PI's

Identify the impact of small business/entrepreneurship on market economies (CS)

Market economies are completely unregulated, meaning that there are few barriers to entry and startups can easily make contributions to society and profit

Choose and use appropriate channel for workplace communication (CS)

Formal communication channels = transmits organizational information such as goals or policies and procedures o Messages In formal communication follow a chain of command Manager --> employee Ex: • Newsletters • Business Plans • Annual reports • Employer manuals Informal Communication channels: anything that falls out of the formal chain of command structure o Ex: Quality circles Teamwork Lunchtime in the cafeteria of an organization o Employees can still receive important information but in a relaxed, informal environment

Describe the United States' judicial system (SP)

- Judicial Branch interprets the laws - made up of courts: ---- Supreme, Circuit, the magistrate (local) and municipal (city) courts.

Use data visualization techniques (e.g., infographics, linked charts, etc.) (SP)

Data visualization is the presentation of data in a pictorial format such as charts, graphs, and maps. These can be used to organize information in a systematic manner

Determine factors affecting business risk (CS)

Human Risk o possibility of loss caused by humans Economic Risk o unfavorable market conditions Natural Risk o natural disasters

Explain the nature of import/export law (SP)

All exports are regulated o Some items (ie: chemicals, sensors, electronics) require a specific license from the CCL (Commerce Control List) before being exported o Restrictions on exports to some countries (ie: North Korea or Zimbabwe) All imports into the US must pass customs o Need several documents o Fees may apply World Trade Organization is an international organization that handles trade between countries o Taxes are collected on some exports/imports Used to raise state revenue

Make oral presentations (SP)

Be well prepared o Know your content Emphasize key points Talk clearly Good body language o Stand up straight Interact with audience o Have questions and points for discussion ready for them Open to questions Check if they are with you "does that make sense?"

Explain possible advancement patterns for jobs (PQ)

Associates can be promoted to managers who can be promoted to senior managers who can be promoted to vice presidents who can be promoted to C-level positions

Explain employment opportunities in business (CS)

Employment opportunities in business includes marketing, accounting, market research, sales, finance operations, business operations, human resource management, etc. in the fields of technology, hospitality, tourism, sports/entertainment etc

Discuss the role of ethics in accounting (SP)

- Accounting: process of describing business processes in numbers - Honestly and accuracy in financial calculations o Bookkeepers and accountants have the responsibility to represent information in ways that genuinely represent what is going on in the business o Failure to do so can have cosequences for: Business owners Stakeholders Tax reporting agencies

Follow safety precautions (PQ)

- All safety precautions should be followed carefully to prevent damage to employees or property.

Foster positive working relationships (CS)

- Be kind - Try to help others when you can

Utilize resources that can contribute to professional development (SP)

- Can learn from people's past experiences - Improve on your current situation and improve situations (e.g., trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors)

Prepare a résumé (CS)

- Can use a resume builder - 3 types of formats o Chronological Or reverse chronological o Combination Or hybrid o Functional Or Skills based

Identify skills needed to enhance career progression (SP)

- Career progression can be achieved in a number of ways, including simply having seniority. Some skills that may assist you in furthering your career start with your own knowledge and competence. Also, you should display a willingness to learn and develop professionally. Display initiative and perseverance. Be cooperative and adapt to change. Demonstrate decision-making and critical thinking skills in job duties.

Enlist others in working toward a shared vision (CS)

- Collaboration is a powerful tool - important that fellow workers exhibit personality traits such as o motivation, o positive attitude, o empathy, o conflict resolution skills in order to form the perfect work team

Ascertain employee's role in meeting organizational goals (SP)

- Complete tasks that have been assigned to them o Help company succeed o Take on more responsibilities to achieve those goals

Treat others fairly at work (PQ)

- Don't discriminate - Open mind - Be polite

Handle and report emergency situations (CS)

- Emergency situations should be reported to 911 and company management, and the employee should act with common sense at their discretion.

Follow rules of conduct (CS)

- Employee code of conduct guides individuals as to how they should behave at the workplace. Employees need to be aware as to what is expected out of them in the office. You just can't behave the same way at office as you behave at home. Your Boss can be your best friend outside office but at work you have to respect him and also treat him like your superior. Employee ethics is essential for maintaining discipline at the workplace. Management needs to be liberal with the employees but there has to be some element of fear also in the minds of employees. If the superiors are too friendly with their subordinates, there are chances they might start taking undue advantage of the friendship. There has to be a balance always.

Lead change (CS)

- Have a strong vision and share that vision - Adapt to change - be willing to embrace it - Coach others - give contructive criticism, encouragemet, etc. - Apply other aspects of emotional inteeligence o Positive sttitude o Polite - Steps o Communicate with others o Put change into action o Celebrate success!!

Discuss the nature of law and sources of law in the United States (SP)

- laws are based on control - laws are used to keep order in a civilization - LAWS are enforceable rules of society that reflect the culture and circumstances that create them Types: Criminal Law (prohobits crime harming other/property) Civil Law (disputes between people/groups) Constitutional Law (common law) Administrative Law (governs duties and power) International Law (treaties) Law comes from US congress/state legislators - They can be struck down by US and State Supreme Court if found "unconstitutional"

Use time-management skills (SP)

- prioritize - What is of most importance - Opputurnity cost - What are you missing to get this and is it worth it? - Allocate time for a task and complete it in that time - Don't get distracted

Balance personal and professional responsibilities (SP)

- prioritize o due dates o importance - consequences of doing one over the other o oppurtunity cost

Determine the nature of organizational goals (SP)

- strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts. - Helps a company evaluate progress

Monitor internal records for business information (SP)

- The functions of an information system are to gather, analyze, store, and report on data. Records are kept regarding financial information, production and inventory, marketing and sales, and human resources. Internal data includes accounting records, inventory information, company sales figures, and more. - A company's balance sheet, cash flow statement, and income statement are records that are monitored during a specific period of time. They are used to calculate revenue, evaluate costs and expenses, and measure profit/loss.

Write a follow-up letter after job interviews (CS)

- There are many reasons why following up after a job interview is so important to your success as a job seeker. Despite what you may believe about the entire interviewing process, what happens after the interview is just as critical to how things transpire before and during interviewing. For the person who wants to make a favorable impression with hiring managers and land a great new career, here are some reasons why follow up after a job interview can be advantageous to your job search. One of the best reasons to follow up after a job interview is having a good reason to ask more questions about the job or company that you may not have thought to ask at the actual interview. During a job interview, it is easy to get a bit tongue-tied or caught up in the interview process and forget to ask a key question about the type of work you may be doing. Taking a few minutes to call the person who interviewed you or send a quick email can be a nice way to handle this and keep the lines of communication open with the person who may be making the decision to hire you.

Demonstrate appropriate creativity (SP)

- different methods to solve a problem - think outside the box - if one way doesn't work try another - be open to suggestions - adapt to change - embrace it

Maintain collaborative partnerships with colleagues (SP)

- help others out when they need it - foster mutual respect - build positive relationships/trust over time o so that when you need it, others will help you - have face-to-face interactions

Utilize job-search strategies (PQ)

- utilize = make practical and effective use of - find a job in the most effective way - Jobs can be searched using: o Internet o Occupation Outlook Handbook o LinkedIn (powerful tool, able to connect w/ people who interest you, connect w/ potential bosses) o attend events (ex career fair to network w/ professionals)

Develop an achievement orientation (CS)

Have challenging goals Put emphasis on improvement and focus on result Exceed high standards! Continuously strive to be better Positive attitude Always performing correct things w/o supervision

Build and maintain relationships with customers (SP)

Have positive attitude Be enthusiastic Kind, respectful and polite

Write a letter of application (CS)

Heading: A letter of application should begin with both you and the employer's contact information (name, address, phone number, email) followed by the date. Salutation: This is your polite greeting. The most common salutation is "Dear Mr./Ms." followed by the person's last name. i Body of the letter: Think of this section as being three distinct parts. • In the first paragraph, you'll want to mention the job you are applying for and where you saw the job listing. • The next paragraph(s) are the most important part of your letter. Remember how you gathered all that information about what employers were seeking, and how you could meet their needs? This is where you'll share those relevant details on your experience and accomplishments. • The third and last part of the body of the letter will be your thank you to the employer; you can also offer follow-up information. Complimentary Close: Sign off your email with a polite close, such as "Best" or "Sincerely," followed by your name. Signature: End with your signature, handwritten, followed by your typed name. If this is an email, simply include your typed name, followed by your contact information.

Explain the nature of office politics (CS)

Office politics is a scenario in which multiple employees battle for dominance over decision-making. It can be helpful (clear leader) or harmful (uncontrollable conflict). • some people have more power than others • employees striving to move up career ladder/get promotions • can lead to tense workplace environment • overcome this by working hard and collaboratively!

Apply information to accomplish a task (CS)

Once you gain information about a specific subject or area, you can then use that information to make decisions related to that subject. When thinking about business, if the business has gained some sort of information about what marketing technique works best to attract customers, the business can then use that technique more often to gain more customers.

Place orders/reorders (CS)

Orders and reorders are sales contracts, or agreements between two entities agreeing for the financial transaction and tangible or intangible exchange of a good or service

Participate in a staff meeting (CS)

Pay attention Contribute important information o Ask a question o Make a comment/suggestion o Build on someone else's comment/suggestion/question o Provide a solution Listen to other Don't dominate the discussion Make sure that you are poised as well as display a positive character and contribute professionally

Extract relevant information from written materials (PQ)

Pre-reading o Scan headlines, sub-topics and graphics Reading o Take notes o Highlight important points/questions to research Review: o Review notes o Re-read text if needed o Organize information

Demonstrate basic presentation applications (PQ)

Presentation applications (such as Google Slides or Powerpoint) can be used to organize information in a visually appealing format that can then be presented to an audience. Presentations have multiple slides and each slide covers a different topic. You can add images along with text.

Explain the concept of production (CS)

Production is the concept of designing, developing and manufacturing a product. It is one of the functions of marketing

Apply written directions to achieve tasks (PQ)

Read through the instructions carefully before starting Follow the procedure o Especially when handling sensitive material o Understand directions COMPLETELY Keep instructions for reference

Adapt communication to the cultural and social differences among clients (CS)

Respect differences between people Avoid stereotypes and keep an open mind Be aware of language/cultural differences Demonstrate sensitivity o Be aware of how you speak o In US people speak more authoritatively o In japan people speak more quietly and passively Treat all people equally o Unethical to favor one group over the other

Explain the concept of self-esteem (PQ)

Self esteem is the way you perceive your worth or value as a person. It is an important interpersonal skill that allows you to believe in yourself and helps you relate positively to others. You can demonstrate positive self esteem by treating others with respect and friendliness, dressing appropriately on the job, and behaving in a confident yet courteous manner.

Exhibit self-confidence (PQ)

Self-confidence can be demonstrated by how you present yourself and through your actions. It is shown in your personal hygiene and the way you dress. It can also be shown through your relationships with others and your work habits.

Demonstrate basic spreadsheet applications (PQ)

Spreadsheet applications (such as Google Sheets or Microsoft Excel) can be used to organize information and compile it in charts, graphs, and tables. Information is entered in tables and that information is then used to create pie charts, bar graphs, line graphs, etc.

Explain the concept of supply chain (CS)

Supply chain is the sequence of processes involved in the production and distribution of a commodity. They include the manufacturer, vendor, wholesaler, retailer, and finally the consumer.

Identify factors affecting a business's profit (CS)

Supply/Demand Competition Global Environment Expansion - into new markets (vertical integration) Selling more products (acquiring company is similar industry) Into various brands (horizontal integration) Selling more products in the same line

Demonstrate systematic behavior (PQ)

Systematic behavior is the process of accomplish interconnected tasks sequentially or simultaneously, whichever is most efficient illustrating the ability to plan ahead methodical, step-by-step process

Use networking techniques to identify employment opportunities (SP)

Talk to people in an industry to see if they have any openings - Career fairs - libraries

Participate as a team member (CS)

Teamwork includes leadership and collaboration. By providing input to a task and facilitating new initiatives, employees can be better team members.

Describe the scope of the Internet (PQ)

The internet is the worldwide, publicly accessible system of interconnected computer networks that transmit data by packet switching using the standard IP. It consists of millions of smaller business, academic, domestic and government networks, which together carry various informations and services, such as electronic mail, online chat, and interlinked Web pages and other documents of the WWW. Internet is one of the uses of communication. Through the internet, society has access to global information and instant communication.

Describe the impact of the political environment on world trade (SP)

The political environment is one of the less predictable elements in an organisation's business environment. · Political decisions inevitably affect the economic environment. · Political decisions also influence the social and cultural environment of a country. · Politicians can influence the pace at which new technologies appear and are adopted.

Demonstrate basic word processing skills (PQ)

Word processing applications (such as Google Docs) can be used to type, edit, and print documents. You type in the text that you want, along with many features such as bolding, underlining, italicizing, or adding color to text.

Write informational messages (CS)

know your topic well, consider your audience and your format keep it short and simple provide detail on topic be open to questions avoid errors

Demonstrate basic data mining techniques (SP)

mapreduce: allows you to extract info from massive amounts of data information extraction taking out the useful info in one piece of data "deep" information retrieval finding relevant pieces of data "broad" ex. Google!

Explain the nature of effective communications (PQ)

open and honest communication helps in workplace • Communication is the process of exchanging messages between a sender and a receiver. Effective communicators need to understand channels of communication and media, effective listening skills, barriers to communication, and non-verbal cues. In addition, one must be prepared to read for meaning, speak properly, and write effectively. • Channels (or media) are the avenues through which a message can be delivered. The choice of medium depends on the nature and importance of the message. Effective listening allows a person to identify the purpose of the speaker, give feedback, and evaluate the speaker's message. Communication may be impeded by a number of barriers, including physical such as distance and position from the speaker, and verbal as in using vague or unclear language. Lastly, a person's non-verbal cues—such as his or her tone of voice, emphasis, and body language—are critical because they often communicate as much as the speaker's actual words.

Interpret a pay stub (PQ)

pay stub, also known as a paycheck, is a legal notice including the monetary sums of salary, compensation, and stock bonus that has been deposited to an employee's bank account

Coach others (CS)

start by assessing weaknesses and strengths - Brainstorming solutions - Suggesting them in an assertive manner

Explain the nature of tax liabilities (PQ)

tax liability is the total amount of tax on your income

Explain the time value of money (CS)

• $$$ invested now worth MORE than $$$ invested later o due to interest, dividends, capital growth which are based on time profit based on investment value • inflation- money loses value over time

Prepare personal income tax forms (i.e., 1040 EZ form) (CS)

• 1040EZ o income < $100,000 o no dependents (family member that doesn't earn a salary) o income made of only wages/salaries/tips • 1040A o income < $100,000 o claim deductions (tax-deductible things, mortgage interest) o have dependents o have capital gains (difference between buying/selling price of something) • 1040 o income > $100,000 o basically same as 1040A • to prepare a form o use the W-2 form from your employer annual income/expenses record from employer o either paper or electronically o filled out yourself, with accountants, or with software o keep copies of completed forms for 6 years!

Leverage personality types in business situations (SP)

• 4 types of personalities (DISC) o dominant- have short attention span, decisive, can appear demanding/insensitive/domineering o influential- persuasive, optimistic, can be unrealistic & impulsive o steady- great listeners, have patience/determination, like peace, can't take criticism, resists change o compliant- like data, attend to detail, has high standards, get caught up in the details • analyze people, understand their personality, and interact with them accordingly

Determine the impact of business cycles on business activities (SP)

• A business cycle is a series of recurring changes in economic activity. Four phases make up a business cycle: expansion, recession, trough, and recovery. During expansion, the economy is flourishing. It is a good time for businesses to start up or expand due to the increased output of goods and services. • Recession is a time of economic slowdown lasting at least two quarters. Companies reduce their output during a recession, and consumers have less money to spend on goods and services. A prolonged recession is called a depression. • A trough is the low point in a business cycle. It marks the beginning of the transition from recession/depression to recovery when signs of economic growth are near. In the recovery phase, demand increases and businesses respond by hiring more workers and supplying more goods. • The business cycles is prosperity, recessions, depression, and recovery. In prosperity unemployment is low, and the production is high. In recession has high unemployment. Depression is when there is lots of people without work, and businesses closing down. Recovery is the period where production increases.

