marketing cluster kpis

Report noncompliance with business health and safety regulations

If health and safety standards are being violated, they should be reported to management to prevent damage to employees or property. A compliance program enables employees to feel safe on the job. An employee should feel free to ask questions, report violations to their supervisor and feel like an effective part of the organization.

Identify quality-control measures

What you do to ensure what you are providing customer is quality

Explain the benefits of supply chain collaboration.

Supply chain collaborators can work together as designers and manufacturers produce the commodity while marketing specialists and vendors distribute and sell the commodity. Cheaper purchasing, efficient, service, buying power

Explain routine security precautions.

All facilities should be frequently checked to ensure safety protocol is being adhered to. security cameras, robbery, reports

Discuss the impact of globalization on business

Globalization impacts businesses buy providing new ideas that come from around the world. Globalization allows businesses to promote its products over the Internet and work with other businesses around the globe. However, there is increased competition from foreign companies.

Identify requirements for international business travel

Passport and/or US permanent resident card

assess personal interests and skills needed for success in business

Personal interests and skills such as socializing, public speaking, and data analysis are key to business. - communication skills - technology skills - leadership - creative and innovative Skills needed for success in business include: verbal communication skills, written communication skills, diversity/cultural awareness, interpersonal communication and ability to work on a team, leadership ability, critical thinking skills, technical skills, and business knowledge.

write a letter of application

compose a request to apply for a job

describe the nature of business records

-business records record business dealings to assist with operations

describe marketing functions and related activities

1. distribution - to find the best way to get the product into the consumers hands based on his or her purchasing methods 2. Market Planning: understanding the analysis needed to target specific marketing strategies to a select audience. undertaking concepts and strategies to develop and target a select audience 3. Marketing Information Management: gathering and analyzing information related to market, product and segmentation decisions. 4. Pricing: determining how much to charge for goods and services to create a profit. and how much consumers are willing to pay 5. Product/Service Management: obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities. 6. Promotion: to inform, persuade, or remind potential customers about a product or service. 7. provide a customers with the goods and services they want

demonstrate basic web-search skills

A web search is completed by typing text into the box and clicking the search button. -type text into box and click search button -Google/Bing A web search is completed by typing text into the box and clicking the search button.

Explain communication techniques that support and encourage a speaker

Active listening, taking notes, and nonverbal cues such as eye contact. Communication techniques include using your own body language and facial expressions to respond to the speaker. Ex. sit up straight or lean towards speaker to show interest; react to speaker with comments/questions; take notes to keep being involved to listen to speaker and show interest; maintain eye contact and minimize distracting thoughts and activities

Demonstrate adaptability

Adaptability is ability of an individual to adjust to changes in the workplace.

Comply with policies and procedures for use of property and equipment.

All policies and procedures should be meticulously read and clearly understood by all employees.

Write executive summaries

An executive summary should contain only the main points in a way such that a reader can understand the material without having to read it all.

interview for a job

An interview is a series of questions asked by a human resources employee to assess the competence of an employee to work in a certain position at a company.

Solicit feedback

Ask for feedback for personal development.

Participate in group discussions

Ask relevant questions, respect the opinions of others, work together with the intention of meeting a goal.

Build and maintain relationships with customers

Customer loyalty: the likelihood of previous customers continuing to buy from a specific organization. Attention is given to marketing and customer service to retain current customers by increasing their customer loyalty. Organizations also often employ loyalty programs which reward customers for repeat business Keep things personal between you and your customer, be sure to remember special occasions they have as well as maintain good communication with them Like any relationship in your life, customer relationships and branding your customer experience will require effort on your part. Here are five ways of nurturing and building this key part of your small business brand. 1. Focus on meeting needs. Instead of telling customers how great your business and its products are, tell them how you are going to meet their needs. What problem are you solving for them? If you can make someone's life easier or more pleasant, it will be easy to be viewed as a friend, an entity that the customer has an ongoing relationship with. Make this customer focus a core part of your brand and your marketing. Read more about marketing to the affluent. 2. Make all interactions as pleasant as possible. Few people can maintain a healthy, ongoing relationship with a person who is difficult to deal with, and business relationships operate in a very similar way. From the way you and your employees answer the telephone to the way you handle returns, all customer interactions should be streamlined and managed in a way that the customer comes out feeling like a winner. As with human relationships, business relationships are developed over time through positive interaction. 3. Create an aesthetically pleasing environment. Studies have shown over and over that the public prefers attractive people for both personal and business relationships. While aesthetics aren't everything, they are a huge part of the overall picture. This means that creating clean and attractive spaces, both in physical locations and websites, is a key part of nurturing the customer relationship. 4. Put yourself out there. You would never make friends and build relationships in your day-to-day life if you stayed in your bedroom all day. You need to be in the public eye in a variety of ways, offering brand-consistent information that creates curiosity and encourages your target customer base to develop a relationship with you. Invite the customer to do business with you through marketing, including traditional advertising as well as nontraditional methods such as social networking and community involvement. 5. Maintain your brand. How would you feel if a good friend suddenly changed their behavior drastically? People find this frustrating and alienating whether they are dealing with a human relationship or a business one. Once you have a cohesive brand and logo design, let it permeate every aspect of your company. Customers will be more likely to behave as though they have a relationship with you if they feel that they know your business well. Let them get to know you by creating an authentic experience that is coordinated to be consistent over a wide variety of interactions and leads to complete brand integration and helps build brand loyalty. There is an immense amount of give and take between branding and customer relationships. The way you deal with these relationships is a huge part of your overall brand, but your brand must be inviting enough that the customer is open to a relationship in the first place. Be sure that your brand is one that invites the customer to be friends; a branding consultant can help if you are unsure about the process.

maintain data security

Data can be secured through encryption software.

discuss the importance of ethics in data mining

Data must be kept confidential to ensure the privacy of clients. -data that is mined must be kept confidential to ensure privacy of clients -large data sets must not be disclosed to unauthorized people

Protect against identity theft

Don't give social sue curry to unreliable people Protect credit card #s and bank #s Careful with online shopping

"Sell" ideas to others

Evidence, emotion, and reasoning can sell an idea to an audience.

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

If a nation is an opponent of another, inhabitants of that nation may be reluctant to purchase from vendors of those opposing nations.

Create and post basic web page

If you have basic html knowledge than you can design your own website through that. However there are other easy ways to create a webpage without needing html. For example weebly and Google Sites

Distinguish between economic goods and services

In economic terms, goods are tangible items that have monetary value and satisfy your needs and wants (such as cars and clothing). Services are intangible items (meaning you cannot physically touch them) that have monetary value and satisfy your needs and wants. Services involve a task, such as cooking food or repairing a computer. The good is something tangible like shoes. The service is a thing that can be done for you and not physically touched such as getting alterations on your dress. Product is the word used to describe both goods and services and it is part of the marketing mix.

Exhibit cultural sensitivity

In order to exhibit sensitivity to other cultures, begin by respecting differences among people. Another key is to avoid and overcome stereotypes. A stereotype is an oversimplified, distorted belief about a person or group. In business, you must maintain an awareness of the language and cultural differences that will affect company employees as well as customers. -respecting + aware of differences among people -avoid and overcome stereotypes -do research on culture and be flexible, do their way

Complete a job application.

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

Explain the nature of office politics

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). -to ensure your own success and that of your projects, you must navigate the minefield of office politics -hierarchies

explain the nature of operations

Operations can be defined as the daily activities that provide successful outputs for the business. Some common types of operations are facility management, logistics, scheduling, information management and safety and security. Operations is the business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible.

Demonstrate self-control

Self-control can be demonstrated via methods such as anger management, stress management, and compulsive behavior control.

Distinguish between using social media for business and personal purposes

Social media can be used personally to communicate with friends and family, while professionally to promote products and events. Social media for business will promote your business and should be clean, powerful, and positive. Social media for personal use can be to express yourself, in the way that you would like your followers to see.

Manage the bid process in purchasing

When a customer buys goods, services, or the initial public offering (IPO) of stock, the bid process can be used to offer the product to the one with the best price.

Take responsibility for decisions and actions

When a task needs to be carried out, the responsible employee should step up to the plate. However, if something goes wrong, s/he should take the blame.

Treat others fairly at work

You treat everyone with equal respect despite differences.

Validate credit history.

Your credit history is maintained in a credit report from one of the three credit bureaus in the U.S. -- Experian, Trans Union and Equifax. Your credit history also includes a credit rating -- a number that reflects your ability and willingness to make credit payments in time. You can validate your credit history by obtaining a copy of your credit report from each of the three reporting agencies. You can obtain a copy free of charge one time per year from each agency. Once you receive a credit report, look it over carefully for errors or out-of-date information, and be sure to contact the agency promptly to make corrections.

Explain the nature of organizational culture

a system of shared assumptions, values, and beliefs, which governs how people behave in organizations. These shared values have a strong influence on the people in the organization and dictate how they dress, act, and perform their jobs.

Describe the nature of cash flow statements

breaks the analysis down to operating, investing and financing activities. cash flow statement: a financial statement that shows how changes in a balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities concerned with the inflow or outflow of cash in a business. Three Parts: Operating Activities: sales, production, customer payments, etc. Financing Activities: cash from investors, banks, or shareholders Investments: buying assets or loans - want more inflow than outflow

Prepare simple written reports

documents which present focused, salient content to a specific audience. -A description of a sequence of events or a situation; -Some interpretation of the significance of these events or situation, --whether solely your own analysis or informed by the views of others, -always carefully referenced of course (see our page on Academic -Referencing for more information); -An evaluation of the facts or the results of your research; -Discussion of the likely outcomes of future courses of action; -Your recommendations as to a course of action; and -Conclusions. -Keep it brief; know who you are writing to -If it's not relevant, leave it out A report should contain all necessary information in an organized and systematic manner.

Prepare personal income tax forms

for individuals who earn an income, usually filled out on a 1040

Edit and revise written work consistent with professional standards

written work contains professional and advanced vocabulary. Slang should not be used.

Demonstrate connections between company actions and results

• 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 Any action that a company takes will have consequences. If good choices are made, the results will most likely be good as well. In particular, improvements made to the marketing functions (pricing, marketing information management, promotion, etc.) will lead to new and improved goods and services, lower prices, and added value and utility being offered to consumers. Company actions: advertising, pricing, product mix, supply of goods, promotions, product development + improvement, product safety, payment options, etc. Pos. changes increase profits, customers happy Certain actions reep certain results Some actions that affect company's results are advertising, pricing, and some others such as use of technology or sales and promotions. Company actions that affect consumers include: advertising, pricing, product mix, supply of goods, sales and promotions, product development and improvement, product safety, payment options, etc. Company actions that affect the competition include: advertising, pricing, product mix, supply of goods, sales and promotions, distribution methods and locations, etc. Company actions that affect employees include: the use of technology in production and record keeping, managerial ethics, human resources management, production planning and scheduling, risk management, investing, etc. Other actions to be considered include company actions that affect things like the environment, the global economy, etc.

Use networking techniques to identify employment opportunities

•Conduct informational interviews with your contacts •Always thank contacts in writing •Make list of assets that you will bring as a prospective employer •Write notes to remember details on whom you have just met •Online Networking- keep track of who you have emailed Networking techniques include maintaining communication and establishing relationships with professionals.

Explain the role of ethics in human resources management

•Follow all legal requirements and to maintain adequate records, perform audits, train employees regularly - business owners stress greatly over how ethics is practiced through their employees - a breach in professionalism with crimes such as discrimination, sexual harassment, or bribery can have a business shut down forever - many owners enact ethics to make sure that all employees are effectively working for the employer's objectives in a professional manner and that there is no sense of illegal/unaccepted activity

Develop an achievement orientation

•achievement oriented people often want to do things better or more efficiently •drive and passion to accomplish goals, excel, and be successful •provide employees with incentives to orient themselves in this way Tend to be leaders, set high standards, constantly learning, positive attitude, always performing the correct things while not being supervised.

Demonstrate the wise use of credit

- Can you afford the item? - Would it be better to use savings? - Do the benefits outweigh the costs? take out loans only when necessary. you need to make your payments on time. if it is a credit card: avoid carrying credit card balances (money you owe). you need to pay your credit card balances in full (the maximum amount). if you cannot afford to pay in full, make as large of a payment as possible. never make the minimum payment. Credit payments should add up to be less than the total income for the credit period. •better credit = better loans Credit is a way to receive cash or goods now and pay for them later, most commonly through the use of a credit card or a loan. Before deciding to use credit, ask yourself if you can afford the item in the first place. Also, would it be better to use your savings instead of credit? Could your credit be put to better use in some other way? Or, should you put off the purchase for a later date? You must be certain that the benefits of making the purchase now on credit outweigh its costs, including fees and interest charges. There are many ways to use credit wisely. For instance, you may be able to combine several purchases into one, thus making only one monthly payment. You will likely need a credit card for major and expensive purchases. It is often safer, and more convenient, to use a credit card when shopping or travelling. The wise use of credit will allow you the opportunity to build a better credit history, which means you are seen as a reliable person to other lenders. When using credit, avoid the temptation to buy more than you can afford. Failing to repay a loan or credit card balance will damage your credit history, and could lead to you losing your property or source of income.

Discuss the nature of human resources management

- a type of management that is designed to maximize employee performance to complete an employers objectives - includes programs that train and develop good employees within a business - employee benefits, staff recruitment and selection, performance appraisal and rewards •HRM is a set of organizational activities directed attracting, developing, and maintaining an effective workforce •Involves processes hiring, orientation, professional development and tries to motivate and retain personnel Human Resource Management is a process of bringing people and organizations together so that the goals of each are met. Some of the characteristics of HRM are: Its focus is on results rather than on rules. It tries to help employees develop their potential fully. It encourages employees to give their best to the organization. It helps an organization meet its goals in the future by providing for competent and well-motivated employees. It tries to build and maintain cordial relations between people working at various levels in the organization.

Identify skills needed to enhance career progression.

- emotionally intelligent - productive, efficient, and effective - technology skills - communication skills - leadership skills - creative and innovative Since the corporate ladder is very competitive, employees should possess strong negotiation skills, conflict management skills, emotional intelligence, and related skills to enhance career progression. Knowledge, education, experience, hardworking

Describe the use of technology in human resources management

- helps the recruiting process by being able to display a job to millions of people on the internet - new employees are easy capable of their training process by accessing programs and being a part of virtual training classrooms - electronic imaging makes it easy for employees to store and retrieve files - use computer technology to assess employee performance - various software programs make it possible for human resources professionals to examine employee performance using metrics to ensure that employees are meeting performance standards Technology is used in recruiting and hiring new employees .With the advancement in technology, the internet is a very useful tool to benefit HR in hiring their new employees.

set personal goals

- increases focus and motivation Specific Measurable Attainable Relevant Time-bound

Explain employment opportunities in business.

- variety of 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.

describe techniques for obtaining work experience

- volunteer (non-profit organizations where you can can work experience) - complete an internship (gain hands on experience doing the kind of work you would like to do) - networking (great way to make professional connections that could lead to a first job) - freelancing (prove that you can do the work before you are hired) On-the-job experiences allow you to try out the work activities in your career field and develop good work habits. One form of on-the-job experience is an internship, which offers students direct paid or unpaid work experience at a company or organization. Cooperative education programs offer students the opportunity to receive course credit while working at a paid employment position. Job shadowing involves following a worker for a few days on the job, and learning while watching and listening. An apprenticeship is a formal, one- to six-year program in which a worker learns a trade on- the-job. Volunteering is an unpaid way to explore careers. An informational interview is a structured meeting with a professional who works in a career that interests you.

explain the role of information systems

-An information system is a set of procedures and methods that generate, store, analyze, and distribute information for use in making business decisions. Such systems organize, collect, and store data for current use or future decisions. -Most information systems rely on data about current customers, sales reports, and inventory levels. -Businesses use this information to make decisions about advertising, product planning, and pricing.

explain the role of ethics in information management

-Businesses that maintain databases of personal customer information have a responsibility to keep that information private. -Many companies that collect information about their customers often sell that information to others. This exchange of customers' personal information among businesses has led to invasion of privacy complaints. -Many businesses now also offer clients the choice of being added to mailing lists. Confidentiality must be maintained with regard to employees' and clients' personal information. -Accountants must refrain from misrepresenting the facts to achieve short- term goals that are contrary to a business' long-term objectives. • Information must be held confidential • Gaining access to private or otherwise protected information in an unethical way should be avoided as well as pressuring individuals to supply information. • Companies are encouraged to set standards for their employees to follow when conducting marketing research.

Explain factors that influence customer/client/business buying behavior

-Cultural factors: culture, subculture, social classes -Social factors: family, role and status, reference -Personal factors: age, income, occupation, lifestyle, personality -Psychological factors: motivation, perception, learnings, beliefs and attitudes -Economical factors: personal income, family income, income expectations, liquid assets, government policy Buying behavior: decision processes + acts of people buying and using products -Cultural: culture, subculture and social class, part of values -Social: various groups, outside influences of others on purchase decisions either in/directly -Personal: age and lifecycle stage, occupation, economic circumstances, lifestyle (activities, interests, opinions and demographics), personality -Psychological: motivation, perception, learning, beliefs, attitudes Influenced by cultural, social, personal and psychological characteristics. Influenced by what people are buying around them and where they are Consumer motivation (biological, emotional, rational and social force) Product quality and if appeals to wants/needs Thorndike's Law of Effect (Pain against pleasure) Position in family life cycle Hospitality, customer service, how well you help, understanding needs and wants

Describe the nature of budgets

-Forecast of a company's income and expenses for a specific amount of time. - Allows entity to evaluate how to use funds in fixed/discretionary categories. -Avoid debt - Provides focus for financial goals. budget is itemized forecast of individual or company's income and expenses for period of time. focus to achieve financial goals and avoid debt -written statement -money in/out expected provides allowances or spending for the business based on the money available to spend. A budget can help reach spending goals and meet profit goals.

