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Chapter 1 Contemporary Business

Chapter 1 Contemporary Business. Business Administration 2003270092 Sun Ho AHN Sr 2003270098 Chi Hun OH Sr 2004270034 So Mang KIM Sr 2004270262 Han Suck LEE Sr. What is Business? . Profit -seeking activities that provide goods and services necessary to an economic system . .

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Chapter 1 Contemporary Business

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  1. Chapter 1 Contemporary Business Business Administration 2003270092 Sun Ho AHN Sr 2003270098 Chi Hun OHSr 2004270034 So MangKIM Sr 2004270262 Han Suck LEE Sr

  2. What is Business? • Profit-seeking activities that provide goods and services necessary to an economic system.

  3. Profit • Rewards for business people who take the risks involved to offer goods and services to customers • Central focus of business ※Not-for-profit organizations

  4. Activity • Factors of production • Natural resources • Capital • Human resources • Entre-preneurship

  5. Entre- preneurship • An entrepreneur is a risk taker • The willingness of entrepreneurs to start companies drives economic growth

  6. Economic system • Private enterprise system -minimizes government interference • Communism -features strict controls on business by government

  7. Private enterprise system • The right to private property • Guarantees business owners the right to all profits • Freedom of choice • Permits fair competition

  8. Six Eras in the History of Business

  9. Ford’s Assembly Line

  10. The Relationship Era Transaction vs Relationship • Transaction management -focusing on selling products • Relationship management -maintaining ties with customers

  11. The Relationship Era • Businesses - Customers • Employers - Employees • Businesses - Businesses

  12. Businesses - Businesses • Partnerships • Strategic alliances • M&A

  13. Change in the Workforce • Aging of the Population and Shrinking Labor pool • Increasingly Diverse Workforce • Outsourcing and the Changing Nature of Work • Flexibility and Mobility • Innovation Through Collaboration

  14. Aging of the Population and Shrinking Labor pool The U.S. Population is trending older especially aging of Baby Boomers The U.S. labor pool will soon fall short as the Baby Boomers retire. Employers must administer a variety of retirement planning

  15. Increasingly Diverse Workforce Diversity can enhance a firm’s chances of success. Managers must learn to work effectively with diverse groups, cultures, and lifestyles.

  16. Outsourcing and the Changing Nature of Work • Firms must rely on well-trained service workers • using outside vendors

  17. Outsourcing and the Changing Nature of Work What is Offshoring? The relocation of business processes to lower cost locations overseas. What is Nearshoring? Outsourcing production or services to locations near a firm’s home base.

  18. Flexibility and Mobility Technology makes productive networking and virtual team efforts possible by allowing people to work where they choose and easily share knowledge, a sense of purpose or mission, and a free flow of ideas.

  19. Innovation Through Collaboration Business using teamwork hope to build a creative environment. Employees are no longer likely to remain with a single company Partnership with employees encourages creative thinking and problem solving.

  20. The 21st -Century Manager • Vision • Critical Thinking & Creativity • Ability to lead change

  21. What makes a Company Admired? • Solid Profit • Stable Growth • Business Ethics • Social Responsibility

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