Analyze employer expectations in the business environment (PQ)

• cooperation, initiative, strong work ethic are all expected • willingness to follow directions, learn job skills, take on responsibility • manage your self, time, and emotions • behave ethically; follow all rules • be honest & fair

Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (PQ)

• credit: ability to buy something (or borrow money) with promise of future payment o secured/: guaranteed by claim against assets (mortgage/utility bill) o unsecured: no collateral assets o revolving: approved for set amount (HELOC, credit card), balance and minimum fluctuate monthly, most credit card compound o installment: set money for set period, fixed payments (mortgage, car loans) • debit: decreasing capital, liability or revenue; increasing asset or expense, taking funds directly from bank account, good for those with bad credit or accountability • EFT: electronic funds transfer - transfer of funds initiated through electronic terminal (e.g. ATM, online banking, ordering goods online, online funds transfer) o PIN Debit: EFT at point of sale - online (PIN) vs. offline (signature) vs. purse card debit • Check: paper document signed by drawer; cashed by drawee (bank) for payee

Explain factors that influence customer/client/business buying behavior (SP)

• culture o ex. McDonald's has adapted their menu to different regions o cultural trends: what is popular in a culture/region • age • disposable income o goods must be priced to accommodate the needs of the consumer or they will look elsewhere • geographic location o different areas can have different cultures; trends differ between regions • marketing stimuli o product: functionality, quality, design o price: value, price points (price of other similar products) o promotion: advertizing, company image o place: convenience, distribution, retail

Access information in the database system (SP)

• database languages o sql (pronounced: dequel)- structured query language language used to write queries to obtain needed info o big data mapreduce used (similar function to sql) for extremely large amounts of data (known as big data)

Explain the nature of tools that can be used to access information in the database system (SP)

• database queries: used to extract specific information in a database • macros: used for spreadsheets • database languages o see below

Demonstrate problem-solving skills (CS)

• define the problem as specifically as possible • generate alternative routes of action; be creative! • evaluate pros/cons & select ^^^ and implement them! • simplex- continuous cycle for problem solving o find the problem o find facts o define the problem o find ideas o select an idea o plan implementation o sell the idea o act upon idea • appreciative inquiry- idealistic/utopian method of problem solving o focus on what's going well o identify why they're going well o apply these ^^^ to the problem at hand • soft systems methodology o everything is open and interconnected (nonlinear) o analyze every aspect of whole system to discover a solution for a problem

Discuss the impact of a nation's unemployment rates (SP)

• determines health of economy • high unemployment rate → less spending → unhealthy economy o government will cut interest rates • low unemployment rate (good) → more spending → healthy economy o if too much spending, gov. will increase interest rates Impacts GDP (GROSS DOMESTIC PRODUCT) --> monetary value of an economy during a period of time

Develop project plan (SP)

• develop a team vision o WHY you are doing the project, and the end goal • identify roles/responsibilities: who is involved and what they will be doing o project manager, team, end users • set important dates/deadlines • list of major activities that need to be completed • costs involved • resources required • continue to monitor your progress during the project

Identify tentative occupational interest (CS)

• diagnostic test (MBTI, career test) • job consultant, asking friends/family • assess personal skills

Respect the privacy of others (PQ)

• emails, phone calls, faxes, and documents should all be kept confidential • treat sensitive info as if it was your own • why is it important? o it's unethical to share personal info: it can harm personal & professional relationships! o can even lead to being disciplined/fired Confidentiality means not sharing sensitive information that you know with someone else. These acts of professional courtesy are also part of displaying workplace etiquette. Failing to respect others' privacy can harm your personal and professional relationships, including being disciplined or fired on the job.

Discuss the nature of human resources management (CS)

• management of people in organization • bring people & organizations together to achieve goals • development oriented o help employees achieve maximum satisfaction & success from work for best results • continuous & constant improvement & innovation until goals achieved • tasks: o recruiting o hiring o orientation/training o scheduling o handling employee complaints o assessing performance o discipline if necessary

Describe data mining tools and techniques (SP)

• mapreduce: allows you to extract info from massive amounts of data • information extraction o taking out the useful info in one piece of data o "deep" • information retrieval o finding relevant pieces of data o "broad"

Maintain a safe work environment (CS)

• important: bc these policies can have a significant financial impact on a business! • develop an accident management program o that complies with federal/state health and safety regulations o documents workplace incidents o provides employees with protective clothing/equipment o offer safety training/information

Participate in group discussions (CS)

• maintain eye contact • let other finish what they are saying • take care of body language and cues • exchange your views confidently when an opportunity comes to you • disagree politely • Prepare o If you know what the topic of the discussion will be, there is a lot you can do to prepare in advance. You can read round the topic to make sure you are aware of the main issues and arguments, and spend some time deciding what your own position is. You can also do some vocabulary research around the topic so that you can talk about it confidently. A lot of online dictionaries have pronunciation help. • Listen o An effective discussion is one in which people listen to each other. Listening is a very important discussion skill: make sure you listen and respond to what other people have to say. A good discussion is one in which people share and talk about different opinions and viewpoints. It's not a competition! • Don't dominate o Many people make the mistake of thinking that in order to be effective in a discussion, they have to speak a lot. In fact, this isn't the case. In discussions, quality is more important than quantity: in other words, what you say is often much more important than how much you say. If you give other people a chance to say what they think, and then respond with a polite, intelligent comment which you are able to back up, you will gain the respect of your colleagues. • Back up your points o If you make a point in a discussion, you may be asked to explain or support it. You can do this in a number of ways: by providing facts or statistics to support your idea; by quoting expert opinion; by referring to your own experience or simply by explaining why you said what you said. But make sure you are prepared to support what you say, and try to avoid making 'empty' points. • Learn some useful phrases o There are lots of useful phrases that you can use in discussions. Here are just a few of them: Agreeing: You're absolutely right about that. Disagreeing: I'm sorry, I don't see it that way at all. Interrupting: Sorry, do you mind if I say something here? Dealing with interruptions: Could I just finish what I'm saying? Asking for an explanation: Would you mind telling us what exactly you mean by that? Asking for more information: Would you mind saying a little bit more about that? Adding more information: Another point I'd like to make is... o There are many more phrases you can learn and use to help you feel more confident in discussions. • Be polite o The words argue and discuss in English have different meanings. People may get angry and behave rudely or shout or get aggressive in an argument. In a discussion, especially one with colleagues, it's important to stay calm and be polite, even if you feel strongly about the topic under discussion. Using words like please, thank you, I'd like to... May I...? Would you mind...? Could you...? Make you sound polite and respectful. • Take / make notes o It's a good idea to have a pen and paper handy. You can jot down any useful or important words or ideas that might come in handy later in the discussion - or afterwards. • Speak clearly o Most people are happy to forgive a few grammar mistakes when they are talking to a foreigner. However, they have much less patience when they can't understand someone because they are talking far too quickly, or much too slowly, or when they have poor pronunciation. So, practise your pronunciation and speak clearly and confidently. If you need time to collect your thoughts, you could say something like Hmmm... just let me have a minute to think about this. Or you could say Could you just repeat that please? to get a bit more time to think. • Relax! o Remember, a discussion is not a competition: it's an opportunity to share ideas in a positive environment. If you are relaxed, you will be more likely to feel confident and enjoy the discussion - and the best way to make sure you are relaxed in a discussion is to prepare for it! Preparing for a discussion can make the discussion a lot easier. You'll be able to spend less time trying to think of vocabulary and ideas, and more time listening to others and participating in the discussion. Speak slowly and clearly, don't worry too much about little grammar mistakes and remember to listen and respond to other people.

Explain the role requirements of entrepreneurs and owners (SP)

• in society o generate new ideas spur innovation in society helps prevent a stagnant society • provide jobs

Demonstrate initiative (PQ)

• initiative= taking action without anyone telling you • shows commitment and dedication • gives yourself a good image as a person who likes their work & is willing to take on a leadership position • ex. developing a new idea for a marketing campaign and conducting research to show that your idea could actually work!

Discuss considerations in selecting a financial-services provider (CS)

• investments o consider fee structure • loans o highest rate of return (interest rates) • checking account o can be obtained for free! • financial advice can be free too • assess credibility/track record/performance

Maintain customer records (SP)

• involves tracking customer transactions for product/service purchases, customer service, etc. • companies legally required to store info for a certain # of years before discarding • important so that companies can validate proof of purchase & have data to handle disputes

Interpret statistical findings (SP)

• know the factors of the research o ex. sample size o question it to make sure it's complete and accurate! • know principles behind reported statistics o understand other data that may be impacting it o if you don't, you could make invalid decisions that could cost you!

Explain the principles of data analysis (SP)

• know what you're looking for before you start • companies keep only select info; use databases to organize it o databases: several tables with links connecting them o ^^^raw data • transforming data into information o through database queries o info can then be used to make decisions • ex. retail stores o when a customer doesn't purchase anything for a while, they email a coupon

Identify sources of career information (CS)

• libraries • schools • government agencies • people you know o family members o teachers • internet sites on careers • job search sites o Glassdoor, Monster

Collaborate on and aggregate complex internal documents to create a common voice (SP)

????? - when multiple viewpoints and data is combined to establish a common voice, employees can powerfully communicate their ideas more clearly - more information and different view points are also considered

Discuss principles of computer systems (PQ)

A computer system is a system of interconnected computers that share a central storage system and various peripheral devices such as a printers, scanners, or routers. Each computer connected to the system can operate independently, but has the ability to communicate with other external devices and computers.

Validate credit history (CS)

A credit report is a detailed report of an individual's credit history. Credit bureaus collect information and create credit reports based on that information, and lenders use the reports along with other details to determine loan applicant's creditworthiness. The 3 credit bureaus in the United States are Experian, TransUnion, and Equifax. Credit bureaus validate your credit history and help credit companies make decisions about someone's adherence to the 5 C's (their creditworthiness). 5 C Character (current debnt, payment history, credit score) Capacity (ability to repay {job $ earned}) Capital (how much money u hv currently) Collateral (secured credit) Conditions (economy) • 3 credit bureaus o experian o trans union o equifax o track credit history • request a free copy 1 time per yr from each agency • look at credit report for errors/out of date info

Demonstrate basic database applications (PQ)

A database is an collection of structured data, stored in a computer. "Structured" means that the same data is stored for a bunch of different things. Database applications allow companies to store information for future use. Some examples of database applications are Oracle, Microsoft Access, SAP (System Applications Products, an enterprise resource planning software application).

Create and post basic web page (CS)

A web page is comprised of HTML, CSS, JavaScript, and other programming code to create user interfaces (UIs) in order to market and sell a business and its products. Online applications (such as Weebly) can eliminate the need for a web designer

Demonstrate basic web-search skills (PQ)

A web search is completed by typing text into the box and clicking the search button. Search engines use specific keywords that you have typed to access relevant information and provide you with all the information possible. Essentially, Google and other search engines are information systems

Demonstrate adaptability (CS)

Ability of an individual to adjust to changes in the workplace o Accept changes o Embrace change o Stay calm and positive o Look at things from a different perspective

Demonstrate basic e-mail functions (PQ)

Ability to send information with attachments. Carbon copy and blind carbon copy. Written communication quick and efficient for sharing data. Uses a certain domain.

Explain procedures for handling accidents (CS)

Accidents should be reported to management or handled as instructed in the employee handbook

Use basic operating systems (PQ)

An operating system (OS) is system software that manages computer hardware and software resources and provides common services for computer programs. The operating system is a component of the system software in a computer system. Application programs usually require an operating system to function. For example, in Apple products, they have something called iOS, which is their operating system for mobile devices.

Interpret data mining findings (SP)

Based on existing data, one can deduce information from connections between sets of data. • similar to statistics • convert data to info o find conditions under which info is valid o ex. "customers who bought also bought..." categorize customers by age, geography, etc. o sample size??

Evaluate quality and source of information (CS)

Before you read a source or spend time hunting for it, begin by looking at the following information in the citation to evaluate whether it's worth finding or reading. Consider the author, the title of the work, the summary, where it is, and the timeliness of the entry. You may also want to look at the keywords to see what other categories the work falls into. Evaluate this information to see if it is relevant and valid for your research. • Evaluate quality of information • Respondent-Selection Error: Choosing the wrong person that skews results • Respondent-Inability Error: Cannot answer the question • Sample size Self Select Problem: Choosing to take the survey out of your own volition.

Recognize personal biases and stereotypes (PQ)

Bias - tendency/perspective to a certain thing Stereotype - broad generalization about something

Overcome problems and difficulties associated with office politics/turf wars (CS)

By using negotiation techniques, office drama can be resolved in an effective manner.

Demonstrate collaborative/groupware applications (CS)

Collaborative applications (such as Google Drive) allow multiple employees to work together on business electronic deliverables. In applications such as Google Drive, you are enabled to share your workspace with others, and they can edit and see changes that you make.

Protect company information and intangibles (CS)

Company information and assets should be kept confidential and protected from theft by cybercriminals

Maintain the confidentiality of others (CS)

Confidentiality is the protection of private information and employees must not violated by spreading personal information of others' to third parties.

Report noncompliance with business health and safety regulations (PQ)

If health and safety standards are being violated, they should be reported to management to prevent damage to employees or property

Determine personal vision (CS)

Future goal that one hopes to attain It should be SMART o SPECIFIC o MEASURABLE o ACHEIVABLE o REALISTIC/RELEVANT o TIME-BOUND

Identify sources that provide relevant, valid written material (PQ)

Government publications, reputable, news outlets, textbook, and professional research paper Look at these things for each source: o R elevance o E xpertise of Author o V iewpoint of Author/Organization o I ntended audience o E vidence o W hen published

Explain the nature of staff communication (CS)

Hold staff meetings to discuss company progress Hold personal 1:1 employee meeting to discuss improvement Maintain open company culture to get feedback Directional o Upward - subordinate -> manager (same dept.) o Downward - manager -> subordinate (same dept.) o Horizontal - same hierarchical level o Diagonal - subordinate <-> manager (diff. depts.) o Grapevine - circulation of rumors and unofficial info

Edit and revise written work consistent with professional standards (CS)

grammar, spelling, etc.!! organization- make sure it flows make sure that writing is clear and concise, serves the purpose consider after reading: o is my purpose clear? o Have I considered the questions and concerns of my audience? o Have I written in an appropriate format? o Have I included sufficient examples and supporting details? examine as a writer: o That your intro and conclusion are appropriate, that your paragraphs flow and are organized

Explain the need for ongoing education as a worker (PQ)

Ongoing education (such as receiving an MBA) is necessary to continue to obtain skills necessary in a 21st-century business environment

Explain the rights of workers (PQ)

Workers are guaranteed the right to reasonable pay/benefits and safe working conditions under U.S. federal law

Follow chain of command (CS)

- In a business organization, the chain of command refers to levels of authority in the company from the top position, such as a CEO or business owner, down to workers on the front line. Companies institute a chain of command to provide workers at all levels with a supervisor to whom they may ask questions or report problems. The chain of command establishes the company hierarchy. Business owners or CEOs occupy the top position in a company hierarchy, which is also the top spot in a chain of command. Vice presidents and upper management employees report directly to the owner of the company or chief executive officer. Supervisors or department managers report to higher-level managers, and workers report to supervisors and department managers. Each company establishes its own hierarchy or organizational structure, which is the basis for a chain of command. All employees in the organization recognize the structure of the company when following a chain of command.

Explain the nature of financial needs (e.g., college, retirement, wills, insurance, etc.) (CS)

- In order to create a financial plan, you need to be able to assess your needs and wants, and prioritize them. You might need money for college, to pay for tuition. You also need to save for retirement, wills, and insurance. Keep in mind your attitude toward money and ask yourself if something is more important to spend money on now or to save for the future. - very individualistic o depends on family size, expenses, household income, family goals, etc. - consider needs vs. wants - prioritize! ^^^ - retirement o social security & 401k- provides post-retirement income - college o education account: family saves a certain amount of money routinely until children go to college - insurance o home, car, health, earthquake (CA only) o customer pays small premium per month; insurance will cover cost of any major damages - consider future risks: inflation, loss of income, changing interest rates, etc.

Describe the concept of insurance (CS)

- Insurance is a contract with a person/business and an insurance company to cover risks. These risks can be economic, natural, or human. A premium is an estimation of the probability of loss due to risk, so the insurance company can determine a rate to charge for the policy.

Interview for a job (PQ)

- Interviews are important because they offer a chance for companies and job applicants to learn if they might fit well together. Candidates generally go into interviews hoping to prove that they have the mindset and qualifications to perform the job in question. - A job interviews enable a company to learn more about an applicant, while the candidate has the opportunity to become familiar with the demands of a given position. The process allows both parties to exchange information, ask questions and evaluate the potential for establishing a professional working relationship. Both parties have an opportunity to get a "feel" for one another other and determine if the chemistry is right

Maintain inventory of supplies (CS)

- Inventory is the amount of a certain supply available for manufacturing a product and should be maintained to determine long-term goals.