Explain the role of finance in business

-Help capital move from investors to business . -Businesses need finance to assist with operations, -Possible with financial markets and investment vehicles. (including loans/ short and long term financing) - Also includes roles in business development and corporate governance. Finance is the function of business that pertains to money management. A financial plan is an important element of an overall business plan. Elements that pertain to the role of finance in a business include start up/equity financing, debt financing, and growth financing. Various financial statements, such as a balance sheet and income statement, provide a way to analyze a company's overall financial standing. Managing your business' finances will include planning for profits by forecasting sales, evaluating profit potential, controlling costs, and budgeting. Business financing also requires managing taxes and credit.

Discuss the impact of bribery and foreign monetary payments on business

-In the age of globalization, it's easy to see how giving into bribery might be competitively advantageous. In fact, research by Harvard Business School found that firms that launch anticorruption efforts grow their businesses more slowly than firms that don't, especially in regions where bribery is the expected norm. -Employee morale drops when a company bribes its way to success. -That's important because studies have shown that employee morale is directly related to a firm's performance, including stock market returns. 1. Bribery: money or favor given or promised in order to influence someone's public or legal duties a. Unethical action 2. Drop in employee morale, destroy public relations and reputation, prevents from reaching full potential by denying those most qualified from achieving positions, inefficiency, lost resources, weakened development a. Lead to public dissent and loss of profit i. Not just instant, long term loss that will be hard to recover from b. This corruption can destroy a company 3. Why still do it? Facilitates corporate entry and in a highly competitive environment, some feel like necessary --- understand reasons a. Start from root by fostering a quality culture i. Invest in control systems and instill ethical values ii. Punish and lead by example Some cultures accept bribery- it is expected, brings up ethical issues for business "money bribes"

Describe the concept of insurance

-Insurance is a promise of compensation for something that has the potential to be lost, so there is a payment made every so often in exchange for coverage (premium) - Policy holder could be expected to pay for part of the loss (deductible) Insurance is a financial risk reduction tool. You pay $500 a year to have medical insurance. If you don't have any accidents, you didn't get anything from the insurance but it reduced your financial risk because if something happens to you and you need medical assistane, that assistance will cost quite a bit of money. But because you paid the $500, the insurance company will pay the hospital bills which will likely be quite a bit more money than what you paid. The insurance company can afford this because they get a whole bunch of people to pay into the insurance "pool" of money. Insurance is the practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium Ideally, insurance provides a company or individual peace of mind and the financial freedom from the devastation of unforeseen occur aces resulting from natural, human, or economics disasters. Some risks may be transferred in the form of insurance. Risk can not be eliminated, but insurance can save a business financially in the event of something such as a tornado, or on-site accident that causes a lawsuit.

Explain legal issues associated with information management.

-The government has regulations regarding protecting the privacy of consumers. -Businesses of all types offer detailed privacy policies to their customers that ensure the protection of their customers' personal information. -Businesses must not share personal information they collect with anyone else unless you give them permission to do so, according to law. The government has regulations regarding protecting the privacy of consumers. Businesses of all types offer detailed privacy policies to their customers that ensure the protection of their customers' personal information. Businesses must not share personal information they collect with anyone unless you give them permission to do so, according to law. -The government has regulations regarding protecting the privacy of consumers. -Businesses of all types offer detailed privacy policies to their customers that ensure the protection of their customers' personal information. -Businesses must not share personal information they collect with anyone else unless you give them permission to do so, according to law. • If contract is violated between customer and company in the sense if the information is passed on to a third party • Can be sued and can cause legal implications such as suspension and fines • Also affects a company's reputation Privacy Suing Government regulations

Explain the use of technology in accounting

-accounting software (reports transactions) (better computerized) -could use for tax collection

Maintain financial records

-balance sheet - at certain amount of time - total of certain values -income statement - from this period to this period - net income -cash flow statement - shows change in cash between balance sheets/income -Shows how business is doing 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 include bank statements, paystubs, ownership certificates, tax forms, etc. Records may be maintained in a file cabinet, a safe-deposit box, and/or on a computer. File cabinets are useful for maintaining printed documents and records, and should be organized by type with labeled folders. Items that are difficult to replace, such as car titles and birth certificates, should be kept in a safe-deposit box. These can be rented at a bank. Alternatively, you may choose to purchase an in home fire safe for such documents. Computer programs are an excellent way to create and manage a personal budget, pay bills online, or generate financial documents that can be stored electronically.

Handle customer/client complaints

-be creative with your solutions -take care of the customer, but don't overstep the company -make it a win-win situation -yes, but method -toss it back method -deny it method -point, counterpoint method o Be immediate o Be effective o Offer customer satisfaction o Follow company policy o Follow company procedure o Listen o Don't take anything personally o Avoid overcompensating don't give out freebies; ask what would you think would be fair? o Thank the customer for bringing this to your attention o Ask questions o Avoid some formalities: The last thing unsatisfied customers want to hear is a recitation of your company's return policies. "Today's customer expects to be treated as an individual, not as just another number who's complaining" o Be patient o Put the customer first Listen carefully to what the customer has to say Put yourself in their shoes and apologize without blaming Ask what would be an acceptable solution and solve the problem (or find someone who can solve it quickly) Think of complaints as an opportunity to learn something and to improve service. To address a complaint, first listen completely and openly so that you understand the complaint. Talk to the customer privately, if possible, in a quiet setting. Repeat the complaint to demonstrate your understanding. Do not place blame on any party and explain what may have caused the problem. Try to reach an agreement with the customer about the next course of action, but be sure your suggestions comply with company policy. Get assistance from a supervisor, if needed.

Participate in a staff meeting

-be prepared and have an understanding of the agenda -think before you speak -contribute to the discussion, asking questions, making comments, or lending your support\ -choose timing, don't be the first one, wait until you are confident your input is needed -don't dominate, let others chime in -frame disagreements in a positive way All employees should participate in the discussion. The purpose of staff meetings is to discuss issues that are of importance to the business, or to solve problems. Therefore, ideas and opinions are valuable. Employees should not comment on ever detail, should explain their ideas adequately, and not cause arguments with those who disagree. All employees should participate in discussions. The purpose of staff meetings are to discuss issues that are of importance, and/or solve problems. Ideas/opinions are valuable. Do not comment on every detail, explain ideas adequately and not cause arguments. o Take notes; Look confident; Look interested; Speak up when appropriate; Be courteous; Show respect for others' thoughts, ideas, and opinions; Ask questions; Avoid monopolizing discussions -- give all others an opportunity to participate; Avoid interrupting others; Keep your comments brief and to the point - state your targeted points and/or concerns then stop so others can speak; Don't criticize others- it's fine to disagree with ideas and opinions, but never criticize the speaker or other people; Don't get angry or defensive if others criticize or don't "buy into" your ideas; Don't take rejection of your ideas personally; remember, they are rejecting your ideas, not you!

Translate research findings into actionable business recommendations

-by analyzing past trends, businesses can enact policies and strategies to complement its mission of profit -research findings should focus on past trends and consumer preferences (best ways to recommend next action of business) Research ex. Consumers, know what they want. Take action based on research

access information in the database system

-by opening the database and checking a set of data for a certain client, necessary information can be accessed online

Handle difficult customers

-calm them down first (reassure them the issue is going to be fixed) -ask questions to determine the exact problem -do not avoid them There are many different types of customers: slow/methodical, domineering/superior, suspicious, disagreeable, dishonest, etc. Depending on the type of customer, the methods of handling are different Get control of yourself: Never argue with customers when they are angry, displeased or complaining. Listen and let the customer vent: Tune in to the customer; don't look for the nearest exit. The customer wants to be listened to, acknowledged and understood. Use body language to communicate that you're listening. Show the customer you care: Show concern for the customer's feelings. Maintain a concerned, sincere and interested facial expression. Your voice, as well as your body language and expression, communicate your attitude. Don't blame the customer or the company: When explaining your store's policy or trying to clarify what went wrong, use either the indirect approach ("There are a few questions before I can give you a refund") or "I" statements ("I need additional information") as much as possible. Try to solve the problem, or get someone who can: Even if solving the customer's problem isn't among your job duties, never say this to the customer. Get all the facts you can, and then tell the customer how you can help. Finally, don't make promises you can't keep: Get help from someone who knows more, is calmer, or has more power and authority.

Demonstrate collaborative/groupware applications

-collaborate applications (Google Drive) allow multiple employees to work together on business electronic deliverables

Describe data mining tools and techniques.

-constituted of research of various resources, such as govt reports and databases, to deduce new logical info-after taking a large data set, Association/Relation: make simple correlation between two or more items often of same type to identify patterns

explain the nature of overhead/ operating costs

-costs of operating business -variable + fixed expenses -variable: change month to month like bills. Fluctuate depend on sales volume -fixed: remain the same.(rent, salary.) All businesses have operating costs including employee salaries and facility costs. Overhead/operating expenses are the costs of operating the business. They include variable and fixed expenses. Variable expenses are those that change from month to month, including advertising, supplies, and phone and utility bills. They can fluctuate depending on sales volume. Fixed expenses are costs that remain the same for a period of time, including depreciation, insurance, rent, salary, and payroll taxes. These expenses stay fixed for months regardless of sales volume.

maintain customer records

-data about customers and their buying habits is kept in a computer program called a database-data can be about customer's contact or other personal info, or about purchase and account history-this data can be developed from face-to-face sales, direct mail responses, phone or email purchases, service requests, website visits, customer comment cards, or can be purchased from a third party-database programs act like filing cabinets that allow you to sort, find, choose, and organize info

Interpret others' nonverbal cues

-eye contact -distance -facial expressions -hand movements -posture Notice overall signals. The way someone dresses and habits of grooming can convey clues about who they are, or how they wish to be perceived. Pay attention to posture. This means more than just whether someone sits up straight. Leaning forward expresses interest in interacting with you. Turning away could mean that they do not want to continue the conversation. Understand gestures. Some people pepper their conversation with hand motions to emphasize or enhance their verbal meaning. Gestures often convey the emotional intensity behind words. Tune in to vocal tone. When a speaker's voice becomes high-pitched, it usually indicates excitement or other emotional intensity. Lowering the voice may mean that the speaker is trying to appear more authoritative or influence you as a listener. Watch the expression. Movements of the face, especially the eyebrows, can tell you how someone is reacting to you. If the listener appears irritated, switch topics or end the conversation. If s/he appears attentive or enthusiastic, carry on and press further.

demonstrate basic data mining techniques

-government data, such as the Federal Census Bureau, can be analyzed to make deductions based on existing information-business requirement--identify data sources and formats--build data model--build data structure--(reiterate to identify if did not get what looking for)--mined data structure

Respond to customer inquiries

-inquiry is a concern/problem stated in question form -have some sort of solution if possible -timely response -decide who handles the issue -decide what the company is able to do *** The issue itself doesn't make the customers mad, but how the issue gets solved Be considerate and offer any necessary assistance to the customer to satisfy their needs or problems o Explain the nature of customer inquiries: Inquiries can be sincere or hidden (Sometimes price is the hidden problem and the customer will complain about color) o Identify the types of customer inquiries. merchandise (defective, wrong size or color, damaged, improper labeling, not meeting customer needs, customer purchased the wrong product) store personnel (high pressure sales, rudeness, providing insufficient product information, being inaccurate) business (unhappy with the number and types of services offered, unhappy with business policies) o Discuss the importance of possessing knowledge of the company (e.g., policies, history, capabilities, etc.). You must understand how to apply company policies to each situation in order to remain fair. You must know the company capabilities in order to handle the customer inquiry rapidly and satisfactorily o Discuss the importance of possessing adequate product knowledge. Product knowledge is a necessity in order to respond to the customer situation in the best manner. Product knowledge is needed to understand the customer's problem with a product Understanding of the product makes it easier to understand the company policy in respect to the product o Describe guidelines for handling customer inquiries. Listen to determine reason for complaint (shows a concerned attitude) Restate the complaint (show your understanding of the problem) Investigate the problem (determine how to handle) Explain the store policy (desire to maintain fairness by following store policy) Take action (quick action makes the customer feel important) o Demonstrate use of proper procedure for solving a customer inquiry in a marketing situation.

Select and use appropriate graphic aids

-make data stand out -visible -support information and topic Graphic aids should organize information in a systematic and clear manner (e.g. flow chart - decision making). goal is to make the data stand out on the page, and do make the data support the main purpose of the document as clearly and strongly as possible -we want the reader to grasp the speakers 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 -Tables, Graphs and Charts, Photos, Drawings and diagrams

Select and utilize appropriate formats for professional writing

-many types of business writing formats, advertisements, emails, snail mail, manual writing, recommendations, proposals, papers, summaries, memo, business letters FORMAL OR INFORMAL? Memo: short documents that normally communicate basic info, such as deadlines within an individual office or company, can be informal Business Letters: formal documents, can be used to apply for jobs or deliver information, should be constructed in standard letter format : date, address, salutation, body paragraphs and closing, communicate the bottom line in a concise manner Business plan: Define the work of an individual business or how it will operate, can also be a tool to request funding Business proposal: documents that present an idea or service as a solution for an identified problem, first define the problem and then explain your proposed solution

demonstrate basic presentation applications

-presentation applications (Keynote, Powerpoint, Google Slides, etc) can be used to organize info in a visually appealing format that can be presented to an audience to make the info clear

demonstrate basic spreadsheet applications

-spreadsheet applications (Google Sheets/Microsoft Excel) can be used to organize info and compile into charts, graphs, and tables

Interpret statistical findings

-statistics: used to describe and summarize data in order to make the data more meaningful and easier to understand (distribution, central tendency, dispersion--commonly used) -distribution: summary of the frequency of values for a variable -central tendency: estimate of the center of a distribution of value (mean, median, and mode--measure center) -dispersion: spread of values around central tendency, measured with the range Use to get Info, analyze (sales) Statistics are used to describe and summarize data in order to make the date more meaningful and easier to understand. Commonly used statistics in business include distribution, central tendency, and dispersion. Distribution is a summary of the frequency of values for a variable. The central tendency is an estimate of the center of a distribution of values, including mean, median, and mode. Dispersion is the spread of values around the central tendency, measured with the range.

Overcome problems and difficulties associated with office politics/turf wars

-understand motives -be aware -govern yourself ethically Turf war- disagreement on topics between different groups turf war - an acrimonious dispute between rival groups over territory or a particular sphere of influence.

Interpret data mining findings.

1. organize mass statistics into histograms, etc for visual representations-Clustering-classification2. based on existing data, one can deduce info from connections between sets of data-prediction-sequential patterns (cause and effect)

Identify types of currency

A cash sale is any transaction in which the customer pays for the item with cash or a check. A check is a written document that authorizes the transfer of money to be drawn from a bank account to a person or business. Credit enables a business or individual to purchase goods and services in exchange for a promise to pay later. It is most helpful when consumers want to make major purchases. Customers are typically issued a credit card from a bank to make such purchases. Debit is a variation of credit. Consumers using a debit card authorize a seller to withdraw funds directly from the consumer's bank account at the time of sale.

Prepare bank account documents

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 transaction, description, payment amount, reconciliation, deposit amount, and new balance on the account. You will use the checkbook register to reconcile your bank statement when it comes. Writing a check involves writing the date, the name of the payee, the amount of the 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. Fill out a deposit slip to give to the bank teller with your name and account number, along with the amount of the deposit. Also, be sure to record the amount of the deposit into your checkbook register. -get bank statement at end of month to make sure bank doesn't make a mistake

Describe types of financial-services providers

A commercial bank is an institution that offers a full range of financial services, such as checking, savings, and lending. A savings and loan association is a service provider that may specialize in savings accounts and mortgage loans, but now offers a wide range of services. Mutual savings banks specialize in savings accounts and mortgages. Credit unions are nonprofit institutions that are owned by its members. Traditionally, the members of a credit union have a common bond such as employment with the same company. Credit unions offer a full range of financial services.Non-deposit financial institutions include life insurance, investment, finance, and mortgage companies. Such companies specialize in their respective industry but mayoffer other financial services as well. Finance companies offer higher interest rates loans to individuals and businesses that cannot borrow elsewhere, often due to credit problems.

Explain the impact of political relationships within an organization

A company's culture affects the way it is organized. A formal culture may include a strict chain of command, with one person at the top making all decisions. Several levels of management, or bureaucracy, may follow. Job titles are important as indicators of power and status within a company in a business with a formal culture. Making changes and passing down decisions in such an organization can be complicated and time consuming. Other companies have an informal culture, where employees are encouraged to make their own decisions. In such a company, job titles are not as important as creativity and teamwork.

Use consensus-building skills

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. By using negotiation techniques and reaching a compromise, a consensus can be reached between opposing employees. Negotiation: process of working with/among the parties in a conflict to find a resolution -requires willingness to work together to achieve a mutually-agreeable solution. -deal w/ conflict in bus. 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. -present the problem from their point of view (non-aggressive tone and "I statements" don't cast blame) -active listening, empathize -problem is solved only when both/all parties reach common agreement

Describe the nature of legally binding contracts

A contract that is legally binding is considered valid and enforceable in a court of law. A contract is a clear outline of an agreement between at least two parties. Usually contracts define each party involved and any terms used within the agreement the duration and/or timelines of the contract, payment terms and provisions that protect each party. Legally binding contracts require to have "consideration" which means both parties are willingly entering into the agreement and are not being coerced. A contract is an agreement between 2 or more parties to do, or refrain from doing, some action. A contract must have 3 things: an offer, acceptance, and consideration. One party must make a clearly stated offer to another party. The offer must be accepted. Something of value must be promised in exchange for a specific action or non-action.

