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Test Bank for Business in Action 19th Edition by Courtland L. Bovee, John V. Thill, All Chapters Complete Guide A+

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Test Bank for Business in Action 19th Edition by Courtland L. Bovee, John V. Thill, All Chapters Complete Guide A+

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Chapter 1 DEVELOPIN g g

G A BUSINESS MINDSET
g g g




ChaptergOverview

Angintroductiongtogbusinessgcoursegoffersgsomethinggtogeveryone,gfromgstudentsgwh
ogaregstillgdecidinggwhethergbusinessgisgthegrightgmajorgforgthemgtogworkersgwhogalr
eadyghavegpracticalgexperiencegingthegbusinessgworld.gThisgchaptergintroducesgsome
gfundamentalgconceptsgofgbusiness,gincludinggthegdefinitionsgofgbusiness,gmajorgtyp
esgofgbusiness,gasgwellgasgthegpositivegandgnegativegimpactgofgbusinessgingsociety.gIt
galsogaddressesgthegmultiplegenvironmentsgingwhichgbusinessesgexistgandgoperate.gItg
identifiesgthegmaingfunctionalgareasgofgbusinessgandgexploresgvariousgcareersgingtheg
businessgworldgandgthegkeygsuccessgfactorsgofgsuchgcareers.gFinally,gitgdiscussesgthe
gsixgcomponentsgofgprofessionalism.




ChaptergOutline
I. UnderstandinggWhatgBusinessesgDo
A. Agbusinessgisgagprofit-
seekinggorganizationgthatgprovidesggoodsgandgservicesgdesignedgtogsatisfyg
customers’gneeds
1. Agcompany’sgbusinessgmodelgisgangoutlinegofghowgthegbusinessginten
dsgtoggenerategrevenueg(moneygreceivedgthroughgthegsalegofggoodsgan
dgservices)
2. Ifgrevenuegexceedsgexpenses,gthegbusinessgmakesgagprofit
B. Businessesgaddgvaluegforgcustomersgbygtransformingglower-
valueginputsgintoghigher-valueginputs
1. Businessesgseekgagcompetitivegadvantagegthatgmakesgitsgproductsgmor
egappealinggthangthosegofgitsgcompetitors
2. Businessesgmakegdecisionsginvolvinggsomegriskginganticipationg
ofgreceivinggfuturegrewards
C. Thegdrivinggforcegbehindgmostgbusinessesgisgthegprospectgofgearninggprofi
tsgandgbuildinggassets.gNot-for-
profitg(nonprofit)gorganizationsgsuchgasgcharities,gmuseums,gandgmostguni
versitiesgdognotghavegagprofitgmotive.gFourghelpfulgwaysgtogcategorizegbus
inessesgare:
1. Productgtypesgandgranges
2. Companygsize
3. Geographicgreach
4. Ownership

II. MakinggthegLeapgfromgBuyergtogSeller
A. Agbusinessgmindsetgconsidersgdecisionsgtogbegmadegandgproblemsgtog
begovercomegbeforegcompaniesgcangdeliverggoods/servicesgthatgsatisfy
gcustomers’gneeds
B. Businessesgcontributegtogsocietygthrough:
1. Offeringgvaluableggoodsgandgservices
2. Providinggemployment

,2 Chapterg1g|gDevelopinggAgBusinessgMindse
t

3. Payinggtaxes
4. Contributinggtognationalggrowth,gstability,gandgsecurity
C. Businessesgcanghavegnegativegeffectsgongsocietygsuchgas:
1. Generatinggpollutiongandgcreatinggwaste
2. Creatingghealthgandgsafetygrisks
3. Disruptinggcommunities
4. Causinggfinancialginstability

