RESPOND TO EACH POST (200 WORDS FOR EACH POST)
Lotus
POST2HELP.docxLEARNING ACTIVITY #1
The relationship between business, government and society has been compared to a circle. Business being the starting and end points. Agree or disagree with the statement explaining why.
LEARNING ACTIVITY #2
Review the table below. Items in blue represent economic topics, while items in brown represent factors.
Notice the economic topics across the top row with their factors listed below.
Complete the following tasks:
· Define and discuss each economic topic and identify whether the economic topic is relevant to microeconomics or macroeconomics and explain why.
· Select one factor from two of the economic topics and explain how the factor exemplifies the economic topic.
· Only respond to classmates who have chosen at least one different economic topic than what you presented.
|
Balance of Trade |
Supply and Demand |
Company Use of Scarce Resources |
Employment |
GDP Health Indicators |
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Selling corn to Russia |
Selling a kidney on EBAY |
Credit card interest Rates |
Aging population |
Rise in Federal Interest Rates |
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Outsourcing jobs |
Diamonds vs. water |
Water quality |
Health Insurance |
A downturn in the housing rate |
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Buying coffee |
Gas prices when OPEC reduces production |
Seafood from the Chesapeake Bay |
Wage growth |
Mortgage Interest Rates |
MY RESPONSES:
LEARNING ACTIVITY #1
When comparing the relationship between business, society and the government to a circle, I one hundred percent agree with this statement. Businesses should be viewed as the starting and end points. Businesses are the cornerstone of the government and today’s society. They play a major in the society and government development. Businesses ensure that the society and government have the vital goods or services they require to operate efficiently. The society and government would not be able to effectively operate without businesses. To better accommodate and improve the welfare of the society and government, businesses are constantly changing. As mentioned in the reading, “Businesses interact with their surroundings, and just like people, businesses react differently to their environment.” Thus far, in order to remain profitable and competitive, businesses have to be more responsive to the society and government needs.
LEARNING ACTIVITY #2
Balance of Trade: Is a calculation of a country’s exports minus the money it sends on imports. Balance of Trade is relevant to macroeconomics because macroeconomic factors determine a country’s trade deficit or surplus.
Supply and Demand: Is the amount of goods and services that are obtainable for people to purchase compared to the amount of goods and services that customers want to purchase. Supply and Demand is relevant to macroeconomics because supply and demand can affect the national, regional, or global economy.
Company Use of Scarce Resources is when a company sets restrictions and manages their limited resources. Company use of scarce resources is relevant to microeconomics because companies use of scare resources entities the economy on a smaller scale.
Employment is a contract in the employee agrees to perform work for another, the employer. Employment is relevant to microeconomics because employment consist of individual entities.
GDP Health Indicators: GDP Health Indicators are indicators that measure the health of the economy. GDP Health Indicators are relevant to macroeconomics because GDP indicators effects economic output and growth.
Outsourcing jobs exemplifies balance of trade because over time a trade deficit creates job outsourcing.
Selling a kidney on EBAY exemplifies supply and demand because a human kidney is the body’s filter. Typically, suppliers are not harvesting people organs and selling them on EBAY but hypothetically speaking if this were to happen the demand for the organ would surpasses the supply.
WEEK 2
LEARNING ACTIVITY #1
Research the Newman’s Own brand.
· Explain how the company fulfills the definition of a business for profit and a non-profit business at the same time. Consider in the response the functions of business, entrepreneurship and production concerns. Be sure to define these areas and how they fit the company.
· Would running Newman’s Own require a business mindset? Explain why or why not.
LEARNING ACTIVITY #2
There are four common ways for a firm to expand its operations into overseas markets: importing, exporting, licensing, and franchising.
· Select the one method that a CEO of a large furniture company would use.
· Define the method.
· Explain in detail why this method would be appealing.
· What are the advantages and disadvantages of the method?
· Select the one method that a CEO of a Software Company would use. How would this selection differ than the CEO of a large furniture company? Explain why.
Be sure to use concepts from the course readings to support the reasoning or conclusions. When explaining importing and exporting options, pay particular attention to the discussion last week about the balance of trade.
