- Explain the role of customers in marketing
- Explain the role of segmentation and targeting in marketing
- Explain the marketing mix
Course Learning Outcomes
Module 1: Role of Business
Discuss the role of business in society, the primary functions within a business, and external forces that affect business activities
- Explain the concept of business
- Distinguish between for-profit and nonprofit businesses
- List and explain the four factors of production required to sustain a business
- Identify the primary functional areas within a business and describe their contribution to the organization
- Identify business stakeholders and describe their relationship with business organizations
- Identify the external forces that shape the business environment
Module 2: Economic Environment
Explain fundamental economic principles and describe how they shape the business environment
- Define economics and explain the difference between macroeconomics and microeconomics
- Identify the forces that drive supply and demand within an economic system
- Illustrate the relationship between supply and demand using supply and demand curves
- Compare and contrast different economic systems (capitalist, planned, and mixed)
- Describe the methods economists use to evaluate the health of an economy, such as GDP, unemployment rate, and CPI
- Explain the effect that the four stages of an economy (expansion, peak, contraction and trough) have on business operations
- Identify and explain the four stages of an economy (expansion, peak, contraction, and trough), and describe their impact on business operations
Module 3: Global Environment
Describe the characteristics, opportunities, and challenges of the global business environment
- Explain why nations and U.S. firms engage in global business
- Describe how nations measure global trade
- Evaluate common strategies used to reach global markets
- Identify and describe forces that affect global trade
- Describe global trade agreements and economic organizations that regulate and promote global trade
- Describe ethical challenges that businesses face in a global environment
Module 4: Financial Markets and Systems
Explain the institutions and markets that comprise the financial system, and explain how they impact the economy and the money supply
- Explain what money is and what makes it useful
- Explain the role of banks in the U.S. monetary system
- Describe common ways in which businesses obtain financial capital (money) to fund operations
Module 5: Legal Environment
Summarize the role of the legal system in governing and shaping the climate for business
- Explain the meaning and purpose of law
- Differentiate between statutory and common law
- Define tort law, and explain the role of product liability in tort law
- Explain the purpose and characteristics of intellectual property law
- Describe warranties
- List and describe the elements of a legally enforceable contract, and explain the consequences of breach of contract
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