Introduction to Business Organizations & Strategy
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Questions and Answers

Which of the following is NOT an objective of the course?

  • Understanding main strategy concepts
  • Gaining a broad understanding of what a business is and does
  • Understanding key principles governing the corporate environment
  • Learning about personal finance management (correct)

    • Conducting an industry analysis includes understanding the competitive environment.

    True

    What analysis tools will students learn about in this course?

    Industry analysis tools and models

    The _____ includes resources and capabilities that businesses can leverage for competitive advantage.

    <p>Resource-based view</p> Signup and view all the answers

    Match the following topics with their correct focus:

    <p>Market types, differentiations, and (re)positioning = Understanding target markets and strategies Developing Competitive Advantages = Utilizing unique resources or capabilities Global market expansion = Strategies for entering new international markets Innovation in the organisation = Fostering new ideas and practices within a business</p> Signup and view all the answers

    What is the weight of the final exam in the assessment components?

    <p>50%</p> Signup and view all the answers

    The group project has no specific pass mark requirement.

    <p>True</p> Signup and view all the answers

    What is the primary focus of a business plan presentation?

    <p>To explain the business strategy and why it will succeed.</p> Signup and view all the answers

    The book 'Business in Action' was authored by _____, Paul, C.A., and Thill, J.V.

    <p>Bovee, C.L.</p> Signup and view all the answers

    Match the assessment component with its weighting:

    <p>Final exam = 50% Group Project = 40% Individual Participation = 10%</p> Signup and view all the answers

    What is the required pass mark for the final exam?

    <p>40%</p> Signup and view all the answers

    Students are required to have a passing mark for individual participation.

    <p>False</p> Signup and view all the answers

    What skills should students demonstrate while acting as an entrepreneur?

    <p>Understanding of business operations and critical thinking.</p> Signup and view all the answers

    What is a key characteristic of a great team player?

    <p>Make others around them more effective</p> Signup and view all the answers

    Successful people tend to have a negative outlook.

    <p>False</p> Signup and view all the answers

    What is the definition of a business?

    <p>A profit-seeking organization that provides goods and services to satisfy customers' needs.</p> Signup and view all the answers

    Effective communication includes listening actively and providing _____ information.

    <p>practical</p> Signup and view all the answers

    Match the following aspects of a positive workplace culture with their descriptions:

    <p>Loyalty = Protecting your employer's reputation Positive energy = Encouraging a motivating environment Active listening = Engaging attentively in conversations Etiquette = Norms of behavior in specific situations</p> Signup and view all the answers

    What is one main focus of the book 'Competitive Advantage' by Michael Porter?

    <p>Sustaining superior performance</p> Signup and view all the answers

    Professionalism is solely about technical skills and knowledge.

    <p>False</p> Signup and view all the answers

    What is a key quality of a professional according to the content?

    <p>Being a team player</p> Signup and view all the answers

    The book 'Strategy: Theory and _____' discusses different aspects of strategy.

    <p>Practice</p> Signup and view all the answers

    Match the following authors with their works:

    <p>Sola &amp; Couturier = How to Think Strategically Stewart R Clegg et al. = Strategy: Theory and Practice Gerry Johnson et al. = Exploring Strategy Eliyahu Goldratt = Necessary but not sufficient</p> Signup and view all the answers

    Which chapter in 'Corporate Communication' is mentioned as relevant to theory and practice?

    <p>Chapter 6</p> Signup and view all the answers

    Working autonomously on a group project is not part of professional development.

    <p>False</p> Signup and view all the answers

    Name one of the key elements of professionalism mentioned in the content.

    <p>Performing at a high level</p> Signup and view all the answers

    What term refers to the money that a company earns from selling goods and services?

    <p>Revenue</p> Signup and view all the answers

    Profit is calculated by subtracting costs from revenue.

    <p>True</p> Signup and view all the answers

    Name one type of business that creates value by making tangible products.

    <p>Manufacturing</p> Signup and view all the answers

    Nonprofit organizations provide goods and services without having a __________ motive.

    <p>profit</p> Signup and view all the answers

    Match the following types of businesses with their descriptions:

    <p>Goods-producing businesses = Create value by making tangible items Service businesses = Create value by performing activities for customers Nonprofit organizations = Provide goods and services without profit motive Competitive advantage = Aspect that makes a product appealing to customers</p> Signup and view all the answers

    Which of the following best describes a business model?

    <p>A description of how a business generates revenue</p> Signup and view all the answers

    Goods-producing businesses are typically not capital-intensive.