Explain the concept of organized labor and business

A labor union is a group of workers who have joined together for the common purpose of improving the terms and conditions under which they work. Unions are formed to obtain higher wages, better benefits, and improved working conditions. When laborers organize, they are able to increase their bargaining power with business management. Two main types of unions exist today—industrial unions, made up of workers employed in the same industry, and craft/trade unions, which are groups of workers with similar skills. The AFL-CIO is the federation for nearly all labor unions, although some very large unions are independent of the federation. Labor union contracts are created through a negotiation process called collective bargaining, involving union officials and company representatives. If an agreement cannot be reached, pressure strategies may be imposed by either side, including strikes, picketing, and boycotts by union members or 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.

Balance personal and professional responsibilities.

A lack of balance between personal and professional life could have a detrimental impact on you and the people in both aspects of your life. - invest a reasonable amount of time in both - create a schedule - separate social media accounts - avoid distractions

Describe factors that affect the business environment

A number of factors affect the business environment, therefore it is important to research the industry and understand the surrounding economy. Industry trends and patterns of change in areas such as sales growth and government regulation should be considered. Understanding the competition will help you plan a strategy of success. Barriers to entry in an industry may exist, such as a dominant competitor, economies of scale, and customer brand loyalty. Other industry factors include threats from substitute products, supply sources, and technology. A critical area to analyze is the demographics of your business environment, including number of companies, annual revenues, and average number of workers employed. Assessing the competition includes looking at market share and analyzing the position of your company relative to others in the marketplace. External factors include political factors, macroeconomic factors, microeconomic factors, social factors, and technological factors. Internal factors are factors from inside the organization that affect a business, such as organizational culture, organizational structure, and management structure. Internal Factors: Core Competencies - strengths/weaknesses Goals/Objectives - envisioned accomplishments Values/Philosophy - beliefs on how to do business External Factors: Macro Trends - various environmental, geopolitical, and social trends Economic Dynamics - changes in economic principles of industry

Interpret a pay stub

A 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. Your paystub includes many important things, starting with you name and social security number. It lists the current pay period. Your current and year-to-date earnings, taxes, and deductions are listed. Current earning may be described with you hourly rate, the number of hours worked, and you gross earnings (calculated by multiplying your hourly rate by the number of hours worked). Taxes that may be withheld from your gross pay include Federal, State, Local, FICA (Social Security), and Medicare. Other deductions might include union dues and money withheld for fringe benefits, such as health insurance. Net pay is your gross earnings less taxes and deductions.

explain the nature and scope of purchasing

A person who purchases goods for business purposes is called an organizational buyer. The types of purchasing situations include: new task purchase, in which a purchase is made for the first time; modified rebuy, where the buyer has had experience buying the good or service but some aspect of the purchase has changed; and straight rebuy, when a buyer routinely orders the goods or services from the same vendor(s) as in the past. Suppliers should be selected using the following criteria: production capabilities, past experiences, special buying arrangements, and special services. Purchasing also involves the skill of negotiation. Items to be negotiated include prices, dating terms, delivery arrangements, and discounts. Customers purchase goods and services from a company anywhere locally, regionally, domestically, or internationally.

Develop personal budget

A personal budget is a plan for saving and spending your money based on your income and expenses. Start your budget by defining your needs and your goals, considering both short- and long-term goals. Write them down in a list, with a target date or time frame to reach them. Next you will need to prioritize your goals, arranging the items in order of importance. Then you must estimate your income and your expenses. In your income estimate, include your wages or salary but count only your net (take home) pay. Other sources of income might include tips, gifts, and interest earned on a bank account. Estimate your expenses in two categories—fixed and variable. Fixed expenses are usually the same amount each time you pay them. Variable expenses are those that vary each month. Once these steps are completed, you create your budget. You can transfer your estimated income and expenses to a paper or computerized budget form. Indicate your savings on the budget, as well—you may want to consider this a type of expense. As you compare your income to expenses, you should see if you have enough money coming in to pay all of your expenses. It is important to be honest and realistic when creating your budget, even if it means revising some things. Also, check your progress monthly and review your spending carefully so you know if you have to cut back your expenses or increase your income.

Explain the nature of positive customer relations

A positive customer relations mindset means believing that your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of me, and have important problems and complaints. Positive customer relations yield benefits to the business, the employees, and the customer. Businesses benefit by being more competitive, obtaining repeat business, and greater profits. Employees may receive customer compliments and perhaps a raise or promotion for good customer service skills. Customers benefit by having a more pleasant, satisfactory buying experience. This creates an atmosphere of goodwill. Positive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling complaints, inquiries, and requests. Demonstrate good customer relations by doing the following: considering and attempting to meet their needs, concentrating on them without distractions, following up with them, following through on what you say you are going to do, and being efficient in handling issues.

Describe crucial elements of a quality culture

A quality control program is a set of measures built into the production process to ensure products/services meet certain standards and performance requirements. Standards can be set for product appearance, performance, and consistency. Two key elements ensure a quality culture. A quality circle is a small group of employees doing similar jobs who meet regularly to identify the quality of their work. They can serve as a way to motivate employees, and give employees a vested interest in the company's success. Product inspection is another way to control quality. A quality culture can encourage a team spirit among employees as well as lead to greater profits from the sale of higher quality goods and services.

Explain the concept of economic resources

A resource is any item that can be used to produce goods and services. Natural resources include anything that comes from nature. Human resources are people, the work they do, and the skills they possess. Capital resources include materials used in the production of goods and services. All of these economic resources are limited. The basic economic problem is how to meet unlimited wants with limited resources. This gap is a condition called scarcity. land (natural resources), labor (human resources), capital (assets, $), entrepreneurship, skill

Demonstrate a customer-service mindset

A service mindset is an outlook that focuses on creating customer value, loyalty, and trust. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it. Listen carefully to the customer and acknowledge that you are there to help. Customer service it the process of ensuring customer satisfaction with a good or service. It often takes place when performing a transaction for a customer. Consists of three parts, pre-transactional, transactional, and post-transactional. A service mindset is an outlook that focuses on creating customer value, loyalty and trust. A business with this outlook wants to go beyond simply providing a product or service. It wants to create a positive and indelible imprint in the customer's, or even in the prospect's, mind. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it. • Listen carefully to the customer's complaint and acknowledge that you are there to help—in this case that the business meeting has been disrupted • You know you have a customer-service mindset if you: o talk about positive customer interactions more than negative o you view negative customer interactions as opportunities to learn even more about the customers' needs and expectations o you create opportunities for customer contact

Recognize personal biases and stereotypes

A stereotype is an oversimplified distorted belief about a person or a group. It is important to recognize personal biases or stereotypes so that we may correct them. When you learn about others you become more tolerant and understanding. stereotype: oversimplified distorted belief about a person or a group bias: can lead to unjust decisions important to recognize for correction increases tolerant and understanding

discuss principles of computer systems

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 -include software and hardware -powerful hardware--computer can perform more calculations faster -software--includes operating systems, web browsers, computer applications

describe the use of technology in operations

A variety of computer applications assist businesses in their operations. Word processing programs allow you to develop reports, letters, and announcements. Database programs enable you to maintain customer lists and catalog inventory records. Spreadsheet software helps you analyze financial data and track business performance. Uses for desktop publishing programs include creating layouts for forms, advertisements, and product manuals. Presentation software assists you in delivering visual and verbal information for meetings. The Internet has become an integral part of the business world. Companies use websites for promotion and as a way to stay connected with their customers. Web-page editing software enables you to create and maintain a website. Communications software allows you to communicate electronically with others around the globe through computers and videoconferencing. Technology can be used in business operations to consult research reports in order to help make a decision on how to utilize an asset. Variety of computer applications assist businesses in their operations.

Motivate team members

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.

explain procedures for handling accidents

Accidents should be reported to management or handled as instructed in the employee handbook. Always survey an accident scene before you do anything. Do not make any assumptions. Figure out what has already happened, and determine what may happen next. If someone is injured, administer first aid and get help if needed. Do not move a victim who may have a back or neck injury. Clear the victim's airway and check to see if he/she is breathing. Check for a pulse or severe bleeding. In the event of a fire, leave the building immediately using the stairs or a window. If you cannot leave, stay close to the floor to avoid smoke. Before opening a door, put your hand on it to feel if it is hot. If your clothes catch fire, stop, drop to the floor, and roll to put the fire out. Do not try to put out the flames yourself. During an earthquake, stay inside and move to a doorway or under a table. If you are outside, stand out in the open away from things that may fall. If a tornado threatens, go indoors and stay away from windows. Cover yourself with a mattress or blanket. If you are outside and cannot get inside, dive into a ditch or other low ground area and stay down.

Explain the concept of accounting

Accounting is tracking the money for a business. They keep accounting records to know what they spent money on, and where they are making money. Businesses keep accounting records to help guide their financial decision making process. Most importantly, it proves that they are making proper decisions with their money. Financial information for a business can be recorded, summarized, and reported in a variety of ways. The way in which information is kept and reported is determined by the size, type, and complexity of a business. Businesses should also consider the types of decisions that will be made when designing an accounting system. Types of information to be gathered include purchases, sales, expenses, and payroll. There are two basic types of accounting methods: cash and accrual. In the cash accounting method, income and expenses are recorded at the time the money changes hands. The accrual method of accounting records transactions at the time they occur even if no money changes hands at that time. Accounting records show changes and the current account balance of each asset, liability, and owners' equity account. The recording of debit and credit parts of a transaction is called double-entry accounting. A record summarizing the information relevant to a single item in the accounting equation is called an account. With every action, at least two accounts will change. A group of accounts is called a ledger. A form for recording transactions is called a journal. Keeping financial records so that an individual or business can see where their money is coming from, what it is going to, and how they can spend their money more efficiently.

Discuss the measure of consumer spending as an economic indicator

After all, consumer spending accounts for 70 percent of all economic activity. It's the biggest chunk of gross domestic product, or GDP, which is the value of all goods and services produced in the U.S. That means it's watched very carefully. High customer spending = good economy consumer spending = 70% all economic activity. biggest chunk of GDP (value of all g/s produced in the U.S.) watched very carefully.

Follow safety precautions.

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

Follow established security procedures/policies.

All security policies and procedures should be understood and followed meticulously to prevent damage to employees or property. Established security procedures allow employees to know what to do in certain situations without them making a personal judgment. Security policies protect the business from negative financial impacts from both employees and customers. follow rules

Explain the nature of agency relationships

An arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act. Legal document signed for someone to act on your behalf - lawyer, real estate agent

Explain the types of economic systems

An economic system, or economy, is the way a nation provides for the needs and wants of its people. It defines how a country will use its resources to produce and distribute goods and services. Four types of economic systems exist: traditional, market, command, and mixed. A traditional economy determines the use of its resources based on the cultural or religious traditions that have been used for generations. Mostly small, developing nations use this type of economy today. In a market economy, there is no government involvement in the decision making process regarding economic resources. The marketplace determines what, how, and for whom goods will be produced. A command economy is a system in which a nation's government makes all of these economic decisions. The government also controls the factors of production in this system. No country, however, is a purely traditional, market, or command economy. There are always influences that make it somewhat mixed. The world's economic systems fall into one of four main categories: traditional economy, market economy, command economy and mixed economy however, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for who to produced it.

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

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

Use basic operating systems.

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.

Identify sources that provide relevant, valid written material

Apply the REVIEW concept to sources. R: Relevance, E: Expertise of Author, V: Viewpoint of Author/Organization, I: Intended Audience, E: Evidence, W: When Published.

Demonstrate appropriate creativity.

Appropriate creativity is a useful skill when you need to come up with a unique and effective strategy. - ideas must have value / be appropriate to the cognitive demands of the situation - be innovative / try new and different approaches - write down brainstorm ideas - communicate with others / get feedback Appropriate creativity is the concept of unique yet effective strategies

Explain the nature of balance sheets

Balance sheets reports assets, liabilities, and owners equity on a specific date, shown in real time compared to a fiscal period -balance sheet helps identify the net worth of the business as of the closing date on the statement -assets/liabilities/equity (things that make the business of value)

Use conflict-resolution skills

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.

Adapt communication to the cultural and social differences among clients

Begin by respecting differences among people. Another key is to avoid and overcome stereotypes. A stereotype is an oversimplified, distorted belief about a person or group. Keep an open mind and treat people with respect and you will maintain smooth relationships. In business, you must maintain an awareness of the language and cultural differences that will affect company employees as well as customers. Employees should refrain from using derogatory, racist, and sexist vocabulary. They should determine when it is appropriate to utilize more casual or more professional communication. Globalization: the movement beyond national and domestic markets toward international markets. When considering communication, as a general rule it is important to be respectful, being suggestive of issues when a problem occurs, and avoid being overly-direct and bold o Purpose: To avoid offending clients with your lack of sensitivity to their needs & To better assist clients to make the right purchase for their needs. Our market is very global and therefore impacts many different cultures socially and geographically. The success of all companies depends on their abilities to understand cultural differences and work with them to keep all customers happy and well-informed to make the best buying decisions. It is impossible to achieve customer satisfaction without clearly communicating product features and benefits. Clients could be offended by your lack of understanding of their culture's typical use of a product. o Ways to adapt Language Material culture (understand the way a country makes products and you will understand how they value the products) Aesthetics (what a culture considers valuable or beautiful) Social organization (what is acceptable in a culture) Religious beliefs, attitudes, values, space and time o Skills: (e.g., empathy, risk taking, problem solving, etc.). patient, flexible, and empathetic are key personality traits when dealing with communication barriers.

Enlist others in working toward a shared vision

Being able to articulate and bring people into a joint idea Collaboration is a powerful tool and it is important that fellow workers exhibit personality traits such as motivation, positive attitude, empathy, and conflict resolution skills in order to form the perfect work team.

Facilitate (lead) group discussions

Bring up a problem or topic of casual conversation and initiate conversation.

Determine the relationship between government and business

Business influences the government by: Choosing whether or not they will back certain politicians, and therefore, certain ideas Forming trade unions By making political action committees Effect government policies with their large investments Governments influence businesses by: Making laws and regulations that determine what can be sold, who can buy it, etc. Having government agencies that help workers, small businesses, and people who are trying to get jobs. The government serves as both a protector and a regulator of business in a free market economy. It serves to protect business property, enforce contracts and settle disagreements through the courts, and collect taxes on the products business sell. As a regulator, government enacts and enforces laws to prohibit certain behaviors, control business activities, and require certain standards. Examples of such laws include laws to control monopolies, set product safety standards, and regulate prices. The government also serves the following purposes to society through intervention in business: Provide public goods, Improve public welfare, Protect public health, Stabilize the economy, Protect specific businesses or industries, Conserve the environment, Protect consumers, Preserve competition, and Regulate workplace conditions. Government agencies have been set up to monitor such business activities, including the Food and Drug Administration (FDA) and the Federal Trade Commission (FTC).

Write business letters

Business letters should contain the contact information and address of the sender, while containing a formal greeting/closing and a professional body. Font such as arial or times new roman Block paragraphing, Include company information such as name and address Date Add the recipient's info- full name, title, company name, address Salutation Tone should be brief and professional Dive straight into business, simple and short Be courteous Formal closing, "sincerely", signature, name, title, contact info Enclosures if necessary Business letters should contain the contact information and address of the sender, while containing a formal greeting/closing and a professional body.

describe health and safety regulations in business

Businesses must adhere to health and safety regulations established by the U.S. Department of Labor. Workplace safety regulations are enforced by the Occupational Safety and Health Administration (OSHA) through inspections and fines. Employers must maintain health and safety records and provide safety training. They must stay up-to-date on OSHA standards and resolve violations promptly. Health and safety regulations exist to foster a safe workplace for all employees.

Explain cultural considerations that impact global business relations

Businesses should not offend people of any culture. When marketing, businesses should tailor their promotional strategies to fit the area's culture, in ways such as using models of that race or using a certain language in ads.

maintain a safe work environment

By following instructions, regulations, and precautions, employees can maintain a safe work environment. Creating a safe work environment is important due to the significant financial impact these policies can have on a business. Many companies develop an accident management program that includes complying with federal and state health and safety regulations, documenting workplace incidents, providing employees with protective clothing and equipment, offering safety training and information and providing opportunity for safety and health training.

Lead change

COMMUNICATION IS KEY -assessing current scenario -find areas for improvement -brainstorming solutions -implementing course of action -celebrate success -characteristic of a good leader -positive change

identify sources of career information

Career information can be found on the Internet or at a local career fair. Information on possible careers can be found in a variety of easily accessible resources. - friends/family - Occupational Outlook Handbook - counselors - the Internet / LinkedIn - career fairs/centers

Adjust to change

Change is common in the workplace and by adapting policies, work habits, and routines this change can be adjusted to.

Read and reconcile bank statements

Checking to make sure bank statement is same as your own A bank statement is a document showing activity on your account over the previous month, including a beginning and ending balance and all inflows and outflows during that time. Bank account reconciliation is when you account for the differences between the bank statement and your records (usually your checkbook register). The balances may differ because you have written checks that have not yet cleared the bank, or perhaps because you have deposited money into your account after the bank statement was prepared. To reconcile your account, start by comparing the checks you have written with those listed on the bank statement. List any outstanding checks on the reconciliation form. Subtract the total amount of outstanding checks from the ending balance on the statement. Next, add any recent deposits not on the statement to the reconciliation form. Finally, subtract any fees and add any interest as found on your bank statement to your reconciliation form. Now you should find that the adjusted bank balance and the balance in your records is the same. If there is an error, report it to your bank.