MY RESPONSES:
LEARNING ACTIVITY #1
Lumen states that, all businesses, both for-profit and nonprofit, need resources also known as factor of production to operate (Lumen, n.d.). Newman’s Own company exemplifies one resource known as entrepreneurship. Initially the company, was a typical for-profit business which primary goal was to make money as a profit. Its company fulfills the description of a for profit business because its food ventures bring profit. At the same time, the company also demonstrate characteristics of a non-profit business because it diverts its business profits to its own Newman’s Own Foundation. Newman’s Own company is now one hundred percent dedicated to contributing money to charitable organization that support social causes that meet the company’s values. The company still provides goods or services to consumers, but now its main goal is to use those profits to provide a public service, advance a cause, or assist others. Money earned by the company is directly used for the operation, running expenses, or other charitable programs. Like any other business, Newman’s Own business operates with normal business expenses. Lumen states that, nonprofits and for-profits have some fundamental business principles and practices in common (Lumen, n.d.). In my opinion, maintaining a business mindset is one of those common business practices. In order to, support the organizations they contribute, I think that Newman’s Own company should still be required to business mindset. Newman’s Own Company must understand strategy and implement it into its business practices to successfully maintain the company.
Williams, Lumen S. (n.d.). Role of Business
LEARNING ACTIVITY #2
As a CEO of a large furniture company, I would expand my company’s operations into the overseas market by means of exporting. Exporting is when goods are produced in one country and shipped to another country for future sale or trade. Lumen states that, this is the easiest and most straightforward way to engage with the global market (Lumen, n.d.). In my opinion, is method of expanding into the overseas market is appealing because, my overseas company would not have to run the risk of investing in factories, equipment, or other production facilities. Another advantage of exporting is that it may additional expand production to meet overseas demand which creates potential company expansion. While there are advantages, the disadvantage of exporting would be the extra cost and time it takes to develop my furniture company in the overseas market. My method of expanding my company’s operations into overseas market would differ being the CEO of a software company. I would expand my company’s operations into the overseas market by means of licensing. Software is not tangible, unlike furniture cannot be manufactured in one country and exported to that. Lumen states that, License agreements usually cover property that is intangible, such as trademarks, images, patents, or production techniques (Lumen, n.d.).
Williams, Lumen S. (n.d.). Global Business Strategies
WEEK 3
LEARNING ACTIVITY 1
This week students learned about corporate social responsibility. Tom’s Shoes is known as a socially responsible company.
You will write a memo to your instructor that explains the following:
· Define corporate social responsibility
· Explain what Tom’s Shoes does to make the company known as a socially responsible company.
· Explain how the social responsibility actions benefit recipients as well as the company and its stakeholders.
Use a memo format:
To:
From:
Subject:
· Use the information from the Business Writing readings to compose the memo. Be sure to pay particular attention to tone, telling a story, word choice, and audience.
Use the course readings to support the ideas presented.
MY RESPONSES:
LEARNING ACTIVITY #1
Subject: Corporate Social Responsibility
The purpose of this memorandum is to define corporate social responsibility (CSR), explain what Tom’s shoe company does to make the business a socially responsible company, and describe how social responsibility actions benefit recipients as well as the company and its stakeholders.
Corporate social responsibility (CSR) aims to increase long-term profits and shareholder trust through positive public relations and high ethical standards. Lumen learning states that, CSR serves as a "check-and-balance" to show stakeholders that the company is committed to protecting the environment, treating employees fairly, and improving issues that may affect society (Lumen, n.d.)". CSR motivates corporations to address social problems, energize and reward workers, while strengthening ties to the community and improving the image of the corporation. Essentially CSR, is the idea that business should be socially responsibly. Socially responsible companies have a duty to act in the best interest of their society. Tom’s shoe company is known as socially responsible business that integrates elements of corporate social responsibility (CSR) in its operation. The company’s “One for One” business strategy pledges to give away a free pair of shoes for every pair purchased by a customer. In addition, the corporate social responsibility benefit recipients as well as the company and its stakeholders. Activities associated with CSR can also lead to a increased amount of cash and a decreased in cash inflow. Overall CSR is intended to attract, motivate, and retain talent that increases social welfare.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/why-it-matters-business-ethics-and-corporate-social-responsibility/
WEEK 4
LEARNING ACTIVITY #1
The course readings identified Richard Branson as an entrepreneur. Kevin Plank, owner and founder of Under Armor is considered a businessman. Research the two men and explain the difference between an entrepreneur and a business person.