Complete a job application (PQ)

- Job applications require applicants to fill in personal information as well as prior experience.

Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) (SP)

- Marketing to appeal to their needs - Assessing what they want using their consumer profile - See what they have yet to accomplish based on Maslow's Hierarchy of needs - Create value equation

Store information for future use (CS)

- Most businesses use computer systems to store information for future use. They do this to make it more accessible and easy to find in the future.

Adhere to company protocols and policies (CS)

- Policies and protocols play a very important role by defining an organization's guiding principles, providing detailed task instructions and forming the basic structure of business operations. o Clear policies: define the business protocol and ensure that all employees operate according to a consistent prearranged formula.The scope of written policies includes language to cover legal issues that may arise due to the nature of the business, employee health and welfare, especially in hazardous operational conditions, and/or ethical concerns that may put the organization or the employee in a position of conflict. o Procedures: document the who, what, when and how of task performance. An individual procedure for a single task defines who is responsible for completion of the task, what steps are involved in the process, when each step is undertaken and how the progression of steps is performed to complete the procedure. - Policies and protocol should be should be meticulously read and properly understood/followed - Two-way process of reaching mutual understanding, in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. In general, communication is a means of connecting people or places. In business, it is a key function of management--an organization cannot operate without communication between levels, departments and employees.

Give verbal directions (PQ)

1. Give detailed instructions 2. Ensure that they know what to do 3. Clarify any questions 4. Correct them if needed

Explain routine security precautions (CS)

All facilities should be frequently checked to ensure safety protocol is being adhered to

Maintain data security (CS)

Data can be secured through encryption software Proprietary information o https://healthinformatics.uic.edu/resources/articles/confidentiality-privacy-and-security-of-health-information-balancing-interests/

Discuss the nature of data mining (CS)

Data mining is the process of examining large databases to gather new information Data mining is a process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers and develop more effective marketing strategies as well as increase sales and decrease costs. More in detail: Data Mining is an analytic process designed to explore data (usually large amounts of data - typically business or market related - also known as "big data") in search of consistent patterns and/or systematic relationships between variables, and then to validate the findings by applying the detected patterns to new subsets of data. The ultimate goal of data mining is prediction - and predictive data mining is the most common type of data mining and one that has the most direct business applications. The process of data mining consists of three stages: (1) the initial exploration, (2) model building or pattern identification with validation/verification, and (3) deployment (i.e., the application of the model to new data in order to generate predictions). Data mining is a process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers and develop more effective marketing strategies as well as increase sales and decrease costs. • Classes: Stored data is used to locate data in predetermined groups. For example, a restaurant chain could mine customer purchase data to determine when customers visit and what they typically order. This information could be used to increase traffic by having daily specials. • Clusters: Data items are grouped according to logical relationships or consumer preferences. For example, data can be mined to identify market segments or consumer affinities. • Associations: Data can be mined to identify associations. The beer-diaper example is an example of associative mining. • Sequential patterns: Data is mined to anticipate behavior patterns and trends. For example, an outdoor equipment retailer could predict the likelihood of a backpack being purchased based on a consumer's purchase of sleeping bags and hiking shoes.

Discuss the role of administrative law (SP)

Defines the extent of power/responsibility held by administrative agencies in the US Branch of law governing the creation and operation of administrative agencies. Of special importance are the powers granted to administrative agencies, the substantive rules that such agencies make, and the legal relationships between such agencies, other government bodies, and the public at large. o Generally, created to protect public interest FAPA (Federal Administrative Procedure Act) o Major source of federal administrative agency law Considered a branch of public law

Conduct a risk assessment of an event (SP)

Establish a probability scale for purposes of risk assessment. For example, risks may be: 1. Very likely to occur 2. Some chance of occurrence 3. Small chance of occurrence 4. Very little chance of occurrence Other risks must be prioritized and managed in accordance to their probability of occurring. Actuarial tables - statistical analysis of the probability of any risk occurring, and the potential financial damage ensuing from the occurrence of those risks - may be accessed online and can provide guidance in prioritizing risk. Insurance is a principle safeguard in managing risk, and many risks are insurable. Fire insurance is a necessity for any business that occupies a physical space, whether owned outright or rented, and should be a top priority. Product liability insurance, as an obvious example, is not necessary in a service business. The extent of insurance coverage against injury will depend on the nature of your business. A heavy manufacturing plant will, of course, require more extensive coverage for employees. Some risks are inarguably high priority, such as the risk of fraud or embezzlement if employees handle money or perform accounting duties in accounts payable and receivable. Specialized insurance companies will underwrite a cash bond to provide financial coverage in the event of embezzlement, theft or fraud. Risk Assessments for Investments Measuring this - Standard deviation measures the dispersion ratio Risk Assessments for Lending - Lenders for personal loans, lines of credit and mortgages also conduct risk assessments on their clients, generally referred to as a credit check. - If a person's FICO (credit score) (Fair Isaac Coorperation??) score is under 600, many home loan companies may not lend to him, based on this nationally recognized credit risk measure. A lender's credit analysis may take into account other factors during the analysis, such as available investments, collateral property, income or cash on hand. • steps: o 1. identify hazards anything with the potential to cause harm: electricity, loud noise, hazardous substances o 2. decide who could be harmed/how employees, occasional visitors, the general public? o 3. establish control measures how to eliminate the hazard/control it so that harm is unlikely o 4. record findings/ inform those at risk create a timeline as to how to eventually eliminate the risks inform others about proposed solutions provide any needed training o 5. review assessment regularly update as needed conduct the assessment regularly

Demonstrate ethical work habits (PQ)

Ethics are the basic values and moral principles that guide behavior. Characteristics of ethical work habits include honesty, respect, and equity. Being honest is more than just telling the truth. It means maintaining confidentiality and having respect for company property. Honesty is the basis for a trustworthy business relationship. Another solid base for business/customer relations is showing respect. This means listening to others with an open mind and responding with courtesy and tact. Equity means that everyone has equal rights and opportunities. Because people expect to be treated the way those around them are treated, it is important to be fair and equitable in dealing with others.

Set financial goals (CS)

Financial goals are influenced by two main factors: the time frame in which you want to achieve your goals, and the type of need that inspires your goals. Goals can be short term (usually one year of less to achieve), intermediate (two to five years), or long-term (more than five years). How you establish your financial goals may also depend on whether a goal you have set involves a consumable good that you would use up quickly, a durable good that lasts longer and usually costs more, or something intangible, such as your health or an education. Keep in mind that while setting financial goals, they should be realistic, specific, have a clear time frame, and should help you decide on what action to take. If these are goals for a company, you need to analyze current finances and debts, and determine a goal based on your company's capability and similar factors. Financial planning process: 1. establish and define the purpose of financial planning ESSENTIAL how to minimize risk (short term and long term) and maximize return 2. gather data to define financial goals what are your circumstances? what are your goals (short, medium, and long term) • how to reach them what is your income/expenses 3. analyze financial status and evaluate strategy options strategies • taxation (tax-exempt, tax- deferring, etc.) • diversification in investments (many companies, many industries, different sized companies, different geographies, etc.) o TO SPREAD RISK 4. develop plan with specific recommendations understand short, medium, and long term goals devise investment mechanisms to achieve ^^^ 5. implement plan 6. monitor strategies to see how they plan out monitor investments to cut losses and maximize returns rebalancing- based on YOUR financial needs o things to note make goals specific goals should be measurable (quantifiable) goals should have a time frame

Assess information needs (CS)

First, perform a needs assessment. A needs assessment is a systematic process for determining and addressing needs, or "gaps" between current conditions and desired conditions or "wants". It is a careful consideration of the questions "What kind of information do I need?" and "Where might I find such information?" Information generally has two components (subject and format components). Subject components address the topic of the information need, and format components relate to the type of information needed, such as review articles, books, items published within the last five years, etc. The format can be determined based on the type of information needed or by an outside factor (such as a professor requiring research articles). Good ways to obtain information are determined by efficiency. Businesses assess their information needs to determine the type of information that will help them deal with specific problems. • Information needs • Assess all functions of business • Assess all secondary factors • Conduct Exploratory Research (collecting information to help define the issue and decide how to proceed with research). Evaluate Internal Secondary Data (data that collected for other reasons than the project at hand)

Explain information privacy, security, and confidentiality considerations in business (CS)

Information should always be encrypted and secure from cybercriminals and should not be disclosed without authorization

Use an integrated business software application package (CS)

Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications. Integrated software is tightly interconnected suite of several application programs that share a common database and user interface. In integrated software (such as Adobe In Design, Microsoft Office, or Star Office) the output of one program (such as a spreadsheet or graphics program) can be readily imported into or embedded in another program (such as a word processor or page setting program).

Explain the role of ethics in human resources management (SP)

Legal Considerations • Breaches of ethics in the HR department are more likely to be reported by victims to the Better Business Bureau, the Equal Employment Opportunity Commission or other regulatory agencies than those committed in other areas, such as product development or accounting. • Companies with comprehensive ethics programs in place can avoid costly trouble regarding discrimination and hostile-work-environment issues, resulting in lower costs for litigation and out-of-court settlements. Employee Loyalty • Treating employees ethically can garner long-term employee trust and loyalty, which conveys a range of distinct benefits to employers. • Loyal employees gain more experience working with their employers, allowing them to master production processes and more fully understand the inner workings of the firm. This can increase employees' productivity and efficiency over time in addition to keeping recruiting and training costs under control. Promoting Ethics • Put HR ethics policies in place regarding discrimination, sexual harassment and the treatment of employees, and put each of your managers and supervisors through ethics training programs to make sure they are fully aware of your expectations. Most importantly, lead by example in your organization to create a culture of mutual respect and dignity, where ethical decision-making is valued and rewarded.

Explain the impact of political relationships within an organization (SP)

Liberals may tend to be more open to change, while conservatives tend to prefer strict and unchanged policy office politics= the struggle between employees for control tension in workplace caused by struggle for power o prevents open/honest communication organizational hierarchy o employees in higher positions feel superior to others o mutual respect is missing→ tension/friction in workplace, inability to work towards a common goal

Demonstrate personal information management/productivity applications (PQ)

Productivity software (sometimes called personal productivity software or office productivity software) is application software dedicated to producing information, such as documents, presentations, worksheets, databases, charts, graphs, digital paintings, electronic music and digital video. EX GOOGLE DRIVE DROPBOX Personal info management involves the practice of managing keeping and organizing documents emails etc.

Describe small-business opportunities in international trade (SP)

Small businesses can use the globalization offered by the Internet to reach a wider audience to market and sell to o Globalization- the process by which businesses or other organizations develop international influence or start operating on an international scale

Discuss the nature of information management (CS)

The concept of storing information on various data and applying it to business sectors such as marketing and finance

Develop personal budget (CS)

The steps of creating a budget are as follows: 1. Set goals 2. calculate expenses 3. determine income and budget 4. balance and adjust budget as necessary. The steps of creating a financial plan are establishing the purpose of what you are doing (minimize risks, maximize returns), gather data (determine goals, financial status, circumstances), analyze financial status and evaluate strategy options (different investments), develop/implement a specific plan, and monitor plan based on performance. • Definition: Plan for saving money based on income and expenses • First consider goals with time frames • Then prioritize goals - make a list in order or importance • Next, estimate income and expenses (fixed and variable). • Now you create your budget • Either on paper or computerized. • Essentially you compare your income and expenses to make sure you have enough income to pay for the expenses • Then evaluate your ability to fulfill your goals based off of income. • Be honest and realistic! See if you need to revise • Check progress at least monthly if not more often and review spending carefully.

Identify desirable personality traits important to business (PQ)

There are many characteristics of successful businesspeople, including o persistence, o creativity, o responsibility, o confidence, o enthusiasm. A businessperson should be o inquisitive, goal-oriented, o independent, o a risk taker, and o action oriented. Essential skills for running a business include o communication, o math, o problem solving, o technology, o decision making, o organizing, o teamwork, o social, o basic business skills.

Explain the impact of major trade alliances on business activities (SP)

World Trade Organization (WTO) • An international organization established in 1995 (which now has over 150 member countries) that promotes trade liberalization throughout the world. The three main purposes of the WTO are to provide a forum for countries to negotiate trade, to provide rules that guide trade between nations, and to help settle disputes that arise over the interpretation of trade agreements. Asia-Pacific Economic Co-operation (APEC) • A trade organization, created in 1989, that unites twenty-one of the countries surrounding the Pacific Ocean to co-operate on regional trade. APEC is not established by treaties, but is biased on consensus, and commitments are voluntary. Group of Eight (G8) • A trade organization encompassing the major economies of the world - France, the United States, Canada, Great Britain, Italy, Germany, Japan, and Russia - which meet to discuss macroeconomic issues such as economic growth, trade liberalization, and helping developing countries. Group of Twenty (G20) • A trade organization established during the economic crisis of the 1990s to provide a discussion forum for the major economies of the world beyond the G8. The G20 focuses on economic and employment growth, elimination of trade barriers, reforming financial institutions and regulations, and restructuring global financial organizations such as the International Monetary Fund and The World Bank.

Explain how organizations adapt to today's markets (SP)

adapt to competition o make your product different & BETTER than your competition! adapt to changes in technology o tech is ALWAYS changing o companies must stay on top of the latest innovations or risk falling behind Organizations adapt to today's markets by using tools like SWOT Analysis and environmental scans to identify ways the business can improve. A SWOT Analysis assesses a company's strengths and weaknesses and the opportunities and threats that surround it. An environmental scan is an analysis of outside information that may have an impact on an organization. A business is constantly engaged in the process of renewal when they choose to use this data. SWOT --> strengths, weakness, oppurtunities, threats

Explain career opportunities in entrepreneurship (CS)

entrepreneurship gives you control of your future - career opportunities in entrepreneurship include starting a restaurant, inn, travel agency, medical firm, accounting firm, etc.

Explain the impact of a country's economic development on world trade (SP)

• A country's economic stability can play a role in the affordability of products, meaning that businesses may have to change prices accordingly or shift away from certain markets altogether • Achieving higher living standards, full employment and sustainable development is the aim of the WTO's member governments, as expressed in the WTO's founding Marrakesh Agreement. The means for achieving this include the "substantial reduction of tariffs and other obstacles to trade" • This process of trade opening takes place in the framework of WTO ( World Trade Organization) rules, which take into account the fact that some countries are better equipped than others to open their markets widely. Some countries, for instance, have a more advanced legal, regulatory and physical infrastructure than others. • As a result, average tariffs (import duties) in developed countries, at least for manufactured goods, are much lower than in developing countries — although this is not true in every case or for every product. • Open economies tend to grow faster and more steadily than closed economies and economic growth is an important factor in job creation. Profitable companies tend to hire more workers than those posting a loss. Trade can also be a catalyst for greater efficiency and productivity. This is because companies have access to a wider range of high-quality, affordable inputs. They also have access to technology and know-how they could not obtain in a closed economy. Access to technology and quality inputs can boost innovation and creativity in the workplace. • Moreover, competition in the marketplace can be a powerful stimulus to companies seeking new ways of making things better and more cheaply. An infusion of new ideas from other countries can make companies more productive. So can enhanced access to export markets. But doing things more productively often means doing more with less and that can mean using fewer workers. Inevitably, this means that some workers in some industries will lose their jobs • Jobs that are tied to trade tend to pay better than those that are not. In Western Europe, those working in export-oriented companies collect a 10% -20% wage premium over the average wage. In the United States, the premium is 6% and in Sub-Saharan Africa the figure is 34%. Wages in economies that are open are higher than in closed economies. Workers in the manufacturing sector in open economies earn three to nine times more than those in closed economies.

Motivate team members (SP)

• A variety of methods can be useful for management to motivate team members. Factors that motivate employees are achievement, recognition, responsibility, advancement, growth, and the reward from doing the work itself. The use of rewards for good work can be effective. When giving rewards, identify those workers who are effective and efficient, and not those who simply get the work done. Also, reward and recognize long- term employees for their loyalty to the company. • Employees are also motivated by the freedom to be creative. Encouraging them to show creativity without risk of penalty often yields positive and ingenious results. • help others out o help them achieve their goals! • recognize others' ideas • build teamwork- team must bond/work together well • work towards a common goal

Comply with policies and procedures for use of property and equipment (CS)

• All policies and procedures should be meticulously read and clearly understood by all employees • Employee handbook

Follow established security procedures/policies (CS)

• All security policies and procedures should be understood and followed meticulously to prevent damage to employees or property.

