PHT role play

Adapt communication to the cultural and social differences among clients

-Understand values and customs, do not belittle culture or religion -Interpret physical cues -Try to use their language -Ask if anything is offensive or rude

Record information to maintain and present a report of business activity. -->Utilize note-taking strategies

-Understand what information is important before -Summarize important parts, abbreviate, write quickly, organize after meeting -Focus on some specifics like numbers

Explain the concept of organized labor and business

-A labor union is a group of workers who have joined together for the common purpose of improving the terms and conditions under which they work. -Unions are formed to obtain higher wages, better benefits, and improved working conditions. -When laborers organize, they are able to increase their bargaining power with business management. -Two main types of unions exist today-industrial unions, made up of workers employed in the same industry, and craft/trade unions, which are groups of workers with similar skills. The AFL-CIO is the federation for nearly all labor unions, although some very large unions are independent of the federation. -Labor union contracts are created through a negotiation process called collective bargaining, involving union officials and company representatives. -If an agreement cannot be reached, pressure strategies may be imposed by either side, including strikes, picketing, and boycotts by union members or lockout, injunctions, and strikebreakers by management. -Several advantages and disadvantages exist for both sides in organized labor. Workers gain individual dignity, fair treatment, protection, and fringe benefits. However, they must pay union dues, support union decisions, and face hardships during strikes. Businesses benefit by having security regarding wages, benefits, and working conditions as well as having the union assist in recruiting and training employees. -Businesses, though, face increased costs in wages and benefits, have limited control in personnel matters, and loss of production in the event of strike.

Analyze cost/profit relationships to guide business decision-making. -->Explain the concept of productivity

-Ability to produce a good or service -Higher productivity increases profits -Can decrease input or increase output -Can be increased through investment in new equipment/facilities/technology, providing more training to staff, increasing workers' responsibility

Assess personal strengths and weaknesses

-Important in deciding what is right career-wise -Aptitude tests can help but they can be inaccurate -Think about values: things one believes in, choose what is important -Skills and aptitudes: things that have resulted in success, history -Reaching full potential, doing things that will help others -Think about weaknesses and improving consider them

Discuss the nature of legally binding contracts

-Almost every business activity involves a contract -Contracts that define the relationships and rights and obligations of parties -contract: mutual binding agreement -Creates enforceable duties or obligations that a re legally binding- each party is obligated or refrained rom doing certain acts -Consists of: an agreement made between competent parties, based upon the genuine assent of the parties, supported by consideration and made for lawful objective

Determine global trade's impact on business decision-making. -->Explain the nature of global trade

-Also called international trade, it is the exchange of goods and services across international borders -Effected by industrialization, globalization and outsourcing -Causes new competition to arise and innovations to be made

Explain the nature of agency relationships

-An agency relationship: the fiduciary relation which results from the manifestation of consent by one person to another that the one person shall act in his behalf and is subject to his control; and consent by the other so to act -results to the following terms: principle and agent, employer and employee, principle and independent contractor -types of agency relationships: terminations, formation/creation, actual authority, apparent authority, ratification

Describe the determinants of exchange rates and their effects on the domestic economy

-An exchange rate is the value of one currency in terms of another, and they are established on the foreign exchange market. This is a series of interconnected entities that exchange currencies, including businesses, banks, and governments. -The exchange rate for a country's currency is determined by the supply and demand for that currency. -This is impacted by foreign trade. The difference in the value of a country's imports and exports affects supply and demand, which affects exchange rates. -For instance, if the U.S. is importing more goods than it is exporting, it will need to convert more U.S. dollars to other currencies. By doing so, the demand for other currencies increases and the exchange rate for U.S. dollars increases.

Handle telephone calls in a businesslike manner

-Answer promptly, begin with formal greeting -Take message with name, person wanted, reason, phone number -Be polite, do not yell, keep calm, no insulting -Thank customer, speak clearly

Provide legitimate responses to inquiries

-Answer question and provide relevant information -Be polite, do not judge asker -Make person feel important, thank person for interest, use Mr. or Ms.

Exhibit techniques to manage emotional reactions to people and situations. -->Exhibit a positive attitude

-Approach everything positively and not complaining -Important because coworkers will follow -Accepting of change and new projects

Manage stressful situations to minimize negative workplace interactions. -->Use appropriate assertiveness

-Based on balance, not winning -Consider other people's needs along with own needs -Express negativity in a healthy way -Learn to accept criticism and compliments -Say "no" when necessary -Use "I" statements -Be empathetic -Escalate in firmness -Ask for more time to respond -Change verbs: "will not" instead of "cannot" -Restate message so people will understand that it is meant -Scripting: plan ahead of time, tell person what happened, feelings, needs and consequences

Explain the concept of private enterprise

-Basis of a free market capitalist system -Established, owned and operated by private institutions for profit -Government control is limited -Individuals own economic resources -Free to own, sell, use, and buy private property -Prices are important for supply and demand -Free to set own financial goals, include what they produce

