Introduction to Business

Reflective Essay

Introduction to Business was a module that was interesting and enjoyable to learn throughout the semester. The contents of the topics that were presented were simple yet informative, which made it quite easy for me to understand and memorize. One of my most favorite topics was on ‘Production Planning’, in this topic, I learned about the planning before the manufacturing of products begins. Before this, I’ve always wondered how companies decide on how to start making products and begin how to sell them.

The tutorial questions and in-class assignments had helped me to revise and understand the problems presented that may or may not relate to our daily lives.

Group assignments and presentations given by the lecturer helped me improve my ability and capability to work together with my group mates. The oral presentation helped me to be aware and conscious of the environmental issues faced by or caused by businesses. For the final assignment, which is a charity drive in order to raise funds for an organization that we’ve decided to donate our profits to, was an especially difficult task to do. There were a lot of parties involved, including the organization and sponsors. But it was also quite enjoyable and the experience allowed me to see how businesses work in a businessman’s point of view.

In conclusion, Introduction to Business is an effective and informative module that provides a rough idea and outline of how businesses work which will be useful in the future.

Tutorial Questions & Answers

Intro to Business Exercise 4.0

1. What are the main components of the management process? Identify and describe them briefly.

·      Plan – Planning is to create a goal as well as writing the blueprint for that goal

·      Organizing – Divides a business into subgroups, each with a specific purpose

·      Leading – Involves guiding and motivating the employees to achieve the firm’s goals

·      Control – Monitors a firm’s performance to ensure that it is meeting its goals

2. What are goals, strategy and tactics? Explain and provide one business-related or one personally-related (e.g. studies, career, relationship, etc.) example regarding them.

·      Goals – The target to achieve (To increase number of customers)

·      Strategy – The plan of action designed to achieve goals (Attract with various promotions)

·      Tactics – Steps taken to achieve a goal (discounts, seasonal sale, last stock)

3. You have recently started a business with a group of your best friends. While in the planning stage, they think that setting goals is simply a waste of time. What reasons would you give to convince them otherwise?

·      Goals must be established so that the employees know what do they need to do with their works

·      Easier to develop strategies and tactics to help achieve that goal.

4. Leaders are necessary in various areas of our life (e.g. business, politics, and family). What would happen if there are no leaders or the leaders are incompetent? Pick one area above and discuss 3 negative consequences from lack of (effective) leadership.

·      If there are no leaders in businesses, employees might not be as productive since they have no incentive that motivates them to work harder

·      A business will die out because of the lack of productivity from employees.

·      Without a leader, a business will not be able to achieve their goals.

5. You have recently been accepted a job offer to become the CEO of a struggling company. Among the problems faced by the business include 3 years of continuous losses, intense rivalry & politicking among managers, low morale among the rank and file workers, and customers who are unhappy with the company’s poor customer service. How would you lead the company out of these problems?

·      First, I would re-appoint the managers to those who are capable of compromising with each other.

·      A promise for promotion for employees who perform well will encourage them to do work more properly, including the services.

·      When the business starts to rise, then the company will out power its rivals as well as gaining profits gradually.

6. Who are managers? Under which form of business (i.e. sole trader, partnership and company) are managers and owners most likely to be the same person? And under which they are not? Why? Discuss.

·      Managers are officers hired by the owners to help run their business.

·      Small businesses.

·      Bigger/growing businesses because they have more employee capacity that is too much for the owner to handle alone.

7. What does a public relations manager do on a daily basis? (You need to conduct research to find the answer)

·      Public relations manager is in charge of controlling and maintaining the internal and external communications of the organization.

·      They will try to keep up a positive image of both the organization and clients by writing materials for the media, plans and direct programs as well as raise funds for their organizations.

8. Which (2) managerial skills are important regardless of a person’s (low or high) managerial status? Why?

·      Time management – To make sure all works finish on time, assign tasks to subordinates and improving the speed of work processes.

·      Technological Management – A manager must be able to use gadgets in order to compete with other business.

9. What are the steps involved in control? How can this be applied to your personal life? Illustrate.

·      Establish goal – To become an architect

·      Measure actual performance – Grades are kept up

·      Actual performance compared to goal – Continue to study as planned.

Presentation Slides

Powerpoint biz from Jannah Jailani