Use conflict-resolution skills (CS)

• Begin by allowing each party of a dispute to define the problem from his/her point of view. Then, allow each one to suggest a solution to the problem. Next, those options should be evaluated, so each party can explain what they can and cannot accept. To overcome the differences, parties to a problem may have to think creatively and compromise. • Compromising means that each party will agree to give something up in order to settle a dispute. Conflict-resolution is done best when solutions are found that will allow each side of a dispute to save face and create the least amount of ill will. Sometimes, parties in a dispute may have to seek mediation or arbitration from an independent third party.

Discuss the impact of bribery and foreign monetary payments on business (SP)

• Bribery wastes money (estimated 5% of GDP) and decreases efficiency while increasing inequality. • A July 2013 report from Transparency International finds that more than one in four people paid a bribe in the past year, based on a survey of 114,000 respondents in 107 countries. The World Bank estimates that the equivalent of $1 trillion is offered in bribes every year. • That's important because studies have shown that employee morale is directly related to a firm's performance, including stock market returns. For instance, the consultancy Sirota recently surveyed 13.6 million employees in 840 companies about workplace morale. High-morale companies (those at which more than 75 percent of the workforce reported "overall satisfaction with their company") had significantly stronger year-over-year stock performance than companies with lower morale reports. These high-morale companies averaged a 15.1 percent improvement in their stock price from 2011 to 2012, compared with a 4.1 percent year-over-year improvement among the lower-morale companies.

Obtain needed information efficiently (CS)

• Can use a database A key to an effective search is an understanding of the available information tools. It is important to select the right tool (such as searching the library catalog to find books or searching a database to identify articles), and it is important to understand and use special features of the selected tool (such as subheadings and limits). • Obtain needed information • Select demographics • Draft a survey or other test of other research activity • Evaluate secondary research, internal and external • Try to be quantifiable in survey questions

Explain the impact of geography on world trade (SP)

• Comparative advantage is the ability of a country or company to carry out a particular economic activity more efficiently than another country or company. For example, once upon a time, the city of Sheffield in the United Kingdom was one of the biggest steel producers in the world. They had a comparative advantage because they could produce steel more quickly and cheaply than most other cities in the world. However, in the late 20th century that all changed as countries in other parts of the world became cheaper and more efficient than them in producing steel. These days, Sheffield no longer has a comparative advantage. • Comparative advantage is what decides the dominant industry in a particular city or region. Maybe one area is perfect for steelworks and another area is perfect at making wooden furniture. Whatever it is, each area tends to have certain things it's good at producing efficiently. For example, China is famous for textiles and Jamaica is famous for sugar. This is all about comparative advantage.

Explain the use of feedback for personal growth (PQ)

• Critical feedback can be used for insight on personal strengths and weaknesses and how these attributes can be perfected to improve work ethic. • The way feedback is given often affects the way you accept it. Destructive criticism focuses just on the bad things and gives the recipient no help. Conversely, constructive criticism is designed to be helpful. It is said calmly with a focus on the problem, not the person, and suggestions for improvements are given. Anyone who is new to a job must expect criticism. • One can control his/her reaction to feedback. Maintain a positive attitude and try to avoid getting defensive. People who respond to negative feedback in a positive way generally impress others. Those who work on correcting their weaknesses tend to move ahead in their careers. When giving feedback, it is important that your message be clear and easily understood. Give feedback in a nonthreatening manner, discussing problems with others one-on-one when possible.

Explain cultural considerations that impact global business relations (SP)

• Cultural sensitivity is"the knowledge and interpersonal skills that allow providers to understand, appreciate, and work with individuals from cultures other than their own. • ( Also talked about in customer relations)

Explain the nature and scope of purchasing (CS)

• Customers purchase goods and services from a company anywhere locally, regionally, domestically, or internationally • the ability of a dollar to buy goods and services. As purchasing power decreases, an individual is able to purchase fewer goods and services for the same amount of money; the process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning

Explain marketing and its importance in a global economy (CS)

• Distribution o deciding how to get goods to the customer (all about channel management o direct vs indirect through intermediaries, local distributors) • Financing o budgeting for marketing activities (advertising costs, costs of forms of financial exchange and loans and such, other operation costs) o Campaign should provide revenue to pay for operations. • Marketing information management o gathering and analyzing information related to decisions (market, product, segmentation) o done through market research (primary and secondary), product review sites, social media. • Pricing o how much to charge to create profit yet still strike the balance where you're prices are low enough to be competitive. Position pricing policy well. o Also remember Anti-Trust Laws forbid collusion with competitors to fix prices. • Product/Service Management o Developing/maintaining/improving a product in response to market trends and opportunities (expand to new sectors or diversify based off of customer opinions). • Promotion o Persuade/Inform customer about product (advertising, personal selling, publicity, public relations) • Selling o Providing the customer with the product

Show empathy for others (PQ)

• Empathy is an understanding of another person's situation or frame of mind. On the job, you should be open-minded, realizing that many people are under pressure. Treat others considerately, and call on your own experiences. Before you react to someone, think of the position the other person is in. You may see things differently, and your reaction may be more effective. Be aware of how you appear to someone else, trying not to hurt or offend them. Speak carefully, and think about the way others will feel when they hear what you have to say. Let other people know you are interested in them, smile, and make them feel important. Do not assume that certain behaviors and views are universal; many people in the world have ideas that are very different from yours.

Explain ethical considerations in providing information (SP)

• Ethical business practices ensure that the highest standards of conduct are observed in a company's relationships with everyone in the company or who is affected by its activities. Ethical behavior is lawful and does not harm some while benefiting others. Business practices are ethical if its actions are not embarrassing if they become public. Many businesses develop a statement of core values that guide the ethical decisions and actions of the company. • A company's commitment to ethics should be clear during the hiring process as well as in day-to-day operations. Interviewees may be questioned about ethics, and new hires should be provided information about the company's commitment to ethics and values. • Ethical behavior should be a part of employee evaluations and promotions, and managers should model ethical behavior when dealing with customers. • avoid conflict of interest o remove yourself from the situation • be careful accepting gifts o you may end up being unfairly in favor of someone • leaking intellectual property o violating patents o breaking nondisclosure agreements

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

• Exchange rates are determined by factors, such as interest rates, confidence, current account on balance of payments, economic growth and relative inflation rates. For example: • If US business became relatively more competitive, there would be greater demand for American goods; this increase in demand for US goods would cause an appreciation (increase in value) of the dollar. • However, if markets were worried about the future of the US economy, they would tend to sell dollars, leading to a fall in the value of the dollar. Inflation Rates • Changes in market inflation cause changes in currency exchange rates. A country with a lower inflation rate than another's will see an appreciation in the value of its currency. The prices of goods and services increase at a slower rate where the inflation is low. A country with a consistently lower inflation rate exhibits a rising currency value while a country with higher inflation typically sees depreciation in its currency and is usually accompanied by higher interest rates Interest Rates • Changes in interest rate affect currency value and dollar exchange rate. Forex rates, interest rates, and inflation are all correlated. Increases in interest rates cause a country's currency to appreciate because higher interest rates provide higher rates to lenders, thereby attracting more foreign capital, which causes a rise in exchange rates Country's Current Account / Balance of Payments • A country's current account reflects balance of trade and earnings on foreign investment. It consists of total number of transactions including its exports, imports, debt, etc. A deficit in current account due to spending more of its currency on importing products than it is earning through sale of exports causes depreciation. Balance of payments fluctuates exchange rate of its domestic currency. Government Debt • Government debt is public debt or national debt owned by the central government. A country with government debt is less likely to acquire foreign capital, leading to inflation. Foreign investors will sell their bonds in the open market if the market predicts government debt within a certain country. As a result, a decrease in the value of its exchange rate will follow. Terms of Trade • Related to current accounts and balance of payments, the terms of trade is the ratio of export prices to import prices. A country's terms of trade improves if its exports prices rise at a greater rate than its imports prices. This results in higher revenue, which causes a higher demand for the country's currency and an increase in its currency's value. This results in an appreciation of exchange rate. Political Stability & Performance • A country's political state and economic performance can affect its currency strength. A country with less risk for political turmoil is more attractive to foreign investors, as a result, drawing investment away from other countries with more political and economic stability. Increase in foreign capital, in turn, leads to an appreciation in the value of its domestic currency. A country with sound financial and trade policy does not give any room for uncertainty in value of its currency. But, a country prone to political confusions may see a depreciation in exchange rates. Recession • When a country experiences a recession, its interest rates are likely to fall, decreasing its chances to acquire foreign capital. As a result, its currency weakens in comparison to that of other countries, therefore lowering the exchange rate.

Explain legal considerations for accounting (SP)

• GAAP (generally accepted acounting principles) o guidelines, rules, procedures used to record/report financial info • companies must follow accounting code of conduct or risk litigation (taken to court) o report accurate information of income, expenses, assets, liabilities, etc.

Explain the nature of global trade (SP)

• Global trade, also known as international trade, is simply the import and export of goods and services across international boundaries. Global trade is affected by industrialization, globalization and outsourcing • It causes new competition to arise and innovations to be made

Explain legal responsibilities associated with financial exchanges (CS)

• Good Faith - honest intention to fulfill obligation • Disclosure - information is accessible to outside entities • Important Finance Laws: o Sarbanes-Oxley Act - CEO/CFO verifies external docs o Dodd-Frank Act - strictest regulations since Great Depression o Gramm-Leach-Bliley Act - created financial services industry by combining banks, insurance, etc. into one industry

Describe health and safety regulations in business (PQ)

• Health and safety regulations exist to foster a safe workplace for all employees • https://www.business.gov.au/info/run/workplace-health-and-safety

Demonstrate honesty and integrity (PQ)

• Honesty and integrity are desirable qualities of a good employee and a good person. You can demonstrate these qualities by being loyal and trustworthy at work and in daily activities. Act responsibly and ethically, even though it may be difficult at times. • Respect others' feelings and possessions. Being dishonest can ruin your reputation and can harm personal and professional relationships.

Describe the impact of a country's history on world trade (SP)

• If a nation is an opponent of another, inhabitants of that nation may be reluctant to purchase from vendors of those opposing nations. • Newly industrialised countries like India and China have dramatically increased their share of world trade and their share of manufacturing exports. China, in particular, has emerged as an economic super-power. China's share of world trade has increased in all areas, and not just in clothing and low-tech goods. For example, in 1995, the US had captured nearly 25% of global trade in hi-tech goods, while China had only 3%. By 2005, the US share had fallen to 15%, while China's share had risen to 15%.

Explain the need for innovation skills (CS)

• Important in work place o avoids stagnation o showcases your personal initiative/abilities • allows for the best possible product/service to be delivered to the consumer

Discuss the impact of cultural and social environments on global trade (SP)

• In the business world, communication is imperative for the successful execution of daily operations. Understanding cultural differences and overcoming language barriers are some of the considerations people should have when dealing with business with people of various cultures • Often business deals are lost because the parties involved did not take the time to learn about their each others' cultures prior to interacting. Customs • This includes basic customs, mannerisms and gestures. For example, If a salesperson approaches a meeting with knowledge of a customer's cultural background, then his words, body language and actions can all be adapted to better suit those of the customers. This in turn may lead to being better liked by the customer, ultimately increasing the salesperson's opportunity to close the deal. Language Barriers • When interacting with people from different cultures, speaking in a neutral tone and making a conscious effort to be considerate of others' input, even if it is given in a manner to which you are not accustomed, can help foster effective business communication. Target Audience • When launching a marketing campaign or advertising to members of a different culture, always research the target market prior to beginning the campaign. Levels of conservatism, gender views and ideologies can vary greatly between cultures. Presenting a campaign that is not in line with specific cultural norms can insult the target audience and greatly hinder the campaign. Being aware of cultural norms can also help your company narrow down the target audience. Technology • Due to globalization, people from various cultures and countries increasing conduct business with each other. Technology enables people to easily connect with people around the world in a moment's notice, but there are a few rules to remember before doing so. If making an international phone or video conferencing call, be conscious of the time zone differences and make sure to set a reasonable time for all involved parties to interact. It is important to remember that cultural differences can also affect availability. Politics • Political influences, both past and present, can potentially affect the way a person or company does business. Some cultures have a very strong sense of nationalism and government pride, and therefore, are more comfortable and willing to purchase from companies with some sort of government backing. Conducting business with those of differing cultures can also impact negotiations if there are ongoing political disputes between the involved parties' countries of origin. To avoid conflict, it is best to avoid discussing any political matter that does not directly pertain to the business at hand. This is also true for interoffice interactions.

Orient new employees (CS)

• Planning an orientation to employees should be as carefully done as planning a systematic approach to training. There should be overall goals that you want to accomplish with the orientation. • On-boarding works from the perspective that the organization must do all it can to fully equip the employee for maximum performance for the organization -- and for maximum fulfillment of the employee.

Select vendors (SP)

• consider: o What products are required? o What quality is needed? o How much is needed? o How often will delivery be needed? o What is the budget? • identify several vendors that meet criteria ^^^ • generally, companies select the lowest priced vendor o NEGOTIATE with vendors!!

Explain the role of information systems (PQ)

• Information Storage - safely keeps information • Decision-Making Assistance - helps companies make decisions based on data trends • Business Process Assistance - allows companies to market and sell appropriately based on demographics Storing and Analyzing Information: Through the adoption of information systems, companies can make use of sophisticated and comprehensive databases that can contain all imaginable pieces of data about the company. Information systems store, update and even analyze the information, which the company can then use to pinpoint solutions to current or future problems. Furthermore, these systems can integrate data from various sources, inside and outside the company, keeping the company up to date with internal performance and external opportunities and threats. Making Decisions: The business uses information systems to evaluate information from all sources, including information from external references such as Reuters or Bloomberg, which provide information on the general economy. This analysis of and comparison to market trends helps organizations analyze the adequacy and quality of their strategic decisions. Business Processes: Information systems aid businesses in developing a larger number of value added-systems in the company. For example, a company can integrate information systems with the manufacturing cycle to ensure that the output it produces complies with the requirements of the various quality management standards. Adoption of information systems simplifies business processes and removes unnecessary activities. Information systems add controls to employee processes, ensuring that only users with the applicable rights can perform certain tasks. Further, information systems eliminate repetitive tasks and increase accuracy, allowing employees to concentrate on more high-level functions. Information systems can also lead to better project planning and implementation through effective monitoring and comparison against established criteria.

Identify ways that technology impacts business (PQ)

• Integrated business software application packages • Include word processing, spreadsheets, e-mail, appointment scheduling • Common database for accessibility • Creating and exchanging information quickly • Example: Microsoft Office • Collaborative/Groupware Applications • Help people work collectively on single task • Share + sync information • Track progress and completed tasks • Example: Microsoft SharePoint, Basecamp

Use consensus-building skills (SP)

• LISTEN o communication is 2-way o active listening!! • always be open to new ideas • recognize other people's suggestions o respectfully disagree with reason; voice your opinion!! • see persuade A consensus is a decision upon which each member of a group agrees. It is a critical component of teamwork as well as negotiation. To achieve a consensus, it is helpful to allow all members to state their opinions. It will often require members of the group to be flexible and accept a compromise. Allowing team members to be involved in setting and achieving the team's goals is important and often results in increased company loyalty and a stronger team spirit. Consensus building is also beneficial in that it leads to extra motivation and a sense of ownership among team members.

Explain the concept of leadership (CS)

• Leadership is the concept of an individual or group of individual managing administrative tasks for an organization. • Types of Leadership: o Authoritarian - strictly professional, direct supervision o Paternalistic - father figure, more personal o Democratic - social equality o Laissez Faire - workers have all power o Transactional - system of rewards/punishments o Transformational - leads change and initiative

Explain the concept of management (CS)

• Management is defined as getting work done through the effort of others. It is the process of reaching goals through the use of human resources, technology, and material resources. Businesses may have a vertical organization, with top, middle, and supervisory-level management. Or they may have a horizontal organization, in which management shares decision making with teams of workers • Management functions include planning, organizing, and controlling the use of resources. Each of the functions requires making decisions. Planning involves setting goals and determining how to reach them. Organizing includes setting a time frame and assigning employees to do the work. Controlling refers to setting standards and evaluating performance

Describe functions of money (medium of exchange, unit of measure, store of value) (PQ)

• Medium of Exchange - facilitate transactions • Store of Value - changes as economy fluctuates • Unit of Measure - common value of good/service

Explain types of investments (CS)

• Mutual Funds - multiple investors pool in money • Real Estate - property ownership • Stocks - shares of corporations (part ownership) • Municipal Bonds - government notes sold for different value • Corporate Bonds - company borrows money

Demonstrate negotiation skills (SP)

• Negotiation is the process of working with or among the parties in a conflict to find a resolution, and requires a willingness to work together to achieve a mutually-agreeable solution. No company will completely avoid conflict in the workplace, so learning and practicing negotiation skills is important. Six effective techniques for negotiating conflict are: • 1) show respect • 2) recognize and define the problem • 3) seek a variety of possible solutions • 4) collaborate, or work together • 5) be reliable • 6) preserve your relationship • The two most important negotiation skills are speaking and listening. • Each party must first present the problem from their point of view. Use a non-aggressive tone and "I statements" to make your point, trying not to cast blame. Active listening on your part shows you are interested in the other person's ideas and feelings. Try to empathize with the person who is speaking. The problem is solved only when both/all parties reach a common agreement.