Discuss the similarities and differences of an entrepreneur and a business person. If you conclude there is no difference between the two, explain the reason.
LEARNING ACTIVITY #2
Eve has always liked to write poetry. She was very good at it even when she was a young child. She always did very well in her English classes, especially in creative writing. Eve decided to use her creative writing skills in the marketplace.
Eve started a business called Everlasting Card Creations. The cards contained a poem written by Eve to the specifications of the customer. Each card had a personalized poem and written for the requested occasion. Eve would sit down with the person who wanted a card produced and have them indicate what types of things they wanted to say to the person to whom the card would be sent. Eve would create a poem that fit the individual and the situation and then use calligraphy to put the poem in the card. The customers would choose the note cards that they wanted to use from a variety of stock, which generally had a sketch or drawing on the front of the card.
Eve gained a lot of business. Each card took considerable time since she had to compose the poem and then write it on the card. Since she wanted to be paid for the time that she put into each card, her cards were much higher-priced than those that customers could purchase in the store. The customers really liked the type of service Eve provided, but the price seemed to be higher than many consumers in her area were willing to pay.
Eve decided that she could offer a new line of computerized cards cutting out the calligraphy. The verse would be typed onto the card. Also, a computer graphics package could be used to develop the front of the cards and even to dress up the inside of the card. She would not have to purchase pre-printed cards. The lower cost of producing the card would mean cheaper prices that would attract more customers.
The problem was that Eve was old fashioned and while she had calligraphy skills her computer skills were not great. Should thought she should bring someone else in as an employee or as a partner?
Eve is really looking at two major decisions. One of them relates to whether she should computerize the production process. The other is whether she wants the form of business ownership to continue as a sole proprietorship or whether she wants the business to follow another form of ownership.
Answer the following questions:
· Should Eve computerize? If so, why if not why not.
To help Eve in answering her questions about keeping her sole proprietorship ownership status, discuss the various forms of ownership and then select the one you feel best fits Eve’s growth plans. Justify your selection by discussing the advantages and disadvantages of the sole proprietorship vs. the other business forms.
MY RESPONSES:
LEARNING ACTIVITY #1
Entrepreneur, Richard Branson and Business man, Kevin Owner which is the owner and founder of Under Armor are both similar yet different in many ways. To understand the similarities and differences between businessman Richard Branson and entrepreneur Kevin Owner, you must first understand the meaning of the term’s businessman and entrepreneur. Lumen learning states that, an entrepreneur has traditionally been defined as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk” (Lumen, n.d.). Merriam-Webster states that, a businessman is someone who carry on the operation or management of a business. While both may management a business, their motives and the way they run their business differ in various ways. The nature of a businessman is calculative, they often make calculated decisions to see if they can earn a profit where the outcome is well known. Whereas an entrepreneur is innate. Lumen learning states that, Entrepreneurs are commonly viewed as an innovator, or designer of new ideas and business processes” (Lumen, n.d.). They are risk takers and tend to be good at perceiving new business opportunities. Entrepreneurs will invest their time, money, energy and resources to start a business. On the other hand, businessman may use traditional methods to run the business. As an entrepreneur, you are your own competition. However, a businessman’s competition is anyone who is offering an alternative to their product. While their journey differs, both entrepreneur and businessman make their place in the market with their efforts and dedication.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/why-it-matters-8/
https://www.merriam-webster.com/dictionary
LEARNING ACTIVITY #2
To select with form of business ownership would best fit eve’s growth plan, you must first have a general knowledge of each form of ownership and understand its advantages and disadvantages.