Explain legal considerations for finance

Commerce Clause of the US Constitution, Securities Act of 1933, Securities Exchange Act of 1934 to protect investors. Securities and Exchange Commission which administers the law regulating securities The 1999 Gramm-Leach-Bliley (GLBA) Act protected consumer information and prevented data breaches. Another recent legal action taken is the U.S. Securities and Exchange Commission (SEC) wanting to impose fees on market data (info on trades in U.S. financial markets). While the SEC's responsibility is to keep trade fair and equitable, many financial institutions are against this added cost to investment. -commerce clause (regulates inter state commerce) -some acts help protect investors -sherman anti - trust act bans monopolies The federal government regulates interstate commerce through the commerce clause of the U.S. Constitution. Securities regulation, especially the Securities Act of 1933 and the Securities Exchange Act of 1934, have been enacted to protect investors. These laws ensure that purchasers can learn the true nature of the securities they buy and provide a way to discover fraud and unfair practices. Included in the definition of securities are corporate stocks, interests in savings and loans, interests in racehorses or sports teams, and sales of coins. The Securities and Exchange Commission administers the laws regulating securities sales, brokers, dealers, and bankers who sell securities. The Federal Trade Commission was created in 1914 to protect businesses from the wrongful acts of other firms, especially referring to competitive practices. The Sherman Antitrust Act of 1890 was passed to stop the formation of monopolies. The Sarbanes Oxley Act of 2002 contains important rules affecting the reporting and corporate governance of public companies and their officers.

Employ communication styles appropriate to target audience

Communication channels used for business communication include websites, letters, email, phone conversations, videoconferences 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. Some communication chanels used for buisness communication can include websites (email), letters, and over the phone conversations.Depending on the customer or target market you may even communicate face to face.Regardless, you should always have research on the target audience -eg if youth internet, social media, -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

Analyze company resources to ascertain policies and procedures

Companies rules and procedures should not only be dependent on their products and services, but also the resources of the company itself. A resource is human, financial, physical, or knowledge factors that provide a firm the means to perform its business processes. Examples of such include time, materials, supplies, telephones, equipment, information, electronic mail and computer systems. We provide these resources to fulfill company goals and purposes. Your manager or supervisor must approve any personal, community, charitable or other non-business use of these or other company resources. Personal and improper use of company resources is counterproductive to the business and rulemakers of the company should immediately prohibit this. Companies policies should be centered around minimizing usage of resources and maximizing profit. Consulting the employee handbook or one's co-workers can ascertain one of company policies and procedures.

adhere to company protocols and policies

Company policies and protocols should be meticulously read and properly followed. Follow rules, regulations, procedures Policies and procedures provide consistent, day-to-day operations for an organization. They also improve safety levels in a workplace by establishing rules that concur with state or federal workplace regulations. Being attentive during orientation, reviewing the handbook, and maintaining communication with management can help.

Explain the concept of competition

Competition is the struggle among businesses for customers. As an essential component of the free enterprise system, competition forces businesses to produce quality goods at reasonable prices. Competition also encourages businesses to develop new products, enhance or improve existing products, and expand product selection in order to attract new customers. Businesses compete in two ways: price and nonprice competition. Price competition assumes that, with all other considerations being equal, a customer will buy the lowest-priced product. Nonprice competition is where businesses compete on factors such as product quality, business location and reputation, customer service, and payment or financing options available. A monopoly exists when there is no competition in the market for a particular good or service. Monopolies are not permitted in a free enterprise system. Competition is the amount of businesses and differentiation among their goods and services within a certain market. Types of Competition: Monopoly - 1 business, no differentiation Oligopoly - few businesses, low differentiation Monopolistic Competition - many businesses, high differentiation Perfect Competition - many businesses, no differentiation Duopoly - 2 dominant suppliers Collusion - classified suppliers (e.g. government weapons suppliers) Cartel - association of suppliers with high prices and low competition It makes customer service better It gives businesses and individuals a reason to be innovative It identifies the strengths and weaknesses of companies It gives consumers the best good/service for the lowest price

Maintain the confidentiality of others

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

Explain the impact of major trade alliances on business activities

Countries who have a positive relationship with each other will be more likely to trade Trade agreements have a major impact on trade and investment worldwide. In fact, they are responsible for shaping business relationships among companies across the globe. In order to succeed in the international environment, small business exporters need to be aware of the impact trade agreements have had and will have on their businesses. When trade alliances, or treaties governing commerce between multiple countries, are enacted, businesses should adapt their operations, marketing, and production to fit the new terms.

Explain forms of financial exchange

Credit enables a business or individual to purchase goods and services in exchange for a promise to pay later. It is most helpful when consumers want to make major purchases, though it is often used for more common, less expensive items. Customers are typically issued a credit card from a bank to make such purchases. Debit is a variation of credit. Consumers using a debit card authorize a seller to withdraw funds directly from the consumer's bank account at the time of sale. A cash sale is any transaction in which the customer pays for the item with cash or a check. Other forms of retail sales transactions include layaway, on-approval, and cash-on- delivery (COD). Layaway means removing merchandise from stock and keeping it in a separate storage area until the customer pays. In an on-approval sale, an agreement is made permitting a customer to take merchandise home for further consideration before paying. A COD sale is a transaction that occurs when a customer pays for goods at the time they are delivered. cash: money in the form of bills or coins credit: ability to buy something (or borrow money) with promise of future payment o secured/: guaranteed by claim against assets (mortgage/utility bill) 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 acoount, 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 cheque: paper document signed by drawer; cashed by drawee (bank) for payee

Explain the use of feedback for personal growth

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. The way feedback is given often affects the way you accept it. -Destructive criticism focuses on bad, no help. -Constructive criticism = calm, focus on prob, suggestions, helpful. -Maintain a positive attitude + avoid getting defensive. -Respond to negative feedback in positive way impresses others. -Work on correcting their weaknesses = move ahead in careers. -Giving feedback, important that message be clear and easily understood, nonthreatening, discuss problems one-on-one

Organize information

Decide if information is important and put other formation in a file a folder then categorize information and organize it in a logical order with headings Use charts and diagrams to organize information in a systematic manner. Use charts and diagrams to organize information in a systematic manner.

make decisions

Decisions should be made to benefit the employees and company as a whole. Types of Decision-Making: Autocratic - 1 person Minimum Input - 2 people Moderate Input - more than 2 people, but not all Laissez Faire - everyone's input

Demonstrate active listening skills

Demonstrating active listening skills includes making eye contact, identifying a purpose, asking clarification questions, and providing feedback Active listening is where a person recognizes and evaluates what is being heard. Active listening involves the following skills. 1. Identify the purpose-review the purpose of the communication and prepare to respond. 2. Look for a plan-be aware of the structure of the communication to make it easier to see how it all fits together. 3. Give feedback-these verbal and non-verbal cues indicate whether or not you understand the message. Ask questions at an appropriate time. 4. Search for a common interest-try to find something that interests you in order to avoid tuning out the speaker. 5. Evaluate the message-do so from the speaker's point of view as well as your own, and try to limit bias and personal judgment. 6. Listen for more than verbal content-assess what is being communicated non-verbally through rate of speech, pitch, volume, and voice quality. 7. Listen for a conclusion-at this time you may wish to take action or ask questions 8. Take notes-structure your notes around the plan and check them to see you have understood the main ideas.

Demonstrate initiative

Demonstrating initiative means taking action and completing tasks without being specifically asked to do so. Ex. developing a new idea for a marketing campaign and conducting research to show that your idea has viability

demonstrate systematic behavior

Demonstrating systematic behavior is immensely profitable in the workplace. - plan out approach / know what you are going to do before you do it - be productive - stay organized and orderly - act in a methodical manner - will increase employee focus, efficiency and productivity, which will result in an increase in profits step by step, efficient

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

Digital communication is not as safe since it has a tendency of being hacked. If your digital communication is not safe and encrypted, then someone could be able to hack into your messaging server and see all of your confidential business information that has been sent over digital communication. - 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 - Lawsuits arising out of unmet expectations - Out-of-pocket expenses due to lost data - Lost income from compromised business activities Cybercrime- Theft of IP, interception of emails etc. Damaged PR- Leaked information

Utilize quality control methods at work

Double checking work, quality leaders

Determine the impact of business cycles on business activities

During times of a healthy economy(measured by low unemployment and low inflation) customers have more discretionary income. During a time when he economy is at a slow-down (measured by rising prices and layoffs) people may be less interested in items of want and more interested in items that are a need. Businesses are reluctant to invest in promotional ideas that may not have a strong ROI. The four business cycles are measured by are property, recession, depression, and recovery. 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.

Demonstrate basic e-mail functions

E-mail functions include forwarding, carbon copying, attaching files, deleting/archiving emails, filtering spam, blocking email addresses, etc. -forwarding -carbon copying (CC) -attach files -delete/archive emails -filter spam -block email addresses

Interpret business policies to customers/clients

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." Use Simple Language: Help employees learn how to explain the corporate policy to customers without talking down to them, yet not overwhelming them with industry jargon or unimportant details. 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 arbitrary, but serve a specific purpose. Guidelines for interpreting business policies to customers: State the policy and explain how it applies to the situation, stress the desire to maintain fairness through the use of the policy, Remain calm, and answer any questions on store policy o Define the term business policy: A general rule that personnel should follow in order to avoid misunderstandings and apply fair and consistent treatment to all situations. o Describe reasons for having business policies: The policies create a business image and help you to consistently maintain that image. o Explain types of business policies that affect customers: purchase policies & return and exchange policies o Discuss the role of employees in interpreting business policies. Employees are the ones dealing with customer inquiries and must learn how to apply business policies to each situation Clear policies must be communicated to employees so they will understand how to implement. o Explain when business policies should be interpreted: Every situation is unique and different & Policies must sometimes be adjusted to fit the occasion while maintaining their initial integrity. o Explain guidelines for interpreting business policies to customers. State the policy and explain how it applies to the situation. Stress the desire to maintain fairness through the use of the policy Remain calm. Answer any questions on store policy

Manage commitments in a timely manner

Effective time management can be accomplished by delegating tasks, prioritizing the tasks, setting goals, meeting deadlines and staying organized. Employees should also determine his/her most productive time during the day, learn to say "no" if possible and reduce technology that results in decreased productivity.

Explain the nature of effective written communications

Effective written communications require some basic considerations: knowing your audience, knowing your purpose, and knowing your subject. You must assess who your target audience consists of in order to which form of communication to use. Next, knowing your purpose for writing helps organize your thoughts. You must decide if you are trying to inform, confirm, inquire, answer, or persuade the audience. Lastly, written communication requires that you have in-depth knowledge of the subject and how to relate what you know to the intended audience. The form of written communication you choose to use will depend on the above considerations. Letters are formal methods of communicating outside the business. E-mail is an informal method used to reach those inside or outside the company. Memos, while being replaced by e-mail, are a more formal way to communicate within a company. Business reports are for lengthy topic, typically for internal use or for stockholders. Similarly, company publications may be used internally (for company policies or externally (for marketing purposes). Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action. Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.

Describe the impact of electronic communication tools

Electronic communication, such as email and social media can allow businesses to market their products to a global audience and negotiate partnerships with foreign companies.

Handle and report emergency situations

Emergency situations should be reported to 911 and company management, and the employee should act with common sense at their discretion. Many companies are required to have an emergency action plan. This discusses how to report hazards, such as fires, spills and the like. It pinpoints where to find emergency supplies such as flashlights and first aid kits. An emergency response team may be developed, and escape routes should be outlined. It is also important to specify how to evacuate people with disabilities or other special circumstances. In addition to hazards, workplace violence - internal or external - must be considered. contact higher power, statement

Describe the nature of emotional intelligence

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. Set of interpersonal skills: EMPATHY -self-understanding, recognize impact of feelings on others -personal traits to foster career advancement -ethics demonstrate trustworthiness in working w/ others. -techniques to manage emotional reactions to people and situations. -ID w/ others' feelings, needs and concerns to enhance interpersonal relations. -communication skills foster open, honest communications -communication skills influence others' POV -apply problem solving techniques to obtain solutions -manage stressful situations to min. neg. situations -teamwork techniques to accomplish goals. -leadership skills to achieve objectives. -manage internal and external business relationships fostering positive interactions

Show empathy for others

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. Empathy = understanding of another person's situation/frame of mind. -be open-minded, realizing people are under pressure. -treat others considerately -think of other's position -speak carefully, think how others will feel when they hear it -smile, and make them feel important

orient new employees

Employees Oriented Experience Success Go over company policies Take a tour of the workplace Training sessions Mentoring program (Employees who have been properly oriented to their work environment experience greater satisfaction and success. Increasing one's familiarity with new surroundings and expectations provides a welcoming impression and leads to greater productivity sooner.) New staff are oriented through computers and one on one staff training. Orientation period usually last 3-6 weeks(probationary period). During this time the employees learn what their position requires and the expectations of the company. Prepares the employee to work independently.

Explain the nature of staff communication

Employees need to feel they are important and have the opportunity to talk to supervisors. They also need to feel like their opinion is heard. o Create the Culture Schedule informal communication & Meet one on one & Meet in groups o Make Sure Your Message is Heard Evaluate your own abilities & Sharpen your message & Recognize good work & Prepare for meetings & Understand unspoken signals & follow up o Listening to Your Employees Create formal feedback mechanisms, Take input seriously, Check management attitude, Reward feedback o Importance: Better customer service only informed staff will be able to convey accurate information to your customers Clarity of purpose ability to navigate change successfully is linked directly to whether employees know your expectations and understand their connection to the company and its goals Employee motivation and dedication to the company talking regularly with employees lets them know they are a valued part of your team. If you can demonstrate to your staff that you depend on their input, they will assume ownership of the company's goals and eventual success Teamwork company-wide mandate so that all team members share the same ultimate goal & encourage communication among staff to ensure that all energies focus on that goal Productive staff input Integrity and honesty about you as a leader. o Methods: Hold monthly or quarterly staff meetings Publish internal newsletters Post notices on staffroom bulletin boards If available, send information via intranet or email; invite questions or comments from staff Use a "rumour board" to respond to anonymous staff queries Encourage staff to read and write in a "collective comments" binder Find ways to invite suggestions by using town hall meetings, employee opinion surveys, or suggestion boxes. Then make sure you openly address the suggestions that are made. Hold staff pizza nights, barbecues or other social events that will prompt informal communications Maintain an overall open-door policy to the manager's office

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

Employees should know their company's mission and vision an work in a way that demonstrates these. Friendly, honest, helpful etc employees= customer's perception of the company, front lines all the ads in the world can't change their perception if your employees dont give off a good impression Clean, professional friendly, we don't want those who hate work, who slouch and lounge around Through that, and consistent customer relations ( quick and fast replies to inquiries, professional help, basically employee customer interactions) we can create a good image of our company

Demonstrate ethical work habits

Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation. Employee must be flexible, punctual, creative, attentive, respectful, timely with tasks and demonstrate leadership 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. Ethics = basic values + moral principles that guide behavior Characteristics: honesty, respect, and equity. -honesty: maintain confidentiality, respect for company property (basis for a trustworthy bus. relationship) -respect: listening w/ an open mind, responding w/ courtesy + tact. -equity means that everyone has = rights + opportunities (important when dealing with others)

Analyze employer expectations in the business environment.

Employers expect a lot of things from their employees, including cooperation, initiative and a strong work ethic. Employees need to display a willingness to follow directions, to learn job tasks and skills •Communicated in job description •Detail in job training process •Basis of performance evaluations •Expectations: be on job as required, reliable, honest, ethical, take initiative Employer expectations are communicated in the job description and in detail through the job training process. They form the basis of performance evaluations which may be used to determine performance bonuses and/or promotions. Both the employer and employee are responsible for ensuring communication of these expectations are clear and understood so they can rely on each other to achieve common goals. Expectations may include professional development for employees to upgrade and stay on top of the latest trends in the industry Did the participant explain their expectations of their employees in terms of: - Job performance - Customer service - Professionalism - Ability to handle conflict - To be on the job as required - To be punctual - To be reliable - To be honest and ethical - To take initiative When employed in an organization, an employee should understand what management requires of their position in order to meet or exceed those standards. Be cooperative and willing to follow directions and show a strong work ethic.

