当代商业概论总结

Chapter 1

1. Define business and profits

Business-----An organization that provides goods or services to earn profits Profits: The positive difference between a business’s revenues and its expenses ? rewards for businesspeople who take the risks

2. Distinguish between business and not-for-profit organizations

? Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. ['ent?pra?z]事业，项目

Not-for-profit organizations are business like establishments (机构;团体;企业) that have primary objectives other than returning profits to their owners. It operates in both public service and private sector (部门，行业，领域).

3. Identify the factors of production.

Labor, capital, entrepreneurs ([??ntr?pr?'n?:(r)]企业家), physical resources, information resources.

4. Global economic systems

Planned economy, market economy and mixed economies ? Planned Economy：

? An economic system in which the government owns and operates all sources of production

? Market Economy：

? An economic system in which buyers and sellers interact ([??nt?r'?kt]相互作用；互相影响)based on freedom of choice

Mixed Economies: Planned and Market

? The economies of most countries include both planned and market elements.

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5. Explain the factors that drive demand and supply. (1)Factors Driving Demand 1)Price

2)Customer preferences and income 3)Prices

of

substitute

(['s?bst?tju:t]替代的)and

complementary

（[?k?mpl??mentri]互补的）items 4)Number of buyers in the market 5)Consumers’ optimism about the future. （2）Factors Driving Supply

? factors of production (Central role in determining the overall supply of goods and services is played by factors of production.)

? Other factors like taxes and the number of suppliers will also influence the supply.

6. Describe each of the four different types of market structures in a private enterprise system.

Perfect competition，monopolistic [m??n?p??listik] competition(垄断性竞争)，oligopoly( [??l?'g?p?l?]寡头,求过于供的市场情况) and monopoly ( [m?'n?p?l?]垄断)

Perfect competition exists when all firms in an industry are small and the number of firms is large. Prices are determined by market forces as supply and demand.

In monopolistic competition, many sellers try to make their products at lease seem to be different from those of competitors. Product differentiation gives sellers some control over prices.

When an industry has only a handful of sellers, an oligopoly exists. The entry of new competitors is hard. And the prices of comparable products are usually similar.

A monopolyexists when an industry or market has only one producer. A sole

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supplier enjoys nearly complete control over the prices of its products. Characteristic Example Number of competitors Ease of entry into the industry Similarity of goods/services offered by competing firms Level of control over price by individual firms

7. Identify and describe the four stages of the business cycle.

None Some Some Considerable Identical Similar Can be similar or different Perfect competition Local farmer Monopolistic competition Stationery store Many, but fewer Many than in perfect competition Relatively easy Fairly easy difficult Regulated by government No directly competing goods or services few none Oligopoly Steel industry Monopoly Public utility Prosperity, 繁荣； recession 衰退； depression 萧条； recovery 复苏 [pr?'sper?t?][r??se?n][d?'pre?n]

8. Explain how productivity, price-level changes, and employment levels affect the stability of a nation’s economy.

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9. Discuss how monetary policy and fiscal policy are used to manage an economy’s performance. Monetary Policy货币政策

government actions to increase or decrease the money supply and change banking requirements and interest rates to influence banker’s willingness to make loans.

Fiscal Policy财政政策

Government influences economy by spending and taxation decisions. Government uses fiscal policy to control inflations([?n'fle??n]通货膨胀), reduce unemployment, improve the general welfare of citizens, and encourage economic growth.

Chapter 2

1. Explain the concepts of business ethics and social responsibility.

Business ethics are standards of business conduct and moral values by employees on the job

Social responsibility refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social environments.

2. Describe the factors that influence business ethics, at individual, organizational, legal, societal levels

Individual:values, work background, family status, personality

Organizational:Top Level Mgmt. Philosophy, the Firm’s Reward System, Job Dimensions

Environmental:Competition, economic conditions, social/cultural institutions

3. List the stages in the development of ethical standards. Stage 1: Preconventional

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Individual is mainly looking out for his or her interest. Rules are followed only out of fear of punishment or hope of reward. Stage 2: Conventional

Individual considers the interests and expectations of others in making decisions. Rules are rules are followed because it is a part of belong to the groups. Stage 3: postconventional

Individual follows personal principles for resolving ethical dilemmas. He or she considers personal, group and social interests.

4. Identify common ethical dilemmas in the workplace.

Conflict of interest, honesty and integrity(正直), loyalty VS truth, whistle-blowing(揭发).

