Transcript Document
Your Future in Business
Begins Now
Chapter 1
Chapter 1 Learning Goals
1. How do businesses and not-for-profit
organizations help create our standard of
living?
2. How are social trends, such as more
women entering the workforce, affecting
business?
3. How are demographic trends creating new
opportunities for business?
4. What are the primary features of the world’s
economic systems?
5. How can technological effectiveness help a
firm reach its goals?
6. What are the trends in global competition?
Learning Goal 1
• How do businesses and not-for-profit
organizations help create our standard
of living?
– Standard of living is measured by the
output of goods and services delivered by
businesses and not-for-profit
organizations.
– Our quality of life is not simply the amount
of goods and services available but also
society’s general level of happiness.
Business:
An organization that strives for
a profit by providing goods and
services desired by its
customers
Standard of living:
A country’s output of goods and
services that people can buy
• Although there is a positive relationship
between a nation’s wealth & people’s
happiness, the relationship is far from
perfect
– Germany & Japan’s gross national
products are two times higher than
Ireland’s, yet Irish people are more happy
overall than German & Japanese (Source:
American Psychologist, 54, 1999, p. 821-827)
Factors of Production
1. Natural resources
2. Labor
3. Capital
4. Entrepreneurship
5. Knowledge
The Environment of Business
Demographic
change
Social
change
Entrepreneurs,
managers,
workers,
customers
Global
competition
Evolving
economic
systems
Emerging
technology
Learning Goal 2
• How are social trends, such as more
women entering the workforce, affecting
business?
– Increasing family incomes
– Heightening demand for time-saving goods
and services
– Changing family shopping patterns
Social Trends in Business
1. Increase in component lifestyles
2. Increase in dual-income families
more spending money
more products geared toward
women
Women’s Presence in the Workforce
45
40
35
30
25
20
15
10
Source: AFL-CIO, 135.145.13.100/women/wwfacts.htm
1990
1970
1950
1930
1910
1890
5
0
1870
Percen t o f W o rkfo rce
50
Learning Goal 3
• How are demographic trends creating
new opportunities for business?
– Computers and accessories appeal to
Generation Y
– Demand for products that appeal to the
middle-aged and elderly markets
– Increased multicultural marketplace creates
new opportunities for business
Demographics Relevant to Business
Generation
X 16%
Baby
boomers
29%
Older
customers
Generation Y
23%
26%
Source: Fortune, Sept. 28, 1998, p. 227
Learning Goal 4
• What are the primary features of the world’s
economic systems?
– Capitalism: based on marketplace competition
and private ownership of factors of production
– Command economy: government owns virtually
all resources and makes all economic decisions
– Socialism: basic industries are owned by the
government or by private sector under strong
government control
– Most economies are a mix of socialism and
capitalism
Evolving Global Economic Systems
1. Capitalism (private enterprise)
2. Communism (command economy)
3. Socialism
4. Mixed economic systems
Learning Goal 5
• How can technological effectiveness help
a firm reach its goals?
– Increases efficiency
– Lowers costs
– Helps the firm grow by producing higher
quality goods and services
– The Internet
• changing how companies sell and communicate
• changing how and what consumers buy
Technological Trends
Miniaturization
Internet
• Developing technology in:
– artificial intelligence, robotics, virtual
reality, teleportation, flying cars, &
nanotechnology (Source: CNET: www.cnet.com)
Learning Goal 6
• What are the trends in global competition?
– World is becoming more competitive
– Exports continue to rise as a percentage of
the world GDP
– Free trade
• offers greater opportunities abroad for U.S. firms
• U.S. firms also face tougher competition at home
• Efficient U.S. companies are meeting the global
challenge
Trends in Global Competition
• Exports account for increasing proportion of
world gross domestic product
• More companies can compete globally
– improved technology
– improved communications
more companies meeting ISO 9000 and ISO
14000 standards
Ford was the 1st US Automaker to require ISO 14000
certification of suppliers (Source: globenet)
• Increased productivity
– downsizing
– increased use of technology
Learning Goal 7
• What are the first steps toward finding
your first professional job?
– Do a self-assessment
– Do a skills assessment
– Look at employment opportunities
– Employers wish to hire people who are
•
•
•
•
Bright
Creative
Hard-working
Well-educated
Steps in getting your career off
on the right track
1. Who am I?
– Identify your strengths, interests, values
2. What can I do?
– Assess your abilities, skills, experience
3. Finding my first professional job
- Research occupations and companies
Learning Goal 8
• How can the Internet be a valuable tool in
your job search?
– Can help you to create a resume
– Can post resume on sites with thousands of
job openings
– Can learn more about potential employers
– Can learn more about geographic areas and
cost of living in that area
10 Best Jobs for the 21st Century
1. Systems analyst
5. Marketing,
advertising & PR
2. Computer engineer
manager
3. Engineering,
6. Computer scientist
mathematical, &
7. Service manager
natural science
8. Physical therapist
manager
9. Special education
4. Securities & financial
teacher
services sales
10. General manager
worker
& top executive
Source: Friendly Exchange, Winter, 1999, p. 25
Learning Goal 9
• How can you start off on the right track in
your new job and, then later, move up to the
next level?
– Start off by
• listening, learning and being nice to others
• not trying to change the world immediately
• finding a great mentor
– Get promoted by
• loving what you do and continuing to learn
• being an internal entrepreneur
• being really good at what you do
Selecting the Right Job
Fit
Advancement and growth
Compensation
Training
Site
MBAs’ Ideal Employer Attributes
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•
•
•
•
•
•
•
•
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Good reference for future career
Competitive compensation
Exciting products/services
Variety of tasks or assignments
Immediate responsibility
Dynamic organization
Strong corporate culture
International relocation possibilities
Likable/inspiring colleagues
Source: Fortune, Mar. 16, 1998
Training program
Starting Out at Your First Job
• Listen and learn
• Do unto others
– be pleasant and nice
• Don’t start as a maverick
– work within the system
• Find a great mentor