ID 150: The American Corporation

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  • Explain the concept of adding value in a business, and identify the major types of business.
  • List three steps you can take to help make the leap from consumer to business professional
  • Discuss the five major environments in which every business operates.
  • Explain the purpose of the six major functional areas in a business enterprise.
  • Summarize seven of the most important business professions.
  • Identify seven components of professionalism.

Key terms: barrier to entry, business, business mindset, business model, competitive advantage, economic environment, etiquette, goods-producing businesses, IT, legal and regulatory environment, market environment, NGO, operations management, professionalism, profit, R&D, revenue, service businesses, social environment, stakeholders, technological environment.

Chapter 2

  • Define economics, and explain why scarcity is central to economic decision making.
  • Differentiate among the major types of economic systems.
  • Explain the interaction between demand and supply.
  • Identify four macroeconomic issues that are essential to understanding the behavior of the economy.
  • Outline the debate over deregulation, and identify four key roles governments play in the economy.

Key terms: business cycles, capital, capitalism, competition, CPI, deflation, demand, demand curve, deregulation, economic indicators, economic system, economy, entrepreneurship, equilibrium point, fiscal policy, free-market system, GDP, HR, inflation, macroeconomics, microeconomics, monetary policy, monopolistic competition, monopoly, nationalizing, natural resources, oligopoly, opportunity cost, planned system, privatizing, PPI, pure competition, recession, regulation, scarcity, socialism, supply, supply curve, unemployment rate.

Chapter 3

  • Explain why nations trade, and describe how international trade is measured.
  • Discuss the nature of conflicts in global business, including free trade and government interventions into international trade.
  • Identify the major organizations that facilitate international trade and the major trading blocs around the world.
  • Discuss the importance of understanding cultural and legal difference in global business environment.
  • Define the major forms of international business activity.

Key terms: balance of payments, balance of trade, culture, dumping, economic globalization, economies of scale, embargo, ethnocentrism, exchange rate, export subsidies, exporting, FDI, free trade, global strategy, import quotas, importing, licensing, multi-domestic strategy, multinational corporations, protectionism, stereotyping, tariffs, tax haven, trade deficit, trade surplus, trading blocs, transnational strategy.

Chapter 4

  • Discuss what it means to practice good business ethics, and highlight three factors that influence ethical decision making.
  • Define CSR, and explain the difference between philanthropy and strategic CSR.
  • Distinguish among the four perspectives on corporate social responsibility.
  • Discuss the role of businesses in protecting the natural environment and define sustainable development.
  • Identify four fundamental consumer rights and the responsibility of business to respect them.
  • Explain the responsibilities businesses have toward their employees.

Key terms: affirmative action, cap and trade, code of ethics, conflicts of interest, consumerism, CSR, discrimination, ethical dilemma, ethical lapse, ethics, identity theft, insider trading, NGOs, philanthropy, strategic CSR, sustainable development, transparency, whistle-blowing

Chapter 5

  • Define sole proprietorship, and explain the six advantage and six disadvantages of this ownership model.
  • Define partnership, and explain the six advantage and six disadvantages of this ownership model.
  • Define corporation, and explain the four advantage and six disadvantages of this ownership model.
  • Explain the concept of corporate governance, and identify the three groups responsible for ensuring good governance.
  • Identify the potential advantages of pursuing mergers and acquisitions as a growth strategy, along with the potential difficulties and risks.

Key terms: acquisition, benefit corporation, board of directors, CEO, corporate governance, corporate officers, corporation, general partnership, hostile takeover, joint venture, LBO, limited liability, LLC, LLP, limited partnership, liquidity, MLP, merger, partnership, private corporation, proxy, public corporation, shareholder activism, shareholders, sole proprietorship, strategic alliance, unlimited liability.

Chapter 7

  • Explain the importance of management, and identify the three vital management roles.
  • Describe the planning function, and outline the strategic process.
  • Describe the organizing function, and differentiate among top, middle, and first-line management.
  • Describe the leading function, leadership style, and organizational culture.
  • Describe the controlling function, and explain the four steps in the control cycle.
  • Identify and explain four important types of managerial skills.

Key terms: administrative skills, autocratic leaders, balanced scorecard, benchmarking, coaching, conceptual skills, controlling, crisis management, decision-making skills, democratic leaders, employee empowerment, first-line managers, goal, interpersonal skills, laissez-faire leaders, leading, management, management pyramid, managerial roles, mentoring, middle managers, mission statement, objective, organizational culture, organizing, participative management, planning, quality, standards, strategic plans, SWOT, technical skills, top managers, values statement, vision statement.

Chapter 10

  • Define motivation, and identify the classical motivation theories.
  • Explain why many consider expectancy theory to be the best current explanation of employee motivation.
  • Identify the strengths and weaknesses of goal-setting theory.
  • Describe the job characteristics model, and explain how it helps predict motivation and performance.
  • Define reinforcement theory, and differentiate between positive and negative reinforcement.
  • List five managerial strategies that are vital to maintaining a motivated workforce.