Explain the role requirements of entrepreneurs and owners

Entrepreneurs and owners should be good leaders and well-versed in business. The entrepreneur, by definition, is the individual responsible for identifying a business opportunity and taking it from idea to implementation. Generally, entrepreneurs share traits as creative, risk-takers, up starters and innovators. The role of the entrepreneur is to take the creative concept and launch this idea into a business operation. He is the initial organizer responsible for the business. A successful entrepreneur turns his ideas into a business through careful planning, market research and a developed vision. -creates process, devote time and $$$, effort, risk -strong bus. background, versatile, risk-taker, confident, perseverance

Describe the nature of entrepreneurship

Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business

Discuss the nature of environmental law

Environmental law is a form of legislation that addresses the effects of human activity on the environment. Law for the regulations of the environment. These laws are used to safeguard the environment from human activity. Environmental law encompasses the body of rules, regulations, orders, and statuses concerned with the maintenance and protection of the natural environment of a country.

discuss the role of ethics in operations

Ethical considerations include those that deal with employees and those that deal with customers. An ethics policy for employees may discuss working hours, overtime pay, flexibility, safety, and health issues. Regarding customers, operational ethics deals with product and consumer safety, credit concerns, delivery policies, hours of operation, customer service policies, and return policies. Ethical operations will maintain fairness and safety for all employees and customers, be open and up-front about their policies, and handle problems promptly and equitably. An ethics policy for employees may discuss working hours, overtime pay, flexibility, safety, and health issues. Business operations employees should not disclose information unless authorized and decisions should not be made unless it is permitted.

evaluate project results

Evaluate results--- compare results to expectations, conduct surveys, review lessons learned, and recommend follow-up actions(make necessary corrections)

Make oral presentations

Exhibit assertive/strong posture, tone, and enunciation and look confident. -make sure you are well prepared, know your content -watch language, keep it simple, emphasizing the key points by repeating them with different phrasing -voice clear, words pronounced clearly -don't rush, speak slowly an dloudly -good body language, stand up straight -interact with audience, have questions and points for discussion ready for them -open to questions, check if they are with you "Does that make sense" Speak so that you can be heard and move eye-contact from area to area so that you continue to engage the entire audience.

Use appropriate assertiveness

Exhibit self-confidence and assurance without being aggressive by being negotiable and encouraging

Ask relevant questions

Explain your misunderstanding. State what you know. State what you don't know. Sound confident. Speak as well as you can. Always research first. Keep calm. Use the best spelling and grammar possible. Think about what they said. Ask for clarification when you need it.

Extract relevant information from written materials

Extracting information while reading is a process that consists of three main activities: pre-reading,reading and review. Before you begin to read, determine what you need to know as a result of your reading. Scan the titles, headings, sub-headings, topic sentences and graphics to more efficiently gather and prioritize the information. Always pay close attention to introductions and summaries, as they will keep the information in context. During the pre-reading process, you may want to create your own table of contents based upon the information you are seeking. You can use this as a guide later as you read, and when you review, it can be used as a checklist so you can rest assured that you have covered everything. It helps if you know the terminology involved in the material before you actually start. If a piece of information from written material relates to the topic under discussion and is true, then it is relevant.

Set financial goals

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 or less to achieve), intermediate (two to five years), or long-term (more than five years). Also, some goals may happen every year, while others occur only occasionally.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.

Describe the need for financial information

Financial information includes raw data, records, and reports. Consumers are essentially buying information when dealing with financial services providers; businesses rely on accurate financial information to make sound decisions. Financial services products are bought and sold based on information about costs, returns, and risks. Financial information is used to match company resources to its planned activities and to identify additional resources that may be needed or secured. Businesses use information to identify ways to reduce expenses and invest company assets. Also, information is used to forecast for future budgeting and growth, as well as to control and manage risk. Other pieces of information that are required include sales, inventory, operating systems, personnel costs, insurance expenses, tax liability, and profitability. In addition, information must be collected regarding external factors such as economic conditions, investment alternatives, and competition.

Write a follow-up letter after job interviews.

Follow-up letters should demonstrate the applicant's interest in the company as well as the request for an additional interview.

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

Foreign trade has become more important to our economy in recent years. Exports and imports of goods and services have grown rapidly. A growing trade volume benefits our standard of living in several ways, but, as the recession deepens, my focus here will be limited to the impact of the trade balance on America's gross domestic product and, by implication, its job market. 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. stable economy = easier to do business in developing economy = growing fast, producing many goods + innovation

Explain the concept of Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the output of goods and services produced by labor and property located within a country. GDP is one measure of a nation's productivity, or the output of workers in a given period of time. GDP is made up of several elements: private investment, government spending, personal spending, net exports of goods, and change in business inventories. Two types of GDP are nominal GDP and real GDP. Nominal GDP is stated in the price levels in which the GDP was measured; real GDP is the nominal GDP adjusted for changes in prices. Calculate GDP as follows: add private business spending, government spending, and personal spending. Then either add a trade surplus or subtract a trade deficit, and either add expanding inventories or subtract shrinking inventories. A similar measure to GDP is Gross National Product. GNP is the total dollar value of goods and services produced by a nation, including those produced outside of its own territory by its own citizens.

Write professional e-mails

Have a clear subject in the identifies the purpose of the email, great the person by name (avoid "to whom it may concern"), keep the email short and to the point, and close appropriately. Have a clear subject that identifies the purpose of the email Greet the person by name (avoid "to whom it may concern") Keep the email short and to the point Close appropriately

Explain the purposes and importance of credit

Having good or bad credit determines whether or not people can be approved to get credit cards, take out loans, buy cars, start businesses etc. Credit shows how financially responsible a person is based on how they pay their bills and what debt they are in. Credit is borrowed to allow individuals to pay at a fixed date in the future and helps economy to grow. Credit enables businesses or individuals to obtain products or money in exchange for a promise to pay later. Businesses use credit to buy materials and supplies from other businesses. Credit makes it possible for millions of people and companies to purchase goods and services who otherwise would not have the means to do so. By extending credit, businesses provide a purchasing incentive to customers, thus enhancing their sales revenue and supporting the overall economy.

Demonstrate honesty and integrity

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. desirable qualities of good employee and person -being loyal and trustworthy -act responsibly and ethically, even when difficult -respect others' feelings and possessions

Defend ideas objectively

Ideas translate to opinions. Opinions are subject to interpretation based on world view. Opinions can be defended. The objective approach is to present evidence which supports the underlying cause of your belief. In order to be taken seriously you must also be willing to give weight to the merits of the opinion of others based on the same criteria. Avoid trying to denigrate others even when you don't agree with their position. if you must discredit the opinion of others do it with facts. Ideas translate to opinions. Opinions can be defended. The objective approach is to present evidence which supports the underlying cause of your belief. State evidence to back up your claims.

Explain the principles of supply and demand

If there is a large quantity of an item and a low demand for the item, prices will be lower. (Think pencils) If there is a low quantity of an item and high demand for the item, prices will be high. (Think diamonds) Supply is the amount of a product the seller is willing to supply at a given price while demand is the amount of a product the potential customer is willing and has the ability to buy at a certain price. When supply and demand are the same no shortages or surpluses exist. This is known as equilibrum. In a market-oriented economy like in the United States, supply and demand determine the prices and quantities of goods and services produced. Supply is the amount of goods and services producers are willing to make and sell. Demand is the willingness and ability of consumers to buy goods and services. Supply and demand interact in the marketplace resulting in a state of equilibrium, surplus, or shortage. The law of supply states that price and quantity supplied move in the same direction (a direct relationship). Thus, as price increases, the amount of goods and services supplied increases. Conversely, the law of demand states that as price increases, the amount desired by consumers will decrease (an inverse relationship). When the amount of a product/service being supplied equals the amount being demanded, equilibrium exists in the marketplace at that price. If, however, there is more supply than demand for a product a surplus exists, potentially leading to lower prices. A shortage exists when demand exceeds supply, a condition that can lead to rising prices.

Explain the nature of global trade

Improvements in technology, communication and production have enhanced the global business environment. Trade agreements among nations and regions of the world reduce restrictions on trade. Corporations are often forced to compete multinationally, and their decision making must adjust to reflect a global marketplace. Companies invest in international business ventures for a number of reasons, including: expanding their market, increasing their operation efficiency and reducing costs, reducing political and legal hurdles they might otherwise face in other countries, diversifying their operations, and gaining greater return on their investments. Multinational business is not easy. Businesses must consider language and cultural differences. There are also hurdles in political risks, different economic philosophies, and fluctuating values among global currencies Global trade occurs through the transport of goods internationally. Import/export law differs from country to country and must be abided by. the exchange of capital, goods, and services across international borders (large part of gdp)

Explain the concept of private enterprise

In a private enterprise system, the three basic economic questions—what goods/services will be provided, how, and by whom—are answered by individuals and businesses, not by government. Individuals and organizations own and control the economic resources, including natural, human, and capital goods used to produce goods and services. Private enterprise is characterized by a number of qualities, including the following: Ô Businesses are free to choose what they wish to produce, how to produce them, and what price they will charge Ô Individuals and businesses are free to own, use, buy, and sell private property Ô Government control in private enterprise is limited Ô Competition exists and is encouraged by government Ô Businesses are motivated by the ability to make and maintain a profit Ô Prices are important in making the supply and demand system work correctly. Ô Individuals and enterprises are free to set their own financial goals, including the ability to choose what kind of work they would like to do Business activities that are not controlled by the state. (ex: Bob decides to open up a car garage, the state does not own his garage)

explain the rights of workers

In general, employees can expect their employers to provide regular pay, a safe work environment, appropriate job training, opportunities for raises and advancement, and safe tools. They can also expect to be able to make reasonable complaints. Businesses must adhere to many laws, including the Fair Labor Standards Act (for minimum wage), child labor laws, the Family and Medical Leave Act, the Employment Retirement Income Security Act (for retirement income protection), and whistle blower laws. A number of employee privacy laws must be obeyed, also, such as the Federal Privacy Act, the Drug-Free Workplace Act, and the Employee Polygraph Protection act. Other laws protect worker benefits, including Social Security, unemployment, and workers' compensation laws. The Equal Employment Opportunity Commission is responsible for fair and equitable treatment of employees regarding hiring, firing, and promotions. Employers have a duty not to discriminate among workers based on a variety of things, including race, pregnancy, or disability. Laws also exist to protect workers against sexual harassment. Businesses must adhere to the government's health and safety standards, which include guidelines for workplace safety and environmental concerns.

Explain possible advancement patterns for jobs.

In many industries, jobs can be categorized based on skill level. One can advance from one level to the next through experience, education, attrition, and promotion. Entry level jobs usually require no prior experience and involve only limited decision making. Career-sustaining jobs are the next level, requiring more skill and experience. Specialist positions often involve a demonstration of leadership and decision making ability, and are often long-term positions. Supervisory positions require good management skills and hold much responsibility. Top management is usually the highest level. People at this level are capable of running entire companies or divisions. They are skilled in a large number of areas and are responsible for the final success of the business or division.

Describe the nature of customs regulations

In the USA, customs regulations are imposed by the U.S. Customs and Border Protection agency. They exist to protect the country's economy, people, and environment; and monitor the flow of goods across international borders. Customs- country sends products, has to go through certain regulations to ensure product is safe must pay customs duty (tax imposed on goods when transported across international borders)

Explain the nature of import/export law

In the USA, import/export law is regulated by the U.S. Customs and Border Protection agency. These regulations govern what can and cannot be brought in and out of the country. A tax collected on imports and some exports by the customs authorities of a country. This tax is used to raise state revenue. It is based on the value of goods called ad valorem duty or the weight, dimensions, or other criteria of the item such as its size.

Describe the economic impact of inflation on business

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 information privacy, security, and confidentiality considerations in business.

Information should always be encrypted and secure from cybercriminals and should not be disclosed without authorization. Information should always be encrypted and secure from potential theft and should not be disclosed without authorization. When handling confidential information from the company, you should never use a public network and make sure you maintain loyalty of the company by never disclosing the information. Companies also have to use trusted safe softwares for online information to ensure proper security. In workplaces, cabinets or computers with confidential or private information should be locked, stored or shut down at the end of the day.

Explain ethical considerations in providing information

Information technology affects common issues such as copyright protection, intellectual freedom, accountability, privacy, and security. Information technology affects common issues such as copyright protection, intellectual freedom, accountability, privacy, and security. 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.

explain the need for innovation skills

Innovation skills are needed to improve ideas and make them better. Employees that obtain strong innovation skills are an asset to any business. - innovative employees increase productivity by creating and executing new processes - new ideas may increase competitive advantage - increased employee motivation, creativity, and autonomy Innovation and creativity is necessary in any employee as pivotal ideas can lead to major breakthroughs in a company's financial success.

Write inquiries

Inquiries should contain relevant questions about a certain good, service or policy. Businesses often write letters of inquiry to other businesses to request information and literature or to order goods or services. The introduction serves as the executive summary for the letter of inquiry and includes the name of your organization, the amount needed or requested, and a description of the project. The qualifications of project staff, a brief description of evaluative methodology, and a timetable are also included here. The organization description should be concise and focus on the ability of your organization to meet the stated need. Provide a very brief history and description of your current programs while demonstrating a direct connection between what is currently being done and what you wish to accomplish with the requested funding. You will flesh this section out in greater detail if you are invited to submit a full proposal. The statement of need must convince the reader that there is an important need that can be met by your project. The statement of need includes: a description of the target population and geographical area, appropriate statistical data in abbreviated form, and several concrete examples. The methodology should be appropriate to your statement of need and present a clear, logical, and achievable solution to the stated need. Describe the project briefly, including major activities, names and titles of key project staff, and your desired objectives. As with the organization description, this will be presented in far greater detail in a full proposal. Other funding sources being approached for support of this project should be listed in a brief sentence or paragraph. The final summary restates the intent of the project, affirms your readiness to answer further questions, and thanks the potential funder for its consideration. Note: Attachments should be included only at the direction of the potential funder and should be specific to its application guidelines.

Follow instructions for use of tools, equipment, and machinery.

Instructions should be read meticulously before equipment is operated. If necessary, employees should ask the manager for assistance.

Use an integrated business software application package

Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications.

Protect company information and intangibles

Intellectual property can be protected through patents, trademarks, and copyrights. A patent is the legal ownership of an item or idea. A word, name, symbol, sound or color that identifies a good or a service is a trademark. Copyrights are legal protection for anything that is authored by an individual or company, such as writings, music and artwork. Trade secrets are also protected by law and specific company policy, often by contractual agreement with employees. Company information and assets should be kept confidential and protected from theft by cybercriminals. privacy, confidentiality

Demonstrate interest and enthusiasm

Interest and enthusiasm can be demonstrated verbally and non-verbally. When speaking choose words that are descriptive, vary your tone, listen and ask relevant questions. Non-verbal cues can be seen in your facial expressions, body language and eye contact.

Explain the economic impact of interest-rate fluctuations

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

follow chain of command

Interns follow associates who follow managers who follow senior managers who follow vice presidents who follow C-level executives. interns < associates < managers < senior managers < vice presidents < C-level executives

Maintain inventory of supplies.

Inventory is the amount of a certain supply available for manufacturing a product and should be maintained to determine long-term goals. watch for theft, make sure you have right amount, nothing missing

Explain the role of ethics in customer relationship management

It applies to the way in which a business displays its products and services to customers and how it handles customer complaints. Businesses have a responsibility to the consumers to behave ethically, judging what is the right and wrong thing to do. In customer relations, the primary concern in behaving ethically is to maintain the confidentiality of the customer's information The company has a moral obligation to safeguard personal information collected from the customer and are legally culpable if the information is mishandled or not properly protected o Building trust and loyalty is key o Customer information is personal information and must be protected o The company has a moral obligation to safeguard personal information collected from the customer o The company often is legally culpable if information is mishandled or not properly protected o Some customer information could be used to steal from the customer or impersonate him/her Children's information often has legal restrictions concerning what can be collected and stored o Security measures when handling credit card payments and information o Customer data is stored in a secured manner that monitors when and who accesses the information o There are secure levels of access so those that should not be able to see certain information can't o Data is properly deleted when a customer leaves the CRM program

Discuss the nature of customer relationship management

It is a business strategy (usually using computer technology) Refers to the practices, strategies, and technologies that companies use to manage and analyze customer interactions and data through the customer lifecycle It is designed to improve customer service, manage customers, and gain new quality customers (all increasing business profitability) Discuss the nature of customer relationship management. Customer relationship management involves finding customers and keeping them satisfied through a variety of means. It is useful for developing and maintaining customer relationships. The sharing of customer information among businesses has led to privacy issues. The government has regulations protecting the privacy of consumers, including offering customers the option of being added to mailing lists. o Customer satisfaction = employee bonuses (incentives) o Link customer satisfaction to other business goals o When given the choice to do business with one of two businesses that sell nearly identical products at similar prices, customers often choose to purchase from the business that offers better customer service. o Goals: better relationships with existing customers; customer loyalty; To attract new customers; Gather and track information for business decisions; competitive advantage o Customer Relationship Management (CRM) - Strategies, processes, and policies used by businesses to build, maintain, and maximize the long-term value of customer relationships Helps businesses to understand the respond to customers' changing needs Emphasizes positive meaningful, and long-term communication and interaction with customers. Involves the collection of customer information to draw conclusions about the customer's needs and wants as well as predict the customer's loyalty and value in the future o Procedures: Service management • Providing after-sales services, such as: • Maintenance and repair services • Warranties and guarantees • Retaining customers Complaint management • Receiving customer complaints • Resolving customer problems • Communicating customer complaints to the organization • Retaining customers Customer satisfaction = employee bonuses (incentives) , link customer satisfaction to other business goals. When given the choice to do business with one of two businesses that sell nearly identical products at similar prices, customers often choose to purchase from the business that offers better customer service. Customer relationship management involves finding customers and keeping them satisfied through a variety of means. It is useful for developing and maintaining customer relationships. The sharing of customer information among businesses has led to privacy issues. The government has regulations protecting the privacy of consumers, including offering customers the option of being added to mailing lists. Employees analyze customer feedback to improve sales and marketing methods to meet/exceed the expected standards to increase revenue Types of Customer Buying Behavior: Variety-Seeking - routine items, desire to try diff. things Risk-Taking - expensive items from unfamiliar business Status-Oriented - desire to have best quality/trendiness Brand-Insisted - only buy from certain brand

Handle telephone calls in a businesslike manner

Know what you're going to talk about so that you don't waste theirs r your time, tell them who you are, talk clearly and confidently, and end the call strong. Thank them for their time -Pleasant voice -Enunciate clearly and speak directly into mouthpiece -Speak loudly to be heard, but do not shout -All necessary info must be conveyed between you and other party, write down key points before or during call -Listen actively, and do not interrupt speaker -When answering, prepared to take message -Message includes date and time of call, caller's name and message, and return phone number -Repeat name and phone number of caller to ensure it's correct a formal greeting with good morning/ afternoon and name of business and department and person answering the call

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

Laws are enforceable rules of society that reflect the culture and circumstances that create them. Laws may be grouped into an organized form called a code. They should be both predictable and flexible. A number of forms of law exist, including common law, positive law, English common law, and equity. In the U.S., sources of law include the Constitution, state constitutions, statutes, ordinances, administrative regulations, and criminal or civil cases. Law is used to keep order in civilization. This can be enforced by the police or higher government officials. Laws are enforceable rules of society that help maintain order in our society There are two kinds of law. One is based on Justice. The other is based on control. The predominant form in use today, and which has the greater ancient heritage, is the latter. It is the law of control, of raw power, of "might making right". It is retribution, instead of restoration. Consider our current body of laws. They define what is permissible and what isn't. The federal government creates laws in a variety of ways. The most common sources of federal law are statutes enacted by Congress, common law created by the federal courts, and regulations promulgated by the various executive departments and agencies. Nature of Law: Criminal Law - prohibit crimes harming others/property Civil Law - disputes between people or groups Constitutional Law - challenging the U.S. Constitution, which is subject to interpretation by the courts (common law) Administrative Law - governs duties and powers of U.S. federal agencies International Law - treaties, trade agreements, etc. Sources of Law: The U.S. and state Constitutions contain rights enumerated to citizens as well as general regulations considered key to society. Laws can also be passed in the form of statutes by the U.S. Congress ans state legislatures. They can be struck down by the U.S. and state Supreme Courts if found unconstitutional.

