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Bus1010 Study GuideClass 1-2SyllabusRequired texts, grading policy, attendance policy, expected conduct, academic integrity, emergency procedures, URL to register Ebooks, class schedule and assignmentsSingle most important document for each class and it tells you how to make an AUndergraduate AnnouncementsMost important document bc it tells you how to graduateUse the one for the year you entered ClemsonTells classes, when they’re offered, and their professorsMust take 12 credits a semester to be considered a fulltime studentTransfer CoursesMust fill out form and recommended to get approved by advisor so you take classes that actually transferMust make a C or better, but only the hours transfer, not the GPA (transfer courses’ GPAs only come into effect for SC state scholarships)TCELDatabase of about 1200 accredited colleges and universities nationwideOnly a history of how courses transferred to Clemson in the pastDoes not represent a comprehensive list of transferable coursework for any schoolMust check with advisor to be sureClass 3ASCServices:Tutoring, supplemental instruction, academic counseling, study behavior inventory analysis, academic coaching, academic skills workshopsBenefitsBetter GPA, better time management, more likely to succeed in classesStudy Cycle:Preview, attend, review, study, assessClass 4EconomicsHow society uses its scarce recourse to produce goods and how the goods and services are distributedMicro: people and organizations in a particular marketMacro: aggregate performance of an economy; GDP, CPI, and unemployment rate are all indicators for macroeconomicsInvisible hand: self-directed gain leads to social and economic benefits for a whole communityCapitalism:Private ownership of resourcesFew efforts to minimize differences between economic classesGovt policies support entrepreneurship4 basic rights of Capitalism**Right to own propertyRight to own businessRight to freedom of choice (where you want to work)Right to freedom of competitionLimitations of Capitalism:Inequality in prosperityGreed preventing charity/community serviceUnethical practices that undermine market forcesSocialism:State ownership of certain, if not most productive resourcesManaged efforts to equalize social classesSome opportunities for entrepreneurship but not manyFrance Removes some incentives with employeesCommunism:State ownership of all major resourcesNo economic classesFew opportunities for entrepreneurshipGovernment does not know what people want/need which results in shortagesNo incentive to work hardDisappearing from modern world because it doesn’t workClass 5: EthicsAcademic Forgiveness3 classes with D or F removed from GPA calculation Will appear on transcripts as FGD or FGFMust retake that course at Clemson; transfer credit not acceptedNot an automatic processCan take another STS instead of the exact STS you failedMust take the same marketing class if it was failedEthicsSociety’s accepted standard of moral behavior; what is right and wrongLegalityBased on/concerned with the lawWhat is legal is narrower than what is ethicalEthics are flexible to deal with situationsLegality is black and white with no room for situational detailsEthical DilemmaChoosing between two equally unsatisfactory alternativesAsk the ?sIs it legal?Is it balanced? (fairness)How will it make me feel about myself?Ethics CodesCompliance-based Ethics CodeEmphasize preventing unlawful behavior by increasing control and by penalizing wrongdoersIntegrity-Based Ethics CodeDefine the organization’s guiding values, create an environment that supports ethically sound behavior and stress accountability 6 steps to improve a businessManagement must adopt and support an explicit corporate code of conductEmployees must understand that top management expects all employees to act ethicallyManagers and others must be trained to consider ethical implications of their business decisionsEthics office must be set up with which employees can communicate anonymouslyInvolve outsiders such as suppliers, subcontractors, distributors, and customersEthics code must be enforcedClass 6: Office of Student EnrichmentServicesResources for Major and Career ChoicesCareer CoachingResume and LinkedIn profile preparationInternship and Job PlacementProfessional development (career preparation)Mentoring (Tiger Ties)International programsWeekly NewsletteriLeadBenefits/ Importance of using OSEHigher starting salary with internshipsCreative inquiriesStudent organizationsCo-opsInternships Better resumeClass 7: ManagementInterrelated tasks of planning, leading, controlling, and organizing to meet goalsManagers provide the environment, resources, and opportunities to excel in their responsibilities on the jobLevels of PlanningVisionMission statementGoalsObjectivesSWOT analysisStrengths, weaknesses, opportunities, threatsForms of planningStrategic TacticalOperationalContingencyDecision MakingDefineDescribe and collect informationDevelop alternativesDecideDoDetermine if it workedLevels of ManagementTop ManagerResponsible for overall performance, effectiveness, and financial health of a companyPresident, VP, TreasurerMiddle ManagerResponsible for implementing strategies to achieve the goals set by top managersOperations manager, division managerFirst Line/ Supervisory ManagerResponsible for supervising employeesProject manager, group managerLeadership stylesAutocraticManager makes and announces decisionsManager sells decisionManager presents ideas and invites questionsDemocratic/ParticipativeManager presents tentative decision subject to changeManager presents problem to get feedback on itAsks group to make decisionsFree reinManager permits employees to function within limits defined by superiorsClass 8: Clemson HistoryWatch video and fill out worksheetsClass 9: Meet the DeanClass 10: MarketingDefinitionActivity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.Marketing ManagerResponsible for planning and implementing all activities resulting in transfer of goods or services to customersMarketing mixProductPricePlacePromotionMarket Research ProcessDefine questionCollect dataAnalyze research dataChoose the best solution and implement itSources of Data Secondary: collected from other resources; more efficientPrimary: collected yourselfConsumer MarketIndividuals/ households that want goods or services for personal use and have resources to buy them Business to Business marketIndividuals/ organizations that buy goods and services to use in production or to sell, rent, or supply to othersDimensions of Market SegmentationDivides total market into groups with similar characteristicsDemographicGeographicPsychographic: personality, values, lifestyleBenefitVolume (frequent flyer miles)Class 11: AccountingRole of Accounting InformationRoles of an accountantRecording, classifying, summarizing, and interpreting of financial events and transactions provide management and other interested parties with the information they needAccounting DisciplinesManagerial Accounting: used inside a business; not public knowledgeFinancial Accounting: financial information for public knowledgeAuditing: accountants checking other accountantsTax Accounting: tax returns/tax strategiesGovernmental/ not for profit accountingAccountants vs. BookkeepersClassify and summarize financial data provided by bookkeepers, and then interpret data and report information to managersFinancial Statement Roles/DefinitionsIncome statement: financial statement that shows a firm’s profits after cost, expenses, and taxesNet Income/ Net Loss: revenue left over after costs and expensesStatement of Cash Flows: reports cash receipts and cash disbursements related to operations, investments, and financingClass 12: FinanceRole of Financial ManagerExamine financial data prepared by accountants and recommend strategies to improve company financial performanceImportance of Understanding FinanceCompanies fail without itUndercapitalization: not enough cash to start the companyPoor control over cash flow: not controlling and/or not understanding the timing of cash in-flows vs. the cash out-flowsInadequate expense control: not controlling funds versus a budgetSteps of Financial PlanningFinancial planShort term/ long term forecastingOperating (master) budgetCapital budget/cash budgetFinancial controlsSources of FundsDebt financingFunds raised through various forms of borrowing that must be repaidEquity FinancingFunds raised from within the firm from operations or through sale of ownership in the firm (stock) ................
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