    <p>False</p> Signup and view all the answers

    What is the primary goal of nonprofit organizations?

    <p>To achieve their goals efficiently and effectively.</p> Signup and view all the answers

    What percentage of a nation's economic output is accounted for by the service sector in developed countries?

    <p>75%</p> Signup and view all the answers

    Service businesses are typically product-focused rather than labor-intensive.

    <p>False</p> Signup and view all the answers

    Name one example of a B2B (business to business) sales model.

    <p>Wholesale supplier or any business that sells to another business.</p> Signup and view all the answers

    The major functional area responsible for conceiving new products is called ______.

    <p>Research and Development (R&amp;D)</p> Signup and view all the answers

    Match the following companies with their respective industries:

    <p>Apple = Technology Walmart = Retail Exxon-Mobil = Oil and Gas</p> Signup and view all the answers

    Which functional area is responsible for managing the company’s finances?

    <p>Finance and Accounting</p> Signup and view all the answers

    Purchasing, logistics, and facilities management are part of the marketing function.

    <p>False</p> Signup and view all the answers

    What is the primary goal of the marketing functional area?

    <p>To identify opportunities in the marketplace and develop products to address those opportunities.</p> Signup and view all the answers

    A local landscape contractor primarily provides _____ services.

    <p>contractor</p> Signup and view all the answers

    Which company had the highest revenue in 2020?

    <p>Walmart</p> Signup and view all the answers

    Study Notes

    Introduction to Business Organizations & Strategy

    • Lecture #1 covers Introduction to Business Models by Prof. Fabrice Léger
    • The objectives of this lecture are to understand the key principles influencing the corporate environment
    • Learn about industry analysis tools and models to understand the business environment
    • Understand what a business is and does, as well as its profitability or not
    • Grasp main strategy concepts

    Lecture Schedules

    • Introduction to Business Models
    • Entrepreneurship and start-ups
    • Industry Analysis: Structure, Five Forces, and Competitive Environment
    • Resources and Capabilities, and Resource-Based View of Organizations
    • Developing Competitive Advantages
    • Developing a business through a successful product portfolio strategy (BCG, Ansoff, and McKinsey Matrix)
    • Market types, differentiations, and repositioning
    • Innovation in the organisation
    • Organizational Design, structure, and dynamics; Leading the organisation through organisational change
    • Managing the Human Capital within and outside of the organisation
    • Global market expansion

    Seminars

    • Established Company
      • Applying business concepts to existing businesses
      • Demonstrating understanding and critical thinking about business operations through presentations
    • New Venture from Your Own Idea
      • Creating business plans
      • Applying business concepts to create successful entrepreneurial projects

    Logistics

    • Course details and technical information are in the syllabus
    • Lecture materials are posted on the blackboard

    Evaluation

    • Final Exam (90 min): Written exam, 50% weighting, 40% pass mark, Pass/Fail criteria
    • Group Project: Coursework, 40% weighting, N/A pass mark, Fail criteria
    • Individual Participation: Coursework, 10% weighting, N/A pass mark, Fail criteria

    Challenges and Expectations

    • Connect the dots between different lectures
    • Use textbooks to clarify any confusion
    • Be self-reliant on group projects

    Achieving Professionalism

    • Performing at a high level and conducting oneself with purpose and pride

    Elements of Professionalism

    • Be the best: Strive for excellence in every aspect of work.
    • Be dependable: Keep promises, meet commitments, and take responsibility for errors.
    • Be ethical: Work responsibly, consider options carefully, and avoid ethical lapses.
    • Be a team player: Contribute to the larger goal, and help improve others around you.
    • Be clear: Improve communication skills to enhance business development
    • Be respectful: Respect others’ time and opinions through good business etiquette

    Being a Team Player

    • Professionals contribute to a larger cause.
    • Effective team players support others and make them more effective.
    • Loyalty and protecting the employer's reputation are important aspects of being a team player.

    Communicating Effectively

    • Listen actively while communicating
    • Deliver practical information
    • Offer facts, not vague impressions or opinions as facts
    • Present information concisely and efficiently
    • Clarify expectations and responsibilities
    • Provide compelling and persuasive arguments and recommendations

    Demonstrating Etiquette

    • Adhere to the expected behavioral norms in any given situation.

    Maintaining a Confident, Positive Outlook

    • Successful people are optimistic.
    • They buckle down and complete tasks despite obstacles.
    • Positive energy is contagious, while negativity is detrimental.