Explain the concept of leadership

Leadership is the concept of an individual or group of individual managing administrative tasks for an organization. Types of Leadership: Authoritarian - strictly professional, direct supervision Paternalistic - father figure, more personal Democratic - social equality Laissez Faire - workers have all power Transactional - system of rewards/punishments Transformational - leads change and initiative Good leaders are: Ethical Respectful Objective Open-minded Skilled in the field that they lead Good communicators (both talking and listening)

Explain legal responsibilities associated with financial exchanges

Legally speaking, a sale is a contract in which ownership of goods transfers immediately from the seller to the buyer for a price. If the transfer of ownership will take place at a future date, it is called a contract to sell, rather than a sale. According to the Uniform Commercial Code (UCC), goods are tangible, movable personal property. Payment occurs when the buyer delivers the agreed price and the seller accepts it. The receipt of goods is when the buyer takes physical possession of the goods. A court may find that a contract is unconscionable, or grossly unfair to one party or another. In such a case, the contract may be voided or limited. Legal responsibility=the officially recognized acs enforced by the gov and conducted by a business or individual in exchange for goods or services financial capacity to pay; rules and regulations to govern acceptable conduct in securities exchanges

Persuade others

Logos (statistics and reasoning), pathos (feeling and emotion), and ethos (expertise and qualifications) can be used to persuade an audience. cause (someone) to do something through reasoning or argument.

Follow oral directions

Maintain eye contact with the speaker. To follow oral directions you must carefully listen as the directions are presented. Look the speaker directly in the eye to keep yourself focused and listening throughout the time you are receiving the directions. Repeat the words the speaker is saying in your head. Listen actively with internal monologue. As you hear the directions, take them into your head and silently repeat them to yourself. By doing this, you internalize the directions you are receiving. Paraphrase any difficult to understand sections. If the direction giver uses language structures or vocabulary that confuse you, reword the complex sections in your head. By translating the directions into more comfortable language silently you can increase your likelihood of retaining the information. ng process, mentally review all of the steps given to ensure that you remember all of the orally presented directions. Review the mental list you created at the conclusion of the direction giving. Ask yourself if the steps seem logical. If not, you have likely skipped a step. Ask for clarification. If you don't understand something or you feel that you have forgotten part of the instructions, ask questions of the direction giver. By doing so before you begin the task you can avoid potential missteps or mistakes. Complete the described task. Move through your mentally prepared list of steps to complete the process as outlined in the orally presented directions.

explain the concept of management

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 types of business models

Manufacturer - takes raw material and creates product Distributor - makes product available to retailers Retailer - sells product to consumers Franchise - includes all 3 functions/models

Discuss the global environment in which businesses operate

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

Discuss the impact of cultural and social environments on global trade

Marketing strategies should be appropriate to the cultural and social norms of an area, such as making area-specific products that people are more likely to purchase. The political environment in international business consists of a set of political factors and government activities in a foreign market that can either facilitate or hinder a business' ability to conduct business activities in the foreign market. EX: trying to sell hamburgers in the middle east would be an ineffective business practice as the demand would be fairly low.

describe functions of money

Money functions as a vehicle to pay for purchases, save for the future, and build wealth. Individuals and businesses pay for any number of purchases using cash, credit, checks, and debit forms of payment. Credit enables a business or individual to purchase goods and services in exchange for a promise to pay later. In addition to personal and business purchases, money is used to pay for government services through taxes. As a savings instrument, money may be set aside in a variety of ways in order to have security for the future or to have on hand later for a large purchase. Money can be used as an investment tool, as well. Stocks, bonds, mutual funds, and retirement accounts are ways that money can be invested in order to build wealth. Other types of investment vehicles include buying real estate, precious metals, and collectibles. Medium of Exchange - facilitate transactions Store of Value - changes as economy fluctuates Unit of Measure - common value of good/service

Discuss considerations in selecting a financial-services provider

Mr. Smith, the selection of the best financial service provider requires some research and probing as well as personal intuition. I would recommend asking about the institution's or personal advisor's credentials, how many year experiences the provider has, does this provider specialize in offering services which meet your personal needs, what are the fees for services, and what is the track record of this provider. Then ask yourself if you would feel comfortable sharing confidential information with this institution or person. You want to pick one that is personable (friendly). You want a financial adviser you can trust is trying to help you make money and not someone that is mostly concerned with trying to make their own profit off of you (commission). Commission is what a financial adviser charges a customer for managing their financial transactions. Reputation and online reviews should be consulted when choosing a provider. The one with the most expertise should always take first priority.

Demonstrate negotiation skills

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.

Explain the nature of financial needs

One aspect of developing a financial plan is to know the difference between your needs and your wants. Furthermore, you need to prioritize your needs and wants as you set your financial goals. As you do so, 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. Having choices with money comes with a cost and with risk. Opportunity cost is the trade off of giving something up when choosing one thing over another. Financial risks that you should consider include the risks of inflation, rising or falling interest rates, loss of income, and liquidity. Liquidity is the ability to convert assets into cash without loss of value.

Explain the need for ongoing education as a worker.

Ongoing education (such as receiving an MBA) is necessary to continue to obtain skills necessary in a 21st-century business environment. The average American has at least seven jobs before he/she reaches age thirty. People can expect to change employers several more times before they retire. While some people end up losing their jobs due to downsizing, everyone is affected by it. If managers are cut, individual workers may acquire more responsibilities. The skills you will need to manage new responsibilities may require more education. You may need to update your skills or learn new ones to keep pace with employment trends, as job opportunities shift from one industry to another. The competitive global market puts added demands on workers, as businesses try to stay up-to-date with technology and ways of doing business. - become more qualified - can lead to opportunities for career advancement - some professions require OE to remain licensed of certified - boost confidence

Place orders/reorders.

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. things you need to make profit, order when low

discuss the nature of information management

Organization Databases Weaknesses Trends Compare (Information Management can aid strategic management and decision making in plenty of ways, one of which are the development of various types of databases that represent different information depending on the needs of the management, with such databases, management can spot weaknesses, enforce corrective actions, detect trends and correlations, compare present with historical data, measure performance against a standard or a benchmark.) • Activities related to gathering information on various aspects of the marketplace and analyzing the data to determine an effective marketing strategy. • Various forms of market research are used in this function on a regular basis to support the decision making process so that marketing strategies are effective and profitable.

Explain the organizational design of businesses

Organizational design is a step-by-step methodology which identifies dysfunctional aspects of workflow, procedures, structures, and systems realigns them to fit current business realities/goals and then develops plans to implement the new changes. Organizational design is the structure of a business or its activities, such as having a CEO and chief executives, followed by senior managers, managers, associates, and interns. It can be centralized (one decision-maker) or decentralized (multiple decision-makers).

determine the nature of organizational goals

Organizational goals are strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts. - 2 types: official (general and long term) vs operative (specific and short term steps) should be: - SMART (Specific Measurable Attainable Relevant Time-bound) - guide employee efforts - clear and concise - overall benefit the company as a whole / result in profit and success

Utilize note-taking strategies

Organized, sub sections, neat, abbreviate, share Use abbreviations, write only the main ideas, and write questions to be asked. Don't write each word. Focus on the most important key issues or topics

Coach others

Others may need coaching and leaders should do so by assessing weaknesses, brainstorming solutions, and suggesting them in an assertive manner. Assessing weaknesses and suggesting solutions to improve

Determine personal vision

Personal vision can be defined as a future goal that one hopes to attain. It should be SMART - Specific, Measurable, Achievable, Realistic/Relevant, and Time-Bound. Personal vision is determined through goals - Guiding principles that influence daily decisions as well as overall direction - For a community - personal vision must encompass best interest of general population of community as a whole - In this case, the vision should be one that includes leaders in the community and creating a shared vision - Creativity, personal beliefs, values, and community expectations should be included

Write persuasive messages

Persuasive messages should contain all necessary information in an assertive manner. a persuasive message occurs when a person attempts to convince an individual or group to take certain specific actions. The two types of persuasive messages in the workplace are sales and marketing, which are utilized to achieve organizational objectives.

Describe the impact of the political environment on world trade

Political standpoints and biases can lead proponents and opponents to be persuaded or dissuaded from purchasing a company' product. One cannot separate economics, political science, and history. Politics is the control of the economy. History, when accurately and fully recorded, is that story. In most textbooks and classrooms, not only are these three fields of study separated, but they are further compartmentalized into separate subfields, obscuring the close interconnections between them.

Exhibit a positive attitude

Positive attitude can be exhibited via methods such as team encouragement, enthusiasm, and implementing a reward system. -team encouragement, enthusiasm, and implementing a reward system -creates more friendly and encouraging work environment

Describe the functions of prices in markets

Price is the value in money placed on a good or service. One function of price is that it can affect the value that a customer places on an item. Price helps establish a company's or product's image—many customers use price as a gauge to make judgments about products and companies. Another function of price is that it can give a competitive edge. Thirdly, the price of an item is part of the business' end goal of making a profit. in a free market economy the price of different products gives information about supply and demand.

Respect the privacy of others

Privacy is an important component of virtue and employees must not violate it by looking through personal communications or eavesdropping on conversation. EX: salary and divorce are not good discussion options. Respecting others' privacy includes treating the conversations, property, and work of friends and coworkers as if they were your own. At work, be respectful of the phone calls, faxes, e-mail, voice mail, and documents of others. Many of these things should not be shared with others, and much of the information at your workplace must be kept confidential. 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.

Participate in problem-solving groups

Problem-solving groups allow each employee to be heard and ensure that their rights are protected. feedback, input ideas, open minded

demonstrate problem solving skills

Problem-solving skills include taking everyone's standpoints and negotiating a compromise to resolve conflict. - focus on the solution, not the problem - be optimistic / have an open mind - think laterally (change your approach and look at things in a new way) - use positive language (ex "what if..." "imagine if...") - simplify things (generalize the problem)

explain the concept of production

Production is the process of creating, expanding, manufacturing or improving on goods and services. It is a function of business found in all industries and service-related operations. There are three main forms of production: extraction and cultivation, processing, and manufacturing. The three categories of products used by businesses and consumers are natural resources, agricultural products, and processed goods. Four types of businesses that are responsible for production are producers, extractors, farmers and manufacturers. Company leaders focus on efficient production and consider the many situations that may affect it. Companies that want to be industry leaders strive to produce the most innovative products as efficiently as possible.

Analyze impact of specialization/division of labor on productivity

Productivity is the measure of worker output over a given period of time. Specialization and division of labor are important elements to increasing productivity. The theory behind this is that work can be completed faster and more efficiently when workers specialize in a certain area of production. 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. Having workers perform specialized labor tasks is one of the factors that can lead to increased productivity. Division of labor can lead to a large increase in efficiency. These are some reasons how divisions of labor can impact productivity. The more job specialization there is, the more productivity increases

Explain the concept of productivity

Productivity=the output of work, per worker, often measured per hour. When labor exceeds a certain percent of sales, layoffs or simply sending someone home early can be necessary to keep expenses downed productivity in line with company expectations. Training can enable employees to work quicker and smarter in less time. Productivity is defined as the output per worker hour that is measured over a set period of time, such as a week, month or year. Higher productivity increases profits. Businesses can increase their productivity by investing in new equipment, technology or facilities, providing additional training to staff or increasing the responsibilities of workers.

Identify factors affecting a business's profit

Profit is the monetary return a business' owner receives for taking the risk of investing in the business. In simple terms, profit equals income less expenses. More specifically, there are two types of profit: gross profit and net profit. Gross profit is the money left over after the cost of goods is subtracted from income from sales. Net profit is the money left over after operating expenses are subtracted from gross profit. Factors that affect profit include demand for the good/service, expenses, prices, the economy, and chance. To try to increase profit, a business can increase worker efficiency, increase sales, and/or decrease expenses. Profit Margin: How much a business spends versus how much they make Costs include: Investment costs, operating costs, maintenance costs, material damages, production losses, etc. Other factors include state of the economy (bad economy, people spend less)

explain the nature of project management

Project management is the concept of leaders and employees handling a task including the design, development, marketing, and sales of a product. Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring, and controlling and closing. Business project- manage people, budget, time, materials

Apply project-management tools to monitor and communicate project progress.

Project progress should be tracked by project managers (PMs) and communicated to higher-level managers to develop marketing strategies.

discuss the importance of utilizing ethical purchasing methods

Purchasing- buying what you need to operate, bribery=no no Debts should always be paid on time when purchasing a product. Although one can declare bankruptcy, this has devastating consequences on the individual and the business.

Evaluate quality and source of information.

Quality Purpose Coverage Currency (To evaluate sources one must take into consideration the Quality, Purpose, Coverage, Currency. Quality- refer to the correctness, truthfulness or excellence of the overall source. Purpose-refers to the reason for which the author has produced the information Coverage-refer to the thoroughness and consistency of the information Currency-refers to the time that the information was produced) • Authority (who published; are they reputable and where is the info coming from) • Currency (when was this published) • Purpose (what is the author's intention)

Apply written directions to achieve tasks

Read all of the written instructions all the way through at least once. Understand the written instructions. If you have a question reread the instructions or the part you do not understand. Comprehend what the instructions tell you to do. Do not start to follow the instructions until you are completely clear with them. If necessary, call the person who wrote the instructions and ask any questions you still have. Follow the written instructions. Perform each step of the instructions in the exact order written. For example if the instruction says "take pill 'a' with a full glass of water and then take two pill 'b' with orange juice", make sure you take pill "a" first. Keep the instructions with you as you follow them. Even if you think you will remember them, find and read the instructions. Follow the written instructions at the same time. read over the directions carefully, make sure not to skip anything important -seek clarification if needed, as doing so too late will result in many consequences -perform the task to the best of your ability in general -read -understand -preform in order Read all of the written instructions all the way through at least once. Comprehend what instructions say to do.

assess information needs

Relevance Improve Performance Make a difference Organizational problems Overall Goal (determine what training is relevant to your employees' jobs, determine what training will improve performance, determine if training will make a difference, distinguish training needs from organizational problems, and link improved job performance with the organization's goals and bottom line.) • Priority based (primary market and secondary market) • Consumer Profile (demographics, psychographics, Geographic's) • How to target market based on the information given Then, conducting research based on information to get the correct info

Identify resources needed for project

Resources for projects include capital, time, and labor.

Provide legitimate responses to inquiries

Responses to inquires should be direct and assertive, while maintaining professionalism. They should also contain all necessary information. Answer in a professional, friendly voice and state your role and company. Listen carefully to what they are saying. Use your knowledge, if unknown know when to escalate. Thank them for their time -Gently take control of the conversation.

Demonstrate responsible behavior

Responsibility can be demonstrated by leaders through taking responsibility for both necessary tasks and faults.

explain the nature of risk management

Risk management is a plan for protecting yourself and your property as well as reducing financial losses caused by perils, hazards, or negligence. Personal risks, such as loss of income or life due to illness, disability, or unemployment are among the most common risks. Property risks are also common. Liability risks are losses caused by negligence that leads to injury or property damage. Managing risk starts with risk avoidance or avoiding a risk. You cannot avoid all risks, but you can reduce their likelihood in many cases by taking preventative measures (risk reduction). Sometimes you need to take on responsibility for a risk, such as when you know the possible loss will be small. This is called risk assumption. The most common way to deal with risk, especially large risks, is to shift it, usually to an insurance company. Risk shifting takes the financial burden of a risk and places it elsewhere for a fee.

follow rules of conduct

Rules of conduct direct appropriate, professional behavior and should be meticulously read and properly understood/followed. - direct appropriate, professional behavior - should be meticulously read and properly understood/followed

prepare a resume

Résumés should include all prior experience and qualifications that support the candidate.

