13 Jan What role does a company’s

Week 1 learning activity

Learning Activity #1: Economics

This learning activity focuses on a variety of economic topics that affect the business decisions we make every day (e.g. law of supply and demand).

Part A: Review the table below. Notice the economic categories across the top row. Select one item from two of the economic categories and explain how the topic exemplifies the principle. Be sure to define the principle and how a business can be affected by the principle.

Balance of Trade

Supply and Demand

New Technology-Obsolesce

Employment

GDP health indicators

Made in America product identification

Buying toys at Christmas versus other times of the year

Ceasing to use a landline in favor of a cell phon

Aging population

Rise in Federal Interest Rates

Buying a Toyota Tacoma or Dodge Ram

Shovels and generators during a blizzard

New Bio Gasoline Discovery

Length of time it takes to get a job

A downturn in the housing rate

Buying products at Walmart or the Dollar Store

Gas prices when OPEC reduces production

An App that controls you home doors, oven etc.

Christmas hires

Christmas Sales

Part B: Select two recent monetary decisions you have made and explain how they affect the economy (e.g. buying a car).

Learning Activity #2: Ethics

Jan and Juan worked in an up and coming solar panel manufacturing firm. The firm started five years ago, and was making a profit, but needed several bigger contracts to expand the business. The firm put in a bid for a city government contract and was one of two businesses up for the government contract. The presentation for the final decision was due in three weeks.

Juan was preoccupied with a sick child leaving much of the work for Jan to do. Having pulled the entire presentation together Jan went over the final presentation with Juan. Since Juan had better speaking skills, they decided that Juan would present most the work and Jan would supplement information in a few areas.

The presentation was a huge hit. The firm was awarded the contract and brought Juan many accolades. So grateful were the owners of the business that they gave Juan a bonus of $5,000. Juan was torn because the bonus money would help with the medical bills for his son, but Juan knew that Jan was more deserving of the money.

Displaying ethical behavior in the workplace comes from the employee recognizing the conflicting issues between what is good for the business and what is morally uncomfortable for the employee. The conflict between these two ideas is known as an ethical dilemma. Three of the most common ethical dilemmas in a business fall in these categories conflict of interest, conflict of loyalty, and honesty and integrity.

In this learning activity, it is important to recognize the issues in conflict or the dilemma that is at stake and decide which of the three categories the dilemma fits into the best.

Task: Explain the three categories of ethical dilemmas commonly found in business and identify which one best fits Juan’s dilemma. Be sure to explain the actual issues that would be in conflict (business vs. individual) in each of the categories. Then once you have selected the category identify Juan’s dilemma and make suggestions as to how he might resolve the dilemma.

Week 2 learning activity

Learning Activity #1: Overseas Marke

1. Expanding overseas for a business is tricky. Aside from the cultural differences, the ways of doing business, the legal systems, and the economic systems present challenges to a business from another country. Explain in detail what challenges face a business when they expand into overseas market and suggest possible ways that a business can overcome the challenges.

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 you would use if you were the CEO of a large company. Then, explain in detail why this approach is particularly appealing. Be sure to define what the method is and how the method benefits or does not benefit a company. Be sure to use concepts from the course readings to support the reasoning or conclusions.

Note: When explaining importing and exporting options, pay attention to the discussion last week about the balance of trade. You may want to review the information on this in the Exploring Business chapters.

Learning Activity #2: Globalization

In this learning activity, students will role play. Imagine you are a business executive who is deciding between launching a website in English only or Multilanguage which is very expensive. The product she sells is moderately priced. It is something that might be found in a Target here in the US. It is geared for the middle class. Based on the readings and the video, Emerging Middle Class- Changing Global Marketplace under week 2 content, what choice would you make? Be sure to explain your answer and support your reasoning using the course readings.

Week 3 learning activity

Learning Activity #1: Forms of Business Ownership

When owners set out to create a business they do so because they believe they can make money. Not just money to pay the bills, but money that will support the expenses of running the business, pay the people employed by the business, and a handsome profit for themselves. However, if a business owner is smart they understand there are many things that could happen to the business that are beyond their control. Drought, tornedos, regulations, supply problems, are just a few examples. The government wants to reward the entrepreneur because as discussed in week one, the economy of a country depends on people working and spending money. The government wants to create job and has provided business owners legal methods that protects society and limits an owner’s exposure to liability that may come about because of unforeseen events, problems or other issues that can hinder a person’s desire to own a business. The legal form of business is one of the main methods government uses to encourage business ownership.

