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Slide 1: David Baumer, Head Business Management Dept. Spring 2009
Slide 2:  Business Administration (BA) in the College of Management is composed of two Depts.   Business Management and Management, Innovation, and Entrepreneurship (MIE)  Focus of the BA degree is the functional areas of Business  Entrepreneurship, Strategy (business plan), Human Resource Management
Slide 3:  Entrepreneurs are risk takers   Most businesses fail in 5 years Those that succeed pass the Market Test  They offer goods and services at prices that are more than their costs  The MIE Dept. offers a concentration in Entrepreneurship  Students in the concentration take courses that assist entrepreneurs in organizing a business  Some MIE courses offer contact with the venture capital community and analyze critical success factors for start up businesses: small firm finance, marketing, management
Slide 4:  Once a business is launched, it must be managed   Businesses are operated by employees who are protected by many laws The HRM concentration deals with legal environment of the employee-employer relationship  Hiring, firing, and all that occurs in between is subject to many laws: employment discrimination, benefits, layoff notices, retirement, benefits.  HRM also offers courses that analyze management methods to motivate employees  Managing businesses requires managers that know how to bargain, motivate, and cut-off unproductive relationships
Slide 5:  Also offers courses that analyze  Legal environment  Basics of contract, property (intellectual property), and tort law  Government regulation: environment, securities, FTC regulations regarding advertising and trade practices  Strategy  Virtually all successful businesses must have a business plan  What does the business do: what goods and services are offered  What goods and services are not offered?  How does the business compete?, prices, adver.
Slide 6:  Functional Areas of Business    Marketing—must be able to sell something to succeed at business Finance—must not run out of money Operations and Supply Chain—  Must be able to make or  Use the products of other businesses  To sell a product  Information Technology/Information Systems
Slide 7:  Market Research—what do consumers want that you can offer for sale  Primary and secondary data are gathered through govt. and business sources  Surveys and focus groups  Datasets are often obtainable using IT and purchased sources  Obtaining the data is the start—there are many opportunities for employees with quantitative skills and for those who can make use of qualitative information
Slide 8:  Marketing also involves selling the product through  Advertising and promotion    Consumers are very price conscious now Products must be moved to locations where sales will take place Business to Business sales presents unique challenges
Slide 9:  Internal financing can be learned through analysis of corporate finance  Internal rates of return can help decide which company projects to select  Capital is a crucial input and it comes in many shapes and sizes  Internal, bank loans, bonds, preferred and common stock Many jobs in the financial sector  Must have knowledge of financial institutions 
Slide 10:  Production—making products and services  Often requires cooperation with engineers and other technical staff  Most production involves the assembly of inputs    Purchasing principles—ethical issues often arise Logistics Increasingly markets for inputs and outputs are global  Of course there are feedback loops with other functional areas: marketing and finance
Slide 11:  Computers are ubiquitous      Used extensively by those in Marketing, Finance, and Operations When a purchase is made in Dept. stores, software connected to the cash register communicates with the supplier facilitating inventory management Companies have intranets Security of personally indentifying information (PII) is vitally important and there are increasingly large consequences to mistakes A very important skill is being able to communicate with management and with the IT staff