Course 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

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