5. Discuss how organizations shape ethical behavior.

6. Summarize the responsibilities of business to the general public, customers, employees and investors.

Responsibilities to the General Public a) Public Health Issues b) Protecting the Environment

Green washing: Using advertising to project a green image without substantially altering processes or products Recycling—reprocessing of used materials for reuse c) Developing the Quality of the Workforce d) Corporate Philanthropy([f?'l?nθr?p?]慈善事业) Responsibility Toward Customers

Consumer Rights, Unfair Pricing, Ethics in Advertising Responsibility Toward Employees

Workplace Safety; Quality of Life Issues…….

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Responsibility Toward Investors

Improper financial management; Check kiting空头; Insider trading ; Misrepresentation of finances

7. Explain different stances in CSR

Lowest

Highest

Obstructionist Defensive Stance Stance 阻碍立场 防卫立场 Accommodative Stance 接纳立场 Proactive Stance 积极立场 Actively Avoids Responsibility Chapter 3

Does Legal Minimum Responds to Requests

Actively Seeks Opportunities to Contribute

1. Identify the industries in which most small firms are established

Services服务业, retailing零售业, construction建筑业, wholesaling批发, finance and insurance金融保险, manufacturing制造业,transportation运输.

2.Compare the advantages and disadvantages of small businesses.

Small firms can often operate with greater flexibility than larger corporations can achieve. This flexibility allows small business to develop innovative products, lower costs, provide superior customer service, and fill isolated niches.['a?s?le?t?d]偏远的[n?t?iz]商机

However, small business also must operate with fewer resources than large corporations can apply. As a result, they must suffer from financial limitations and management shortcomings.Taxes and government regulation can also impose excessive burdens on small business.

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3. Explain how franchising can provide opportunities for both franchisors and franchisees（被特许人）.

Franchisees benefit from the parent corporations' experience and expertise. The franchiser may pick the store location, negotiate the lease, purchase equipment, and support financing. Franchising offers the benefit of brand recognition, which can make it easier to attract customers and reduce the costs of advertising as well as increase the likelihood of success.

4. Define the term entrepreneur and distinguish among entrepreneurs, small-business owners, and managers. Entrepreneur:

Businessperson who accepts the risks and opportunitiesinvolved in creating,

operating and growing a new business Small Business Owner:

5. Starting and funding a small business

? Starting from Scratch[skr?t?]从零开始;从头做起;白手起家

? Disadvantage: Higher risk of business failure ? Advantage: Avoids problems of an existing business

? Buying an Existing Business

? Some prefer not to assume the risks of starting a new firm Franchising

? Another less riskyway to begin a business

a) Cf. equity financing and debt financing

6. Identify three different types of entrepreneurs.企业家

? Classic entrepreneurs—person who sees a business opportunity and use resources to tap that market.

? Intrapreneur—person who develops innovations within a large organization.

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Does not have plans for growth.

[?ntr?pr?'ni:?:]公司内企业家,内部创业者

? Change Agent—manager who tries to revitalize an established firm to keep it competitive. [?ri:'va?t?la?z] vt. 使恢复元气；使新生；使复兴

7. Identify personality traits that typically characterize successful entrepreneurs.

Successful entrepreneurs may have several traits, including vision, high energy level, need to achieve, self-confidence and optimism, tolerance for failure, creativity, tolerance for ambiguity（含糊）, and international locus of control.

1)Are resourceful and open-minded足智多谋，心胸开阔 2)Are concerned about good customer relations良好顾客关系 3)Desire to be their own boss 4)Can deal with uncertainty and risk

5)Rely on networks, business plans, and consensus（共识）

8. Summarize the three basic forms of business ownership and the advantages and disadvantages of each form.

1)Sole Proprietorships (所有权) 个人独资企业 Advantages: ? Freedom ? Simple to form ? Low start up costs ? Tax benefits

? Don’t have to share the profits 2)Partnerships合伙企业

In most cases, partners share the profits equally or in proportion to their investment.

Silent partner: invest funds but play no role in its management Sweat equity: invest nothing but provide all the labor Advantages:

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? ? ?

?

Disadvantages:

Unlimited Liability(major drawback)

Limited resources Limited fundraising capability(有限的融资能力)

Lack of continuity

? ? ? ?