Discuss the impact of globalization on business (SP)

• One of the most beneficial aspects of globalization for businesses is that companies can now take skills and knowledge from across the globe and widen their horizon which leads to increased collaboration and breakthrough innovations. • Globalization has also led to companies being able to lower costs and increase efficiency in their business functions. • Another major effect of globalization on business is a business' ability to empower the consumer. With globalization consumers are now able to find the product that fits them best. • Now small companies can join the global playing field. • Globalization also leads to increased competition due to the introduction of products from countries all around the globe with the ever-increasing lower prices.

Identify requirements for international business travel (e.g., passport, visa, proof of citizenship, immunizations, and sponsorship letters) (SP)

• Passport and/or US permanent resident card • Visas (if needed) • In some countries, you can get visas on arrival, but for others (such as Brazil, China and Russia), you'll need a visa for admission to the country. Some countries have special requirements to obtain a visa, such as a letter from a sponsor. Make sure you have this sorted out as soon as possible before your trip.

Solicit feedback (SP)

• constantly strive for improvement by seeking honest feedback • give the person the comfort that you actually want honest feedback • don't be defensive

Describe marketing functions and related activities (CS)

• Pricing - setting price • Product Management - development to meet needs • Distribution - making products available to consumers • Financing - budgeting for marketing activities • Marketing Information Management - researching trends and info on customers to develop strategies • Selling - communicating with customers to determine and satisfy needs • Promotion - advertising, personal selling, PR

Take responsibility for decisions and actions (PQ)

• Put yourself out there o Step up and take risks • admit mistakes • learn from them • can be difficult, but treat mistakes as a learning experience

Describe types of financial-services providers (CS)

• Retail Bank - FDIC insured (0 risk), deposit/withdraw money, bank profits from investments • Credit Union - borrow money for business purposes • Insurance Company - transfer financial risk in exchange for premium • Brokerage Firm - middleman between investors and equities - The types of financial-services providers are depository and nondepository. Depository is where people or business can deposit money into these providers for future use. Examples include commercial banks, savings and loans associations, mutual savings banks, and credit unions. Nondepository refers to an intermediary organization such as the government that facilitates transactions between the savers and borrowers. They do not accept deposits, and offer security and insurance policies. Examples are life insurance companies, investment companies, and mortgage companies. • they can loan money, save money, give advice, etc. • commercial bank o full range (checking-$$ used for day-to-day expenses, savings, lending) • mutual savings banks o owned by depositors, savings accounts, & mortgages o "private bank" • credit unions o non-profit o owned by members o members generally share a common bond (ex. employment at the same company) o members have full range of financial services available • non-deposit financial institutions o life-insurance o investment bank bank does the investing for you o consumer finance companies (loans for things like vehicles, often bc consumer can't get a loan anywhere else) o mortgage companies (loans for homes) o credit card companies • considered unethical: pawnshops, rent-to-own, payday advance

Describe the impact of electronic communication tools (e.g., Internet, video- and computer- conferencing, webcasts, email) on global business activities (SP)

• Technology allow companies to have employees collaborate on projects economically, even when they are located in different parts of the world. • Retailers, are able to maintain greater cross-market brand consistency by enabling managers across the chain to communicate on a regular basis through email, intranets and electronic forums. • Electronic communication also enables employees to maintain an ongoing dialogue to share ideas, even when they can't meet at the same time. In a forum, for instance, employees can offer ongoing input on a new product development. • Companies that can build diverse work teams take advantage of a broader range of ideas and better ability to serve global marketplaces with knowledgeable employees.

Describe crucial elements of a quality culture (SP)

• all employees: o have quality infused into their work o constantly strive for improvement • quality is not a task, but rather a state of mind! • leadership commitment • quality infrastructure o systems & structure necessary to support quality • employee empowerment o providing employees the needed resources • customer focus • teamwork/collaboration

Describe techniques for obtaining work experience (e.g., volunteer activities, internships) (PQ)

• allow you to try things out, develop good work habits • internship o for students o paid/unpaid work experience at a company • cooperative education programs o for students o receive course credit while working at a pais employment position • job shadowing o following a worker o learning while watching/listening • apprenticeship o worker learns a trade on the job o formal and more long term • volunteering o unpaid way to explore careers

Explain the nature of risk management (SP)

• Textbook def of risk management: Risk management is the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss. Loss may result from the following: financial risks such as cost of claims and liability judgments. Physical Risks - Building risks are the most common type of physical risk. Fire or explosions are the most common risk to a building. To manage this risk, and the risk to employees, it's important to do the following: • Make sure all employees know the exact street address of the building to give the 911 operator in case of emergency. • Know the location of all exits. • Install fire alarms and smoke detectors. • A sprinkler system will provide additional protection to the physical plant, equipment, documents and, of course, personnel. • Inform all employees that in the event of emergency their personal safety takes priority over everything else. Tell them to leave the building and abandon all work-associated documents, equipment and or products. A plan should be created and implemented to handle the immediate effects of these risks. Government agencies and local fire departments may help in acquiring information to prevent these accidents and provide advice on how to control them and minimize their damage if they occur. Location Risks Among the hazards facing the location of a business are nearby fires, storm damage, floods, hurricane or tornado, earthquake and other natural disasters. Human Risks - Alcoholism and drug abuse are major risks to personnel in the work force. - Protecting against embezzlement, theft and fraud may be difficult, but these are crimes which occur frequently in the workplace. A system of double signature requirements for checks and invoice and payables verification can help prevent embezzlement and fraud. Stringent accounting procedures may discover embezzlement or fraud. - A thorough background check before hiring personnel can uncover previous offenses in the applicant's past. While this may not necessarily be grounds for declining to hire an applicant, placement for the new hire in a critical position in which money and cash equivalents are used may not be judicious. Risk Assessments for Investments - Always going to be risk: Without risk there is no reward - This is especially true of non guaranteed investments such as stocks, bonds, mutual funds and exchange-traded funds (ETFs). HOW TO DEAL WITH RISK: - transfer - insurance companies - avoid - assume

Explain the nature of operations (CS)

• The business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible • Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization

Describe the use of technology in human resources management (SP)

• The use of technology within human resource management has grown considerably over the last decade with the majority of organizations now using some form of HR information system (HRIS). Technology can also be used to provide HR information and to enable managers and employees to perform simple HR tasks themselves. Recruiting • Technology has made recruiting more efficient and, in the hands of the right recruiter, more effective as well • Online Application: Easier but important to have a face to face interview Training • Information technology makes it possible for human resources professionals to train new staff members in a more efficient manner as well. The ability to access company information and training programs from remote locations eliminates the need for trainers to work directly with new hires on all training. • HR professionals are able to train a large number of employees quickly and to assess their progress through computerized testing programs. Performance Management • Enhanced performance management is another byproduct of technological improvement. Human resources professionals can use computer technology to assess employee performance and also to get employee feedback to be used for the betterment of the organization. • Various software programs make it possible for human resources professionals to examine employee performance using metrics to ensure that employees are meeting performance standards. Employees that don't measure up can be subjected to additional training or let go in favor a replacement who can come in and do the job.

Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.) (PQ)

• Wage/Salary - periodic payment in exchange for labor • Interest - increased payment in exchange for time • Dividends: taxable payment paid out to shareholders out of company's current/retained earnings • Transfer payments: money paid by government to citizens (social security, unemployment, welfare, disability) • Wage Garnishment - court-ordered initiative

Describe the nature of income statements (SP)

• a financial statement measuring a company's financial performance over a specific accounting period • AKA profit and loss statement/earnings statement • shows a company's revenue, expenses, and net profit (revenue-expenses) • 2 parts: operating and non-operating • operating o revenue/expenses associated with a company's regular business activities • non-operating o revenue/expenses not directly related to its regular functions ex. sale of investments • ***public companies must produce all 3 above financial statements in accordance with GAAP each quarter + each year

Assess personal interests and skills needed for success in business (PQ)

• actively identify person interest so that jobs are related to passions/skills! • motivated workers enjoy their job and will move farthest up the career ladder • skills needed o proactivity o systematic behavior o leadership o innovation o communication skills (written/verbal) o ability to work in a team

Demonstrate interest and enthusiasm (PQ)

• actively participate in projects • have a positive attitude • verbally o choose words that are descriptive, vary tone, listen, ask relevant questions • non verbally o facial expressions, body language, eye contact

Explain the nature of overhead/operating costs (SP)

• all company expenses not including labor or materials: don't directly relate to product/service offered o may not create revenue • generally fixed • must be paid on a regular basis in order for business to run • examples: o rent (retail/warehouse/offices) o utilities o insurance o taxes o maintenance/repairs

Explain legal considerations for finance (SP)

• antitrust laws o probit agreements between companies to fix prices, rig bids, or any other anti-competitive behavior. Promotes fair competition and discourages monopolies • bankruptcy law o handling of business debts when a business is no longer profitable • Securities laws o Regulater businesses that have publicly traded stocks and bonds Are enforced by US Securities and Exchange commision

Explain the nature of project management (SP)

• application of knowledge/skills to meet a project's requirements • initiating, planning, executing, monitoring/controlling, closing

Use appropriate assertiveness (PQ)

• assertive= bold or confidents statements and behavior • be confident, but not aggressive o be negotiable and encouraging • feel comfortable sharing your ideas • balance assertiveness with consideration

Conduct an environmental scan to obtain business information (SP)

• assessing the competitive landscape • know your competition o find a way to be better! o target your message to counter theirs • SWOT analysis o strengths, weaknesses, opportunities, threats • know the industry trends o adapt to keep up

Read and reconcile bank statements (PQ)

• bank statements shows activity in bank account each month • balance the difference between bank statements and your records • comparing checks you've written vs. listed on statement • account for recent deposits • use checkmarks to identify items you've compared o amounts on bank statement, checks, pay stubs, etc. • after everything is compared, amount on statement should = amount in your records • report any errors to bank

Make decisions (CS)

• be decisive & assertive • attempt to evaluate situations impartially o focus only on the facts • make pro vs. con charts to see the best course of action if unclear • consult people with more experience

Persuade others (SP)

• be logical • counter arguments without getting emotional/defensive • consider ideas from several points of view These can be used to convince... o Logos: statistics and reasoning o Pathos: feeling and emotion o Ethos: expertise and qualification

Demonstrate responsible behavior (PQ)

• be willing to accept an obligation • be accountable for your actions/situations • be willing to accept change • volunteer for jobs/tasks • display initiative • be punctual • have good work ethic

Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) (PQ)

• checks o date, amount, who/what it is payable to, signature • deposit/withdrawal slips o when you go to a bank and want to deposit/withdraw money from your account • endorsements o proof that someone collected a check o done by signing back of check Writing a check involves writing the date, the name of the payee, the amount of payment in numerals as well as in words, your signature, and a memo if you choose. When you are cashing or depositing a check made out to you, start by endorsing the check by signing the back of it. By endorsing the check you are attesting to the fact that you have transferred said document to them and they can draw on that account (you generally write FOR DEPOSIT ONLY, or PAY TO THE ORDER OF "___"). Fill out a deposit slip to give to the bank teller with you name and account number, along with the amount of the deposit. A deposit slip is a small written form that is sometimes used to deposit funds into a bank account. A deposit slip indicates the date, the name of the depositor, the depositor's account number, and the amounts of checks, cash, and coin being deposited. A withdrawal slip is a bank document on which a person writes the date, account number and amount of money to withdraw from a bank. It is called a withdrawal slip because it is used to make a withdrawal from a person's account.

Use social media to solicit new ideas and solutions (SP)

• companies should allow for customer feedback • customer o ex. post on social media soliciting feedback (twitter, youtube)

Explain legal issues associated with information management (SP)

• companies who suffer a security breach o liable to pay damages to customers who entrusted them with their data o ex. Target hacker broke into their network stole credit card information incurred a lot of damages • violating intellectual property owned by others/releasing intellectual property w/o permission o can led to liability lawsuits

Describe the nature of emotional intelligence (PQ)

• emotional intelligence: revolves around understanding yourself & recognizing your impact on others • develop personal traits to foster career advancement • personal ethics • communication skills • leadership traits • working with others and understanding their emotions to work more effectively Emotional intelligence is a set of personal skills in the following areas: Foster self-understanding to recognize the impact of personal feelings on others. Develop personal traits to foster career advancement. Apply ethics to demonstrate trustworthiness in working with others. Exhibit techniques to manage emotional reactions to people and situations. Identify with others' feelings, needs and concerns to enhance interpersonal relations. Use communication skills to foster open, honest communications. Use communication skills to influence others' point of view. Apply problem solving techniques to obtain solutions to issues and questions. Manage stressful situations to minimize negative workplace situations. Implement teamwork techniques to accomplish goals. Employ leadership skills to achieve workplace objectives. Manage internal and external business relationships to foster positive interactions.

Explain employee's role in expense control (SP)

• employees should exercise discretion when spending on the company's behalf • example: travel o employees should only spend the absolute necessary (carpooling) o alternate way to cut costs: video conferencing • example: working from home o employees can work from home to help companies save on office real estate space

Evaluate vendor performance (SP)

• establish standards o what are you expecting from your vendors? o create performance criteria to evaluate them on examples: • responsiveness • on-time performance • quality of products • complaints • hold vendors accountable to these standards o praise them when they've done a good job; let them know when improvement is necessary o if absolutely needed, let go a vendor if there is continuous underperformance

Discuss the role of ethics in operations (SP)

• ethics o system of laws/guidelines which ensures that businesses act fairly, legally, and morally • ethical behavior: important! o builds trust between management & employees o builds trust between cooperation & customers • ethical behavior leads to a more PRODUCTIVE workplace

Discuss the role of ethics in finance (SP)

• ethics in investments o material non-public information cannot made investment decisions based off of information that is not public (this is insider trading) • reporting accurate financial information o correct categorization and time period, following all rules, etc. o example: Enron • non-disclosure o don't disclose confidential information if you're not supposed to! • executive compensation o top level management must not be paid excessive amounts!

Interpret and adapt to a business's culture (SP)

• every company is different! • observe the culture/talk with co workers & managers o ask open-ended questions to understand the culture • propose your views in a way that gels with the culture

Describe the need for financial information (CS)

• financial info o includes raw data, records, or reports o basic data about the financial status of a company OR o the investment philosophy in investment banks OR o an individual's financial status (income/expenses) • helps make sound investment decisions • for a company- helps make decisions on improving revenue/controlling costs • helps for future budgeting/growth, helps to minimize risk

Maintain financial records (PQ)

• financial record: written statement proving where you spent money (personal/taxes) • important because it helps to : o plan/measure financial progress o handle routine money matters o determine how much $$$ you have now/will have in future o make informed decisions about investing/spending • documents to manage o bank documents (monthly statements) o paystubs o ownership certificates o tax forms, etc. • can be stored in a file cabinet (printed documents); organized • difficult to replace documents (ex. birth certificates) kept in a safe deposit box/safe • computer programs useful to manage personal budget, pay online bills, store electronic financial documents Organizing your financial records helps you plan and measure your financial progress, handle routine money matters, determine the money you have now and will have in the future, and make effective decisions about saving and investing. Documents to manage these include bank statements, paystubs, ownership certificates, and tax forms (has income and income taxes for people to calculate their tax liability). A checkbook register is a booklet that you fill out for all deposits and withdrawals from your checking account. Included are sections for the check number, date of transactions, description, payment amount, reconciliation, deposit amount, and new balance on the account. You can use a checkbook register to reconcile your bank statement when it comes, and keep record of all payments. Computer programs are also an excellent way to create and manage a personal budget, pay bills online, or generate financial documents that can be stored electronically.