Sole proprietorship is a type of enterprise that is owned and run by one person. The owner is in direct control of all elements and is legally accountable for the businesses. The advantage is that costs are minimal. A sole proprietorship is the simplest and least expensive legal structure to establish. As a sole owner of the business, you have complete control over all decisions. The disadvantage of a sole proprietorship is that you can be held personally liable for the debts and obligations of the business. Ultimately you are responsible for the successes and failures of your business.
Lumen learning states that, “General partnership is an arrangement by which two or more persons agree to share in all assets, profits and financial and legal liabilities of a business” (Lumen, n.d.). The advantage of general partnership is that each partner is equally invested in the success of the business. The disadvantage is that partners are not only liable for their own actions but also for the business partner’s debts and decisions.
A franchise involves one business owner (the franchisor) licensing trademarks and methods to an independent entrepreneur (the franchisee) for a prescribed period. Lumen learning states that, “the advantage to a franchise is once the franchise is established in multiple locations, the company may be able to leverage its buying power to realize economies of scale with suppliers, advertisers, and vendors” (Lumen, n.d.). The disadvantage to a franchise is the lack of control the franchisor has. The franchisor may struggle ensuring the franchise is operating in a manner that benefits the brand and that the businesses quality standards are being met.
Lumen learning states that, “A C corporation is an independent legal entity owned by shareholders” (Lumen, n.d.). The advantage of this corporation is that shareholders’ personal assets are protected. The disadvantage of this corporation is that they are highly regulated by federal, state and they are costly and time-consuming ventures to start and operate.
Like the C Corporation, the S corporation is considered as another corporation. This special type of corporation is created through an IRS tax election. The advantage of an S Corporation is that the corporation allows the business to have an independent life, separate from its shareholders. The disadvantage of an S Corporation the stricter operational processes.
Lumen learning, states that a “Limited liability partnerships (LLP) is a limited liability company that corporate structure also members of the company are not personally liable for the company's debts or liabilities” (Lumen, n.d.). The advantage of an LLP is that its structure protects individual limited partners from personal liability for careless acts of other partners or employees not under their direct control. The disadvantage of an LLP is that the partner can make business decisions without consulting the other partners. Since an LLP is formed without a limited liability partnership agreement; individual partners are not obligated to consult with other participants in certain business agreement.
Unlike shareholders in a corporation, Limited liability company (LLC) are not taxed as a separate business entity. A LLC is a hybrid business structure allowed by state statute. The advantage of LLC is that there are fewer restrictions on profit sharing within an LLC. Lumen learning states that,” compared to an S Corporation there is less registration paperwork and there are smaller start-up costs”. The disadvantage is that members of an LLC are considered self-employed and must pay the self-employment tax contributions.
After discussing the various forms of business ownership and their advantages and disadvantages, I would advise Eve to computerize. Now as a sole proprietorship, Eve is creating a poem in addition to writing the poem on each card. Since the process is very time consuming, her cards are much higher than cards that can purchased in the store. Consumers in the area are not willing to pay, therefore to maximize her profit, she would need to spend less time on the production of the card to reduce the price of her cards. I recommend Eve to not continue as sole proprietorship. A Limited liability company (LLC) would be a better fit for Eve’s growth plans. Lumen learning states that, “LLCs are attractive to small business owners because they provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership” (Lumen, n.d.)". LLC are also fairly simple to form, and most states also permit “single-member” LLCs owner. However, if Eve does decide to have a partner. When an LLC is formed, the members must decide on the duration of the LLC, and members are protected from personal liability for business decisions or actions of the LLC.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/hybrid-forms-of-ownership/
WEEK 5
LEARNING ACTIVITY #1
When Henry Fayol developed the four functions of business he focused on manufacturing firms. His goal was to make managers produce products in the most cost-efficient way possible. Today manufacturing makes up 18.9 % of GDP in America while services makes up 80.3%.
Read the following case scenario:
Joy runs an event planning company. She specializes in weddings and corporate banquets. She offers her clients a service. She plans the affair, hires the caterers, musicians, space, chairs, tables, place settings, dance floors or anything that the client wants for the theme of their event.