    Part 2 - What do businesses do?

    • Businesses are any profit-seeking organization offering goods and services to satisfy customer needs.
    • They are also referred to as enterprises or firms.

    Understanding What Businesses Do

    • Companies make profit by selling goods
    • Important to figure out what value is being added
    • Difficulty in understanding how start-ups like TikTok make profit.

    Ecosystem

    • Companies often operate in interconnected chains
    • Companies strategize to generate revenue through their choices

    Adding Value - The Business of Business

    • Revenue is the money made by selling goods and services.
    • A business model describes how a business plans to earn revenue
    • Profit is the remaining money after subtracting all business costs from revenue

    Profit

    • Amazon's figures (2014):
      • Revenue: US$88.0988 billion
      • Net income: US$ -241 million.
    • Amazon's figures (2015):
      • Revenue: US$107 billion
      • Net income: US$596 million.
    • The difference between money coming in and money going out

    Competing to Attract and Satisfy Customers

    • Competitive advantage means a company or product that is more appealing to its target customers.

    Some Businesses Are Nonprofit

    • These organizations provide goods or services without profit motives
    • They are also called nonprofit organizations
    • They must function efficiently to achieve goals

    Identifying Major Types of Businesses

    • Goods-producing businesses manufacture tangible goods like products from manufacturing or construction.
    • Service businesses perform activities that benefit the client, such as healthcare or financial services.
    • These are sometimes labor-intensive, and are currently accounting for 75% in developed countries.

    Categorize the firms

    • Categorizing different types of companies based on products and services offered (Goods, Services, Both). (Example companies include Apple, Ford, M&M’s and a Landscaping company.)

    Risk and Reward

    • Healthy situation: Decisions have positive and negative outcomes depending on whether a course of action results in success or failure.
    • Moral hazard: The risk is taken by someone else, and the consequences are dealt with by others (e.g., other companies, consumers)

    Business Sales Models

    • Business-to-business (B2B): One business sells to another
    • Business-to-consumer (B2C): A business sells to a consumer
    • Consumer-to-consumer (C2C): One consumer sells to another
    • Consumer-to-business (C2B): One consumer sells to a business

    Big Companies and Their Profits

    • Data for different companies (such as Apple, Walmart, and ExxonMobil) regarding profit and revenue is presented to demonstrate business figures.

    Positive and Negative Effects of Business

    • Business has potential contributions like providing goods and services, creating jobs, and collecting taxes, but it also has the potential negative effect of harming the environment.

    Part 3 - Business core functions

    • Outline of a business's different departments. (Example: financial/accounting, production, marketing)

    Major Functional Areas in a Business Enterprise

    • Different areas of a business that are responsible for specific functions (finance, production, marketing, human resources, and business services.

    Major Functional Areas in a Business Enterprise (1-6)

    • Detail regarding each department's function, responsibilities, and role
      • Research & Development
      • Information Technology
      • Manufacturing, Production, or Operations
      • Marketing
      • Finance and accounting
      • Human resources
      • Business Services

    Part 4 - The Economic Environment – Key Definitions

    What Is This Thing Called The Economy?

    • Economy: The combination of all economic activities in a region
    • Economics: The study of how a society allocates scarce resources to produce and distribute goods and services

    Factors of Production

    • Natural resources (land, water, minerals)
    • Human resources (workers)
    • Capital (tools, equipment, money)
    • Entrepreneurship (innovation, initiative for creating new businesses)
    • Knowledge (experience, wisdom)

    The Economic Impact of Scarcity

    • Scarcity: A condition where resources are limited.
    • Opportunity cost: The value of the most appealing alternative that was not chosen.

    Economic Systems

    • Economic system: The policies which determine how a society manages the allocation of resources
    • Free market vs. planned economy: Different ways of handling economic resource allocation.

    TO DO for F2F lecture session

    • Preparation for a live lecture session
    • Select a major company
    • Discuss industry, sector, added value.
    • Be able to describe key concepts in your own words

    Apply what you've learned

    • Set of questions for review and application of the material learned.
    • Defines business, adds value, types of businesses, functional areas, factors of production.

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    Related Documents

    MG11 Lecture 1 v2024 Business Organisations & Strategy PDF

    Description

    This quiz covers Lecture #1 on Introduction to Business Models by Prof. Fabrice Léger. Participants will explore key principles influencing the corporate environment and learn about various industry analysis tools and models. Additionally, it addresses the fundamental concepts of business operations and strategic development.

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