Introduction to Business

My favorite topic in this subject is Business Ethics & Social Responsibility, it is about right vs wrong, good vs evil and fair vs unfair. I like this topic the most because it talks a lot about human nature. It talks about environment, employees, customers, and investors, instead of those theories that we need to memorize so we are easier to understand and score.

Apart from that, I found that topic 4.0 which is Managing A Business is most useful and applicable in my daily life and future studies. I found that this is useful because I learnt about the management process which is playing an important role in my daily life in the future. The 4 components of management process are Plan, Organize, Lead, Control, these 4 components are extremely useful for me no matter in doing my projects or anything, I can follow these 4 components to get myself done on track. 

I think that Introduction to Business is not an tough subject if compared to other subjects, we can easily understand the lecture notes and answer the tutorial questions if we pay attention during the lecture. Lecturer also let us to do activities which help us to understand certain important theory clearer by giving us role play during the class, such as a group of students running as a company and try to plan of solve some common problems. I think these activities help me a lot. The only thing that I think can have improvements is that some lectures we have to read ourselves and do the tutorial questions, many students agreed that they are not very clear about the lecture that we read ourselves and easy to forget.

Intro to Business Exercise 1.0

1.    Big corporations (e.g. Taylor’s College, Coca Cola and Maybank) are the only true businesses. True or false? Why?

2.    All businesses share something in common. What do you call an organization that does not have that purpose (assume such organization is not government–related)? Provide 2 examples of such organizations.

3.    Haziq and C.J. have recently obtained a license to set up business. They are free to set up any business of their choice. In the end, they have decided to target a large retiree community and open a music store selling Rap CDs. Comment on their decision.

4.    Businesses are good for the society. Discuss how they can contribute. Provide specific examples for each type of contribution.

5.    Define the term “barrier to entry”. Which type of business (goods-producing or service) has bigger barriers to entry? Why?

6.    List 2 (other) types of barriers to entry and give one example for each type.

7.    Why are service businesses becoming more dominant in many countries? Research and discuss (any) 3 reasons.

8.    In which economic condition should a business lower the price of its product and services? Why?

9.    Explain what a free market or capitalistic economy means? And a planned economy?

Intro to Business Exercise 5.0 (v2.0)

1. What are the 3 types of employee behaviour? Describe them and provide an example for each.

2. Joe, the manager of your department, is mentally disturbed. He enjoys bullying his male subordinates and is known to have sexually harassed all the female workers under his supervision. Discuss the impact of his behavior on the department and company if action is not taken against him.

3. What are the Big 5 personalities? Are these personality traits trainable? Why or why not? How can a business ensure its employees have the big 5 personalities?

4. What are attitudes? Are job attitudes changeable? If yes, how can businesses play a part in fostering good work-related attitudes?

5. After having been fired from his job, Joe currently lives in the store room of his parents’ home. He is quite depressed with his situation for he has been unemployed for the past 6 months. To spend his time, he goes out with his drinking buddies every night. Referring to Maslow’s theory, what unmet needs does Joe have right now? Why do you say so?

6. Scarlett, a purchasing manager from your firm, has recently left for greener pasture (poached by headhunters). You are currently looking for her replacements. Where would you look first? Why?

7. Wong Kah Man has recently accepted your job offer as the new purchasing manager (to replace Scarlett). However, both you and the employer have yet to decide on his salary package. How would you go about estimating his salary figure? Discuss.

8. Shiow Huey, your boss, complains that training employees cost money and time, and not to mention that, while they are away from training, company’s productivity goes down. Advice her what would happen if she chose not to train her employees.

Business exercise answer from Dexter Ng

First Assignment ~