Explain the nature of balance sheets (SP)

• financial statement summarizing a company's assets, liabilities, & shareholders' equity at a point in time • formula: assets= liabilities + shareholders' equity • business net worth= assets - liabilities • assets o a company's total property • liabilities: the money that a company owes to outside parties

Describe current business trends (SP)

• focusing on customer success o work for the good of the customer • social media o increased use of social media • mobile apps • crowdsourcing o leverage the collective intelligence of people o collecting data from the global community

Describe the nature of budgets (SP)

• forecast of income & expenses expected in a certain period of time • relate to income & expenditure o can be set yearly, monthly, weekly, daily • help to control expenditure & provide a goal/target to measure performance against • companies can figure out the best way to divide up money into several categories

Utilize quality control methods at work (SP)

• hiring good employees o train them well!! • handle/store products carefully/safely • test products for consistency/quality

Maintain appropriate personal appearance (PQ)

• important to maintain good reputation in workplace → allows for enhancement of workplace relationships • be neat and clean • never too low-cut or casual • always presentable! • be aware of body language

Translate research findings into actionable business recommendations (SP)

• market research: to predict trends, customer preferences, etc. • pick certain aspects to focus on o develop strategic plans to position the company for future o execute on those plans! • companies cannot choose everything; pick what is predicted to be a good return on investment • ex. if the trend is that mobile devices will be more popular, company may want to develop a mobile app

Apply project-management tools to monitor and communicate project progress (SP)

• most project-management tools allow for efficient collaboration among colleagues • features: o scheduling o planning o constant communication/updating • important to communicate project progress o allows all team members to be on the same page o allows for constant evaluation of work to increase efficiency

Explain the role of ethics in information management (SP)

• need-to-know principle o information only given to those who need it, regardless of power/position • confidentiality o people with access to info must protect its confidentiality o ex. administrators, people working w/financial data • between companies o sometimes when passing info to other companies, you must remove any sensitive/confidential data that could reveal the identity of customer/has potential to reveal customer info o do not leak intellectual property esp. to competition!

Demonstrate self-control (PQ)

• negative emotions can disrupt productivity • be aware of your feelings • stay calm!!! even when difficult • never act harshly when you know you are feeling annoyed • Methods to help: o Anger management o Stress management o Compulsive behavior control

Exhibit cultural sensitivity (CS)

• no stereotypes • be aware of how you speak • think about understanding how to serve different communities • bridge the gap between "us" and "them" • avoid/overcome stereotypes • be aware of the language/cultural differences Why is all of THIS ^^^ important?? • better personal relations=better working relationships • understand employees/coworkers better • helps mentally • less tension in workplace • helps entrepreneurs understand needs of a business

Explain the nature of organizational culture (SP)

• organizational culture= the way people behave in the workplace • shown in dress code, formalities, willingness to change • has a big impact on effectiveness of decisions o you must understand the culture & adapt your messaging/action to ensure you are aligned with the culture

Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) (PQ)

• paper money: includes banknotes, cheques, drafts, notes - represent money in liquid form • banknotes: promissory note issued by bank, intended to circulate as money • government bonds: debt instrument (1+ years) issued by gov't to raising capital by borrowing • treasury notes: debt obligation issued by gov't, with maturity between 1 and 7 years

Discuss actions employees can take to achieve the company's desired results (SP)

• personal selling o know the needs of customers; adapt to meet those needs o get feedback from customers o follow up: show the customer you care about their input! o grab attention → spark interest → create desire → motivate action • all interactions with customers should be positive o all customers treated as if they were the most important one! • promote a positive company image ALWAYS

Describe the nature of business records (SP)

• physical/digital documents recording events passed • important because it allows information to be stored and accessed later when needed • keep info safe and easily accessible o ex. meeting minutes= to capture verbal agreements, details, product requirements o ex. accounting documents= required to report! don't lose.

Manage commitments in a timely manner (CS)

• prioritize o based on time, importance • estimate time you have and budget time accordingly

Evaluate project results (SP)

• process of collecting, recording, organizing information about project results → using this information to improve future projects • understand the purpose of the project o set SMART goals before the project! • collect data (feedback, statistics, etc.) • analyze data • report findings; use them to improve in the future

Describe the nature of entrepreneurship (SP)

• process of creating an enterprise • seeds of industrial development o continuous search for new ideas/innovation entrepreneurs assume risk • provides employment opportunity • revolves around making a profit • process: idea generation → feasibility study → execution

Explain the impact of the purchasing process on productivity (SP)

• purchases can be directly for the purpose of increasing productivity o companies will consider features of a purchase and how they affect productivity o evaluation of features among competing products because features directly impact productivity

Identify quality-control measures (SP)

• quality control o process through which business seeks to meet certain standards/regulations; perfect product quality/manufacturing errors minimized • procedures include: o hiring good staff o training employees o creating benchmarks for product quality o adhering to all regulations (safety, quality, etc.) o a proper way to receive/store deliveries o testing finished products

Follow instructions for use of equipment, tools, and machinery (PQ)

• read/follow instructions carefully or bear the negative consequences of your actions! • employee is liable for their actions of company had provided all necessary components for safety

Explain the concept of accounting (CS)

• recording, summarizing, reporting financial info • gathering info related to purchases, sales, expenses, payroll, etc. • 2 basic methods: o cash- income/expense recorded at the time money changes hands o accrual- income/expenses recorded at the time they occur, regardless whether or not money changes hands • records show changes in assets, liabilities, owners' equity o assets = liabilities + owners' equity accounting equation • group of accounts is called a ledger • form for recording transactions: journal • accounting standards o financial accounting standards board's issues rules (GAAP= generally accepted accounting principles) uniform way to communicate financial info in an understood form used by people outside too; GAAP is to benefit in being comparative

Describe the nature of cash flow statements (SP)

• records the amount of cash/cash equivalents entering & leaving a company • allows investors to understand how a company's operations are running, where money is coming from, and where/how it's being spent • structure: 3 main components where cash enters/leaves a company o operations: cash inflows/outflows caused by core business operations o investing: changes in equipment, assets, or investments related to cash from investing o financing: changes in debt, loans, or dividends

Identify resources needed for project (SP)

• resources: anything needed for the completion of a project • split up the project into tasks and determine required resources for each task o ex. labor, equipment, materials • develop a schedule- when each resource will be used

Discuss the importance of ethics in data mining (SP)

• similar to ethics in business records • confidentiality/privacy/no abusing info for personal gain o Data must be kept confidential to ensure the privacy of clients

Set personal goals (CS)

• similar to how you set financial goals! • analyze past behavior/activities to understand what you want to change o look for areas of improvement, be critical • create specific, measurable, time-frame oriented goals • implement the goals- actively work towards them! • find ways to keep yourself accountable for your goals • reflect periodically on success/failures & modify plans for the future

Protect against identity theft (CS)

• social security o keep your social security number confidential o don't carry your social security card o memorize your 9 digit number • constantly check credit history to make sure nothing suspicious happens • shred important documents before throwing them out

Adjust to change (PQ)

• stay calm & focused • use your strengths to your advantage • build good relations with others • stay optimistic • embrace change: it's an opportunity to learn and grow • By Adapting: o new policies o work habits o routines this change can be adjusted to

Manage the bid process in purchasing (SP)

• steps o 1. sourcing manager reviews department needs o 2. sourcing manager prepares bid invitations (to send to vendors) o 3. vendor/supplier completes bid request, returns to company o 4. company generally chooses lowest price, most responsive bidder o 5. goods are exchanged

Explain the nature of stress management (SP)

• stress is caused when others are not receptive to ideas • to manage stress: o have honest, open communication o build trust by consistently behaving with integrity & responsibility (hold yourself accountable) • to relax: ensure you are healthy & fit Stress is a person's reaction to pressures from the outside world. It can be mental or physical. Managing stress is important to a healthy lifestyle and effectiveness in the workplace. Stress can be harmful, causing undue anxiety and suppressing the body's immune system. Three things are essential to help prevent or reduce stress: regular exercise, a balanced diet, enough sleep. Researchers emphasize engaging in recreational activities as a way to manage stress. In times of stress, it is important to make reasonable compromises and learn to accept those things you cannot change about the world around you.

Explain the benefits of supply chain collaboration (SP)

• supply chain collaboration: interaction supported by a technology between 2+ parties that play a role in the supply chain to achieve a common goal/obtain mutual benefit • benefits o cost competitiveness outsourcing supply chain to a company that specializes in it, because they can make the same stuff for cheaper than you can o enter market faster you don't need to set up the processes required for supply chain o shorter time cycle between R&D (research/development) to shipment they specialize in supply chain and do the job faster allows you to serve customer demands faster o reduces inventory lower warehousing costs

Describe the use of technology in operations (SP)

• technology enables changes in processes • technology increases efficiency in operations o ex. large databases, personal computing enables massive process reengineering o ex. internet, mobile computing, social networking changing how many businesses operate o using technology appropriately can cut costs for a business!

Explain the role of finance in business (CS)

• the fundamental purpose of a business= to make $$$ • finances= a way to assess the health of a company financially • financial reports highlight areas of strengths/weaknesses to help make sound decisions for future growth Finance is the management of large amounts of money, especially by governments or large companies. Finance is essential is businesses for them to manage the money they receive. How you finance your business can affect your ability to employ staff, purchase goods, acquire licenses, expand and develop. As a business, you need to have a good starting capital to begin. Then, you need to analyze your debt to make sure it isn't too high. You also need to create a financial plan to be safe if your business falls. Financial decisions also need to be made in order for a company to grow, if a company needs significant financial investments to acquire new new capital, staff or inventory. Finance is also essential so that you have enough money to pay your employees.The larger a business gets, the more the labor costs. Financial planning to ensure your payroll accounts are in strong shape are essential to the integrity and longevity of your company.

Demonstrate the wise use of credit (CS)

• things to consider o could you afford the item in the first place? o should the purchase be put off to a later date? o cost-benefit analysis how much did it cost vs what are you getting out of it? generally, benefit should exceed the cost • credit is generally wiser when travelling/in large shopping centers o offers protection o offers convenience • advantages o better credit history credit history increases as you purchase responsibly/pay bills • disadvantages o easy to pay more than you can afford - only use credit when you don't need to

Exhibit a positive attitude (PQ)

• think optimistically! • be appreciative • volunteer time/be enthusiastic and supportive of others o team encouragement o enthusiasm o implementing rewards system

Discuss the importance of utilizing ethical purchasing methods (SP)

• to promote good labor/environmental standards in a company • ethical purchasing methods o no rogue purchasing! company/employee purchase that doesn't meet company's purchasing standards • difficult to know if the best price was obtained • purchaser may have been influenced using gifts/personal relationships it's unethical o business-to-business transparency/honesty/fairness/confidentiality business gifts/hospitality • companies must create a clear policy as to what they will/won't accept social responsibility • a company's obligation to benefit the society employees • fair treatment, safety, wages

Assess personal strengths and weaknesses (PQ)

• understand what areas need improvement • optimize on what you're good at o work on stuff you're not • not always easy, but important!! When assessing your strengths and weaknesses, many areas can be explored. Interpersonal skills that can be assessed include self esteem, attitude, initiative, self control, creativity, flexibility, stress management, and time management skills. You will also want to assess more concrete skills and abilities. These are things that you will be asked to do in the workplace, such as selling a product or organizing an activity. Complete a self-assessment by asking yourself if you have these types of skills and taking inventory of your workplace values and needs. Determine what skills you are lacking and where you can make improvements. Develop your skills and abilities by reading, observing, and working in a real-world situation.

Explain the purposes and importance of credit (CS)

• useful for large purchases • more purchasing power • convenience of not carrying cash • promotes buying- good for economy

Explain the use of technology in accounting (SP)

• why is it important? o reduces margin for error o much faster and more efficient! • examples of technology o Quicken helps maintain accounting records for a company generates financial statements o Saves money in long run One time investment vs hourly pay

"Sell" ideas to others (SP)

• you need to be both logical and persuasive • the less resources your ideas require, the more receptive others will be • the more benefit your idea yields, the more receptive others will be o "what's in it for them?" • show that you've thought through the idea

Determine the relationship between government and business (CS)

There are government agencies and legislation to impose regulations on business activities, but businesses can influence political decision-makers

Describe methods used to protect intellectual property (SP)

Intellectual property is creations of the mind (ie. Inventions, artistic work, etc) U.S. Patent and Trademark Office Legal Documents: Patent - government license giving right to exclude others from making, using, or selling an invention (for a limited time) Trademark - symbol or word(s) legally registered as representing a company or product Copyright - exclusive right to print, publish, film, and perform media (and authorize others to do the same)

Facilitate (lead) group discussions (SP)

Keep discussions constructive and positive Create an inclusive environment Encouraging participants by: o Asking follow-up questions, and paraphrasing the comments for everyone to ponder. A combination of initiating and probing questions can be an effective approach to bring out participants' ideas further. o Re-visiting past contributions and incorporating them into subsequent discussions. o Encouraging others to add their reactions or ideas to build on someone's comment.

Discuss the nature of environmental law (SP)

Laws to regulate interaction between humans and the environment o US is world leader in development in development/implementation of environmental law! o EPA (US environmental agency) Has power over water/air/waste substance programs

Interpret others' nonverbal cues (PQ)

Notice overall signs o The way someone dresses/habits of grooming can convey clues about who they are or how they wish to be perceived Posture o Leaning forward interest in interacting with you o Turning away do not want to talk with you Gestures o Convey emotional intensity behind words Tune in to vocal tone o If speaker's voice becomes High-pitched excited o If speaker's voice becomes low-pitched appear more authoritative or influence the listener Facial expressions o eyebrows

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

You can find employees that have the same attitude and energy that customers will see in your brand remember: employees are the medium between customer and company extremely important to train employees properly! Hold employees accountable for not following policies o Recognize individuals who show brand behavior Samsung (improving customer relations) - After repeated consumers called Samsung "the worst customer service ever," the electronics retailer made a serious investment in improving its reputation. In the last year, the company has wooed customers back by launching a worldwide customer service campaign and offering a free app that provides online support, troubleshooting guides, and how-to videos you can take anywhere.

Describe the functions of prices in markets (CS)

pricing= result of supply/demand pricing stability: economic growth, investors know what to expect, accurate long-term plans prices vs. economy rising prices (inflation) → consumers spend less → economic slowdown lower prices (deflation) → consumers push purchases (don't spend) → bad finding balance: small amount of inflation is fine for a company: prices can help establish an image give a competitive edge Legal Considerations Federal Trade Commission: guidelines, minimum price laws Robinson-Patman Act: regulates changing prices on consumers purchasing similar products in similar situations (price discrimination) Consumer goods priucing act: pricing relationship between manufacturers and retailers, to ensure everyone makes good margins

Explain how digital communications (e.g., email, text messages, chats) exposes business to risk (SP)

Companies have grown to depend on Internet communication and web applications in ways unimaginable just a few years ago. Damage may include direct losses to damaged digital assets o Lose trust of customers if their data leaks o Facebook In 2014, about 270,000 people accessed a personality quiz from an app called This is Your Digital Life. Those who participated unknowingly shared personal information -- including birthdays, pages they've liked and in some cases, even private messages -- to Cambridge Analytica. The process also shared the data of their Facebook friends. This means even if you didn't take the quiz, and your Facebook friend did, you're likely affected. Lawsuits arising out of unmet expectations Out-of-pocket expenses due to lost data Lost income from compromised business activities

Explain the concept of competition (CS)

Competition: the activity in which businesses compete o Monopolistic Competition Large number of business selling similar products at different prices o Perfect Competition Large number of businesses selling the same product at the same prices o Price Competition When lower price is the main reason for customers to buy from one business over another o Nonprice Competition Competitive advantage based on factors other than price • Ie: quality

Discuss the nature of debtor-creditor relationships (SP)

Creditor: someone who gives money to someone else (loaner) Debtor: someone who borrows money from another person o Example: Bank lends money to individual or company o Creditor wants to make sure that they will be paid back so they will take security over the assets of the debtor, meaning that they can take possession - relationship ^^ is based on TRUST

Utilize note-taking strategies (CS)

Don't write everything down, only take note of key points Ask instructor if necessary Seek further resources later if you missed something Ask yourself o What are the main points? o Are they informative? o What is the lecturer's opinion?