A business owner must choose from these forms to select the legal form that best fits the purpose and size of the business as well as the amount of exposure to liability the owner is willing to take. Fill in the chart below with the pros and cons of each legal form. Then, give examples of the type and size of company that might be best suited for the form.

Characteristic

Sole Proprietorship

General Partnership

Limited Liability Partnership

(LLP) /

Limited Partnership

(LP)

LLC

Corporation

Joint Venture

Franchise

Liability Exposure

Tax Exposure

Owners Relationship

Purpose of Form

Example

Learning Activity #2: Entrepreneurship

Complete the following entrepreneurial ability quiz, Quiz: What’s Your Entrepreneurial I.Q.?. Pay attention to the questions asked! Then answer the questions

How did you fare on the quiz?

What characteristics does an individual need to make a good entrepreneur (according to the quiz)?

Knowing what it takes to be entrepreneur do you want to own a business? Why or why not?

Research the idea of intrapreneurship. Would you want to be an intrapreneur? Why or why not?

Make sure to use the course readings to support your reasoning.

Week 4 learning activity

Learning Activity #1 Motivation

This learning activity requires you to role-play. Henrietta, your manager, a person you are not thrilled to work with, walks into the office and says to you, “The company is willing to give you a twenty percent raise if you agree to work with me every other Sunday. You have a family with young children and are currently a UMUC student take several courses at a time. To say the least, you are stretched beyond your means!

Do you take the raise or not?

Using the course readings as well as The Importance of Employee Motivation, discuss what motivates you in the workplace. Give examples and be specific. Be sure to discuss the concepts of intrinsic and extrinsic motivation. Be sure to use the course readings to explain your reasoning and conclusions.

Learning Activity #2 Human Resource Management

Declan Debois is the new Human Resource Officer. There is an opening in the design department for a new graphic artist and Declan’s first assignment is to find the best candidate for the job. The job is part of a new project that will change the company’s brand in a major way. Sales have been down and the new branding project is critical to keeping the company going. The graphic artist is a necessity to ensure the making of a great sales marketing plan.

How should Declan go about his new job? Explain the best process to use and include a description of why recruitment and selection of employees is critical to placing the right person in a job and how it impacts the company’s success.

Week 5 learning activity

Learning Activity #1 Team Leader

Your boss has named you team leader of a new project at work.

Is your first reaction to groan or to high five your neighbor?

What has your experience with teamwork taught you about collaboration with teams?

Do you find that the reading material about putting together a good team helps improve what you know from your experience? Explain why and why not. Include in your answer at least five ideas that helps ensure team success.

Learning Activity #2 Virtual Teams

You are a marketing researcher for a multinational food-products corporation. For the past two years, you have been able to work at home. The international division of the company has asked you to join a virtual team assigned to assess the prospects for a new sandwich planned for the Indian market.

List a few of the challenges that you are likely to encounter as a member of the virtual team. Explain the steps you would take to deal with each of the challenges that you have listed. Support your claims with scholarly resources or from the course readings.

Week 6 learning activity

Learning Activity #1 Marketing Strategies

You are in the market for a new car. In the past, your budget has allowed you to exceed $25,000 for a vehicle. However, there is a recession underway, gasoline prices have risen and while there is nothing definite, you are concerned about job security. You are looking to buy a smaller car with good gas mileage but comfort on the long commute has you looking towards a bigger car. What marketing strategies can the small car companies employ to win you over? What about the larger car company?

Learning Activity #2 Market Segmentation

Assume you are marketing a new lawn hose that will not split, crack or explode if left out in the winter.

Identify at least five marketing segmentation characteristics that you would use in developing a profile of your customers.

Explain the segmentation category that each characteristic falls (demographic, geographic, behavioral, or psychographic, etc.). When appropriate, be sure to include at least one characteristic from each category.

How would you use the segmentation information to price this product? Or, would you use another form of analysis (if so what would it be)? Explain in detail. Price the new item and explain the reasoning behind the price. Be sure to use the course readings to support the reasoning and conclusions.

Week 7 learning activity

Learning Activity #1 Production

Identify a multinational firm from the Fortune 500 List.

Discuss where the firm’s products are produced, whether the company produces in a single country or several key locations?

Have they changed their production strategy to move manufacturing from the US to another country, or back to the US after years of outsourcing?

What factors would a firm consider when deciding to move manufacturing abroad?

How has technology enabled outsourcing?

Learning Activity #2 Quality Control

Explain why quality control is important for a service business such as Sprint Nextel? Discuss the benefits of quality control for a service business and the methods a company might use for controlling quality?

Week 8 learning activity

Learning Activity Financial Management

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.