Apply active listening skills to demonstrate understanding of what is being said. -->Explain communication techniques that support and encourage a speaker

-Be an active listener: pay attention, nod, give feedback through questions and paraphrasing, do not judge, give appropriate responses -Take notes, make eye contact

Resolve conflicts with/for customers to encourage repeat business. --> Handle difficult customers

-Be patient -Do not insult customer even if insulted first -Be polite, use Mr. or Ms. -Try to help

Participate in a staff meeting

-Be prepared: research background, know agenda -Pick battles: think before speaking, point out problems but do not attack -Contribute: ask questions, make comments, do not dominate -Choose timing: others may know more, wait until everyone speaks

Foster self-understanding to recognize the impact of personal feelings on others. -->Describe the nature of emotional intelligence

-Being able to perceive, control, and evaluate emotions -Perceiving emotions: accurately interpreting nonverbal cues such as appearance and body language -Reasoning with emotion: using them to promote thinking and cognitive ability, understanding that emotions influence what people pay attention to -Understanding emotions: interpreting the meanings of the emotions perceived, knowing that it might be the person's fault or something unrelated -Managing emotions: regulating emotions, responding appropriately to a person's emotions and one's own emotions

Apply ethics to demonstrate trustworthiness. -->Demonstrate responsible behavior

-Being on time -Completing work -Helping others/getting along -Asking questions/telling the truth about problems -Following the rules/not gossiping

Employ communication styles appropriate to target audience

-Best to be assertive -Do not be passive, aggressive or passive-aggressive -Do not be scary, but be forceful -Consider audience, how things will be perceived, obstacles

Identify the basic torts relating to business enterprises

-Business torts: civil wrongs committed by or against an organization--involve harm done to the organization's intangible assets (business relationships with clients, intellectual property) -tort of misrepresentation: one party intentionally falsifies a material fact to induce another party to perform/refrain from performing in a certain manner -embezzeling company assets, falsifying financial statements, forging work hours -fiduciary: party charged with acting in another party's best interest -If an officer engages in insider trading they are guilty of breaching fiduciary duties to the corporation's shareholders

Select and use appropriate graphic aids

-Table: multiple variables, precise values, for reference -Pie Chart: for percentages or proportional data -Histogram: for continuous data, similar to bar graph -Bar Graph: categorical data -Line Graph: to represent trends over time, continuous data -Scatter Chart: comparison of numerical data

Organize Information

-Chronological: by progression of time -Priority: by importance -Inductive: specific to broad -Deductive: broad to specific -Use background information -Findings: facts uncovered -Conclusions: opinions formed -Executive summary: memo, short and to the point

Interpret others' nonverbal cues

-Clothing shows who person is/how person wants to be seen -Posture and gestures show whether person wants to talk -High vocal tone indicate excitement/emotion, lower tone indicate authority/desire to influence -Expressions involve movement in face, eyebrow raising, eyes widening, open mouth

Mixed

-Combination of systems (usually command and market) -Traditional usually does not mix well -Advantages: market mostly free of government control (education, transportation, etc. are usually the governments focus) -Disadvantages: government can become too powerful or less flexible

-Economic risk: changes in overall business condition

-Competition: business does not change product when competitors offer more feature and benefits, foreign competitors can make products for less, forces American companies to improve productivity and efficiency -Consumer lifestyle and population changes: single parent households, dual income families, aging of generations, single people delaying marriage, risk for businesses that do not adapt products to meet needs -Limited usefulness or style: prices reduced at end of season to sell them, reduces profits -Product obsolesce: product becomes outdated, new products are constantly being developed that are faster, more efficient and convenient -Changes in business environment: inflation (too much money in circulation, income stays the same but the prices go up), recession (companies face a decrease in sales and profit, people buy more affordable products, companies cut back on employees and spending, smaller businesses may not survive), exchange rate (companies have to convert to other country's dollar to make a purchase from another country, if the currency of the buyer is stronger, it is beneficial, if the currency is weaker, the company has to pay more, price competition leads to fluctuation in prices, if value depreciates, people in the country benefit because imported goods will be cheaper) -Government laws and regulations: law can require businesses to pay for street, sewer, parking improvement -Product recalls: recalling products results in high legal fees, expensive repairs and replacements, even the threat can affect sales and profits

Apply verbal skills to obtain and convey information. -->Explain the nature of effective verbal communications

-Consider situation, how formal, content/atmosphere -Say what is meant, speak in understandable terms -Watch tone, make sure it is appropriate -Know the people being spoken to, consider age/profession -Use visual aids as a supplement, use facts as support -Make eye contact, hand gestures, proper body language -Minimize distractions/barriers

Use communication skills to foster open, honest communications. -->Use communication skills to foster open, honest communications.