Explain how Fayol’s functions would work for Joy in her service business.
Use the following articles to assist in crafting an explanation:
Application of the Henri Fayol Principles of Management in Startup Organizations
http://iosrjournals.org/iosr-jbm/papers/Vol19-issue10/Version-4/K1910047885.pdf
The World Fact Book
https://www.cia.gov/library/publications/the-world-factbook/fields/2012.html
LEARNING ACTIVITY #2
Remember Eve from week 4 learning activities? For assistance, the case scenario has been presented below.
This week, you will identify the steps Eve would take to produce her new “economy” cards in an efficient way. Include in your answer the role of production planning, new technology, supply chain, logistics and quality assurance played in identifying the steps.
Eve always liked to write poetry. She was very good at it even when she was a young child. She always did very well in his English classes, especially when they did creative writing. Eve decided to use her creative writing skills in the market-place. She started a business called Everlasting Card Creations. The cards contained a poem written by Eve to the specifications of the customer. The poems were very personalized cards and could be for any or no occasion. Eve would sit down with the people who wanted cards produced and have them indicate what types of things they wanted to say to the person to whom the card would be sent. Eve would create a poem which fit the individual and the situation and then use calligraphy to put the poem in the card. The customers would choose the note cards that they wanted to use from a variety of stock which generally had a sketch or drawing on the front of the card.
Eve had a lot of business. Each card took considerable time since she had to compose the poem and then write it on the card. Since she wanted to be paid for the time that she put into each card, her cards were much higher-priced than those which customers could purchase in the store. The customers really liked the type of service he provided. But the price seemed to be higher than many consumers in her area wanted to pay.
Eve decided if she offered a new line of computerized cards and cut out the calligraphy if the cheaper prices she could offer would bring more customers. That is, the verse would be typed onto the card after she developed it. Also, a computer graphics package could be used to develop the front of the cards and even to dress up the inside of the card. She would then not have to purchase the pre-printed cards - another savings. The problem was that Eve was old fashioned and while she had calligraphy skills her computer skills were not great. Should she bring someone else in as an employee or as a partner?
Eve is really looking at two major decisions. One of them relates to whether she should computerize. The other is whether she wants the form of business ownership to continue as a sole proprietorship or whether she wants his business to follow another form of ownership.
MY RESPONSES:
LEARNING ACTIVITY #1
Fayol’s functions of management would work for Joy’s service company. A business plan provides the foundation for ongoing planning. Lumen learning states that, “A business without solid strategic, operational, and contingency plans will have a hard time meeting its organizational goals” (Lumen, n.d., para. 1). The first function, planning process, is when Joy should establish a mission and vision statement, in addition to creating objectives and strategies to reach her goals. Lumen learning states that, “a company vision and mission statements create the foundation for planning by summarizing a company’s business strategy; and until a business has determined what its mission is, planning cannot begin” (Lumen, n.d., para. 2). The second function is organizing. During the organizing process, resources, policies, and procedures that simplify the goals are identified. Lumen learning states that, “before a plan can be implemented, managers must organize the assets of the business to execute the plan efficiently and effectively” (Lumen, n.d., para. 2). The third function, leading process, will provide direction to where Joy wants her business to go. It will also allow her to have a clear vision of where the company should be heading while providing the knowledge, information, and methods needed to get there. The fourth function is the controlling process, Lumen learning states that,"this process usually consists of setting standards, measuring performance against those standards, analyzing performance, and taking corrective action in order to maintain a successful business"(Lumen, n.d., para. 4).
