Financial Management

Definition: Financial Management involves planning, organizing, and controlling financial resources to achieve business objectives.
Key concepts:
- Financial planning: forecasting financial needs and creating strategies to meet them.
- Financial control: monitoring and correcting financial performance.
- Capital budgeting: deciding on investments and allocating resources.
- Risk management: identifying and mitigating financial risks.
Financial statements:
- Balance sheet: snapshot of company's financial position at a specific point in time.
- Income statement: revenue and expenses over a specific period.
- Cash flow statement: inflows and outflows of cash over a specific period.

Definition: International Business involves conducting business operations across national borders.
Types of international business:
- Importing: buying goods or services from another country.
- Exporting: selling goods or services to another country.
- Licensing: granting permission to use intellectual property in another country.
- Foreign direct investment: investing in a business in another country.
International trade theories:
- Absolute advantage: country produces goods more efficiently.
- Comparative advantage: country produces goods at a lower opportunity cost.
International business environments:
- Cultural environment: cultural differences affecting business.
- Economic environment: economic systems and policies affecting business.
- Political environment: government policies and regulations affecting business.

Definition: Marketing Management involves planning, organizing, and controlling marketing activities to achieve business objectives.
Marketing mix:
- Product: goods or services offered to customers.
- Price: amount charged for the product.
- Place: distribution and logistics of the product.
- Promotion: communication and advertising strategies.
Marketing segmentation:
- Demographic segmentation: dividing market based on demographic characteristics.
- Psychographic segmentation: dividing market based on lifestyle and personality traits.
- Geographic segmentation: dividing market based on geographic location.
Marketing research:
- Qualitative research: gathering non-numerical data through surveys and focus groups.
- Quantitative research: gathering numerical data through experiments and statistical analysis.

Definition: Business Role refers to the function or position of a business in society.
Types of business roles:
- Economic role: creating goods and services, generating employment, and contributing to GDP.
- Social role: providing goods and services that meet social needs and improve quality of life.
- Environmental role: minimizing negative environmental impacts and promoting sustainability.
Business ethics:
- Corporate social responsibility: businesses' responsibility to society and the environment.
- Stakeholder theory: businesses' responsibility to various stakeholders, including shareholders, customers, and employees.
- Ethical decision-making: making decisions that balance business objectives with social and environmental responsibilities.

Financial Management involves planning, organizing, and controlling financial resources to achieve business objectives
It involves financial planning, financial control, capital budgeting, and risk management
Financial planning involves forecasting financial needs and creating strategies to meet them
Financial control involves monitoring and correcting financial performance
Capital budgeting involves deciding on investments and allocating resources
Risk management involves identifying and mitigating financial risks
Financial statements include balance sheet, income statement, and cash flow statement
Balance sheet provides a snapshot of a company's financial position at a specific point in time
Income statement outlines revenue and expenses over a specific period
Cash flow statement outlines inflows and outflows of cash over a specific period

International Business involves conducting business operations across national borders
Types of international business include importing, exporting, licensing, and foreign direct investment
Importing involves buying goods or services from another country
Exporting involves selling goods or services to another country
Licensing involves granting permission to use intellectual property in another country
Foreign direct investment involves investing in a business in another country
International trade theories include absolute advantage and comparative advantage
Absolute advantage is when a country produces goods more efficiently
Comparative advantage is when a country produces goods at a lower opportunity cost
International business environments include cultural, economic, and political environments
Cultural environment involves cultural differences affecting business
Economic environment involves economic systems and policies affecting business
Political environment involves government policies and regulations affecting business

Marketing Management involves planning, organizing, and controlling marketing activities to achieve business objectives
Marketing mix includes product, price, place, and promotion
Product involves goods or services offered to customers
Price involves the amount charged for the product
Place involves distribution and logistics of the product
Promotion involves communication and advertising strategies
Marketing segmentation involves dividing the market based on demographic, psychographic, and geographic characteristics
Demographic segmentation involves dividing the market based on demographic characteristics
Psychographic segmentation involves dividing the market based on lifestyle and personality traits
Geographic segmentation involves dividing the market based on geographic location
Marketing research involves qualitative and quantitative research
Qualitative research involves gathering non-numerical data through surveys and focus groups
Quantitative research involves gathering numerical data through experiments and statistical analysis

Business Role refers to the function or position of a business in society
Types of business roles include economic, social, and environmental roles
Economic role involves creating goods and services, generating employment, and contributing to GDP
Social role involves providing goods and services that meet social needs and improve quality of life
Environmental role involves minimizing negative environmental impacts and promoting sustainability
Business ethics involves corporate social responsibility, stakeholder theory, and ethical decision-making
Corporate social responsibility involves businesses' responsibility to society and the environment
Stakeholder theory involves businesses' responsibility to various stakeholders, including shareholders, customers, and employees
Ethical decision-making involves making decisions that balance business objectives with social and environmental responsibilities