1.3: Learning Outcomes

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The content, assignments, and assessments for Introduction to Business are aligned to the following learning outcomes. For a complete list of topics covered in the course, see the Detailed Learning Outcomes.

Module 1: Role of Business

Discuss the role of business in society, the primary functions within a business, and external forces that affect business activities

Explain the concept of business
Distinguish between for-profit and nonprofit businesses
List and explain the four factors of production required to sustain a business
Identify the primary functional areas within a business and describe their contribution to the organization
Identify business stakeholders and describe their relationship with business organizations
Identify the external forces that shape the business environment

Module 2: Economic Environment

Explain fundamental economic principles and describe how they shape the business environment

Define economics and explain the difference between macroeconomics and microeconomics
Identify the forces that drive supply and demand within an economic system
Illustrate the relationship between supply and demand using supply and demand curves
Compare and contrast different economic systems (capitalist, planned, and mixed)
Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, and CPI
Explain the effect that the four stages of an economy (expansion, peak, contraction and trough) have on business operations
Identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operations

Module 3: Global Environment

Describe the characteristics, opportunities, and challenges of the global business environment

Explain why nations and U.S. firms engage in global business
Describe how nations measure global trade
Evaluate common strategies used to reach global markets
Identify and describe forces that affect global trade
Describe global trade agreements and economic organizations that regulate and promote global trade
Describe ethical challenges that businesses face in a global environment

Module 4: Financial Markets and Systems

Explain the institutions and markets that comprise the financial system, and explain how they impact the economy and the money supply

Explain what money is and what makes it useful
Explain the role of banks in the U.S. monetary system
Describe common ways in which businesses obtain financial capital (money) to fund operations

Module 5: Legal Environment

Summarize the role of the legal system in governing and shaping the climate for business

Explain the meaning and purpose of law
Differentiate between statutory and common law
Define tort law, and explain the role of product liability in tort law
Explain the purpose and characteristics of intellectual property law
Describe warranties
List and describe the elements of a legally enforceable contract, and explain the consequences of breach of contract
Summarize consumer protection and antitrust laws

Module 6: Business Ethics and Corporate Social Responsibility

Explain the importance of business ethics and corporate social responsibility

Differentiate between ethical and legal behavior
Explain the concept of business ethics, and outline the steps companies take to encourage ethical behavior
Identify common ethical challenges faced by organizations
Explain the concept of corporate social responsibility (CSR)

Module 7: Business Ownership

Distinguish among the forms of business ownership

List and explain the important factors in choosing an organizational type
Discuss the advantages and disadvantages of sole proprietorships
Discuss the advantages and disadvantages of partnerships
Discuss the advantages and disadvantages of corporations
Discuss the advantages and disadvantages of hybrid forms of business ownership
Discuss the advantages and disadvantages of franchises
Describe the two types of mergers and acquisitions

Module 8: Entrepreneurship

Discuss the role of entrepreneurship in small business

Discuss the contributions of small business to the U.S. economy
Identify the common traits of successful entrepreneurs
Discuss the advantages, disadvantages, and important considerations of starting a small business
Describe the steps to starting a business
List and describe the key components of a business plan

Module 9: Management

Describe the primary functions, responsibilities, and skills of effective leadership and management

Describe the three levels of management and the key skills needed by managers
Summarize the development of management theory and the key functions of management today
Identify the types of planning and decision making managers engage in, and explain how these help organizations reach their goals
Describe the organizing function of management and common types of organizational structure
Describe common management and leadership styles, and identify the circumstances under which they are most effective
Explain why control is an essential part of effective management, and outline the steps of the control process

Module 10: Motivating Employees

Explain common motivational theories and apply them to business

Describe the Hawthorne effect, and explain its significance in management
Explain need-based theories of worker motivation
Explain process-based theories of motivation
Differentiate between Theory X, Theory Y, and Theory Z managers
Explain how managers can use job characteristics and goal-setting theory to motivate employees

Module 11: Teamwork and Communication

Explain the importance of teamwork and effective communication in a business environment

Differentiate between groups and teams, and describe the characteristics of different types of teams
Explain the stages of team development and the factors that contribute to team success
Explain the importance of, and barriers to, effective communication within an organization
Describe typical communication flows, channels, and networks within an organization, and explain when different channels are appropriate
Describe the ethical issues, risks, and challenges associated with electronic communication in business

Module 12: Managing Processes

Explain how operations management contributes to organizational success

Define operations management in manufacturing and production businesses
Describe four major types of facility layouts: process, product, cellular, and fixed position
Identify existing and emerging technologies that are changing the way goods are produced and delivered
Define operations management in service businesses
Explain the scheduling tools (Gantt and PERT) used to increase operations efficiency
Explain the importance of logistics and supply-chain management
Identify the techniques that are available to ensure high-quality goods and services (Six Sigma, TQM, SPC) and describe the costs of poor quality

Module 13: Marketing Function

Explain the key components of the marketing function

Explain the role of customers in marketing
Explain the role of segmentation and targeting in marketing
Explain the marketing mix

Module 14: Marketing Mix

Explain how organizations use the marketing mix to market to their target customers

Explain common product marketing strategies and how organizations use them
Explain common pricing strategies and how organizations use them
Explain common product distribution strategies and how organizations use them
Explain how organizations use integrated marketing communication (IMC) to support their marketing strategies

Module 15: Human Resource Management

Recognize the role of human resource management in planning, recruiting, and managing a workforce

Explain how the functions of human resource management contribute to business success
Summarize and discuss key laws affecting human resource management
Discuss how organizations can effectively recruit and hire employees
Discuss effective approaches to training, developing, and rewarding employees
Describe the different HR management options for employee termination
Discuss the challenges facing today’s HR managers

Module 16: Accounting and Finance

Recognize sound accounting practices, and use financial statements and accounting principles to make informed judgments about an organization’s financial health

Define accounting, and explain its role as a form of business communication
Identify key financial statements and their components, and explain the primary use of each type of statement
Calculate the break-even point, where profit will be equal to $0, using information from financial statements
Use financial statements to calculate basic financial ratios to measure the profitability and health of a business
Discuss the importance of ethical practices in accounting and the implications of unethical behavior

Module 17: Using Technology to Manage Business Information

Recognize the roles of data and information technology in supporting business operations

Discuss the role of technology in business
Discuss ways in which information is used in business
Compare the ways that businesses can manage information
Identify security, privacy, and ethical issues affected by information technology

Contributors and Attributions

Learning Outcomes. Provided by: Lumen Learning. License: CC BY: Attribution

Magnify. Authored by: Eucalyp. Provided by: Noun Project. Located at: https://thenounproject.com/term/magnify/1276779/. License: CC BY: Attribution