Fundamentals of Business

This course provides students with an overview of the operations of a business.  Through the use of simulation exercises, students are introduced to management concepts and skills through the process of managing a company.  They gain hands on experience with the interplay of accounting, marketing, finance, and operations, as well as the interactions of these different aspects of business operations. In addition students will explore corporate social responsibility as it relates to business operations.

Learning Objectives

At the completion of this course, students will have developed the ability to:

  • Define why businesses exist and describe their major functions
  • Describe the role of management in business success
  • Describe the relationship between the private enterprise system and business
  • Discuss the role of product, price, placement and promotion in business success
  • Discuss the production process and supply chain management for business success
  • Discuss the role and functions of financial resources and profit in business success
  • Describe the importance and process of goal-setting and strategy development
  • Describe what social responsibility and ethical decision making mean in the management context
Topics
Sub-Topics
What is a business and how does it work? An overview of Business Basics
The Private Enterprise System
Decision-Making in a business 
Identifying, enticing and adding value for customers The Role of the Marketing Manager
The Marketing Mix
The Marketing Strategy
How does a business create goods and services to sell? Core Functions in Production Management
Quality Control and Total Quality Management
Interrelationship between Production and Accounting
How do we keep track of the money? The Cash Flow Statement
The Income Statement
How do we raise funds, reward shareholders, and manage our assets? Investment Financing
The Balance Sheet
How does it all work together? Alignment, Coordination and Evaluation
Operational Effectiveness vs Strategic Positioning
Measuring Success
Doing it Right: Social Responsibility and Ethical Decision-Making Defining Business Ethics
The Ethical Decision-Making Process