Business Management
Nikki Olu
Businesss-WalmartessayN21.pptxIntroduction To Business
Business Essay #2
By: Ikolyn Barrimond
Human Resource Theory
Human resource theories explain how management practices and structures can influence employee behavior in a favorable or unfavorable way.
There are four main Human Resource Theories:
General Systems Theory: implies HRM system are interdependent. Bound by space , environment & dynamics.
Organizational Lifestyle Theory: This theory suggest that organizations have a life cycle, they are born(created), grow and develop and then die.
Strategic Contingency Theory: The theory focuses on tasks that need to be done and problems to be solved..
Transaction Cost Theory: This is based on the principles that cost will rise whenever you employ someone to do the job for you..
Human Resource Management
Human Resource management deals with the management of people in an organization mainly focusing on policies and systems. The core functions of the HR unit is recruiting, training and professional development, employee labor relations and staffing and development.
Training Assessment
On the job training
Conferences
Educational programs
Keep employees motivated
Provide knowledge & skills
Form of Risk Management
Professional development covers the personal development and professional advancement of an employee. This can be achieved via certification courses, couching as well as reflective supervision.
Business structures
Regulatory requirements, Taxation, startup cost, risks, financing, liabilities and the ability to work with others have to be taken into account when starting a business.
Corporations, C corporations to be exact are taxed twice and heavily regulated, however the business stands as a separate entity from the owners which protects shareholder’s personal assets.
Partnerships can be general or limited and gains or losses are recorded on partnerships personal tax returns. Partnerships are inexpensive to form with shared financial commitment among partners, however, there tend to be disagreements between partners in addition to joint and individual liability.
Limited Liability Companies’ members are protected from liability, there is less record keeping and profit is distributed as they see fit. However, members have to pay self-employment taxes towards Medicaid, and LLCs normally have a short life span.
Franchise: Individuals wanting to be a part of an already established entity, can franchise. The franchisee has the benefits of an already established recognized entity and has access to support and expertise. On the other hand, buying and running a franchise can be expensive, the franchisor imposes the rules with minor violations resulting in contract termination.
Mergers involves two independently owned businesses operating as one while an acquisition occurs when a company purchases the assets of another business.
Marketing, 4Ps of Marketing
According to Alexandra Twin “Marketing refers to all activities a company does to promote and sell products or services to consumers.
Marketing aims to match Products with customers and retain them. The marketing mix is made up of Product, Price, Place, Promotion.
Product: - Product refers to the goods/ services the business plans to offer to customers. The product should seek to fulfill an absence in the market or fulfill consumer demand. (Twin et al., Nov 2021)
Price: - Price refers to the intended cost of the product. When establishing a price, companies must consider the cost of production, marketing, and distribution expenses. Businesses must also consider the price of competing products and keep price competitive to remain favorable with consumers.
Place: - Place refers to the distribution of the product. The product can be sold online, through distribution channels, or physical storefronts. Is the product going to be seasonal or all year round? These are some of the concepts behind place.
Promotion: - Promotion is the integrated marketing communications campaign. Promotion includes advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerilla marketing. Stage in the life cycle of the product determines how it is promoted.
Importance of Technology in Business
Technology helps increase the efficiency of systems, products, and services. It helps track and streamline processes, maintain data flow and manage contacts and employee records. Data is collected through bits and Bytes and transformed into information
Data is collected through, computers, software, telephone, Computer Aided Manufacturing Systems and networking. Through technology businesses have benefited internally through VPN, cloud computing and intranet.
Technology is used to collect data from which businesses ascertain information, this is called Business Intelligence.
Business Intelligence is used to ascertain consumers shopping trends, Decision making and help boost internal productivity.
Business Accounting
Business accounting is the way in which business keep track of financial information. This is done by recording, analyzing, and interpreting a business’s financial information to keep track of finances and make better business decisions.
Stocks, Securities, Bonds and Risk
Stocks help in generating capital for the company. Stock represents shares in the company’s future and the right to a say in how the company is run.
The original owners choose equity investors who share their ideals and vision for the company.
Equities are shares sold by a public trading company.
Bonds are used for financing loans, especially by the Government,
Works cited:
Bailey, Robinson, Park, Bassette, Perry, Libre text, BMT 1010, Introduction to Business, Module 8, Human Resources Theory, March 1,2021,
HR Theories, what are HR Theories? Glossary, Peoplehum, Online Article,
https://www.peoplehum.com/glossary/hr-theories#
Marketing, what is Marketing? Understanding Marketing, Product, Price, Place, Promotion, Twin Alexander, Reviewed by Amy Drury, Factchecked by Ariel Courage, November 10,2021, Investopedia, Online Article
https://www.investopedia.com/terms/m/marketing.asp
Power Point Presentation, In class Readings, Module 7, Introduction to Business, Business Ownership, Franchise, Corporations, Mergers, Acquisitions, Limited Liability Companies, Partnerships
Williams Linda, Libre text, BMT 1010, Introduction to Business, Module 12, Importance of Technology for Businesses, March 1,2021,
12: Module Twelve - Importance of Technology for Businesses - Business LibreTexts
University of the People, Blog ,Academic Degrees ,Business Accounting: The Language of Business, What is Business accounting.
Libre text, BMT 1010, Introduction to Business, Module 14, Stocks, Securities, Bonds and Risk, March 1,2021,
14: Module Fourteen - Stocks, Securities, Bonds, and the Risks - Business LibreTexts