-Consider the situation, gather necessary information -Focus on the problems, not personalities -Manage individuals, not groups, meet subordinates face-to-face -Assign tasks clearly and directly -Do not take criticism personally, learn from mistakes

Explain the use of feedback for personal growth

-Constructive criticism -Evaluate what people say and change it -Do not take it personally -Improve self through what others say

Edit and revise written work consistent with professional standards

-Content: enough background, clear and concise, factual support -Grammar: homonyms, no informal language, punctuation/grammar mistakes

Command

-Controlled by centralized power -Develops when country has lots of resources that need to be regulated -Government owns everything in industrial process -Advantages: capable of creating supply of resources, people get affordable prices typically, usually no shortage in jobs -Disadvantages: government only wants control of valuable resources, things like agriculture are left to the people, lots of government control

Communicate with staff to clarify workplace objectives. -->Explain the nature of staff communication

-Create appropriate culture, transparent, straight, schedule informal communication, meet one-on-one/groups -Make sure message is heard, play to strengths, sharpen message, recognize good work, prepare, take non-verbal cues, follow-up -Listen to employees, formal feedback method, check attitude of management, reward feedback

Develop personal traits to foster career advancement. -->Identify desirable personality traits important to business

-Creative: think outside the box, come up with new ideas -Dependable: responsible, stick to word -Compassionate: be able to empathize with others, kindness -Enthusiastic: good attitude -Motivated: keeps going, more effective at job -Curious: can lead to innovation -Resilient: acceptant of failure, encouraged to be better -Confident: believe in self

Human risk: human mistakes and unpredictability of customers, employees or work environment

-Customer dishonesty: theft, fraudulent checks or credit cards, nonpayment o Employee: errors, negligence, incompetence (having skills to do the job properly), embezzlement, extending employee benefits to others -Work setting/business environment: emergencies caused by mechanical problems, customer/employee injuries/illnesses -Computer crime: passing along confidential information through email, criminals can penetrate computer security systems -Can be prevented through training employees, providing safe conditions, preventing theft, purchasing insurance, warranties, transferring risks through business ownership, risk retention, risk avoidance

Understand the nature of customer relationship management to show its contributions to a company. --> Discuss the nature of customer relationship management

-Customer relationship management involves finding customers and keeping them satisfied through a variety of means. -It is useful for developing and maintaining customer relationships. -The sharing of customer information among businesses has led to privacy issues. -The government has regulations protecting the privacy of consumers, including offering customers the option of being added to mailing lists. 14

Demonstrate a customer-service mindset

-Customer satisfaction comes first, make customers feel welcome -Be willing to answer questions

Write persuasive messages

-Direct request: main idea, explanation/facts/evidence, courteous asking -Indirect request: explanation (buffer opening), main idea, courteous asking -Bandwagon approach -Glittering generalities -Testimonial -Citing statistics -Products or service, claims and adjustments, policies, performance, personal contribution

Analyze impact of specialization/division of labor on productivity

-Division of Labor: to the practice of splitting a job into discrete tasks and assigning each task to a specific worker, hundreds of specific tasks assigned to an individual worker, increases productivity because it goes faster, people are better at their individual part -Wealth of Nations: Adam Smith, used an example of a factory manufacturing pins to describe how dividing the pin-making process into individual steps, and training workers to perform each step, greatly increased the overall productivity of the factory -Productivity: is a measure of economic output relative to the amount of labor involved. -Labor Specialization and Productivity: Allocational efficiency makes the best use of a particular worker's skill. Technical efficiency arises from a division of labor by reducing the transition time between tasks.

Understand fundamental economic concepts to obtain a foundation for employment in business. -->Distinguish between economic goods and services

-Economic goods: tangible items such as food or clothing that are meant to be consumed or used -Economic services: something someone does for you such as a haircut, babysitting, or tutoring

Explain the concept of economic resources

-Economic resources: goods/services needed to produce consumer products -Land: timber, land, farms, fisheries, usually a limited resource in most economies, land must be carefully used between nature/industry, involves bartering -Labor: people available to do work, human capital, includes all capable individuals, flexible because workers can specialize/improve through education and training -Capital: monetary resources a business can use to purchase resources, land, or goods, resources flow as people buy/sell, physical assets used to produce goods/services like buildings, equipment, vehicles (purchased or leased from another business) -Entrepreneurship: economic resources can only be used in an economy, not as consumer goods, entrepreneurs can create goods and someone must manage the business's gathering, allocating, and distributing

Describe the use of technology in customer relationship management

-Emails, Phone calls, Internet communication -Makes it easier to communicate, provide resources, help customers

Determine ways of reinforcing the company's image through employee performance

-Employees should know the company's image -Envision work in a way that enforces the image

Ask relevant questions

-Explain misunderstanding, state the problem -Be confident, speak well, research if possible, use proper spelling/grammar, ask for help, think about what has been said