Key Terms: cross-training, engagement, equity theory, expectancy theory, goal-setting theory, incentives, job characteristic model, job enrichment, management by objectives (MBO), Maslow’s hierarchy, micromanaging, motivation, negative reinforcement, positive reinforcement

Chapter 11

  • Identify four contemporary staffing challenges, and explain the process of planning for a company’s staffing needs.
  • Discuss the challenges and advantages of a diverse workforce, and identify five major dimensions of workforce diversity.
  • Describe the three phases involved in managing the employment life cycle.
  • Explain the steps used to develop and evaluate employee.
  • Describe the major elements of employee compensation.
  • Identify the most significant categories of employee benefits and services.

Key Terms: bonus, commissions, compensation, employee benefits, 401 (K) plan, glass ceiling, HR management, job description, job specification, layoffs, profit sharing, recruiting, salary, sexual harassment, stock options, termination, turnover rate

Chapter 12

  • Explain the role of labor unions, and contrast the perspectives of employees and employers on the issue of unionization.
  • Identify the three most important pieces of labor relations legislation enacted in the 20th century.
  • Explain how unions are structured, and describe the organizing process.
  • Describe the collective bargaining process.
  • Explain the procedures for addressing employee grievances and arbitrating disputes.
  • Characterize the ongoing conflicts over union organizing efforts.

Key Terms: arbitration, boycott, collective bargaining, collective bargaining agreements, labor relations, labor unions, lockouts, mediation, right-to-work laws, strike

Chapter 13

  • Define marketing, and explain its role in society.
  • Identify three trends that help define contemporary marketing.
  • Differentiate between consumer buying behavior and organizational buying behavior.
  • Define strategic marketing planning, and identify the four basic options for pursuing new marketing opportunities.
  • Identify the four steps in crafting a marketing strategy.
  • Describe the four main components of the marketing mix.

Key Terms: cause-related marketing, consumer market, customer loyalty, diversification, market, marketing concept, marketing mix, positioning, 4ps, stealth marketing, target markets, transaction

Chapter 14

  • Identify the main types of consumer and organizational products, and describe the four stages in the life cycle of a product.
  • Describe six stages in the product development.
  • Define brand, and explain the concepts of brand equity and brand loyalty.
  • Identify four ways of expanding a product line, and discuss two risks that product-line extensions pose.
  • List the factors that influence pricing decisions, and explain break-even analysis.
  • Identify nine common pricing methods.

Key Terms: brand, brand equity, brand extension, brand loyalty, brand names, break-even analysis, break-even point, license, logo, product life cycle, product line, product mix, trademarks

Chapter 15

  • Explain the role of marketing intermediaries in contemporary business, and list the eight primary functions that intermediaries can perform.
  • Identify the major types of wholesalers, and summarize four trends shaping the future of wholesaling.
  • Identify the major retailing formats, and summarize six trends shaping the future of retailing.
  • Explain the strategic decisions that manufactures must make when choosing distribution channels.
  • Identify five key attributes of distribution channel design and management.
  • Highlight the major components of physical distribution and logistics.

Key Terms: agents and brokers, channel conflict, distribution mix, distribution strategy, e-commerce, logistics, marketing intermediaries, marketing systems, retailers, retail theater, wheel of retailing, wholesalers.

Chapter 16

  • Describe the three major tasks in crafting a communication strategy, and identify four important legal aspects of marketing communication.
  • Identity the major types of advertising, the most common advertising appeals, and the most important advertising media.
  • Explain how direct marketing differs from advertising, and identify the major forms of direct media.
  • Describe consultative selling, and explain the personal-selling process.
  • Define sales promotion, and identify the major categories of consumer and trade promotions.
  • Explain the use of social media in customer communication and the role of public relations.

Key Terms: advertising, advertising appeal, advertising media, brand communities, communication mix, conversation marketing, core message, media mix, product placement, public relations, pull/push strategy, search engine marketing, trade allowances.

Chapter 17

  • Define accounting, and describe the roles of private and public accountants.
  • Explain the impact of accounting standards such as GAAP and the Sarbanes-Oxley Act on corporate accounting.
  • Describe the accounting equation, and explain the purpose of double-entry bookkeeping and the matching principle.
  • Identify the major financial statements, and explain how to read a balance sheet.
  • Explain the purpose of the income statement and the statement of cash flows.
  • Explain the purpose of ratio analysis, and list the four main categories of financial ratios.

Key Terms: accounting, accounting equation, assets, audit, balance sheet, bookkeeping, calendar year, cash basis, current assets, current liabilities, depreciation, double-entry bookkeeping, EBITDA, expenses, external audit, financial accounting, fiscal year, fix assets, GAAP, gross profit, income statement, IFRS, liabilities, net income, Sarbane-Oxley, statement of cash flows.

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