Disadvantages: Unlimited liability

Disagreements among partners

Lack of continuity Ownership transfer

? More talent and money(the most striking) ? More fundraising capability ['f?nd?re?z??]筹款的

? Relatively easy to form

? Limited liability for limited partners ? Tax benefits 3)cooperatives

Combine the freedom of sole proprietorships with the financial power of corporations ? Comparative Summary: Three Forms of Business Business form liability Continuity Management Sources of investment Proprietorship Personal, Ends with Personal, Personal unlimited death or unrestricted decision of owner General Personal, Ends with Unrestricted or Personal by partnership unlimited death or depends on partners decision of any partnership partner agreement Corporation Capital, As stated in Under control Purchase of invested charter, of board of stock perpetual or for directors, specified which is period of years selected by stockholders 最大的区别：是否具有法人资质(entity) 4)Corporations Advantages:

? Limited Liability ? Continuity连贯性

? Stronger fundraising capability 9. Type of Corporations Type Closely held Distinguishing Features Stock held by only a few people Subject to corporate taxation Publicly held Stock widely held among many investors Subject to corporate taxation Disadvantages: ? Double taxation

? Fluid control['flu:?d]不稳定的 ? Complicated and expensive to form

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Subchapter S Organized much like a closely held corporation Subject to additional regulation Subject to partnership taxation Limited liability Organized much like a publicly held corporation Subject to additional regulation Subject to partnership taxation Professional Subject to partnership taxation Limited business liability Unlimited business liability Multinational Spans national boundaries Subject to regulation in multiple countries 10.Describe recent trends in mergers合并and acquisitions收购.

Merger—union of two or more firms to form a newcompany Acquisition—purchase of one company by another

Chapter 4

1. Understand significance of globalization

Globalization can make use of international sources of factors of production. Globalization expends international markets.

The potential for higher standards of living and improved business profitability.

Globalizationreduces firms’dependence on the economies of their home nations

2. Discuss the relationship of absolute and comparative advantage to international trade. (I don’t know.)

Absolute Advantage exists when a country can produce something that is cheaper or higher quality than other country.

Comparative Advantage exists when a country can produce more efficiently or better than other nations.

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Both of them translate into competitive advantage.

3. Describe how nations measure international trade and the significance of exchange rates.

Nations measure international trade by balance of trade, balance of payments and exchange Rates.

Exchange Rates Heavily Impact Global Trade ? When an economy’s currency is strong:

? Domestic companies find it harder to export products ? Foreign companies find it easier to export products

? Domestic companies may move production to cheaper sites in foreign countries

? When an economy’s currency is weak:

? Domestic companies find it easier to export products ? Foreign companies find it harder to export products ? Foreign companies may invest in production facilities Euro common currency shared among most of the members of the European Union (excluding Denmark, Sweden, and the United Kingdom)

Absolute advantage ability to produce something cheaper and/or higher quality than any other country

Comparative advantage ability to produce more efficiently or better than other nations

National competitive advantage international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries.

Factor conditions: labor capital entrepreneurs physical resources and information resources

Demand conditions : reflect a large domestic consumer base that promotes strong demand for innovative products

Related and supporting industries : strong local or regional suppliers and/or industrial customers

Strategies, structures, and rivalries: firms and industries that stress cost reduction, product quality, higher productivity, and innovative products.

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International business management

Going international: gauging international demand; adapting to customer needs; outsourcing and off-shoring

Level of international involvement : exporters and importers; international firms; multinational firms

Outsourcing: practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services Off-shoring : practice of outsourcing to foreign countries

Benefits: 1) focus on their core activities and avoid getting sidetracked on secondary activities; 2)reduce costs International organization structures

Independent agent; licensing arrangements; branch offices; foreign direct investment

Independent agent: foreign individual or organization that agrees to represent an exporter’s interests

Licensing arrangement: arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country

Branch office: foreign office set up by an international or multinational firm Strategic alliance: arrangement(also called joint venture) in which a company finds a foreign partner to contribute approximately half of resources needed to establish and operate a new business in the partner’s country

Foreign direct investment: arrangement in which a firm buys or establishes tangible assets in another country

4. Identify the major barriers that confront global businesses.

1) Social and Cultural Differences, such as different Language, values and Religious Attitudes.

2) Economic Differences, such as infrastructure, Currency Conversion and Shifts. ['?nfr?str?kt??(r)]基础设施；基础建设

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3)Political and Legal Differences, such as political climate, legal environment and international regulations.

Legal and political differences: set conditions for doing business; control flow of capital and use tax legislation; even confiscate the property of foreign- owned companies.