Demonstrate active listening skills

-Face speaker, show attentiveness through body language -Make eye contact, nod, "Uh-huh," "Interesting," "Then what?" -Pay attention, focus on what is being said, do not talk about better ways -Do not judge, keep an open mind -Ask questions/make comments/defend after speaker is finished, paraphrase what was said

Choose appropriate channel for workplace communication

-Face-to-face: for emotionally-charged, meeting, conferences -Broadcast media: TV/radio, for mass audience -Mobile: private/complex information for small group, allows for interactive tone, saves time versus face-to-face -Electronic: email, internet, social media, less personal but more efficient -Written: does not require interaction, policies, letters, memos, announcements

Use communication skills to influence others. -->Persuade others

-Focus on the other's needs -Argue with logic/facts -No hesitant language -Positive language -Subtly compliment -Mirror mannerisms -Remember names

Write professional e-mails

-Formal greeting -State purpose -Closing remarks, closing (Sincerely, Thank you)

Select and utilize appropriate formats for professional writing

-Forms (time cards, billing invoices, tracking forms) -Emails (internal typically) -Letters (external) -Reports/proposals

Explain the concept of Gross Domestic Product (GDP)

-GDP is a measure of the total dollar value of all of the goods and services provided by a country over a year -It is important because it shows if the economy is relatively bad or good.

Market

-Government does not control vital resources -Organizations determine how economy runs -No truly free market exists -Advantages: separation of market and government, prevents government from becoming too powerful -Disadvantages: unstable, gap between rich and poor, businesses can lie

Identify sources that provide relevant, valid written material

-Government: information about laws, statistics, industry analysis -Trade Associations: information about industries, trades, professionals, access for members/sometimes non-members, FIA (Food Industry Alliance), LSTA (Loan Syndications and Trading Association) -The Internet: websites, blogs, social media -Internal: sales data, employee satisfaction, income, customer purchase/satisfaction -REVIEW: relevance of material, expertise of author, viewpoint of author, intended audience, evidence, when published

Explain the principles of supply and demand

-Help determine cost of goods, crucial in long term strategies -Disruptions in economic balance are possible if artificial element interfere -Supply: availability of product or service, some abundant, some rare, amount of supply usually depends on decisions of businesses, competitive forces, changes in public opinion -Demand: public's desire to purchase product or service, popular and necessary things are in high demand, products can be replaced, people's opinions can change, businesses constantly need to adjust strategies to increase demand Pricing: if supply is less than demand, prices go up, as price goes up, people can decide it is too expensive and demand will decrease, eventually a balance is reached -Ceilings: governments and companies may put an artificially low price on goods or services so the demand is larger than the supply, can cause product shortage -When there is a shortage in supply, the price will go up and businesses will try to produce more -This will cause the price to go down and businesses will produce less, causing constant fluctuations in price over time -Describe the functions of prices in markets -Price gives information about supply and demand of product -As supply goes down and demand remains or supply remains and demand goes up, price goes up -When the demand goes down and supply remains or demand remains and supply goes up, price goes down -Price mechanism is the point where supply and demand equilibrate -Price of goods and services determined by interplay of supply and demand, no centralized price fixing -Concept that the free market will formulate fair prices by the natural laws of supply and demand

Use consensus-building skills

-Identification of problem -Participant identification and recruitment -Convening -Process design -Problem definition and analysis -Evaluation of other solutions -Decision making -Approval of agreement -Implementation

Demonstrate initiative

-Taking action and completing tasks without being asked to -Thinking of ideas, researching them, presenting them to boss -Important because employers want to see people that can help the company and are motivated

Describe the economic impact of inflation on business

-Increase their costs in order to still make a profit -Lose a lot of customers because the customers do not want to pay the higher price

Explain the economic impact of interest-rate fluctuations

-Interest rates are determined by supply and demand. As saving and investing increases the money supply, interest rates tend to decrease. -Likewise, more borrowing is likely to raise interest rates. Interest rate fluctuations can have an impact on stock purchases because as the cost of money changes, company profits can increase or decrease.

Write inquires

-Introduction, organization description -Statement of need, methodology (solution), other funding sources -Final summary

Discuss the nature of debtor-creditor relationships

-Involuntary: arises by operation of law or judicial proceedings -Voluntary: majority of debtor-creditor relationships -Loans, credit line, use of credit cards when a person purchases a car and finances the cost, the purchases is voluntarily incurring debt -relationship between the debtor, can be compelled to furnish services, money, or goods to the other, the creditor created by the failure of the debtor to pay damages to the injured party or to pay a fine to the community -the debtor has received something from the creditor, the debtor has promised to make repayment at a later time -if the debtor fails to make repayment by the deadline or within a commercially feasible time limit and if routine efforts at debt collection prove fruitless, then an attorney may commence a formal collection process -sometimes it is possible to attack a debtor's things as a means of forcing payments, secure a lien against the debtor's property, property can be seized and sold at public auction -imprisonment of the debtor is a practice no longer followed, may be impeded by exemption laws

Adjust to change

-It can be difficult to set aside frustration when something changes -Define what has changed, acknowledge feelings -Focus on the positives -Accept the change, it will happen anyway -Acquire new skills and knowledge -Think about the new opportunities

Discuss the role of administrative laws

-It encompasses statues and cases which define the extent of the powers and responsibilities held by administrative agencies in the U.S. -Example: California has an extensive body of administrative law.