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/controlling/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/planning/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/organizing/
LEARNING ACTIVITY #2
As mentioned in the last discussion post, A Limited liability company (LLC) would be a better fit for Eve’s growth plans. Lumen learning states that, “LLCs are attractive to small business owners because they provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership” (Lumen, n.d., para. 1). A computer graphics package would allow Eve to cut out the calligraphy and produce computerized cards. By producing cards much faster, this will allow Eve to accommodate her customers in a shorter amount of time . Lumen learning states that, “planning within a business ranges from the organization’s foundational plan and set of strategic plans to its daily operations plans” (Lumen, n.d., para. 4). Eve's hybrid structured business permits her to produce new economy cards in an more efficient way. Her new business proposal would require production planning. This process will allow Eve to identify her business’s logistics such as the production and delivery process, in additional to her supply chain which includes her suppliers, manufactures, or retailers that will distribute the cards to the customer. Eve’s plan should also include production control which would require systematic planning, coordinating and directing of all manufacturing actions to ensure cards are made on time, of adequate quality, and at a reasonable cost. A sales forecast, or estimated number of cards she can realistically sell over a projected period. A production budget or financial plan that lists the number of cards to be manufactured during a specific period. Quality assurance which ensures quality requirements are being met, and A SWOT analysis, which identifies challenges and determine what leads Eve should pursue.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/planning/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/hybrid-forms-of-ownership/
WEEK 6
LEARNING ACTIVITY #1
UMUC presents students classes in a virtual environment that requires students to exchange ideas with others.
Explain how this experience will help you in managing employees in a virtual environment. Be specific by addressing the problems that face virtual managers and teams.
Using the lessons learned from the UMUC experience, how is it possible to overcome the problems faced by virtual managers and teams.
LEARNING ACTIVITY #2
Georgia is thinking of choosing human resources as her major at UMUC. She comes to you for advice as to whether this is a good choice.
Explain to her the role of the human resource manager in an organization and some of the challenges they might face.
MY RESPONSES:
LEARNING ACTIVITY #1
Lumen learning states that, “a virtual team is a group of individuals in different geographic locations who use technology to collaborate on work tasks and activities” (Lumen, n.d., para.17). Like a virtual team, I think my virtual environment class experience with UMUC will be beneficial when managing employees in a virtual environment. Interpersonal discussions, such as learning weekly discussion, and weekly responses which require me to exchange ideas with other students is an effective form of communication. This form of communication allows me to connect clearly, consistently, and honestly with my classmates. Communication affects nearly every aspect of teamwork, having a common goal, and defined roles and responsibilities are also vital to a team’s success. Our class willingness to share ideas, ask questions, seek guidance, and admit when we agree to disagree helps to understand that we are working together to achieve a common purpose. Lumen learning states that, “If the goal is vague or isn’t shared by all, team members may be confused about where their efforts should be directed or reluctant to contribute at all” (Lumen, n.d., para 4.). When a team also knows what is expected of them, “have well-defined roles and responsibilities, they are better able to understand what is expected, stay on track, make appropriate contributions, and avoid duplicating other team members’ efforts” (Lumen, n.d., para. 20). I have taken several online classes, and like a virtual team if the class does not have a complete understanding of what is required them the entire class will be confused.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/reading-teams/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/reading-stages-of-team-development-2/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/effective-communication/
LEARNING ACTIVITY #2
I would advise Georgia that picking human resources as her major at UMUC is a good choice. Human Resources involve more than just hiring and firing people. Lumen learning states that, “as a human resource manager your roll is to plan, direct, and coordinate the administrative functions of an organization. They oversee staffing, training and professional development, compensation, safety, health, and employee labor relations” (Lumen, n.d., para. 6). Human resource managers ensure that all employee problems and concerns are addressed and resolved. Some challenges they may face are increased globalization of economies, employee turnover, workplace diversity, and increased competition for qualified workers. Lumen learning states that, “when processes go offshore, an entire division of a company may be relocated to another country. It often falls to the HR manager to lay off the personnel in the departments whose responsibilities have been outsourced” (Lumen, n.d., para.13). Another challenge human resources managers face is employee turnover. Lumen learning states that, high turnover can be harmful to a company’s productivity if skilled workers are steadily leaving and the worker population contains a high percentage of novice workers, and HR managers must constantly be on the lookout for ways of reducing employee turnover” (Lumen, n.d., para. 15). Work place diversity can also be a challenge human resource managers face. They have a great deal of responsibility in managing overall diversity. Lumen learning states that, “Legal framework surrounding diversity in the workplace is a potential threat involving the neglect of relevant rules and regulations” (Lumen, n.d., para. 10). Human resources manager must also handle recruiting and recruiting talent staff. This may be challenging because, Lumen learning states that, “human resource managers must respond with benefits beyond salary, such as flexible working hours, employee-oriented working conditions, and long-term job security, because as labor market conditions improve and economies expand, more companies are drawing from the same pool of skilled workers” (Lumen, n.d., para. 11). While a human resource manager may be a challenging position, nearly every organization has a human resource manager.