III. RecognizinggthegMultiplegEnvironmentsgofgBusiness
A. Thegsocialgenvironmentgconsistsgofgtrendsgandgforcesgingsocietygatglarge,gsu
chgasgpopulationgtrends
1. Agcompanygisgresponsiblegtogitsgstakeholdersg(allgthoseggroupsgaffecte
dgbygitsgactivities)
B. Thegtechnologicalgenvironmentgisgcomprisedgofgforcesgresultinggfromgth
egpracticalgapplicationgofgsciencegtoginnovations,gproducts,gandgprocesse
s
C. Thegeconomicgenvironmentgencompassesgconditionsgandgforcesgthat:
1. Affectgthegcostgandgavailabilitygofggoods,gservices,gandglabor
2. Shapegthegbehaviorgofgbuyersgandgsellers
3. Giggeconomy:gportiongofgthegeconomygcomposedgofgpeoplegwhogworkg
asgindependentgcontractorsgongagseriesgofgshort-termgprojectsgorgtasks
D. Theglegalgandgregulatorygenvironmentgisgcomprisedgofglawsgandgregulatio
nsgatglocal,gstate,gnational,gandginternationalglevels
E. Thegmarketgenvironmentgisgcomposedgofgthreegimportantggroups:
1. Agcompany’sgtargetgcustomers
2. Buyingginfluencesgthatgshapegthosegcustomers’gbehaviors
3. Agcompany’sgcompetitors
F. Barriersgtogentrygaregresourcesgorgcapabilitiesgagcompanygmustghavegbefo
regitgcangstartgcompetinggingaggivengmarket.

IV. IdentifyinggthegMajorgFunctionalgAreasgingagBusinessgEnterprise
A. Researchgandgdevelopmentg(R&D)gisgthegfunctionalgareagresponsiblegf
orgconceptiongandgdesigngofgproducts
B. Manufacturing,gproduction,gand/orgoperations—
thegfunctionalgareagchargedgwithgproducinggtheggoodsgand/orgservicesgofgt
hegcompany.gItgincludesgfunctionsgsuchgasgpurchasing,glogistics,gandgfacil
itiesgmanagement
C. Marketing,gsales,gdistribution,gandgcustomergsupport—customer-
relatedgfunctionsgthatgprovidegcustomersgwithgthegrightgproductgatgthegrightg
pricegandgplacegandgthengmakegsuregcustomersghavegneededgsupportgandginf
ormation.gThegadventgofgsocialgmediaghasgputgbuyersgongmoregequalgfooting
gwithgsellers
D. Financegandgaccounting—
responsiblegforgallgaspectsgofgagfirm’sgfinances,gincludinggfinancialgplan
ning,gmonitoring,gandgreporting
E. Humangresources—
responsiblegforgthegrecruitment,ghiring,gdevelopment,gandgsupportgofgemplo
yees
F. Businessgservices—othergservicesgperformedgbygin-
housegstaff,gexternalgfirms,gorgagcombinationgofgthegtwogingareasgsuchgas
glaw,gbanking,gandgrealgestate


V. ExploringgCareersgingBusiness
A. OperationsgManager/OperationsgManagement:gmanagementgofgthegpeopl
egandgprocessesginvolvedgingcreatingggoodsgandgservices

, Chapterg1g|gDevelopinggAgBusinessgMindse 3
t

B. HumangResourcesgSpecialist:gHRgspecialistsgandgmanagersgplangandgdirect
gpersonnel-
relatedgactivities,gincludinggrecruiting,gtraininggandgdevelopment,gcompens
ationgandgbenefits,gemployeegandglaborgrelations,gandghealthgandgsafety
C. InformationgTechnologyg(IT)gManager/IT:gthegfunctionalgareagofgbusinessg
asgwellgasgsystemsgresponsiblegforggathering,gprocessing,gandgdistributinggi
nformationgwheregneededgthroughoutgangorganization
D. MarketinggSpecialist:gagwidegrangegofgcareergopportunitiesgingtheginterrelate
dgtasksgofgidentifyinggandgunderstandinggmarketgopportunitiesgandgshapingg
thegproduct,gpricing,gandgcommunicationgstrategiesgneededgtogpursuegthose
gopportunities
E. SalesgProfessional:gprofessionalsgresponsiblegforgbuildinggrelationshipsgwit
hgcustomersgandghelpinggthemgmakegpurchasegdecisions
F. Accountant:gaccountinggprofessionalsgneedgtoghavegangaffinitygforgnumber
s,ganalyticalgminds,gandgattentiongtogdetail
G. FinancialgManager:gfinancialgmanagersgperformgagvarietygofgleadershipgand
gstrategicgfunctions;gunlikegaccountinggtasks,gforgwhichgtheregisgaglonggtrad
itiongofgoutsourcing,gthegworkgofgfinancialgmanagersgisggenerallygkeptgin-
ghouse