Describe the concepts of economics and economic activities (CS)

GDP = Gross Domestic Product --> way to gauge the health of an economy o Consumer Spending Everything people buy for personal use If this is low economy tends to be weak o Business Spending All purchases of capital goods and construction • Baker buying a oven to bake cakes AKA: Investment spending o Government Spending Spending by national, State, or Local government • Ex: Public Schools, Roads o Imports vs Exports - needs to be more exports than imports to be positive Economic Activities o Production: Making of the products o Distribution: Movement of goods o Exchange: Trading of goods o Consumption: When a product is used up/destroyed

Select and use appropriate graphic aids (CS)

Goal: make data stand out • we want the reader to grasp the speaker's ideas and opinions from their words, and then turn to the graphics for support of those ideas and opinions, sending them back to the words, and so on • graphics must be visible, must not be too detailed as attention must be on text o Tables, Graphs and Charts, Photos, Drawings and diagrams

Distinguish between economic goods and services (CS)

Goods o Physical items that can be touched > Pens > Laptops Services o Actions or tasks that are performed for a fee > Dog-walking > Baby sitting

Explain the concept of economic resources (CS)

Land o Natural Resources > Gold ore Labor o Human Resources > teachers Capital o Goods we use to make other goods/services > oven Entrepreneurship o People who think of new things to make with capital goods o Willingness of people to take over a business

Analyze company resources to ascertain policies and procedures (CS)

Looking at the employee handbook or talk to a coworker to be sure of a certain policy/procedure surveys/meeting with employees Policies and Procedures can be obtained through: o training info o company manuals o work mentors o supervisors Policies to consider o pay o sick/vacation time o promotions/raises o health/safety procedures Read policies carefully Identify any weaknesses Determine whether policies work: Data

Describe types of business activities (CS)

Marketing o improving product appeal to consumers Finance o recording financial transactions to make recommendations, filing reports to banks and gov. Production o manufacturing stuff Management o Oversee functions

Write professional e-mails (CS)

Open with a greeting Thank the recipient State your purpose Closing remarks o ( eg thank you for your consideration) Closing: o best regards o sincerely o thank you Be clear and concise o Check grammar and spelling

Write executive summaries (SP)

Short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all. Summarize the main points of your business proposal Be accurate, clear and concise Don't write everything

Distinguish between using social media for business and personal purposes (CS)

Social media can be used to communicate with friends or families Social media can be used to promote a business/product/event

Explain the nature of agency relationships (SP)

When a principal (someone who gives another party the legal authority to act on their behalf) gives an agent (a party that is legally authorized to act on behalf of another party in business transactions) legal authority to act on the principal's behalf when dealing with a 3rd party. o Agent is not legally responsible if they did what they were told o Fiduciary relationships: involves trust and confidence between the parties

Select and utilize appropriate formats for professional writing (CS)

emails: o less formal, reach people outside & inside the company letter: o formal, communicate outside of company info messages/memos: o more formal, reach those within company inquiries: o more formal, used by customers & companies executive summaries: o section of a document summarizing a report of proposal includes a description, problem/solution, and WHY written reports: o info published about a company for internal (ex. stockholders) or external (ex. marketing) purposes proposals: o plan for an idea given to others for consideration/discussion

Explain the nature of effective written communications (CS)

focuses on knowing the audience, subject, and purpose know your audience o determine what type of communication to use know your subject o have in-depth knowledge o relate ^^^ to your audience know your purpose o are you trying to inform, persuade, inquire, etc. o organize thoughts select appropriate formats tone is important as well as clarity and conciseness use visual elements appropriately

Demonstrate active listening skills (PQ)

1. Face the speaker. Sit up straight or lean forward slightly to show your attentiveness through body language. 2. Maintain eye contact. 3. Minimize external distractions. 4. Respond appropriately to show that you understand. Murmur ("uh-huh" and "um-hmm") and nod. Raise your eyebrows. Say words such as "Really," "Interesting," as well as more direct prompts: "What did you do then?" and "What did she say?" 5. Focus solely on what the speaker is saying. 6. Minimize internal distractions. 7. Keep an open mind. 8. Avoid letting the speaker know how you handled a similar situation. 9. Even if the speaker is launching a complaint against you, wait until they finish to defend yourself. The speaker will feel as though their point had been made. They won't feel the need to repeat it, and you'll know the whole argument before you respond. Research shows that, on average, we can hear four times faster than we can talk, so we have the ability to sort ideas as they come in...and be ready for more. 10. Engage yourself. Ask questions for clarification, but, once again, wait until the speaker has finished. That way, you won't interrupt their train of thought. After you ask questions, paraphrase their point to make sure you didn't misunderstand. Start with: "So you're saying..." Good listening skills can lead to: better customer satisfaction, greater productivity with fewer mistakes, increased sharing of information that in turn can lead to more creative and innovative work.

Interpret business policies to customers/clients (CS)

A business policy is a rule that the personnel should follow to ensure fair treatment in all situations Policies have to be communicated to employee/customers o No returns policy Explain why the policy is there • Educate Employees • Explain to employees, particularly those that deal directly with your customers, why certain policies are in place. This allows them to respond in a way other than simply saying, "Sorry, that's company policy." For example, if your company requires two forms of photo identification to accept a credit card payment from a customer, direct staffers to describe why this policy is in effect. They might tell a customer, for instance: "We take our customer's identity safety very seriously, which is why we request two forms of identification. We want customers to know that their credit card information is safe with us, and that we'll do everything we can to verify and protect that confidential data." • Use Simple Language • Help employees learn how to explain corporate policy to customers without talking down to them, yet not overwhelming them with industry jargon or unimportant details. For example, rather than say, "Policy 341 states that we are unable to accept the return of unpackaged perishable goods," instead try, "I'm sorry, but we can't take back food that's been opened because it could be a health hazard." • Listen • Often, customers want the opportunity to speak or tell their side of the story, so direct employees to listen just as much as they talk. Sympathizing with a customer, particularly when it's a frustrating situation, can help ease tension. Allow employees to say things like, "I'm sorry for the inconvenience," or, "I know this must be frustrating for you." • Explain • Answer customer questions as directly as possible to ensure them that your rules and policies are not random but serve a specific purpose. For example, if you run an upscale formal dress shop and have a policy of not allowing returns after 10 days, you might explain that many people buy expensive dresses for one event, wear them and return them, which is why the policy is in place. Demonstrating that your policy applies to all customers can help some consumers feel less like they're being targeted, and make them more likely to be understanding.

Explain the concept of private enterprise (CS)

A private enterprise is a type of business with no government regulation

Adapt written correspondence to targeted audiences (SP)

Business Correspondence: exchange of information in a written format for the process of business activities Written correspondence should be written similarly to an oral presentation when directing it to a certain audience through methods such as humor and strong emotion.

Identify the basic torts relating to business enterprises (SP)

Business torts: violation of a person's civil rights o Examples: Negligence: is committed by a business owner or employee can cause an accident that injures someone or damages someone's property. The injured party may sue the business or the employee for bodily injury or property damage. Intentional torts: like false arrest and wrongful eviction can also generate suits against businesses. Claims against a business for bodily injury or property damage may be covered by a general liability policy. Claims based on certain types of intentional torts are also covered by liability policies under Personal and Advertising Liability Coverage. Affects to a business: While most torts involve injury to another person's body or damage to their property, business torts involve "injury" to another's business interests. These can include losses of business opportunities, loss of clients, loss of business relations, etc. Thus, many business torts involve losses that may occur in the future, rather than losses that were experienced in the past.

Write persuasive messages (SP)

Clear and concise and Polite o Correct grammar and spelling Have facts to back up your claims They are used in sales and marketing

Employ communication styles appropriate to target audience (CS)

Consider: o How importantly will your message be seen? o Does your communication require action from the audience? o How much info does the audience need? o How does your info benefit the audience? consider how formal & detail the communication needs to be use appropriate language/terminology • Communication channels used for business communication include websites, letters, email, phone conversations, video conferences and face-to-face meetings. • Effective communication relies on selecting an appropriate communication channel for your message. • Factors to consider when selecting a communication medium include the need for feedback, the customer or target market, and the purpose of your message. • You must identify the people you want to communicate with, research how they obtain information, consider the complexity of the message you want to communicate, and calculate the cost of communicating and decide whether you want the communication to be interactive. o EX is youth internet, social media, o older- literary materials newspaper etc 1 identify target audience 2 analyze message you want to communicate 3 calculate the cost 4 choose interactive channels if you want to monitor feedback

Discuss the nature of customer relationship management (SP)

Customer relationship management is the position that facilitates positive customer relations o Positive customer relations involves making sure that the customer always comes first and that you remain objective and strive to understand their point of view Types of Customer Buying behavior o Variety-Seeking - routine items, desire to try diff. things o Risk-Taking - expensive items from unfamiliar business o Status-Oriented - desire to have best quality/trendiness o Brand-Insisted - only buy from certain brand

Demonstrate a customer-service mindset (CS)

Customer satisfaction is FIRST!! o Make customers feel welcome o Answer any questions o Put yourself in their shoes Train staff to listen w/o interruptions Show empathy o Build relationships Opportunity for the staff not a problem New customers = first date • Always jump in and offer to fix things ASAP for new customers and you will have started off on the right foot o Customers are most important because... Customers can make or break your business Customers can act as your best promoters Develop trust and reliability between customers and business Customers more likely to return Build rapport

Explain the role of ethics in customer relationship management (SP)

Customer service representatives must be honest with their customers and assist them in making the right decision based on their buying behavior. In addition, they must uphold the values of the business by dealing with difficult customers effectively, based on their type. o If you lie to a customer to make them buy a product and they find out that you lied, they will hold the business responsible

Write inquiries (CS)

Date Opening greeting Reason for writing Questions asking for specific info Request for extra info Closing: request for a quick answer Closing: greeting and signature

Describe legal issues affecting businesses (SP)

Disgruntled Employees Discrimination/Harassment Cases o Employers need to tread carefully when they terminate an employee. Federal law mandates that firing an employee based on discriminatory factors such as race, age, sex or disability is illegal and punishable by law. Before the termination takes place, the employer should first compile written documentation proving the reasons behind the termination. That way, if a discrimination lawsuit is filed, the employer will be able to show legitimate cause as to why the employee was terminated. Harassment Immigration Audits Copyright and Patent Issues

Handle difficult customers (CS)

Domineering - acts like a know-it-all Suspicious - doesn't trust anyone Slow/Methodical - takes forever to make a decision Dishonest - lies about pricing, promotion rules, etc. Disagreeable - tells you how to do your job • Listen patiently. • In dealing with a demanding customer, the sales professional should not be forceful. That just blocks negotiation. Instead the salesperson must come across soft and not talk over the difficult customer, even when it's abundantly clear that she is off base. • Show empathy. • A salesperson can demonstrate empathy through eye contact, body language and smaller verbal cues showing engagement and concern. • By being empathetic and attuned, the salesperson makes it clear he understands the customer's concerns. He should repeat back what's being said so the customer can feel that she's being understood. • Lower the voice and slow down speech. • If a customer is irate, the salesperson should be quiet among this aggression. As the customer grows louder, the salesperson should be alert, lower his voice and talk slowly but firmly. • If the sales professional doesn't demonstrate a sense of control, the customer will pick up on fear and go for the jugular. • This strategy shows there's no emergency, the client can relax and whatever she is demanding can be handled efficiently. A salesperson has to keep in mind that emotions are contagious and if he becomes caught up in a customer's emotional chaos, the negotiation will not be productive. • Imagine an audience • It's effective for a salesperson to imagine other customers are in the room observing this interaction as way to keep calm and in charge of the interaction. Imagining an audience completely changes the emotional dynamic for the salesperson. • This simple shift in perspective grants a buffer to keep the salesperson thinking clearly. After all, he wouldn't want the other customers he works with to see him as anything less than stellar. This way when a difficult customer becomes irate or abusive, the sales professional can invoke the "invisible audience" to remain grounded and in top performance mode. • Be wrong to be right. • The sales professional should go with the customer's energy. If nothing the professional is doing or saying can satisfy this customer, then he can use the strategy of agreement: surrendering and granting agreement to the difficult customer (even when he's right). • Because this is unexpected, the customer will probably start defending the salesperson. It's a natural behavioral mechanism that when a person is allowed to win that she will start to be more open to what she was fighting against. • This strategy helps makes difficult customers more open to negotiating because now they feel like the negotiation will be on their terms as they are more in sync with the sales professional's position. • Demonstrate emotional control. • If the customer swears or becomes abusive, the sales professional should remind himself that anger comes from fear. By pushing aside the anger element and reading between the lines to discern the demanding customer's fears, the salesperson can attend to core issues and not be misdirected by chaos of the surface emotion. • Emotions are contagious, so executing this strategy can be difficult. When the salesperson matches anger with anger, he or she stands to burn bridges. • If the salesperson can train his mind to see anger as fear, he/she can stay calm and de-escalate the customer's confrontation.

Defend ideas objectively (CS)

Don't be defensive Be patient Avoid personal belief/biases Don't view criticism as an attack

Explain the nature of positive customer relations (CS)

Ensure that you want what is best for the customer Positive customer relations can be achieved through o Attentive listening o Understanding the situation o Follow up Essential customer experience = more pleasant increase in profits o State-farm (emotional connection)- Three out of four respondents believe that like a good neighbor, State Farm is there—and they're not the only ones. In a survey of insurance companies by the Temkin Group research firm, State Farm was recently ranked the No. 2 firm for customer service, just under USAA, because of their accessibility, ability to solve customer problems, and the emotional connection consumers had to the brand.

Organize information (CS)

Establish a hierarchical outline of your content Divided the content into their respective units based on content

Ask relevant questions (PQ)

Explain your misunderstanding/confusion State what you already know State which part you don't know Sound confident Speak as well as you can Research first Keep calm Use the best spelling/grammar possible Think about what they said Ask for clarification when needed Importance o Helps you understand what a customer is looking for or what their problem is which enables you to answer them o Clarifies doubts so you can carry out tasks correctly

Determine economic utilities created by business activities (CS)

Form o (raw → processed) Place o Where you can get it (Target/Walmart) Time o When you can get it (store hours) Possession o How can you obtain (online, in store only, both) Economic o How much does it cost (price) Information o About the product

Describe the impact of a person's social media brand on the achievement of organizational objectives (CS)

If you wear a certain brand you are basically representing them so you must be careful to portray yourself appropriately so that the organization des not get a bad name. Can improve the public image of a person and allow them to connect to customers

Describe the nature of legally binding contracts (SP)

Legally Binding Contracts: a contract that is valid under the state and federal contract laws. o "legally binding" parties must obey the terms that are written in the contract, failure to do so will result in legal consequences For a contract to be legally binding, various requirements need to be met, depending on the nature of the agreement, as well as the background of each party. For instance, there needs to be a valid offer with a corresponding acceptance, and each party needs to exchange consideration (something of value). In some instances, a written document is required. o Affects to a business: a broken contract can result in a "breach of contract" lawsuit reimbursement to other party for losses they experienced Judge may also cancel contract obligations or rewrite the contract terms

Provide legitimate responses to inquiries (PQ)

Listen carefully about what is being said Answer in a polite, professional voice state your role and company Use your knowledge Thank them for their time Keep answers concise and focused on your product/service Handling customers effectively indicates the level of professionalism and makes the customer have faith that the company will effectively handle any problems in the future. Boost customer satisfaction

Handle customer/client complaints (CS)

Make sure you thank the customer for bringing it to your attention Make sure that your suggestion follows the company policy Make sure that you are actively listening Repeat the complaint to ensure that you understand Ask questions if you do not understand the situation and try to reach an agreement Put the customer first and be immediate 1. listen to what the customer has to say 2. thank them! 3. clarify by asking questions in a concerned manner 4. empathize 5. apologize without blame 6. propose solutions/ask the customer what they want 7. solve the problem/find someone who can solve it ASAP

Participate in problem-solving groups (CS)

Make sure you understand the problem Wait until it is appropriate to speak and gather your ideas, so you can get to the point Evaluate each proposed solution and look at the consequences Keep an open mind

Explain communication techniques that support and encourage a speaker (PQ)

Nonverbal cues to show that you are listening o Leaning forward in your chair o Looking at the speaker o Nodding your head slightly o Eye contact Active listening o Taking notes Be respectful Don't interrupt

Analyze impact of specialization/division of labor on productivity (SP)

Productivity is the measure of worker output over a given period of time. Specialization and division of labor are important elements to increasing productivity. o work can be completed faster and more efficiently when workers specialize in a certain area of production. o An assembly line is an example of specialization and division of labor. Automation is the use of machines to do the work of people. It can cut production time, reduce errors, and simplify procedures, leading to greater overall productivity of the business. Specialization and division of labor. Specialization occurs when workers are assigned specific tasks within a production process. Workers will require less training to be an efficient worker. when employees are specialized in a certain task, they are efficient and skilled o increases productivity EX: different departments in each company o Marketing o Engineering o Sales

Describe the nature of customs regulations (SP)

Protects residents/environment/economy by controlling what goes in/out of the country o Examining goods is necessary to: Ensure that shipments do not have illegal stuff Ensure that federal regulations have been met Make sure the invoiced quantities match those in the shipment o Things you can't bring into the US: Many animal products: • Ivory • Some furs • Feathers from wild birds

Develop rapport with customers (CS)

Rapport = trust Empathy/communication so that they become loyal customers and come back o Answer any questions Observe customer's emotions and adapt Build trust Follow through with commitments Show them that you actually care about them Treat customers with value and respect o Google (dedication to a product/ feedback)- With their mantra of "Focus on the user and all else will follow," Google goes to borderline insane lengths to test how even the smallest decisions impact user experience. For example, when faced with a choice between two shades of blue for a Google toolbar, the company tested 41 shades to see what tested best reports the New York Times. Fans can expect that level of attention to detail in all Google products.