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/human-resource-management-2/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/outcome-hr-challenges/
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/reading-diversity-in-human-resources/
WEEK 7
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LEARNING ACTIVITY #1 Michael is in the market for a new garden hose that will not split, crack or explode if left out in the winter. · Identify at least five marketing segmentation characteristics that Michael could use in developing a profile for consumers. · Explain the segmentation category that each characteristic falls within (demographic, geographic, behavioral, or psychographic, etc.). When appropriate, be sure to include at least two characteristics from each category. · How would Michael use the segmentation information to price this product? Or, would Michael use another form of analysis (if so what would it be)? Explain in detail. · What pricing strategies would work well for determining a price for the hose? MY RESPONSE:
LEARNING ACTIVITY #1
Lumen learning states that, “market segmentation is the process of splitting buyers into distinct, measurable groups that share similar wants and needs” (Lumen, n.d., Ch.13 para. 6). Five marketing segmentation characteristics that Michael could use in developing a profile for consumers include geographic segmentation, demographic segmentation, psychographic segmentation, behavioral segmentation, and decision maker segmentation. “Once different segments are identified, marketers determine which target segments to focus on to support corporate strategy and growth” (Lumen, n.d., Ch.13 para. 6). Geographic segmentation is a common strategy when you serve customers in a particular area, or when your broad target audience has different preferences based on where they are located. “This form of segmentation divides up potential customers by where they live such as nations, states, regions, cities, neighborhoods, and zip codes” (Lumen, n.d., Ch.13 para. 8). “Demographic segmentation breaks down the market into different categories such as age, gender, family size, income, occupation, education, religion, ethnicity, and nationality” (Lumen, n.d., Ch.13 para. 8). “Psychographic segmentation identifies consumers based on interests and activities in lieu of demographics” (Lumen, n.d., Module.3 para. 13). This form of segmentation divides up potential customers by their lifestyle, personality, attitudes, and social class. “Behavioral segmentation is based on user behaviors, including patterns of use, price sensitivity, brand loyalty and benefits sought” (Lumen, n.d., Ch.13 para. 8). “Decision maker segmentation approach groups people according to who makes the purchasing decision in an organization or household” (Lumen, n.d., Module.3 para. 25). This form of segmentation divides up potential customers by their decision-making role. I think Michael should use price segmentation, another form of analysis to price this product. “Price segmentation is a suitable strategy to narrow a product range and can identify groups of prospects who would buy if the price was lower or who would be prepared to pay a higher price in return for a factor that they felt added value to the product” (Linton, n.d., para. 3). Pricing strategy such as customer-oriented pricing would work well for determining a price for a new garden hose that will not split, crack or explode if left out in the winter. Linton, Ian. "Price Segmentation vs. Product Segmentation." Small Business - Chron.com, http://smallbusiness.chron.com/price-segmentation-vs-product-segmentation-38631.html. Accessed 15 November 2018 . WEEK 8
LEARNING ACTIVITY #1 Part A What role does a company's strategic plan play in the process of financial management? Does it ever make sense for a profitable company with positive cash flow to seek external financing? Why or why not? Part B Discuss the purpose of each of the following financial statements: income statement, balance sheet, statement of cash flow and statement of owner’s equity. Identify five business questions that can be answered by using financial accounting information. For each question, indicate what financial statement (or statements) would be most helpful in answering the question, and why.
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LEARNING ACTIVITY #2
There is a lot of information that students were exposed to over the past 8 weeks. Using topics from various weeks, how are the topics interrelated and how has the course helped to promote connections to understanding the role of business in a global business environment?