Explain the concept of competition

-It exists and is encouraged by the government -Each business gets better trying to compete with others, each business trying to get what others also want: sales, profit, market share by offering the practical combination of price, quality, and service -Plays a regulatory function in supply and demand -Should be able to analyze competition to better own business -List competitors in trading area: types of products, prices, locations, quality -Try to estimate sales volume and identify how they promote/sell -Use internet, trade associations, the Yellow Pages

Demonstrate self-control

-Keeping gossip and bad things about others a secret -Not exploding at people when they make a mistake -Recognize level of control in world -Being in control of emotions

Identify factors affecting a business's profit

-Profit margin: how much a business spends versus how much they make -Costs of investment, operating, maintenance, material damages, production losses -State of the economy: sales can suffer if the economy is bad -Degree of competition how hard it is to get into the market, other businesses with monopoly -Strength of demand: how needed the product is -Advertising: money spent on advertising, sometimes word of mouth is best -Interest rates: if the interest rate is high, businesses may not take on projects that require investment, low interest rates make it easier to buy things, creating demand for certain products

Respond to customer inquiries

-Know the products -Read/listen to the question -Rephrase what customer says -Provide answer and verify -Keep language positive but remain neutral -Do not make false promises

Handle customer/client complaints

-Listen first -Empathize with complaint/position -Restate problem -Try to solve issue or direct customer to someone who can

Foster positive relationships with customers to enhance company image. -->Explain the nature of positive customer relations

-Maintain frequent contact with customer base to check satisfaction -Allow easy communication with the customer by being honest and upfront -Use rewards systems as well as exceed customer's expectations. -Be polite and professional -Small companies can compete with large corporations -Listening, friendliness, prompt and courteous complaint resolution, quality, improvement -Invest in customer relationship management software to track and maintain customer mindset

Understand the nature of business to show its contributions to society. -->Explain the role of business in society

-Make and distribute goods -Provide employment, wages used to stimulate the economy -Profits used to compensate owners and investors -Pay taxes to government to support needs of society

Follow oral directions

-Make eye contact to keep focused/listening Minimize barriers/distractions Repeat directions in head to internalize, visualize actions -Paraphrase difficult parts, translate to comfortable language -Check to see if steps are logical, ask for clarification if needed -Complete task as orally presented

Interpret business policies to customers/clients

-Make sure employees are educated on product and policy -Use simple terms, know how to talk to a customer -Listen to customer's side -Explain the rules or policies and their purpose

Give verbal directions

-Make sure steps are logically ordered and understood -Use gestures and pointing to assist -Do not overcomplicate, make it easy to understand, clear up misunderstandings

Discuss the global environment in which businesses operate

-Many businesses must rely on resources beyond the borders of the U.S. to remain competitive. The overall economy is also reliant on a global marketplace. -Foreign trade provides many goods that would otherwise be unavailable or too costly. -Likewise, foreign consumers help support businesses in the U.S. by buying goods made here. -Several factors affect the environment of the global marketplace including geography, culture, economic development, and political or legal concerns. -Trade barriers, such as quotas, tariffs, and embargoes, are formal political actions that can affect international trade. -Informal trade barriers can also be found due to cultural differences among nations.

Traditional

-Most ancient type -Produce things based on beliefs/customs/traditions -Can be closely tied to rural areas -Surplus is rare because resources are not plentiful -Advantages: customs are preserved, each member has a more distinguished role -Disadvantages: does not have western technology

Discuss the impact of cultural and social environments on global trade

-Multinational business is not without difficulties to overcome. Businesses must consider language and cultural differences. -differences in the stability of the government that might result in political risks. -Different economic philosophies may lead to more or less government influence on business in a particular country. -businesses have to deal with different monetary systems with fluctuating values among global currencies. -Doing business in other countries often means taking a difference approach to business relationships and management practices, and even different ethical beliefs.

Explain the role of ethics in customer relationship management

-Must be nice to customers -Keep their information private -Do not tell them private information

Demonstrate negotiation skills

-Mutual satisfaction -Work together -See things from other's perspective -Be assertive -Clarify issues -Listen carefully -Find common ground -Keep calm -Come to an agreement/find alternatives

Natural risk: unexpected natural causes and changes in weather

-Not all can be insured against -Floods, droughts, tornadoes, hurricanes, fires, earthquakes -When an unexpected weather event happens businesses that rely on predictable weather may suffer but it could also have a positive effect

Identify with others' feelings, needs, and concerns to enhance interpersonal relations. -->Respect the privacy of others

-Not looking through others' things -Asking for permission -Allowing them to keep their personal life personal -Not being intrusive -Upholding confidentiality agreements -Keeping phone calls, emails, voicemails, and other documents private

Demonstrate honesty and integrity

-Not stealing -Telling the truth when asked -Refraining from gossip -The Golden Rule -Upholding confidentiality agreements

Explain how organizations adapt to today's markets

-Only those products that human beings need are sold. -Human need is the essence for a product to sell. -Organizations create human need by advertising their products and create natural/induced human need. -The products that no more are useful to mankind lose exchange value and perish. -This principle is true for present, past and future markets as well.

