10102134Introduction to Business
Course Information
Description
Explore business ownership and organizational forms and structures; Examine the relationship between businesses and the economy; Investigate marketing strategies, segmentation, and research, and the development/life cycle of products. Analyze financial performance and recommend improvement strategies. Describe the process of creating of a small business and common international business and trade concepts; Evaluate ethics in business and the importance of organizational culture and communication.
Total Credits
3
Prior Learning Assessment
  • Exam-College Developed Challenge Exam
Course Competencies
  1. Analyze the relationship between business and the economy
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Specify the main participants and activities of business
    Apply terms such as economy, business, product, profit, supply, and demand accurately
    Describe the role of supply, demand, and competition within a free enterprise system
    Summarize different types of economic systems
    Determine the impact of a healthy and unhealthy economy on business
    Define the role of the entrepreneur

  2. Investigate marketing strategies, market segmentation, buying behavior, and the marketing mix
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Describe the influence of marketing on buying behavior
    Compare marketing segments
    Examine the role of marketing research in influencing buying behavior and marketing decisions
    Identify environmental factors and/or forces that influence marketing decisions
    Analyze factors and decisions that make up the marketing mix
    Describe how products are developed, classified, promoted, and distributed
    Identify pricing strategies that align with profitability
    Identify factors affecting distribution decisions, such as marketing channels and intensity of market coverage
    Determine adjustments to a company’s marketing plan
    Specify the activities involved in promotion, as well as promotional strategies and promotional positioning
    Analyze marketing strategy based on of the “4 Ps” of marketing (product, price, place, promotion)

  3. Analyze the financial performance of a company
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Describe the role of the accounting process in producing financial information
    Differentiate between balance sheet, income statement, and statement of cash flow
    Analysis includes interpretation and summary of the “Big 3” financial statements (balance sheet, income statement, statement of cash flow)
    Defend the use of financial statements for determining health of a business
    Use financial ratio analysis
    Analysis assesses the company’s current and future performance
    Explain the importance of ethics in accounting

  4. Describe common structures of a business organization
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Specify components of at least two different organizational structures
    Describe how specialization and departmentalization assist businesses in achieving goals
    Determine how organizations assign responsibility for tasks and delegate authority
    Compare and contrast common forms of organizational structure

  5. Evaluate organizational culture, structures, communication, leadership, and decision-making
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Describe the role of organizational culture in assisting businesses achieve goals, facilitating strategic objectives, and attracting employees
    Analyze the use of group and team structures within an organization
    Describe advantages and disadvantages of working in teams
    Identify the types of groups that exist in organizations
    Compare characteristics of leaders
    Describe how communication occurs in organizations, specifically in assigning responsibility, resolving disputes, and decision-making
    Relate organizational culture to attracting talent

  6. Evaluate the ethics and social responsibility of business practices and decisions
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Compare and contrast individual (personal) ethics and business (professional) ethics
    Explain the four dimensions of social responsibility
    Evaluate an organization’s social responsibilities to owners, employees, consumers, the environment, and the community
    Identify strategies to promote or facilitate ethical behavior in business organizations
    Scenario and/or case study response identifies legal considerations

  7. Explain a service and manufacturing business’s operations, supply chain, and logistics
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Define operations management
    Differentiate between operations and manufacturing
    Explain how operations management differs in manufacturing and service firms
    Describe the elements involved in planning and designing an operations system
    Specify techniques managers use to manage the logistics of transforming inputs into finished products
    Assess the importance of quality in operations management
    Describe the influence of changing markets on operations

  8. Propose an effective organizational form and structure for a new business
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Compare forms of business ownership (corporations, partnerships, sole proprietorships)
    Describe the advantages and disadvantages of the sole proprietorship form of organization
    Describe the two types of business partnership and their advantages and disadvantages
    Describe the corporate form of organization and its advantages and disadvantages
    Assess the advantages and disadvantages of mergers, acquisitions, and leveraged buyouts
    Proposed organizational form and structure include a reporting hierarchy (if applicable)

  9. Investigate creating and owning a small business
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Define entrepreneurship and small business
    Explain the importance of small businesses in the U.S. economy and why certain fields attract small business
    Specify the advantages of small business ownership
    Analyze the disadvantages of small business ownership and the reasons why small businesses fail
    Describe the steps in creating a small business
    Identify specific resources for small business development
    Evaluate demographic, technological, and economic trends that affect small business

  10. Examine international trade strategies and multinational organizations
    Assessment Strategies
    Case Study, Scenario, Role Play, Written Product, and/or Exam
    Criteria
    Specify agreements, alliances, and organizations that encourage trade across international boundaries
    Investigate economic, ethical, legal, political, social, cultural, and technological barriers to international business
    Identify two basic strategies used in international business
    Determine factors a small business needs to consider when expanding into international markets
    Identify multinational organizations and their structures
    Apply the Hofstede's six-dimensions model
    Examine traits of professional and ethical communication, acceptable workplace behavior, and culturally relevant communications
    Rationalize the use of inclusive language