Business Management Fundamentals – IE Liquid Pages

Business
Management Fundamentals

By IE University

Chapters

Table of contents

PART 1: SETTING THE STAGE: THE BUSINESS OF BUSINESS
PART 2: BUILDING THE FRAMEWORK: BUSINESS OWNERSHIP AND ENTREPRENEURSHIP
- Chapter 5: Forms of Ownership
- Chapter 6: Entrepreneurship and Small-Business Ownership
PART 3: GUIDING THE ENTERPRISE: LEADERSHIP, ORGANIZATION, AND OPERATIONS
PART 4: SUPPORTING THE WORKFORCE: MOTIVATION AND HUMAN RESOURCES
- Chapter 10: Employee Motivation
- Chapter 11: Human Resources Management
PART 5: SATISFYING THE CUSTOMER: MARKETING, SALES, AND CUSTOMER SUPPORT
PART 6: MANAGING THE MONEY: ACCOUNTING AND FINANCIAL RESOURCES
- Chapter 15: Financial Information and Accounting Concepts
- Chapter 16: Financial Management and Financial Markets
APPENDICES

Chapter 1: Developing a Business Mindset

Chapter 2: Economics, Money, and Banking

Chapter 3: The Global Marketplace

Chapter 4: Business Ethics and Corporate Social Responsibility

Chapter 5: Forms of Ownership

Chapter 6: Entrepreneurship and Small-Business Ownership

Chapter 7: Management Roles, Functions, and Skills

Chapter 8: Organization and Teamwork

Chapter 9: Production Systems

Chapter 10: Employee Motivation

Chapter 11: Human Resources Management

Chapter 12: The Art and Science of Marketing

Chapter 13: Product Management and Pricing Strategies

Chapter 14: Customer Communication and Product Distribution

Chapter 15: Financial Information and Accounting Concepts

Chapter 16: Financial Management and Financial Markets

Appendix A: Business Law

Appendix B: Risk Management

Appendix C: Information Technology

Appendix D: Personal Finance: Getting Set for Life

Key Learning Points*

Explain the concept of adding value in a business and identify four useful ways to categorize businesses.
List three steps you can take to help make the leap from consumer to business professional.
Discuss the five major environments in which every business operates.
Explain the purpose of the six major functional areas in a business enterprise.
Summarize seven of the most important business professions.
Identify six components of professionalism.
Describe the concepts of disruptive innovation and digital transformation.
Identify seven essential business skills that you will have the opportunity to develop during this course.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 48.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Define economics, explain why scarcity is central to economic decision making, and identify the major ways of measuring economic activity.
Define economic system, and explain the government’s role in a free-market economy.
Explain the interaction between demand and supply.
Identify four macroeconomic issues that are essential to understanding the behavior of the economy.
List the four financial functions of money, and define two key measures of the money supply.
Explain the role of the Federal Reserve System, list the major types of banking institutions, and summarize banking’s role in the economy.
Define fintech, and discuss five ways that financial institutions are innovating with digital technology.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 76.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Explain why nations trade, and describe how international trade is measured.
Discuss the nature of conflicts in global business, including free trade and government interventions in international trade.
Identify the major organizations that facilitate international trade and the major trading blocs around the world.
Discuss the importance of understanding cultural and legal differences in the global business environment.
Define the major forms of international business activity.
Discuss the strategic choices that must be considered before entering international markets.
Describe the current state of AI-assisted translation and its value to international businesses.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 110.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Discuss what it means to practice good business ethics, and highlight the forces that can influence ethical decision-making.
Define corporate social responsibility (CSR), and explain the difference between philanthropy and strategic CSR.
Distinguish among the four perspectives on corporate social responsibility.
Discuss the role of business in protecting the natural environment, and define sustainable development.
Identify five fundamental consumer rights and the responsibility of business to respect them.
Explain the responsibilities businesses have toward their employees.
Identify two categories of ethical concerns with artificial intelligence.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 138.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Define sole proprietorship, and explain the six advantages and six disadvantages of this ownership model.
Define partnership, and explain the six advantages and three disadvantages of this ownership model.