Describe types of business activities

-Operating activities: related to revenue and expenses, cash received for services and payment of cash for expenses -Investing activities: involve purchase and sale of long term assets, lending money, collecting principal on the related loans -Financing activities: dealing with the exchange of cash between the business and its owner and creditors, cash received to finance operations, cash paid to owner as withdrawal, borrowing cash, repaying loan principal -Budgeting: dictates how revenue will be used in pursuit of future growth -Accounting: managing the flow of money in and out of the business, accounts payable, accounts receivable, payroll, customer credit accounts, collections and tax accounting -Marketing: develop company and brand recognition, advertising to the public, marketing plans using sales projection to determine the best way to use resources for the organization to gain more exposure Sales: maintains contact with customer base, expand customer base while maintaining existing relationships, skilled at matching company solutions with customer needs to create product demand -Hiring employees: human resources organization important for maintaining operations and planning future expansion, needs to actively search for qualified people to fill positions and decide who should stay available should the need arise for personnel -Customer service: maintains corporate revenue by resolving issues and preserving buying relationship, not proactive customer interaction, customer calls with shipping, product, or billing issues

Describe factors that affect the business environment

-Organizational Direction: leadership, positivity -Strength of employees, business's relationships -External Competition: assess other businesses -Socio-economic, legal or ethical, political and technological

Understand economic indicators to recognize economic trends and conditions. -->Discuss the measure of consumer spending as an economic indicator

-People decide to spend money, usually, when the economy is good (they have money to spend), and they save money when the economy is bad. -Buying habits of consumers directly affect the profits of companies that sell products and services. -Retail sales are measured monthly by the U.S. Department of Commerce. -They are an indicator of the general spending patterns by consumers in the economy.

Analyze company resources to ascertain policies and procedures

-Policies and procedures found in employee handbook/training manuals -Benefits of having policies: easier to make decisions, consistent to values -Involve staff in development, people more likely to follow if in agreement -Define in simple and specific terms so everyone understands -Implement policies and procedures after publishing -Evaluate and review often, change to match technology/the times -Follow-up on revisions with emails so everyone is aware

Extract relevant information from written materials

-Pre-reading: determine goal, scan titles/headings -Reading: pay attention to reviews/introductions, take notes on important parts -Review: check to see if goals are met, use pre-reading checklist

Participate in group discussions

-Prepare: research topic, learn vocabulary -Listen and share ideas/viewpoints -Do not dominate: quality over quantity -Support points with facts -Be polite: say "please," "thank you," "sorry," "could," "would" -Speak clearly and do not overcomplicate

Exhibit self-confidence

-Presentation of self: dressing, posture, voice -Sure about actions and knows what is happening -Relationship with others is positive and equal

Explain ethical considerations in providing information

-Privacy -Accuracy -Property: who's info is it -Access: who should have access

Explain the nature of stress management

-Stress is bad for health and productivity -Positive self-talk -Emergency stress stoppers -Find pleasure -Daily relaxation

Acquire knowledge of the impact of government on business activities to make informed economic decisions. -->Determine the relationship between government and business

-Protector and regulator of free market economy -Government protects business property, enforces contracts, settles disagreements, collect taxes on businesses -Prohibits certain behaviors, controls business activities and requires certain standards, laws against monopolies, safety standards, regulate pricing -Provide public goods, improve welfare, protect public health, conserve the environment, protect consumers, preserve competition, regulate workplace conditions - FDA (Food and Drug Administration) and FTC (Federal Trade Commission)

Apply written directions to achieve tasks

-Read instructions until understood, clear up any misunderstandings -Follow instructions in order, keep them for reference

Defend ideas objectively

-Refer to ideas and facts rather than personal opinion -Do not make personal attacks, focus on idea

Demonstrate ethical work habits

-Refraining from gossip -Following the rules --Not taking longer lunch breaks --Using sick days when sick -Being honest and kind

Implement teamwork techniques to accomplish goals. -->Participate as a team member

-Respect colleagues, encourage others -Be responsible for actions, proactive, dependable -Communicate effectively, resolve conflicts properly

Exhibit cultural sensitivity

-Respect differences -Avoid stereotyping -Overlook boundaries -Research culture, try not to be offensive