Quotas, tariffs, and subsidies

Quota: restriction on the number of products of a certain type that can be imported into a country

Embargo: government order banning exportation and/or importation of a particular product or all products from a particular country Tariff: tax levied on imported products

Subsidy: government payment to help a domestic business compete with foreign firms

Protectionism: practice of protecting domestic business against foreign competition

Local content laws: law requiring that products sold in a particular country be at least partly made there

Business practice law: law or regulation governing business practices in given countries practices in given countries

Cartel: association of producers whose purpose is to control supply and prices Dumping: selling a product abroad for less than the cost of production at home

5. Explain how international trade organizations and economic communities reduce barriers to international trade.（不确定）

Many international trade organizations promote International Trade to reduce barriers, such as World Trade Organization (WTO), World Bank, and International Monetary Fund

Economic communities create partnerships, found free trade area, customs area and common market to reduce barriers. Such as European Union and North American

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Free Trade Agreement (NAFTA).

6. Compare the different levels of involvement used by businesses when entering global markets.

Exporters and Importers International Firms Multinational Firms 跨国的

Exporter: firm that distributes and sells products to one or more foreign countries

Importer: firm that buys products in foreign markets and then imports them for resale in its home country

International firms: firms that conduct a significant portion of its business in foreign countries; conduct a good deal of their business abroad and may even maintain overseas manufacturing facilities.

Multinational firm: firm that designs, produces, and markets products in many nations

7. Distinguish between a global business strategy and a multi-domestic business strategy.

? Global Business Strategies (Standardization)

? Offering a standardized, worldwide product and selling it in essentially the same manner throughout a firm’s domestic and foreign markets.

? Multi-domestic Business Strategy (Adaptation)

? Developing and marketing products to serve different needs and tastes of separate national markets.

Chapter 5

Management: process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals

Organizing: management process of determining how best to arrange an organization’s resources and activities into a coherent structure

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Leading: management process of guiding and motivating employees to meet an organization’s objectives

Controlling: management process of monitoring an organization’s performance to ensure that it is meeting its goals

1. Identify types of managers by level and area.

by level：top managers, middle managers, supervisory managers(first-line managers)

by area: human resources managers, operation managers, marketing managers, information managers, financial managers and other managers.

Top manager: manager responsible for a firm’s overall performance and effectiveness Middle manager: manager responsible for implementing the strategies and working toward the goals set by top managers

First-line manager: manager responsible for supervising the work for supervising the work of employees

2. Describe the basic management skills.

? Technical skills—ability to understand and apply the techniques, knowledge, and tools and equipment of a specific discipline or department

? Human skills—interpersonal skills that enable a manager to work effectively with and through people

? Conceptual skills[k?n?sept?u?l]adj. 观念的，概念的—ability to see the organization as a unified whole and to understand how each part of the overall organization interacts with other parts Decision-Making Skills Time-Management Skills

Technical skills: skills needed to perform specialized tasks

Human relations skills: skills in understanding and getting along with people

Conceptual skills: abilities to think in the abstract, diagnose and analyze different

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situations, and see beyond the present situation

Decision-making skills: skills in defining problems and selecting the best courses of action

Time management skills: skills associated with the productive use of time

Strategic management: process of helping an organization maintain an effective alignment with its environment

Goal: objective that a business hopes and plans to achieve

Strategy: broad set of organizational plans for implementing the decisions made for achieving organizational goals

Mission statement: organization’s statement of how it will achieve its purpose in the environment in which it conducts its business

Long-term goal: goal set for an extended time, typically five years or more into the future

Intermediate goal: goal set for a period of one to five years into the future Short-term goal: goal set for the very near future

Corporate strategy: strategy for determining a firm’s overall attitude toward growth and the way it will manage its business or product lines

Business(or competitive strategy) strategy, at the business-unit or product-line level, focusing on improving a firm’s competitive position

Functional strategy: strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

3. Explain the importance of setting goals and formulating strategies. Goal Setting:

– Provides direction and guidance for managers at all levels – Helps firms allocate resources – Helps to define corporate culture – Helps managers assess performance

Formulating strategies describe an organization’s intentions, outline how to meet the goals, and include the responsiveness to new challenges and new needs.

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Strategy formulation: creation of a broad program for defining and meeting an organization’s goals

4. Process of strategic planning. Step 1: Setting Strategic Goals

– Strategic goals are derived from a firm’s mission statement

Step 2: Analyzing the Organization and the Environment: SWOT Analysis

– Assessing internal strengths and weaknesses and external opportunities and threats

? Environmental analysis ? Organizational analysis

Step 3: Matching the Organization and Its Environment

– Matching environmental threats and opportunities against corporate strengths and weaknesses

Strategic goal: goal derived directly from a firm’s mission statement

Swot analysis: identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

Environmental analysis: process of scanning the business environment for threats and opportunities

Organizational analysis: process of analyzing a firm’s strengths and weaknesses

5. Summarize the major benefits of planning and distinguish among strategic

planning, tactical planning, and operational planning.