VI. AchievinggProfessionalism
A. Professionalismgisgthegqualitygofgperforminggatgaghighglevelgandgconducti
nggoneselfgwithgpurposegandgpride
B. Professionalismgencompassesgsixgtraits:
1. Strivinggtogexcel
2. Beinggdependablegandgaccountable
3. Beinggagteamgplayer
4. Demonstratinggetiquette:gthegexpectedgnormsgofgbehaviorgingan
ygparticulargsituation
5. Communicatingg effectively:
a. Listengactively
b. Providegpracticalginformation
c. Givegfactsgrathergthangvaguegimpressions
d. Don’tgpresentgopinionsgasgfacts
e. Presentginformationgingagconcise,gefficientgmanner
f. Clarifygexpectationsgandgresponsibilities
g. Offergcompelling,gpersuasivegargumentsgandgrecommendations
6. Makinggethicalgdecisions

VII. Thrivingg ingthegDigitalgEnterprise:gDisruptivegTechnologiesgandgDigit
algTransformation
A. Agdigitalgenterprisegisganygcompanygthatgusesgdigitalgsystemsgasgonegofgthe
gfoundationsgofgitsgvalue-
creationgprocesses,gregardlessgofgwhatgindustrygitgisgingorgwhatgproductgitgma
kes
B. Disruptiveginnovation:gdevelopmentgsogfundamentallygdifferentgandgfa
rgreachinggthatgitgcangcreategnewgprofessions,gcompanies,gorgevengentir
egindustriesgwhilegdamaginggorgdestroyinggothers
C. Digitalgtransformation:gprocessgofgreimagininggagcompany’sgbusinessgmod
elgandgoperationsgtogbecomegagdigitalgenterprise
1. BusinessgModelgReimagination
2. ProcessgOptimization

, 4 Chapterg1g|gDevelopinggAgBusinessgMindse
t

3. BiggDatagandgAnalytics
4. InternetgofgThingsg(IoT)
5. CloudgComputing
6. RoboticgProcessgAutomation
7. ArtificialgIntelligence
8. DigitalgTwins
9. Low-CodegAppgDevelopment

VIII. DevelopinggSkillsgforgYourgCareer
A. Communication
B. Criticalgthinking
C. Collaboration
D. Knowledgegapplicationgandganalysis
E. Businessgethicsgandgsocialgresponsibility
F. Informationgtechnologygskills
G. Datagliteracy


ClassroomgActivities

Break-outggroupgdiscussion:gWhygaregyougtakinggthegcourse?
Goal:gAskgstudentsgtognamegthegtopgthreegreasonsgasgtogwhygtheygaregtakinggthisgco
ursegingangeffortgtogintroducegstudentsgtogeachgothergandgtogbettergunderstandgtheirgb
ackgroundgandgmotivations.

TimegLimit:g15gminutes

.

Details:
1. Breakgstudentsgintoggroupsgofgfive.g(2gminutes)
2. Askgeachggroupgtogcomegupgwithgthegtopgthreegreasonsgasgtogwhygstudentsga
regtakinggthisgintroductiongtogbusinessgcourse;gforgexample,gbusinessgmajors
gdecidinggwhethergbusinessgisgthegrightgmajorgforgthem,gnon-
businessgmajorsgseekinggbusinessgknowledge,gandgworkersglookinggforgagth
eoreticalgfoundationgforgtheirgpracticalgbusinessgexperience.gAskgeachggroup
gtogfinalizegtheirgtopgthreegreasonsgfromgnotesgandgthengelectggroupgrepresen
tatives/speakers.gUsegvotesgandgtallygifgnecessary.g(10gminutes)
3. Askgrepresentatives/speakersgfromgeachggroupgtogpresentgtheirgresultsgtogt
hegwholegclass,geithergverballygorgwritteng(ongthegblackboard).g(3gminutes
)

Summary:gInstructorgsummarizesgthegtopgreasonsgthatgaregcommongacrossggroups,gdes
cribesgthegvariousgstudentgsegments,gandgreassuresgthemgthatgthegcourseghasgsomethin
ggtogoffergeveryone.

In-classgactivity:gCareergtrackgoptions
Goal:gAskgstudentsgtogvotegongthegsevengtypesgofgcareergtrackgoptionsgoutlinedgingth
egsectiong“ExploringgCareersgingBusiness”gtogdeterminegwhichgoptiongisgthegmostgp
opulargforgthegclassgasgagwhole.gHavegstudentsgdiscussgthegprosgandgconsgofgthegvar
iousgoptionsgingordergforgthemgtogunderstandgthatgeachgoptionghasgitsgowngadvantag
esgandgdisadvantages.

Connected book
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Courtland L. Bovée, John V. Thill Business in Action
Publisher: 2013 ISBN: 9780132828789 Edition: Unknown

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