Explain the concept of self-esteem

-Self-esteem is a person's overall sense of self or personal value; influenced by appearance, beliefs, emotions, behaviors, opinions of others -Essential for a person to live a normal, healthy life -Arises automatically based on what a person believes In combination with a person's thoughts, behaviors, feelings, and actions -People need esteem from self and others to achieve self-actualization

Write business letters

-Sender's address, date, recipient's address -Formal greeting Body -Closing, enclosures

Reinforce service orientation through communication

-Service orientation: being concerned about customers and employees -Use customer/employee surveys -Politeness: greeting, thanking, courteous, tries to satisfy customers -Helpfulness: paying attention, offering information, following through, paraphrasing to check understanding

Write executive summaries

-Short summary for executive to read -Make sense without document, short and concise, target audience -Define problem, provide solution, use things that enhance skimming, keep writing fresh

Reinforce company's image to exhibit the company's brand promise. --> Identify company's brand promise

-Statement made to customers to identify what they should expect out of a product/service -Also called slogan (Save Money. Live Better. Walmart.)

Use conflict-resolution skills

-Stay calm, do not let emotions overcome logic Listen to understand the situation -Accentuate the positives, create commonalities and normalize the situation -State case tactfully, explain perspective, own actions, use facts as support -Attack problem, not person -Avoid blaming others -Focus on the future, not the past -Do not be defensive, ask open ended questions -Pick battles, compromise -Link offers, ask them to choose between two positives -Be creative and confident

Recognize personal biases and stereotypes

-Stereotypes are oversimplified points of view that are generalized and often untrue -Biases are prejudices that a person can have that may or may not be justified -Should be recognized because they can be untrue, resulting in a distorted perception and the person can miss out on what the other has to offer -They can be offensive to others and hurt their feelings and self-esteem

Make oral presentations

-Talk to the audience -Less is more -Talk when there is something to say -Make call to action persistent -Be logical -Treat floor as the stage -Practice and time presentation -Use visuals sparingly but effectively -Review audio/video of presentation -Provide proper acknowledgement

Describe the nature of taxes

-Taxes are payments you make to the government for services they provide. -The U.S. tax system is based on the idea that everyone should contribute their fair share, that tax laws should be clear and simple, and that the tax system should be flexible. -Tax dollars are spent on a number of things including public education and libraries, military defense and law enforcement, transportation costs, and fire protection to name a few. Income tax is calculated as a percentage of the taxable income you earn on the job. -Social Security, or FICA, tax is used so that workers can receive benefits upon retirement. -Sales tax is a percentage of the price of an item that a person pays when they buy something. -Estate and inheritance taxes are taxes on wealth, which are collected after a person has died. -Property tax is the main source of money for many local governments, and is based on the value of property such as land and buildings.

Discuss the nature pf environmental law

-The US is a world leader in development and implementation -Law of tort: important for the resolution of the environmental disputes -US Environmental Protection Agency is a well-known federal agency with jurisdiction over many of the country's national's air, water, and waste substances programs -Describes international treaties, statues, regulations, and common law to regulate the interaction of human activity and the natural environment

Determine the impact of business cycles on business activities

-The business cycle is the downward and upward movement of levels of gross domestic product -Business activities: what it does to keep going

Explain the impact of the law of diminishing returns

-The law of diminishing returns states that no matter how much time, human, and capital resources are put into machine for example, there is only a certain amount more of money that the machine will make the company. -Businesses should keep the law of diminishing returns in mind so that they do not waste resources on something with a low return rate

Explain the organizational design of businesses

-The manner in which a management achieves the right combination of differentiation and integration of the organization's operations, in response to the level of uncertainty in its external environment.

Describe the concepts of economics and economic activities

-The study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods -Explains how people interact within markets to get what they want or accomplish certain goals -Driving force of human interaction, often reveals why people and governments behave in particular ways -Describe all aspects of a country's economy, using resources, time dedicated to fun, outcome of investing in certain things, effect of taxes, why things happen to businesses -Microeconomics: individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders -Macroeconomics: broader view by analyzing the economic activity of an entire country or the international marketplace -Economic activity: actions that involve producing, distributing, and consuming goods and services, GDP is a way of assessing current activity, future, can impact profits, inflation, interest rates -Primary: use natural resources directly. farming Secondary/manufacturing: turning resources into materials, steel, wheat to flour -Tertiary/service: activities that provide services, doctors, teachers, store clerks -Quaternary: individuals process, administer and disseminate information, "white collar" professionals in education, government, research Determine economic utilities created by business activities -Ability of a good or service to satisfy a customer's needs or wants -Form utility: product is assembled for customer to use -Time utility: product available when needed -Place utility: making sure product is available to customers, in a convenient place -Information utility: public has information about product -Possession utility: allowing customer to have the product after paying

Prepare simple written reports

-Title page -Abstract (brief summary of findings) -Introduction (what the problem was) -Materials and Methods -Results -Discussion (what it all means) -Conclusions (summary) -References (cite everything) 11