Planning: management process of determining what an organization needs to do and how best to get it done

Planning helps a company to turn vision into action, take advantage of opportunities, and avoid costly mistakes. Strategic Plans

– Steps needed to meet strategic goals; resource allocations; focus on company priorities

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Tactical Plans

– Shorter-term plans for implementing specific aspects of the company’s strategic plans

Operational Plans

– Short-term targets for daily, weekly, or monthly performance

Strategic plan: plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals

Tactical plan: generally short-term plan concerned with implementing specific aspects of a company’s strategic plans

Operational plan: plan setting short-term targets for daily, weekly, or monthly performance

Contingency planning: identification of aspects of a business or its environment that might entail changes in strategy

Crisis management: the shared experiences, stories, beliefs, and norms that characterize an organization

6. Explain the development and importance of corporate culture. Corporate Culture

– Shared experiences, stories, beliefs, and norms that characterize an organization – Defines the work and business climate in an organization

– Culture takes time and effort to form and once formed, it is relatively stable…is – It is typically shaped by the firm’s founder and perpetuated through formal programs such as training, rituals, and ceremonies, as well asthrough informal discussions among employees.

Corporate culture: the shared experiences, stories, beliefs, and norms that characterize an organization Chapter 6

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Organizational structure: specification of the jobs to be done within an organization and the ways in which they relate to one another

Organization chart: diagram depicting a company’s structure and showing employees where they fit into its operations

Chain of command: reporting relationships within a company

Job specialization: process of identifying the specific jobs that need to be done and designating the people who will perform them

Departmentalization: process of grouping jobs into logical units

Profit center: separate company unit responsible for its own costs and profits

Product departmentalization: dividing of an organization according to specific products or services being created

Process departmentalization: dividing of an organization according to production processes used to create a good or service

Functional departmentalization: dividing of an organization according to groups’ functions or activities

Customer departmentalization: dividing of an organization to offer products and meet needs for identifiable customer groups

Geographic departmentalization: dividing of an organization according to the areas of the country of the world served by a business

Centralized organization: organization in which most decision-making authority is held by upper-level management

Decentralized organization: organization in which a great deal of decision-making authority is delegated to levels of management at points below the top

Flat organizational structure: characteristic of decentralized companies with relatively few layers of management

Tall organizational structure: characteristic of centralized companies with multiple layers of management

Span of control: number of people supervised by one manager

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Elements of Organizational structure Key Elements:

1. Work specialization 2. Departmentalization 3. Chain of command 4. Span of control

5. Centralization and decentralization 6. Formalization

Specialization and departmentalization

Specialization is the process if identifying the specific jobs that need to be done and designating the people who will perform them.

Departmentalization—process of dividing work activities into units within the organization

(Departmentalization allows the firm to treat each department as aprofit center. Departmentalization may occur along product, process, functional, customer, or geographic lines. [?d?i:?'ɡr?f?k]adj. 地理学的，地理的)

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What Elements Influence Organizational Structure? Purpose Mission Strategy Size Technology External Environment Responsibility, authority, delegation, and accountability Responsibility----duty to perform assigned task

Authority----power to make the decisions necessary to complete a task

Delegation is the process through which a manager allocates work to subordinates. s??b?:dinits]下级

Accountability----the obligation employees have for the successful completion of a task.

Chain of command & span of control

Chain of command—set of relationships that indicates who directs which

activities and who reports to whom

span of control----number of people supervised by one manager

Line and staff structure P93

Functional, divisional, matrix, and international organizational structuresP94

Virtual organization and outsourcing

Outsourcing['a?ts?:s??]n. 外购；外部采办

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Responsibility, authority, delegation, and accountability Responsibility----duty to perform assigned task

Authority----power to make the decisions necessary to complete a task

Delegation is the process through which a manager allocates work to subordinates. s??b?:dinits]下级

Accountability----the obligation employees have for the successful completion of a task.

Chain of command & span of control

Chain of command—set of relationships that indicates who directs which

activities and who reports to whom

span of control----number of people supervised by one manager

Line and staff structure P93

Functional, divisional, matrix, and international organizational structuresP94

Virtual organization and outsourcing

Outsourcing['a?ts?:s??]n. 外购；外部采办

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