Give verbal directions

Say the directions out loud in an initiative manner. Include all necessary information. Ask the audience if they have any questions, and answer clearly and thoroughly.

Explain the concept of self-esteem

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. -the way you perceive your worth/value -allows you to believe in yourself and helps you relate positively to others Ex: treat others w/ respect and friendliness, dressing appropriately, behave confident + courteous manner

Exhibit self-confidence

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. -demonstrated by how you present yourself + actions. -shown in personal hygiene and dress. I -shown through relationships with others + work habits. -body language -appearance -verbal confidence

Reinforce service orientation through communication

Service orientation refers to a focus on service. In communication, service orientation can be maintained by demonstrating an emphasis on customer service in all communication. Similar to handling difficult customers, communication with a service orientation should demonstrate empathy and a focus on finding solutions that will satisfy the needs of the customer Staff to be trained in proper customer service techniques, including greeting customers, asking to assist them, wishing them a good day when leaving, etc. training to include role plays of customer service situations thanking customer to be part of role plays concluding transactions at the cash employees must make it clear to customers that we want to help them; the whole experience in our store must be positive open communication from the customer - employees - management (full circle) customers can be given the opportunity to fill out comment cards/online surveys, perhaps with a chance to win something/discounts employees also be given chance to fill out feedback forms, surveys, suggestions

Identify ways that technology impacts business

Share and Collaborate Flexible Work Environments Instant Connection Online "Business" Employee Training (Share and Collaborate Small businesses work closely with their clients to provide them products and services that add value to their lifestyles. Going from an idea to a finished product or service requires small business owners and their employees to collaborate with each other and external vendors. E-mail and instant messenger tools paved the way for online sharing and collaboration. With the ability to instantly connect, share information and get feedback, e-mail and instant messenger are beneficial technological advantages for small businesses. Web-based project management programs such as 5pm, Basecamp and Zoho Projects offer a Web-based approach to keeping track of projects, delegating tasks, updating team members and clients, tracking time, and sharing documents in real-time. For small businesses, this means up-to-date information available in a central hub, regardless of a person's location. Flexible Work Environments Technology gives small business owners and their employees the option to work in the office, from home, on the road and even from across the country. Affording small business owners the opportunity to hire talent from all over the world, technology can help businesses gain a competitive edge in the global environment. Instant Connection With Customers Small business owners no longer have to mail surveys to customers and wait for weeks for replies, nor do they have to call customers for feedback. Technology gives small businesses the ability to connect with their customers via e-mail, through blogs, social networks and forums. Small business owners can take advantage of this instant connection by getting feedback from customers and applying it to their businesses immediately, if they see fit. Online Stores Technology allows crafters, clothing and accessories designers and painters an option to set up online stores, rather than investing in costly storefronts. With consumers migrating to the Internet to find everything from gifts to ordering groceries, the popularity of online shopping increases with the variety of products and services. Businesses with storefronts can create online stores to expand their visibility and reach target markets beyond their neighborhoods and surrounding communities. Employee Training As small businesses implement new technologies into their processes, they are tasked with providing training to new and veteran employees. While new employees are likely to easily adapt to the technologies, veteran employees may resist the new technologies or experience a learning curve, which may temporarily reduce productivity.)

Identify the impact of small business/entrepreneurship on market economies

Small businesses diversify market economy by claiming small parts of market share which may appeal to a more specific demographics and consumers. Small businesses/entrepreneurships impact market economies greatly because of many reasons such as: -providing jobs -offering a variety of goods and services to consumers -innovating goods and services -creating and attracting competition -stimulating demand -providing tax revenue to government -providing income for the community. Market economies are completely unregulated, meaning that there are few barriers to entry and startups can easily make contributions to society and profit.

Use social media to solicit new ideas and solutions

Social media can be used to research other businesses' promotional strategies for their products.

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

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively.

Explain the role of business in society

Society needs business to work, even if it is just bartering or trading. Business shapes society (the state of the economy influences the way that people live). Business bring changes and innovations to society. Society also changes business by giving rules that they have to abide by (social norms). Businesses satisfy unlimited human wants by providing goods and services to society. Business' roles in society are many. They make and distribute the goods and services we use each day. Businesses provide employment for millions of people. Wages paid to business employees are used in the economy to purchase goods and services. Profits earned by businesses are used to compensate owners and investors. Businesses also pay taxes, which support government spending on the needs of society.

Demonstrate personal information management/productivity applications.

Software/calendar that helps you be more efficient-contacts Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information.

Explain types of business ownership

Sole Proprietorship-One individual operating the business alone General Partnership-Composed of two or more people who operate business by sharing expenses and profits Limited Partnership-One or two general partners with one or more limited partners Limited Liability Partnership-When one partner does not have liability for the other partner Limited Liability Company-Is formed by one or more individuals through a special written agreement Corporation-Business operated by a board of directors Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt Partnership - partners agree to cooperate in working toward mutual interests Corporation - Sells shares in stock market, company is owned by multiple shareholders, allows for limited liability Private LLC - limited liability, no shares of stock Nonprofit - uses revenue to achieve social goals Franchise - chain of suppliers providing goods/services Cooperative/Joint Venture - run/managed by employees

Identify company's brand promise

Statement made to customers to identify what they should expect out of a product/service Also called a slogan (Save Money. Live Better. Walmart) brand promise - A brand promise is a value or experience a company's customers can expect to receive every single time they interact with that company. The more a company can deliver on that promise, the stronger the brand value in the mind of customers and employees.

Explain types of investments

Stocks Bonds Mutual funds Bonds: by purchasing a bond, you are lending money to a company or business—in return the company or government will eventually pay you back Stocks: by purchasing stock, you are essentially buying a piece of the company, so you can vote as a shareholder and say what the company can or cannot do Mutual funds: a collection of stocks and bonds that is held by a group of people. By investing in a mutual fund you are sharing in your part of the risk and your part of the reward

Conduct an environmental scan to obtain business information.

Strength Weaknesses (Scan your business) Opportunities Threats (Scan comp)

Explain the nature of stress management

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, and 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. Stress: person's reaction to pressures from the outside world. It can be mental or physical. -important to a healthy lifestyle and effectiveness Stress can be harmful, causing undue anxiety and suppressing the body's immune system. regular exercise, a balanced diet, and enough sleep

explain the concept of supply chain

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.

Explain the nature of tax liabilities

Taxes are payments you make to the government for services they provide. Tax liability is the total amount of taxes owed. Effective planning can reduce your tax liability, thus paying your fair share while taking advantage of tax benefits. The types of taxes include income, Social Security, sales, wealth and property taxes, as well as user fees. One can use several strategies to reduce tax liability. First, it is important to understand the current tax laws and how they affect you and your financial goals. Second, maintain complete and accurate tax records. Finally, learn and understand the types of taxes and how to make sound financial decisions, keeping taxes in mind.

Describe the nature of taxes

Taxes are payments you make to the government for services they provide. The U.S. tax system is based on the idea that everyone should contribute their fair share, that tax laws should be clear and simple, and that the tax system should be flexible. Tax dollars are spent on a number of things including public education and libraries, military defense and law enforcement, transportation costs, and fire protection to name a few Income tax is calculated as a percentage of the taxable income you earn on the job. Social Security, or FICA, tax is used so that workers can receive benefits upon retirement. Sales tax is a percentage of the price of an item that a person pays when they buy something. Estate and inheritance taxes are taxes on wealth, which are collected after a person has died. Property tax is the main source of money for many local governments, and is based on the value of property such as land and buildings. Tax policy is regulated by the Internal Revenue Service (IRS) government agency. The funds are used to improve public services such as transportation, education, and infrastructure. Donations are often tax-deductible. Types of Taxes: Income Tax - percentage of any income paid to IRS Payroll Tax - withheld by employer to pay to IRS Sales Tax - percentage of commodity price paid to IRS Excise Tax - seller pays percentage of revenue to IRS Property Tax - percentage of loan paid to IRS

Identify tentative occupational interest.

Tentative occupational interest is an individual's perception of a favorable career that is set to change. When determining what career you want to go into, it is critical that you identify your occupational interests and explore career possibilities. Explore possibilities: - take a career interest assessment / career exploration course to define interest - meet with a Career Advisor to create a plan Develop a Plan: - develop tentative career goals and make a strategic plan to achieve those goals - attend Job & Internship Fairs (to find out more about prospective careers)

Use time-management skills.

The ability to manage time well is imperative to obtain when working in a business environment.- delegate tasks- prioritize work- avoid procrastination- schedule tasks- set deadlines- start early- avoid multi-tasking / learn to say "no"

Leverage personality types in business situations

The best businesspersons tend to be extroverted, intuitive, judging thinkers (ENTJ on the Myers-Briggs personality scale). Extrovertedness is most important as businesspersons must often communicate with others.

Explain the impact of the law of diminishing returns

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

explain the impact of the purchasing process on productivity

The formal process of buying goods and/or services can increase productivity as when the company profits, employees are more likely to be motivated.

Monitor internal records for business information.

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.

Describe the United States' judicial system

The judicial branch of the federal government interprets, applies, and administers the laws of the US. It consists of a network of courts at all levels of government. Two types of courts are trial and appellate courts. Federal courts include district courts, federal courts of appeals, and the U.S. Supreme Court. The state court system also includes a state Supreme Court, associate circuit courts, city or municipal courts, small claims courts, juvenile courts, and probate courts. Depends on adversarial system of justice in which two different litigants present their case before a neutral party, allowing the judge or the jury to determine the truth. The Judiciary is made up of courts -- Supreme, Circuit, the magistrate (local) and municipal (city) courts. The Judicial branch interprets the laws.

Explain legal considerations for accounting

The most significant changes to corporate governance and accounting practice came with the Sarbanes-Oxley Act of 2002. The act requires that CEOs, financial officers, accountants, and auditors comply with regulations and procedures designed to ensure accurate representation of companies' financial positions. It prohibits most loans to directors and executive officers, and forces company insiders to report changes in ownership within two days after a transaction has been executed. Securities regulation ensures that purchasers can learn the true nature of the securities they buy by providing a way to uncover fraud and unfair practices. Sarbanes Oxley Act of 2002 requires that cauz, financial officers, accountants, and auditors comply with regulations and procedures designed to ensure accurate representation of companies financial position

Discuss the role of ethics in accounting

The nature of what accountants do requires a high level of ethics because accountants work with people's money "Knowledge of ethics can help accountants and auditors to overcome ethical dilemmas, allowing for the right choice that, although it may not benefit the company, will benefit the public..."

Use data visualization techniques

The presentation of data in a pictorial format such as graphs, charts, and maps. 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. -Infographics are graphic visual representations of information, data or knowledge intended to present information quickly and clearly -a representation of data in the form of a map or diagram in which data values are represented as colors -A dynamic model represents the behaviour of an object over time. It is used where the object's behaviour is best described as a set of states that occur in a defined sequence. help users see patterns and relationships in large amounts of data that would be difficult to discern if data were presented as tractional lists of text

Explain employee's role in expense control.

The profitability of a business is directly related to the number of employees and the wages the business can pay. Managers and employees should find ways to reduce waste and control expenses. Ongoing operations require that supplies and materials be ordered, employees be paid, and buildings be maintained. Equipment must be repaired and technology updated. Human risk can impact expense control. Employee dishonesty and theft can lead to monetary loss. Accidents are potential events that expose a company to financial risk. Every employee has the power to be more productive and decrease the expenses for the company (more labor in less time for the same amount of money)

Explain the time value of money

The time value of money is based on the premise that receiving a certain amount of money today, rather than the same amount in the future, is more attractive. Money received today is more valuable than money received in the future by the amount of interest the money can earn.

Determine factors affecting business risk

Theft, Increased competition, Natural disasters such as fires and storms, Internet fraud and scams, Breakdown of machinery and equipment, High staff turnover, etc. Risk is the possibility of incurring a loss. Economic risks are those that can result in a financial loss. Pure risk is one that presents the chance of loss but no opportunity for gain. Speculative risks offer the chance to either gain or lose. Some risks are controllable, while others are not. Likewise, you can insure some risks while others cannot be insured. To manage risks, they can be avoided, transferred, insured, or assumed.

Identify desirable personality traits important to business

There are many characteristics of successful business people, including persistence, creativity, responsibility, confidence, and enthusiasm. A businessperson should be inquisitive, goal-oriented, independent, a risk taker, and action oriented. Essential skills for running a business include the following: communication, math, problem solving, technology, decision making, organizing, teamwork, social, and basic business skills. self esteem, attitude, initiative, self control, creativity, flexibility, stress management, time management skills -more concrete skills and abilities include things that you will be asked to do in the workplace, -self-assessment by asking yourself if you have these types of skills, inventory of your workplace values and needs -Determine skills lacking and improvements -Develop skills by reading, observing, working in a real-world situation. -flexibility -creativity -stress management -time management -leadership -attitude + technical characteristics pertaining to the role play

Assess personal strengths and weaknesses

There are many characteristics of successful businesspeople, including persistence, creativity, responsibility, confidence, and enthusiasm. A businessperson should be inquisitive, goal-oriented, independent, a risk taker, and action oriented. Essential skills for running a business include the following: communication, math, problem solving, technology, decision making, organizing, teamwork, social, and basic business skills. assess self esteem, attitude, initiative, self control, creativity, flexibility, stress management, time management skills. also more concrete skills and abilities (things you will be asked to do at work, such as selling a product or organizing an activity) Complete a self-assessment: 1. Ask yourself if you have these types of skills and take inventory of your workplace values + needs 2. Determine what skills lacking and areas for improvement. 3. Develop skills and abilities by reading, observing, working in a real-world situation. --self esteem -creativity -attitude -flexibility -time management -stress management

Describe types of business activities

There are six general business activities. Generating ideas is an important activity in that businesses must remain competitive with other firms. Businesses also need to raise capital to finance their operations. Another important business activity is employing and training human resources. Businesses buy and sell goods and services. Marketing is a group of activities that provide and distribute the goods and services wanted and needed by a business' customers. Another activity is that businesses must maintain records to track performance and make decisions. BUYING + SELLING budgeting, accounting, marketing, hiring, employees, customer service - Operations: includes every activity needed to manufacture a product or provide a service. Operations is an essential business function, because without a product or service to sell, a business has no reason to exist. Operations activities will always revolve around acquiring raw resources, converting those resources into something to sell and scheduling and controlling the process of conversion. Activities to accomplish those aims include creating production schedules, taking inventory, equipment maintenance, measuring quality and efficiency, and designing workflows - Marketing: without customers for its products or services, a company can't stay afloat, making marketing another crucial business activity. Marketing activities go beyond merely creating ads that entice customers. Instead, marketing activities are intimately connected with a company's products and services. Indeed, by understanding the needs and desires of consumers those in marketing help shape a company's offerings. Marketing activities determine the needed performance specifications of a company's products and services, the proper pricing, the best distribution channels and packaging. Consumer and marketplace studies, promotion, and sales also fall under marketing's purview. - Finance: the bottom line: money makes business possible. When approached carefully, finance activities build a foundation for a company's security, ensuring future operations. Finance must measure operations to create forecasts predicting a company's ability to meet investments, protecting assets, managing credit and preparing financial reports are other necessary financial activities. Two important statements companies typically prepare are the balance sheet, which shows a company's assets and liabilities, and the income statement. By subtracting expenses from the income, the income statement reveals a company's profit or loss - Other Business Activities: besides operations, marketing, and finance activities, other types of business functions become important as a company grows. With employees comes the need to manage a company's human resources. Important activities under the human resources umbrella include training and hiring. Once a company decides it wants to expand its offering, research and development becomes an important business activity. Finally, though wise management is desirable at any stage in a company's life, growth demands a more conscious and formal approach to leadership, planning and organizations than a one-person business might demand

Discuss the impact of a nation's unemployment rates

There are three main impacts of lingering unemployment on an economy: efficiency, inequality, and discouraged workers. Unemployment is inefficient in that it wastes human resources. It leads to inequality because those with the least experience tend to lose their jobs first, which are usually minorities and the young. Lastly, unemployed people tend to get discouraged about themselves and their abilities, and may give up their search for work. Unemployment is an important indicator of the overall strength of an economy. The higher the unemployment rate, the greater the chances of an economic slowdown. Likewise, the lower the unemployment rate, the greater the chances of an economic recovery. When more people are working, more people are spending money and paying taxes to help the economy grow. High unemployment = low spending Workers lose income, country loses production and consumer spending. Key way to measure the state of the economy

Explain career opportunities in entrepreneurship.

There is opportunity to make a lot of money, be your own boss, have total authority, make an impact on the economy and on society, to leave a legacy, and to know that you have done a great accomplishment. There is opportunity to make a lot of money, be your own boss, have total authority, make an impact on the economy and on society, to leave a legacy, and to know that you have done a great accomplishment. - entrepreneurship gives you control of your future - career opportunities in entrepreneurship include starting a restaurant, inn, travel agency, medical firm, accounting firm, etc.

Write informational messages

These messages contain a variety of information that has different levels of importance. Usually presented in order of importance. Information should be explained thoroughly.

Describe small-business opportunities in international trade

They can find new markets, increase revenues and it will create jobs

Explain how organizations adapt to today's markets

To be successful—and stay successful—your business must carefully adapt its products or services in response to the market. For some businesses, this means highlighting different benefits of the product or service to the market. For others, this necessitates modifications to existing products or services. Sometimes it means developing new products or services. 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. Use tools to identify ways business can improve: -SWOT Analysis-assess a company's strength and weaknesses and opportunities and threats that surround it. -An environmental scan-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

Choose and use appropriate channel for workplace communication

To determine the appropriate communication channel, identify the people you want to communicate with, research how they obtain information, consider the complexity of the message you want to communicate, calculate the cost of communicating and decide whether you want the communication to be interactive. Some appropriate channels for workplace communication can include email and in-person communication. Avoid using social media and group messaging communication.