Define corporation, and explain the four advantages and six disadvantages of this ownership model.
Explain the concept of corporate governance, and identify the three groups responsible for ensuring good governance.
Identify the potential advantages of pursuing mergers and acquisitions as a growth strategy, along with the potential difficulties and risks.
Define strategic alliance and joint venture, and explain why a company would choose these options over a merger or an acquisition.
Explain how companies can use big data and analytics to create value and find competitive advantages.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 166.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Highlight the contributions small businesses make to the U.S. economy.
List the most common reasons people start their own companies, and identify the common traits of successful entrepreneurs.
Explain the importance of planning a new business, and outline the key elements in a business plan.
Identify the major causes of business failures, explain what pivoting means, and identify sources of advice and support for business owners.
Discuss the principal sources of funding for small businesses.
Explain the advantages and disadvantages of franchising.
Define machine learning and deep learning, and describe their importance to contemporary business.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 190.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Explain the importance of management, and identify the three vital management roles.
Describe the planning function, and outline the strategic planning process.
Describe the organizing function, and differentiate among top, middle, and first-line management.
Describe the leading function, leadership style, and organizational culture.
Describe the controlling function, and explain the four steps in the control cycle.
Identify and explain four important types of managerial skills.
Discuss the potential of cognitive automation in management decision-making.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 216.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Explain the major decisions needed to design an organization structure.
Define four major types of organization structure.
Explain how a team differs from a group, and describe the six most common forms of teams.
Highlight the advantages and disadvantages of working in teams, and list the characteristics of effective teams.
Review the five stages of team development, and explain why conflict can arise in team settings.
Explain the concept of an unstructured organization, and identify the major benefits and challenges of taking this approach.
Describe the use of taskbots and robotic process automation in contemporary business.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 242.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Explain the systems perspective, and identify seven principles of systems thinking that can improve your skills as a manager.
Describe the value chain and value web concepts, and discuss the controversy over offshoring.
Define supply chain management, and explain its strategic importance.
Identify the major planning decisions in production and operations management.
Explain the unique challenges of service delivery.
Define quality, explain the challenge of quality and product complexity, and identify four major tools and strategies for ensuring product quality.
Explain the concept of Industry 4.0 and the smart factory.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 273.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Define motivation, and identify the classical motivation theories.
Explain why many consider expectancy theory to be the best current explanation of employee motivation.
Identify the strengths and weaknesses of goal-setting theory.
Describe the job characteristics model, and explain how it helps predict motivation and performance.
Define reinforcement theory, and differentiate between positive and negative reinforcement.
List five managerial strategies that are vital to maintaining a motivated workforce.
Discuss the potential strengths and weaknesses of performance management systems.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 296.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Identify four contemporary human resources (HR) challenges, and discuss the evolving role of HR.
Discuss the challenges and advantages of a diverse workforce, and identify five major dimensions of workforce diversity.
Describe the three phases involved in managing the employment life cycle.
Explain the steps used to develop and evaluate employees.
Describe the major elements of employee compensation, benefits, and support services.
Characterize the role of labor unions in today’s business world. Describe the use of workforce analytics in HR management.
Describe the use of workforce analytics in HR management.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 319.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase the book, please visit the ieknowledge website.

