Wk 4: Assignment 1 Ideas to use in Business or Profession

• WK4
• Assignment 1: Reading and blogging (4-8 hours)

 Read Chapter 4 of the text book. Keep a blog of 3-6 ideas you learn from each of the chapters that you can use for your business or profession. Update your blog.

The following are possible set of ideas I can use for my business or profession in the future.

Chapter 1:  Marketing

1.   7 Marketing strategy process,

1.    consumer analysis

2.    market analysis

3.    review of the competition and self

4.    development of a “preliminary” marketing mix

5.    evaluation of the economics

6.    revision and extension of steps 1-6 until a consistent plan emerges

2.    Questions to ask for Consumer analysis,

1. What is the need category?
2. Who is buying and who is using the product?
3. What is the buying process?
4. Is what I’m selling a high- or low-involvement product?
5. How can I segment the market?

3.    In the buying process, below are steps in how the product is bought,

1. Awareness
2. Information search
3. Evaluate alternatives
4. Purchase
5. Evaluate

Chapter 2: Ethics

1.    Social responsibility of business.

As owners, we need to understand the social responsibility of business.  Such, when our business makes profits it benefits everyone, us the owners, employees, and the society because we create jobs for the society; we pay taxes to the government to support any social action, and etc.  As a corporation, we have to think about the benefit of stakeholders (i.e., customers, suppliers, employees, and local communities, also their owners), they are our responsibility.

2.    Relativism that looks into the right and wrong of the business and often business does not pay attention to in decision making.

3.    Typical stakeholder analysis, there are list of parties,

• The Decision Maker
• Executives, Board of Directors
• Customers—and the industry in which they operate
• Shareholders, Bondholders
• Suppliers—and their industry
• Employees—and their families
• Government—federal, state, and local and their agencies
• Special Interest Groups—industrial, consumer, environmental, political, unions
• The affected Community
• The Environment—plants, animals, natural resources
• Future Generations
• Competitors
• Lawyers and the Courts

Chapter 3:  Accounting is the language of business.

1.    The golden fundamental accounting equation,

Assets = Liabilities + Owner’s Equity, or A = L + OE

2.    2 Ways, Operating Activities,

1.    Adjust Net income for Non-Cash Expenses is the first step if the flow of cash needs adjustment.

2.    Adjust Net income for Changes in Working Capitals is also required to be adjusted for the changes in current assets and current liabilities.

accountants compute the cash generated on daily operating activities of the business.

3.    Accounting records and statements always balance.