputs (labor, materials, and
machines) into outputs (goods and services).
2. Production and operations managers are needed by business, but are rarely used in the
An entrepreneur seeks a profitable opportunity, then takes the risks necessary to open and
operate a new venture.
Merely owning a business makes you an entrepreneur.
Both entrepreneurs and small business owners uses their
1. Utility in marketing is defined as want satisfying power.
2. Retailers create ownership utility by converting raw materials, component parts, and other inputs into
finished goods and services.
3. A presence on the Inte
1. The management process applies only to profit-seeking firms rather than not-for-profit
2. The highest level of management requires technical skills above any other.
3. The lowest level of manag
1. As technology has advanced, the need for human resource management has declined.
2. Human resource management includes finding, training, motivating, compensating, and
appraising enough qualified employees to accomplish organ
1. The Small Business Administration defines a small business as:
independently owned and managed.
a firm that is not dominant in its industry.
a firm that meets industry-specific size standards for income or number of employees.
all of these
Identify and describe a great manager. What makes him or her stand out from the crowd?
To be a great manager you have to have or obtain certain qualities. Some of the qualities that I
believe make someone a gre
Is prejudice declining in our society? In our organizations? Why or why not?
I see prejudice declining in our society because of recent events and the outreach to the
diverse public. While there may stil
What opportunities do you see as a result of the changes in our nations workforce? (Question 1, page
Both demographics and diversity will serve to drive the future workforce structure. How these factors
are integrated into the overall bu
Describe large, bureaucratic organizations with which you have had contact that have not
responded flexibly to customer demands. Also, describe examples of satisfactory responsiveness.
What do you think a
Think of a significant mistake made by someone on a job. How did the boss handle it, and what was
My fianc works for a company that installs bathrooms in a day. His manager keeps track of all
Discussion 5: Organizational Structure
Pick a job you have held, and describe it in terms of span of control, delegation, responsibility,
authority, and accountability. (Question 5, page 290)
The business world offers many varied opportunities to excel in
Name of Company and Ticker Symbol: The Walt Disney Company, DIS.N
Company Web Site: https:/thewaltdisneycompany.com/
Annual Report: https:/ditm-twdc-us.storage.googleapis.com/2015-Annual-Report.pdf
Review of the Letter to the Shareholder
During the 2015 F
For each of the management approaches discussed in the Appendix, give examples you have seen.
How effective or ineffective were they? (Question 8, page 40)
Note: Your examples can be either from your personal or business world. As we can see from the
Discussion 9: Motivation
Give some examples of situations in which you wanted to do a good job but were prevented from
doing so. What was the impact on you, and what would this suggest to you in your efforts to motivate
other people to perform? (Question
Imagine you were the CEO of a major company. What approach to global competition would you
choose for your firm: international, multinational, global, or transnational? Why?
As the CEO, I would have to co
Identify a decision you have made that had important unexpected consequences. Were the
consequences good, bad or both? Should you, and could you, have done anything differently in
making the decision? (Question 3, page 104)
Note: Decisions are made daily
How do strategic, operational and tactical planning differ? How might the three levels complement
one another in an organization?
Strategic planning is a set of procedures for making decisions about the o
Discussion 4: Social Entrepreneurship
The chapter specified some of the changes in the external environment that can provide business
opportunities (technological discoveries, lifestyle and taste changes, and so on). Identify some recent
changes on curren
1. Modern organizations enhance performance through employee involvement using:
A. employee empowerment.
B. information sharing.
D. all of these answers are correct.
2. By utilizing teamwork:
A. people work independently rather than
Think of an occasion when you faced a miscommunication problem. What do you think caused the
problem? How do you think it should have been handled better?
During my first year in my position as the Town
Discussion 10: Dealing with Conflict
Discuss personal examples of virtual conflict and how they were managed, well or poorly. (Question 7,
Managers deal with conflict daily. Solutions must be identified and resolutions must be implemented.
Discussion 8: Effective Leadership
Identify someone you think is an effective leader. What traits and skills does this person possess that
makes him or her effective? (Question 3, page 433)
Since our class is focused on the business environment, lets keep
Discussion 3: Corporate Activities
Identify a recent incident (within last six months) and discuss illegal, unethical, and socially
responsible business actions in the current news. Include a link to the news article in your
discussion post. (Question 4,