Respond to customer inquiries (CS)

Respond ASAP o Shows business's top priority is customers Be professional Provide accurate data o If u don't know tell customer that you will ask someone and get back to them o Make sure to answer the question Ask more questions if you are unsure what the problem is How to determine if employee helped customer... o When a customer calls and has a problem that requires a call back, how long does it take, on average, to call them back either with an answer or to let them know the problem is still being worked on? o If a customer leaves a message for an employee, what are the expectations in terms of how much time can elapse before calling him/her back? o What are the policies regarding responding to customers? o How much training have employees had with regards to responding to customers in terms of time management, prioritization of customer issues and dealing with difficult or angry customers? o At what level does decision making occur regarding customer problems and inquiries? o How well do employees understand the company's products/services, its policies and what the next level or step in problem resolution is?

Reinforce service orientation through communication (CS)

Service Orientation: listening to and understanding customers o Satisfaction is of utmost importance Can be demonstrated through: o Prompt greetings o Full attention o Relevant questions o Empathy with concerns o Knowledge o Verbal and nonverbal encouragement o Thanking individual o Courteous o Try to go above and beyond o Follow through o Ex: Hilton- (monitor performance) Of course businesses care about their customers, but Hilton outlines its philosophy for exactly how they'll take care of you. For example, Doubletree, a franchise owned by Hilton Worldwide, maintains a CARE committee within each of its hotels that includes workers from every department and exists to monitor hotel performance and ensure that guests are satisfied. The tactic is working, at least according to Zogby's study where four out of every five respondents reported an "excellent" or "good" interaction. speak with: o enthusiasm o polite tone o genuine interest/concern o professionalism

Handle telephone calls in a businesslike manner (CS)

State your name and company name Be polite and have a friendly tone o Good manners Keep needed information at hand to answer questions efficiently Speak clearly and concisely Customer satisfaction increases, more likely to come back to business because they understand that if they incur any more trouble the business will handle it effectively.

Explain the principles of supply and demand (CS)

Supply o Quantity of goods available for purchase o DECREASE = price o INCREASE = price Demand o Quantity of goods that consumers want to purchase o INCREASE = price o DECREASE = price Equilibrium o Point at which supply and demand intersect o Most prices of items Shortage o More DEMAND less supply Surplus o More SUPPLY less demand

Follow oral directions (PQ)

Take notes if possible Clarify with speaker before starting o Make sure you thoroughly understand the task o Ask questions if needed Paraphrase any difficult sections

Discuss the global environment in which businesses operate (SP)

The definition of global business environment is multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources. The company's operating situation depends on both external and internal factors • political environment o different laws/regulations in different regions ex. some countries may impose tariffs ex. some countries may have import quotas (limiting amount of imports) • technological environment o materials/machines available to produce goods • economic environment o all factors contributing to a business' attractiveness to foreign regions ex. interest rates, inflation

Describe the nature of legal procedure (SP)

The rules by which a court hears and determines what happens in civil lawsuit, criminal or administrative proceedings. These legal procedures comprise the rules by which a court hears and determines what happens in civil lawsuit, criminal or administrative proceedings.

Explain the types of economic systems (CS)

Traditional Economy o Based on society culture and norms o Always does the same thing o Nothing changes Command o Government owns resources o Government makes sure that citizens get an equal share of the limited resources Market/Free Enterprise o Private property o Competition o Voluntary exchange o Profit o Economic freedom Mixed o Elements of Command and Market

Explain the nature of effective verbal communications (PQ)

Verbal Communication: o Interpersonal communication communication between two or more individuals, include talking with friends and having a family meeting. Important aspects to interpersonal communication include what you say and the atmosphere you're in, especially when making a first impression. o Public Speaking more formal version of verbal communication, involves speaking to a group of people. The purpose for public speaking can vary from sharing information to persuasion. Language: The language you use proves to be significant in the effectiveness of your verbal communication. Factors which affect the language you should use include profession and age. Etiquette: Without showing proper communication etiquette, you run the risk of accidentally being disrespectful to somebody. The tone of interaction, formal or informal, dictates proper etiquette. Strategies: Implementing verbal communication strategies can help improve the effectiveness of your communications. Strategies include knowing your listeners and using visual aids. Knowing who you're talking to gives you the opportunity to cater your message to others' needs. Visual Aids: Visual aids can be used to supplement your verbal message. For example, you could use a slide show to help illustrate points you're making in a business presentation. Considerations: Supporting your message with research and statistics helps to increase your chances of effectively communicating.

Prepare simple written reports (SP)

Written reports should include: o Title page o Abstract (brief summary of findings) o Introduction (what the problem was) o Materials and Methods (what you used and what you did) o Results (your findings) o Discussion (what it all means) o Conclusions (summary) o References (cite EVERYTHING!)

Identify company's brand promise (CS)

a statement that identifies what they should expect for all interactions with your people, products, services, & company communicate features, benefits, value, qualities effective branding can build product recognition, customer loyalty, ensure quality Examples: o Geico: "15 minutes or less can save you 15% or more on car insurance." This brand promise has become the basis of Geico's entire marketing strategy, leading them to the top of the auto-insurance industry. Though a time-based promise can be tricky to keep, it's easy to measure. Geico has done a great job at maintaining their image and keeping their promise. o BMW: "The Ultimate Driving Machine" This bold statement is the driving force behind BMW's brand. They aim to produce only the most efficient and elegant vehicles and their brand promise states this with confidence. o Nike: "To bring inspiration and innovation to every athlete in the world." This brand promise doesn't even mention Nike products, but instead tells the consumer how they think and what they aim to do on a much larger scale than sports clothing and equipment. o Apple: "Think different." What started as a shrug to IBM's "Think,", Apple's brand promise is arguably the most famous slogan of all time and the key to Apple's wild success in the computer industry. Apple's brand promise is two-sided - their guarantee to create products based on seeing the world a little differently, and their promise to inspire their customers to do the same. o Starbucks: "To inspire and nurture the human spirit - one person, one cup and one neighborhood at a time." With a following as iconic as Apple, it's no surprise that Starbucks provides a great brand promise example, and one they continue to deliver on. Like many company, Starbucks distinguished themselves as a lifestyle brand looking to bring much more to the world than a great cup of coffee. o Marriott: "Quiet luxury. Crafted experiences. Intuitive service." This brand promise example is all about a consistent experience. Whether you stay in a Marriott in New York City, California or Utah, you expect the same experience and service. If Marriott did not live up to this promise, they wouldn't be one of the most successful companies in the hospitality industry today. o Walmart: "Save money. Live better." It's no surprise that Walmart makes the list of great brand promise examples. By combining the obvious promise of low prices with emotional benefits, Walmart offers its shoppers a better quality of life with easy access to the necessities. determine direction of company design unique, creative promise to customers customers should be able to see brand promise THROUGH employee service employees should be trained to follow through with brand promise actions should be driven by brand promise

Write business letters (CS)

font such as arial or times new roman, o block paragraphing, include company info such as name and address, date add the recipients info o full name, o title, o company name, o address, o salutation tone should be brief and professional dive straight into business, simple and short be courteous formal closing, "sincerely", o signature, o name, o title, o contact info enclosures if necessary

Explain the organizational design of businesses (SP)

process of aligning a business' structure/processes with its vision focuses on improving both technical & people aspect of a company steps • identify vision/goals • assess current structure: identify strengths & weaknesses • design transformation • implement it: select staff & train them, change plan also consider: communication with other people; resources available usually occurs about every 5 years • Organizational design is a step-by-step methodology which identifies dysfunctional aspects of work flow, procedures, structures and systems, realigns them to fit current business realities/goals and then develops plans to implement the new changes. • A well-designed organization ensures that the form of the organization matches its purpose or strategy, meets the challenges posed by business realities and significantly increases the likelihood that the collective efforts of people will be successful. • As companies grow and the challenges in the external environment become more complex, businesses processes, structures and systems that once worked become barriers to efficiency, customer service, employee morale and financial profitability. Charter the design process • The design process should include a "case for change," desired outcomes, scope, allocation of resources, time deadlines, participation, communications strategy, and other parameters that will guide the project. Assess the current state of the business • You don't want to begin making changes until you have a good understanding of the current organization. The assessment process is regarding how the organization currently works but how the various parts are interrelated, its overall state of health and, most importantly, what needs to be done to make improvements. Design the new organization • Defining your basic organizing principle. (Will you organize primarily around functions, processes, customer-types, technologies, geographies, etc.?)Defining tasks, functions, and skills. What are the performance metrics for each function/team? How are they evaluated and held accountable? Implement the design • New work roles are learned and new relationships within and without the unit are established. Equipment and facilities are rearranged. • Reward systems, performance systems, information sharing, decision-making and management systems are changed and adjusted. Some of this can be accomplished quickly. Some may require more detail and be implemented over a longer period of time.

Explain the concept of organized labor and business (SP)

• 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 lockouts, 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 a strike.

Describe the economic impact of inflation on business (SP)

• Inflation refers to rising prices; it is an indicator of the stability of an economy. A low level of inflation (between 1 and 5 percent per year) is considered good because it indicates a stable economy. Higher levels of inflation are harmful to businesses. Rising prices cause consumers to spend less, slowing the overall economy. Inflation also leads to higher wages. A high level of inflation may cause wages to increase beyond what businesses can afford to pay, which can lead to layoffs and downsizing. Interest rates rise in periods of inflation. Rising interest rates mean that borrowing money becomes more expensive. Businesses are, thus, less likely to borrow money to expand their operations. With inflation, the value of a dollar decreases so businesses and individuals cannot buy as much with the same dollar as they could before. • Inflation can be helpful to individuals and businesses who are borrowers. Those who borrow at a fixed rate of interest can repay the debt with dollars that are worth less, which makes their repayments smaller than they would have been without inflation.

Explain types of business ownership (CS)

• Sole proprietorship (1 owner), o Business owned and operated by a single individual ADV: case and cost of formation DISAD: unlimited liability • Partnership (2 or more), o Owned and operated by 2 or more people General Partnership: all partners have unlimited liability Limited Partnership: at least one partner has limited liability only to his or her investment while at least one other partner has full liability • ADV: ease of formation • DISAD: unlimited liability • Corporations (Board of directors), o A business that is legally separate from its owner(s) ADV: limited liability, unlimited lifespan DISAD: double taxation • Limited Liability Corporation - LLC o A hybrid of a partnership and a corporation. ADV: owners are shielded from personal liability while all profits/losses pass directly to the owners without taxation of the business itself.

Describe the nature of taxes (SP)

• Taxes are payments you make to the government for services they provide. o 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 o Tax dollars are spent on a number of things including public education libraries, military defense law enforcement, transportation costs, fire protection • Income tax is calculated as a percentage of the taxable income you earn on the job. o 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. • Federal Income Tax: o A tax levied by a national government on annual income. • State and/or Local Income Tax: o A tax levied by a state or local government on annual income. Not all states have implemented state level income taxes. • Payroll Tax: o A tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the United States, both state and federal authorities collect some form of payroll tax. In the United States, Medicare and Social Security, also called FICA, make up the payroll tax. • Sales Tax: o A tax imposed by the government at the point of sale on retail goods and services. It is collected by the retailer and passed on to the state. Sales tax is based on a percentage of the selling prices of the goods and services and is set by the state. Technically, consumers pay sales taxes, but effectively, business pay them since the tax increases consumers costs and causes them to buy less. • Foreign Tax: o Income taxes paid to a foreign government on income earned in that country. • Value-Added Tax: o A national sales tax collected at each stage of production or consumption of a good. Depending on the political climate, the taxing authority often exempts certain necessary living items, such as food and medicine from the tax

Explain the impact of the law of diminishing returns (SP)

• The change in total product output that results from hiring one more worker is called the marginal product. Diminishing returns is experienced when the number of workers being utilized causes output to increase at a decreasing rate. In other words, utilizing too many workers may actually cause production to decrease. • The law of diminishing returns states an increasing number of new employees causes the marginal product of another employee to be smaller than the marginal product of the previous employee at some point. • a factory employs workers to manufacture its product. As long as all other factors of production stay the same, at one point, each supplementary worker generates less output than the worker before him. Thus, each worker who follows provides smaller and smaller returns. If the factory continues to add new workers, it eventually becomes so cramped that additional workers hinder the efficiency of other employees, thereby decreasing the factory's production.

Describe the use of technology in customer relationship management (SP)

• building relationships with customers requires data about the customers • CRM tech= customer relationship management technology o general: hospitality (Sugar CRM) collection, segmentation, analysis

Describe factors that affect the business environment (SP)

• business environment= sum of all factors that affect a business • external factors: o some are beyond your control: external constraints o political factors: governmental activities/political conditions affecting a business ex. laws, tariffs, war o macroeconomic factors affect whole economy (not just your business) ex. interest rates, unemployment rates, recessions/depressions o microeconomic factors factors affecting your business specifically ex. market size, supply & demand, competitors o social factors social movements (ex. environmental), changes in consumer preferences (ex. fashion) o technological factors new inventions can help or harm a business o competition • internal factors: o company leadership management changes can affect entire company o financial changes/issues o strength/morale of employees motivated, hard-working, talented employees produce more/better work

Describe types of business models (SP)

• business model= representation of a business' core business practices o details how an organization creates/delivers products and services, infrastructure, customer acquisition, etc. • types of models o direct sales revenue generated through salespeople who sell products to consumers no retail location • individual salespeople connected to a large company ex. Avon o franchise business owners purchase another organization's business strategy franchisee earns a % of revenue in a location • franchisor collects licensing fees + % of revenue examples: Subway, McDonalds, Starbucks o freemium popular on internet business gives away a service at no cost • advances services/ad-free options can be purchased low customer acquisition costs; high lifetime value examples: Spotify, Skype o subscription purpose: retain customers under long-term contract, secure recurring revenue may charge cancellation fees if contract is terminated examples: magazines, groceries

Discuss the measure of consumer spending as an economic indicator (SP)

• in order to sustain healthy economy, consumers must be spending! (activity) • inflation: prices & salaries are rising o people spending more • deflation: prices lowering o consumers put off spending; economy becomes stagnant (BAD)

Explain the economic impact of interest-rate fluctuations (SP)

• interest rate goes up → less spending o gov. generally does this if inflation is getting out of control • interest rate goes down → more spending o gov. generally does this in a state of recession to encourage spending The Effect of Interest Rates on Inflation and Recessions • Federal funds rate the rate that banks use to lend each other money. It can change daily, and because this rate's movement affects all other loan rates, it is used as an indicator to show whether interest rates are rising or falling. • These changes can affect both inflation and recessions. Inflation refers to the rise in the price of goods and services over time. It is the result of a strong and healthy economy. However, if inflation is left unchecked, it can lead to a significant loss of purchasing power. • To help keep inflation manageable, the Fed watches inflation indicators such as the Consumer Price Index (CPI) and the Producer Price Index (PPI). When these indicators start to rise more than 2-3% a year, the Fed will raise the federal funds rate to keep the rising prices under control. Because higher interest rates mean higher borrowing costs, people will eventually start spending less. The demand for goods and services will then drop, which will cause inflation to fall.

Explain the concept of productivity (CS)

• productivity= output per worker hour measured over a set period of time • higher productivity increases profits • businesses increase productivity by: o investing in new equipment, technology, or facilities o providing additional training to staff o increasing the responsibilities of workers

Explain the nature of business ethics (SP)

• systems of laws/guidelines to ensure that businesses operate in a fair, legal, moral way • ethical behavior helps develop trust between: o management and employees o company and the public • Business ethics is important to making the general public happy about what happens in the business world (public relations). Business Ethics: • creates a good reputation • balances the needs of the stakeholders with the needs of the company • helps the business thrive in the global economy • helps to retain employees • keeps the business from being penalized under the law

Explain the concept of Gross Domestic Product (GDP) (SP)

• the sum value of all goods produced in a country • reflects the state of the economy o if high: economy healthy o if low: economy is unhealthy; deflation • Can look at economic indicators to see if it is doing good or bad o Unemployment rate o Inflation rate o Interest rate o Exports vs imports

Explain the role of business in society (CS)

• to make/distribute the goods we use each day • to provide employment to millions of people • wages paid to employees used to purchase goods/services in the economy • profits used to compensate owners/investors • taxes support government/society