Write informational messages

-To the point but provide details -Easy to understand

Write internal and external business correspondence to convey and obtain information effectively. -->Explain the nature of effective written communications

-Tone should be friendly, natural, assertive, vary depending on situation -Easy to understand, limit complex words -Avoid stilted writing, clichés, negatives, biases -Eliminate unnecessary words and use specific nouns

Show empathy for others

-Try to see things from other viewpoint, put aside personal viewpoint -Validate the other perspective, ask if unsure -Examine own attitude, prioritize finding a solution, keep an open mind -Listen to the other person, interpret body language -Important in building relationships and people skills

Discuss the impact of a nation's unemployment rates

-Unemployment financial costs: The government and the nation suffer, the government has to pay the unemployed some benefits, the greater the number of the unemployed or the longer they are without work the more money the government has to shell out, the nation not only has to deal with the lost income and decreased production but also with additional cost. -Spending power: The spending power of an unemployed person and his/her family decreases drastically and they would rather save than spend their money, which in turn affects the economy adversely. Reduced spending power of the employed: Increased taxes and the insecurity about their own work may affect the spending power of the working people as well and they too may start to spend less than before thus affecting the economy and also the society in a negative manner. -Recession: With the increase rates of unemployment other economy factors are significantly affected, such as: the income per person, health costs, quality of health-care, standard of leaving and poverty.

Demonstrate interest and enthusiasm

-Verbally: speaking of interest, asking questions, using specific words -Non-verbally: good body language, eye contact, active listening, facial expressions

Discuss the nature of law and sources of law in the United States

-based on Justice -based on control, predominant, it is the law of control, of raw power, of "might making right," retribution, instead of restorations -current body of laws define what is permissible and what is not -sources of fed. law are statutes enacted by Congress, common law created by the federal courts, Constitutional law, ordinances, criminal/civil cases and regulations promulgated by the various executive departments and agencies

Describe legal issues affecting business (SP)

-disgruntled employees: wrongful termination, make sure documents are signed about the terms, unsafe work area -discrimination/harassment: sexual, ethnic, age, make regular meeting, good HR department -immigration audits: person working not legal immigrant, make sure they are legal -copyright/patent issues: make sure other products are researched -dissatisfied customers: faulty products, services, promises, make sure customers are supported -other: tax litigation, disputes with competitors/contractors

Explain the nature of business ethics

-is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. -It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations -Ethics are, at their essence, moral judgements about what is right and what is wrong. In a business sense, these ethics are decided upon and formed by each company and underpin the decisions that anyone in the business makes

Describe the US judicial system

-the judicial branch of gov. interprets, applies, and administers the laws of the US -it consists of a network of courts at all levels of government -two types of courts are trial and appellate courts -fed. courts include district courts, fed. courts of appeals, and the US Supreme Courts -the states court system also includes a state Supreme Court, associate circuit courts, city or municipal courts, small claims courts, juvenile courts, and probate courts

Describe the nature of legal procedure

-the way in which lawsuits/court cases are handled -try to settle out of court -file the suit -discovery - pre-trial motions and discussion -settlement discussions -trial and judgement -appeals

Understand economic systems to be able to recognize the environments in which businesses function.

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Determine factors affecting business risk

Business risk: possibility of a business's loss or failure

Explain types of business ownership

Sole Proprietorship: -Individual in business alone, most common -Advantages: simple/inexpensive to form, flexibility of management, fewer legal controls, lower taxes/tax benefits, profits direct to owner -Disadvantages: unlimited liability, difficulty raising capital, lack of continuity if owner is absent Partnership: -Two or more persons contribute financial resources to business -Establish terms to protect the business and the partners -Share profits and losses with partner -Advantages: easy start-up, start-up costs shared with partner, equal share in management and profits, tax advantage -Disadvantages: unlimited liability, hard to find partner, possible conflict with partner, held responsible for partner's decisions Corporation: -Legal entity different from shareholders, shareholders not personally liable o More complex -Advantages: limited liability, transferrable ownership, continuous existence, separate entity, easier to raise capital, possible tax advantage -Disadvantages: closely regulated, expensive to form, possible conflict of shareholders/directors, requires records/meetings/documentation Limited Liability Company -Hybrid type of structure, owners referred to as members -Not taxed as separate legal entity, profits and losses passed through each member -Advantages: limited liability, less recordkeeping, easy to operate and start- up, sharing of profits -Disadvantages: limited life, self-employment taxes

Business Law

The business' ability to know, abide by, and enforce laws and regulations that affect business operations

Communication Skills

The concepts, strategies, and systems used to obtain and convey ideas and information

Economics

The economic principles and concepts fundamental to business operations

Customer Relations

The techniques and strategies used to foster positive, ongoing relationships with customers

Emotional Intelligence

The techniques, strategies, and systems used to foster self-understanding and enhance relationships with others

Explain the types of economic systems

traditional, command, market, mixed