Store information for future use

To make it accessible. Businesses obtain a wide variety of information that often can be used for many purposes. Therefore, it is important to store the information for future use so it will be accessible when needed. For example, information about current customers might be used to develop procedures for attracting new customers in the future. If the information has not been stored so it is accessible, the business will need to obtain other types of information. Businesses do not need to store information to to establish quality control. Storing information does not ensure that data is accurate nor does it ensure thatthe information remains confidential. -cloud -hard drive -files • Store information in a data base • It includes all research, sales and any other information that can be useful for future purposes • Use this information as it is valuable to improve the company and their products

Explain marketing and its importance in a global economy.

To remain competitive, companies must often market their product to the entire world, instead of just a small group The product, price, placement, or promotion of a product or service will vary across the world By marketing globally, companies like Coca-Cola and Starbucks are known and trusted worldwide Marketing a promotion and sales of different products keeps the global economy fast and changing Marketing is the process of planning, pricing, and promoting ideas, goods, and services to create exchanges that satisfy customers. - provides the means for competition in the marketplace, leading to lower prices and higher quality goods and services. - generates new and improved products and adds value (or utility) to existing products. To remain competitive, companies must often market their product to the entire world, instead of just a small group. The product, price, placement, or promotion of a product or service will vary across the world. By marketing globally, brands become known and trusted worldwide. • Marketing allows companies to promote their goods and/or services to their target market • Marketing helps inform consumers about what the company offers • Marketing helps create a value equation for the consumer

Explain the nature of effective verbal communications

Types Verbal communication can be classified into two types, interpersonal communication and public speaking. Examples of 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. Public speaking, a 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. F 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.

Determine economic utilities created by business activities

Utility refers to the added value of a product. There are five types of utility. Form Utility: This type of utility involves using raw materials to make a finished product. Place Utility: This type of utility involves having the product where the customer wishes to buy the product. Time Utility: This type of utility involves having the product available when the customer wishes to buy the product. Possession Utility: The exchange of a product for money is known as possession Information Utility: Information utility involves communicating with the customer. economic utility: ability of good or service to satisfy consumer needs/wants (value) form utility - changing raw materials/assembling parts to make them more useful time utility - having product available at time of year/convenient time of day place utility - placing product where it can be purchased information utility - communication with consumer (marketing) possession utility - exchange of product for monetary value (purchase - payment methods)

evaluate vendor performance

Vendor performance can be evaluated through a measure of sales. vendor - A vendor is a person or business that supplies goods or services to a company. Another term for vendor is supplier. In many situations a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms. vendor - a person or company offering something for sale, especially a trader in the street.

select vendors

Vendors should be chosen based on merit at selling products to consumers.

Discuss the role of ethics in finance

When managing large amounts of money, things can be easily stolen or not accounted for. -wrong info in financial statements -confidentiality

Collaborate on and aggregate complex internal documents to create a common voice.

When multiple viewpoints and data is/are combined to establish a common voice, employees can powerfully communicate their ideas. multiple viewpoints and data is used to create a common voice vision, mission and brand- consistent -when multiple viewpoints and data is combined to establish a common voice, employees can powerfully communicate their ideas more clearly

Ascertain employee's role in meeting organizational goals.

When trying to meet an organizational goal, employees should be aware of their role in helping the business reach this goal. - spread motivation / determination - contribute and help others contribute - give / receive feedback Employees must follow company policy, procedure, and protocol and accomplish all expected tasks in a timely manner.

Demonstrate basic word processing skills

Word processing applications (such as Google Docs) can be used to type, edit, and print documents

Maintain collaborative partnerships with colleagues

Working together in unison

Foster positive working relationships

Working with others is not always easy, which is why it is important to create and maintain a working environment that is positive and effective. Working as a team is a critical component for a group of people to achieve a common goal. Being a valuable team member involves making the team's goals our top priority, building positive group dynamics, and being an active listener. One way to foster a positive working relationship with others is to show respect for their ideas and feelings. Being prompt with your assignments and showing responsibility are other ways to maintain those relationships. Also, as in most areas of business, being able to communicate effectively with others is a skill that must be learned and utilized. Teamwork is a critical component for a group of people to achieve a common goal. -making the team's goals top priority, positive group dynamics, active listener -show respect for their ideas + feelings -Being prompt + showing responsibility -communicate effectively

Explain the nature of effective communications

Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action. Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate. Effective verbal communications includes showing respect, knowing the purpose of why you are speaking, using your voice effectively, using enumeration where appropriate, and providing examples. Verbal communication can be classified into two types, interpersonal communication and public speaking. Examples of 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. Public speaking, a 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. F 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.

Adapt written correspondence to targeted audiences

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. To adapt written correspondence to a target audience, you need to make sure that it appropriately written, written with just the jargon that the audience would understand, and written for the audience's reading (because why would a CEO read something that was meant for a production line supervisor).

Describe legal issues affecting businesses

Wrong Termination Lawsuits - former employee sues if (s)he believes (s)he was unjustly fired Harassment/Discrimination Cases - employee/customer was harassed or treated as inferiors due to demographic differences Immigration Audits - requirement of businesses to file Form i-9 (verifying the identity and employment authorization of individuals hired for employment in the US) intellectual property (IP) Issues - disputes over ownership of trademarks, copyrights, and/or patents Dissatisfied Customers - consumers feel misled and deceived Disgruntled Employees: after termination some former employees can form unions or sue for wrongful termination. Discrimination/Harassment Cases Immigration Audits: make sure all employees can legally work in the US. Copyright and Patent Issues Dissatisfied Customers

Maintain appropriate personal appearance

Your personal appearance is someone's first impression of you. - facial expression (eye contact, nodding, look understanding) - clothes (appearance is a reflection of your own self-esteem and you should aim to present yourself to your best possible advantage) - body language (gestures and mannerisms say more than words) - personal hygiene Personal hygiene can be maintained through showers, brushing of teeth, use of deodorant, haircuts, shaving, etc. Women can use makeup if they wish.

Describe sources of income

Your primary source of income is the wages or salary you earn from your employer. Other sources of income might include tips, gifts of money or property, and interest earned on a bank account or an investment. You may also receive money from the government. Wage/Salary - periodic payment in exchange for labor Interest - increased payment in exchange for time Transfer Payment - government benefits Wage Garnishment - court-ordered initiative

Explain the nature of business ethics

a type of applied ethics or professional ethics that analyzes ethical principles and moral or ethical problems that come up in a business environment 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 Ethics are guidelines for good behavior, based on knowing the difference between right and wrong. Behaving ethically means being truthful, fair, open, and mindful of the law. In marketing, business ethics involves a company's efforts to protect individual consumers and society as a whole. Businesses must keep consumers informed and protected against fraud and deceit, and they must not produce unsafe goods. Another ethical consideration for marketers is price gouging, or pricing products unreasonably high. In sales, ethical issues to be aware of concern bribes, kickbacks, and high pressure tactics. Businesses must behave ethically in management, as well, including personnel and accounting issues. The standards of ethics within a business are in large part determined by the owner's principles and values. Remember, people do not all share the same ethical values. As a result, businesses should create a clear policy on ethics standards.

Describe the nature of income statements

an income statement is a financial statement showing the revenues and expenses in the fiscal period -they are used to find out if the business has had a net income or net loss after the fiscal period based on expenses being higher or lower than the gross profit An income statement is a summary of a business' income and expenses during a specific period of time. Often called a profit and loss statement, it is used to calculate revenue, costs and expenses, and profit/loss. Income statements have several major parts: total sales, net sales, cost of goods sold, gross profit, operating expenses, other income/expenses, net profit/loss before taxes, and net profit/loss after taxes. Some of these figures must be estimated or projected, such as total sales and business expenses.

Discuss the nature of debtor-creditor relationships

creditor: to whom money is owed debtor: who owes the money to the creditor (these relationships can be voluntary or involuntary) A creditor provides money to an individual. Until the individual repays the amount, they are considered a debtor.

discuss the nature of data mining

data mining: the practice of examining large databases in order to generate new information 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).

explain the nature of tools that can be used to access information in the database system

database (management) system: software for creating and managing databases example: microsoft a computer software application that interacts with the user, other applications, and the database itself to capture and analyze data. A general-purpose DBMS is designed to allow the definition, creation, querying, update, and administration of databases.

Demonstrate basic database applications

database application: a computer program whose primary purpose is entering and retrieving information from a computerized database. -Database applications allow companies to store info for future use -Microsoft Access and Excel: enter, sort, protect, store data

Describe the concepts of economics and economic activities

economics: study of individual, household, organizational behaviour in resource management, how people act within markets to get what they want and accomplish goals two types: Macroeconomics, and microeconomics Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. macro takes a much broader view by analyzing the economic activity of an entire country, or the international marketplace economic activity: actions involving production, distribution, consumption Primary = Extracting Raw materials, Farming, etc Secondary = Engineering, Manufacturing, etc Tertiary = Services line banking, lawyers, hairdressers, etc quaternary sector = developing, selling and improving information. Goal: production of goods and services with a view to meet the needs of consumer. Understand different agents in the economy - consumers, producers, government - and how they all fit together. Activities: (abt. goods + services) production = create distribution = make available exchange = trade consumption = use Economics deals with the production, distribution and consumption of goods and services. Specifically, economic systems deal with the way a country provides for the needs and wants of its citizens. Economic systems help countries to make decisions about how to use its resources.

Describe methods used to protect intellectual property

examples of protection of intellectual property are patents, copyrights, and trademarks. Patents protect inventions/discoveries. Copyrights protect original works of authorship. Trademarks protect words, symbols, phrases, and designs identifying a source. intellectual property can be protected through patents, trademarks, and copyrights. A patent: legal ownership of an item or idea Trademark. A word, name, symbol, sound or color that identifies a good or a service Copyrights: legal protection for anything that is authored by an individual or company, such as writings, music and artwork. Trade secret: protected by law and usually employees sign something agreeing not to disclose information Patents, trademarks, and copyrights Intellectual property is the ownership of ideas. -copyright (material such as literary works, musical works, dramatic works, pantomimes and choreographic works, pictorial, graphic and sculptural works, motion pictures and other, audiovisual works, sound recordings, architectural works, and computer programs) -trademark (name, phrase, symbol) -patent (process, method, invention that is novel, non-obvious, and useful; if granted, for 20 years you have a monopoly on the product) There are also copyright infringement laws. Another method is to keep the intellectual property as a trade secret, telling nobody the full truth.

describe current business trends

if you want to boost sales and brand awareness, get mobile. By 2014, more smart devices could be used to access the Internet than PCs Just some of the ways your business can get mobile: Get a mobile app Allow mobile check-ins Share offers and coupons via mobile Assessing current business trends is important to both business and professional growth. Business owners and entrepreneurs should keep up-to-date through a variety of means. Classes are offered at vocational/technical schools, two- and four-year colleges, and online. Joining a professional association or club is an excellent way to stay current with trends and knowledge relevant to an industry. Another way to stay up-to-date is by reading journals, professional trade publications, news sources, websites, and blogs. Attend professional conferences, meetings, seminars, and speakers. These activities also provide the opportunity for networking, wherein you can learn from colleagues by sharing insight and experience. Assessing current business trends is important to both business and professional growth. Business owners and entrepreneurs should keep up-to-date through a variety of means. Classes are offered at vocational/technical schools, two- and four-year colleges, and online. Joining a professional association or club is an excellent way to stay current with trends and knowledge relevant to an industry. Another way to stay up-to-date is by reading journals, professional trade publications, news sources, websites, and blogs. Attend professional conferences, meetings, seminars, and speakers. These activities also provide the opportunity for networking, wherein you can learn from colleagues by sharing insight and experience. There are many correct answers to this question. Examples could include: o Economic recession o Credit crisis o Companies focusing on being more environmentally friendly o Double income families or single parent families that need and are willing to pay for services such as the PETS LODGE and SPA because of their busy lives o More families are owning pets and considering them important members of their families. They are willing to spend money for top quality service. Because of work demands more people are traveling, as well as traveling for pleasure. Therefore, they will need a place to board their pets Big box stores Increase in discounts to encourage sales Lower profits, maintenance of sales Competitive market Recession React / respond to economies of scale

apply information to accomplish a task

info can be applied to brainstorm promotional strategies based on data, important for marketing (diff info gives you diff consumer preferences) • Priorities (deadlines of each step based on its importance and time needed) • Get an opinion from an employee • Determine what information will apply to the task Information can be applied to brainstorming promotional strategies appealing to the data findings.

develop project plan

make a plan to execute for the project

Explain the impact of geography on world trade

natural resources lead to certain bus. need to trade for certain materials good location lead to big cities where trade takes place (NYC, London, Tokyo, Hong Kong etc.) technology to overcome geographic barriers (airplanes, ships, trains, etc.) Complex terrain can make distribution of products to these areas difficult, forcing businesses to decide whether it is worth expending resources to distribute products to these areas.

Describe the use of technology in customer relationship management

o By gathering and organizing customer information: determine and fulfill its customers' needs and wants; identify the most profitable, loyal customers. After identifying these customers, the business may provide higher, better service to these customers to maintain their loyalty and increase their profitability o Uses: Customer information; Employee information; Create reports on buying habits and trends; Track sales and create goals for the sales team o Types of software: Operational CRM - provide support to front office business processes such as sales personnel, marketing and service staff Analytical CRM - Basically it evaluates the necessary customer data for a wide variety of reasons o Types of data: Contact data - ability to build stronger, longer lasting relationships with customers. Know what they "Like" on Facebook and who/what they're following on Twitter in addition to their personal data Demographic data - income, zip code, etc. Transactional data - what, when, where, and how much a customer bought Relationship data - allows customer facing employees in such areas as sales, customer support, and marketing to make quick yet informed decisions on everything from cross-selling and upselling opportunities to target marketing strategies to competitive positioning tactics. o Use for creating a view of the customer: Software can be programmed to collect and display customer information in a way the works best for the employee • A "dashboard" summarizes information so that a manager or employee can get pertinent information at a glance • Employees can be taught to read standardized summary pages that give them the information needed to best approach the customer CRM technology can present only the critical information for the particular customer and can be used to compare customers using like information By gathering and organizing customer information a business can determine and fulfill its customer's needs and wants At the most basic level, CRM software consolidates customer information and documents it into a single CRM database, this way business users can more easily access and manage it

Develop rapport with customers

rapport - a close and harmonious relationship in which the people or groups concerned understand each other's feelings or ideas and communicate well. Employees can develop rapport by exhibiting empathy with customers and being understanding to complaints and concerns. Employees should always consider positive customer relations and the mindset to keep with interactions Something else businesses can keep in mind is relationship marketing. This is marketing based on the idea that a relationship between the customer and supplier/service creates additional value for both parties (on top of value of good/service exchanged) Rapport is all about highlighting common interests and establishing a mutual feeling of friendliness. To do this you can match your customer's style, build trust (keep promises), and treat customers as valued members of your professional circle.

Conduct a risk assessment of an event.

risk assessment: a systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking systematic process of evaluating potential risks involved in a projected activity or undertaking 1. ID risks 2. Analyze risks 3. Evaluate risk

Discuss the role of administrative law

the body of law that regulates the operation and procedures of government agencies. The procedures determined by a government agency involving operations, rules, etc. The procedures are unique to each government agency, and can only be challenged once a member of the public has gone through every administrative appeal. Administrative law governs the activities of government agencies. Rules and regulations put in place formulated by the government to carry out laws

describe the scope of the internet

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 nature of legal procedure

the rules by which a court hears and determines what happens in civil lawsuit, criminal or administrative proceedings. The accused, once indicted, is to face a fair and speedy trial with a jury present and a judge presiding. S/he has the right to an attorney and is not required to testify as per the Sixth Amendment of the U.S. Constitution and the Miranda rights.

Identify the basic torts relating to business enterprises

tort - a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability. The area of tort law covers a wide range of misconduct, including personal injuries, negligence, and malpractice. Wrongful Interference Unfair Competition Disparagement Computer Torts Tort: wrongful act, whether intentional or unintentional, that results in injury to another party. Torts include assault, battery, fraud, slander, false imprisonment, and trespassing to private property. Business torts are civil wrongs committed by or against an organization. These involve harm done to a business's intangible assets, such as intellectual property or relationships with clients. Another type of tort is a breach of fiduciary duty. A fiduciary is a party who is charged with acting in the best interest of any party. If a fiduciary to a adversely to other party's best interest, a tort has occurred. Businesses that commit a tort can be taken to court and be sued.

Utilize resources that can contribute to professional development (e.g., trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors) (SP)

trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors - make good use of resources = increase your success - attending seminars - participating in leadership development conferences - internet resources (ex LinkedIn Learning Webinars)

Utilize job-search strategies.

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

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

• Create a well-structured plan that will be executed • Divide the workload so it is easier to handle • Find motivation to get the job done • Create a healthy working space between other employees and boss Listen carefully to their needs and wants, start off small then go big, -look at long term goals outlined in company's strategic plan -be productive + effective in their work -embody company mentality + achievement attitude

obtain needed information efficiently

• Keeping up with headlines (keep the most valuable information) • Clearing out information from inbox • Creating more social networks, forums and groups access database surveys give you info on customer feedback federal documents give you demographic data Surveys can be used to obtain information on customer feedback, while federal documents can be a source of demographic data.