Key Learning Points*

Define marketing, and explain its role in society.
Identify five trends that help define contemporary marketing.
Differentiate between consumer buying behavior and organizational buying behavior.
Define strategic marketing planning, and identify the four basic options for pursuing new marketing opportunities.
Identify the four steps in crafting a marketing strategy.
Describe the four main components of the marketing mix.
Define marketing analytics, and characterize its use in contemporary marketing.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 354.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Identify the main types of consumer and organizational products, and describe the four stages in the life cycle of a product.
Describe six stages in the product development process.
Define brand, and explain the concepts of brand equity and brand loyalty.
Identify four ways of expanding a product line, and discuss two risks that product-line extensions pose.
List the factors that influence pricing decisions, and explain break-even analysis.
Compare the three foundational pricing methods, and list six situational pricing methods.
Describe how companies are using virtual and augmented reality to create new products and new customer experiences.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 381.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Describe the three major tasks in crafting a communication strategy, and identify six important legal aspects of marketing communication.
Identify the most common advertising appeals and the most important media used in advertising and direct response marketing.
Describe consultative selling, and explain the personal selling process.
Define sales promotion, and characterize the differences between consumer and trade promotions.
Explain the uses of social media in customer communication and the role of public relations.
Discuss the importance of marketing intermediaries, and contrast the roles of wholesalers and retailers.
Describe how companies are using augmented and automated writing to communicate with customers.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 410.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Define accounting, and describe the roles of private and public accountants.
Explain the impact of accounting standards such as GAAP and the Sarbanes-Oxley Act on corporate accounting.
Describe the accounting equation, and explain the purpose of double-entry bookkeeping and the matching principle.
Identify the major financial statements, and explain how to read a balance sheet.
Explain the purpose of the income statement and the statement of cash flows.
Explain the purpose of ratio analysis, and list the four main categories of financial ratios.
Explain why businesses would be interested in blockchain and other distributed ledger technologies.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 448.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Identify three fundamental concepts that affect financial decisions, and describe the primary responsibilities of a financial manager.
Compare the advantages and disadvantages of debt and equity financing, and explain the two major considerations in choosing from financing alternatives.
Identify the major categories of debt financing.
Outline the advantages and disadvantages of equity financing.
Identify the four most important financial markets for most businesses.
Describe four major steps required to become an investor.
Explain how businesses can use smart contracts to facilitate transactions.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9^th Global Edition). Pearson, p. 478.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Understand the elements of law that directly affect business activities, such as laws pertaining to business licensing, employee safety, and corporate income taxes, as well as the most important categories of laws affecting businesses, such as torts, contracts, agency, property transactions, patents, trademarks, copyrights, negotiable instruments, and bankruptcy.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 506.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Understand risk and loss exposure.
Identify the source of a threat.
Understand the breadth or extent of a risk, as this determines how much control risk managers have -if any.
Estimate the probability of a potential threat becoming real and the magnitude of its impact if it does.
Apply a number of risk-techniques to minimize the organization’s losses.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 513.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Identify the difference between data, information and insight.
Understand how businesses use information.
Describe the types of business information systems.
Ensure security and privacy to verify information systems remain secure and data on them remain private.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 520.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Key Learning Points*

Improve your financial well-being and take control of your money.
Understand the basic principles of personal finances and build a solid foundation for managing your money.
Acquire three vital financial lessons to create a positive impact on your financial future.
Create and implement a sensible and practical financial plan.

*Retrieved from Bovee, C., & Thill, J. (2020). Business in Action (9th Global Edition). Pearson, p. 526.

This access is only available for IE students.

IE Library allows 3 concurrent users for this title. If you wish to purchase this book, please visit the ieknowledge website.

Learning Assets

Brief Introduction to the Economy

By Prof. Gayle Allard

In this video, Professor Allard gives an overview of the main movements and figures in economic thought and theory and explains the main questions that economics poses and answers.

Learning Assets

Corporate social responsibility and sustainability

By Prof. Marc Goergen

In this video, Professor Goergen explains the links between corporate social responsibility, sustainability, and firm value, discussing how CSR can be measured and quantified.

Learning Assets

Corporate control in the US-UK versus the rest of the world

By Prof. Marc Goergen

In this video, Professor Goergen compares and contrasts the differences in ownership and control in firms in the United States and UK compared to in other companies, outlining different structures and providing insights on differences in conflicts of interest.

Learning Assets

Startup Evolution and Stages

By Prof. Daniel Soriano Hernández

In this video, Professor Soriano identifies the stages of startup development, noting the goals, challenges, and characteristics of each stage.

Learning Assets

By Prof. Carl Kock

In this video, Professor Kock discusses Porter´s Five Forces, explaining the implications of this model on strategy and competition for businesses.

Learning Assets

Organizational Design

By Prof. Nestor Miranda Carus

Organizational Design is an interactive technical note introducing into the field of organizations and structure, based on Jay R. Galbraith´s five-star model. An interactive concept map explains the manager´s task designing the organization´s structure. Different animations and interactive concepts help the student to assimilate the theoretical ideas.

A global overview compares the different organizational forms, their traits, pros and cons.

Learning Assets

Sources of Power

By Prof. Fernando Corral Canto

In this video, Professor Corral highlights the main sources of power in organizations and explains how these sources of power can be effectively leveraged.

Learning Assets

What is a Brand?

By Prof. Luis Eduardo Rodriguez Baptista

In this video, Professor Rodriguez Baptista defines what a brand is and what the role of a brand is.

Learning Assets

What is accounting?

By Prof. Raluca Valeria Ratiu

In this video, Professor Ratiu offers a simple definition of accounting to guide an overarching understanding of the subject´s purpose.