INTRODUCTION TO BUSINESS

Introduction to Business is a course that offers essential information related to the business landscape and business functions (Operations & Production, Marketing, Finance & Accounting, Human Resourced Management, IT). The course has been designed in such a way that it provides to the students the updated information on the business reality which changes very rapidly. At the same time, it provides the necessary information for more advanced courses related to the aforementioned business functions. Through real life examples and case studies, both national and international; the content of this course has been aligned with the contemporary developments in the field of business, and aims to provide the basics for the understanding of business organizations and people who operate them.

Gain an understanding of the global business environment and the context in which a business operates. Learn about the different types of business, such as entrepreneurship, new ventures, and other types of ownership. Identify the four basic functions of the management process and describe the basic roles and skills managers require. Provide basic knowledge about the main business functions such as management, operations, human resources, marketing, accounting, IT, and finance.

1. Business and Value Creation: A business is an organization that provides goods or services to meet customer needs in exchange for revenue, aiming to create value for its stakeholders.
2. Forms of Business Ownership: The legal structures that define how a business is organized, including sole proprietorships, partnerships, corporations, and cooperatives.
3. Management: The processes of planning, organizing, leading, and controlling resources to achieve goals, and the ability to guide and inspire individuals or teams.
4. Marketing: The process of creating, communicating, delivering, and exchanging offerings that provide value to customers, often structured through the marketing mix.
5. Finance and Accounting: Finance is the management of money and investments to support business operations, while accounting is the measurement and reporting of financial information for decision-making.
6. Human Resource Management: The function of recruiting, developing, motivating, and retaining employees, ensuring effective workforce management within legal and ethical frameworks.
7. Entrepreneurship and Innovation: Entrepreneurship is the process of identifying opportunities, taking risks, and creating new ventures, while innovation is the application of new ideas, processes, or products that enhance value and competitiveness.
8. Operations and Supply Chain Management: The coordination of processes and resources involved in producing and delivering goods and services efficiently to customers.
9. Digital Transformation: The integration of digital technology into all areas of business, fundamentally changing how organizations operate and deliver value to customers.

1. Discuss business ideas and findings clearly, both in writing and orally, to diverse audiences.
2. Demonstrate the ability to assess both internal and external business environments, identifying key factors that impact organizational decision-making.
3. Describe and compare various types of business organizations, such as sole proprietorships, partnerships, corporations, and franchises.
4. Identify entrepreneurial opportunities, recognize the challenges of starting a business, and evaluate the resources required for launching a new venture.
5. Develop the ability to define and explain core business concepts, including management, operations, human resources, marketing, accounting, and finance.
6. Gain knowledge of management functions—planning, organizing, leading, and controlling—and apply them to real-life business scenarios.
7. Outline fundamental marketing concepts and develop basic marketing strategies for products or services.
8. Understand financial statements, including balance sheets and income statements, and apply basic financial analysis to assess business performance.
9. Understand business ethics and social responsibility and analyze how companies address these areas in their strategies and operations.
10. Explore the global aspects of business, understanding how international trade, cultural differences, and global markets influence business operations.

Business Essentials, Global Edition, 13th edition, Published by Pearson (July 29, 2024) © 2024, Ronald J. Ebert University of Missouri-Columbia, Ricky W. Griffin Texas A&M University https://www.pearson.com/en-gb/subject-catalog/p/business-essentials-global-edition/P200000007141/9781292742083