Englisch Zusammenfassung PDF

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ENGLISCH ZUSAMMENFASSUNG Chapter 1 A business tries to earn a profit providing products that satisfy peoples needs. The outcome of its are products that have both tangible (greifbar) and intangible (ungreifbar) characteristics that provide satisfaction and benefits. A products can also be a service!...

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ENGLISCH ZUSAMMENFASSUNG

Chapter 1 A business tries to earn a profit by providing products that satisfy peoples needs. The outcome of its efforts are products that have both tangible (greifbar) and intangible (ungreifbar) characteristics that provide satisfaction and benefits. A products can also be a service! " → checkup by a doctor "

→ Good business idea

1. Are there enough people who would use it?" 2. Will this business make profit? → It is profitable / It is not profitable / I don’t know" → segmentation " → target market → Is it big enough? Can I reach them?" → competitors " → hard to copy?" → costumer paint point (solution for costumer that provides the product)"

business 1. earn a profit → can be defined as" - EBIT - earnings before interests and taxes " - net income / ROS - return on sales (Umsatzrendite) " - contribution margin (Deckungsbeitrag)" → metrics to use to run a business over the log term" - cost level an cost per unit" - sales numbers" - staff turnover" - customer survey (Kundenzufriedenheit)" - market share " - dividends " 2. by providing products (tangible and intangible) → differences " - different to sell an intangible product to someone else " - difficult to judge quality beforehand" - customer needs to be there when it is produced " 3. that satisfy peoples need " - understanding peoples needs can be the key to a successful business " - hairdresser → looking good" - cocktail → liquid fun, getting drunk"

revenue - Umsatz" profit - Gewinn

→ new definition" the goal of business is to achieve the objectives of its various stakeholders by providing products that meet its users needs

barrier to entry (Eintrittsbarriere)" = in business, a barrier to entry stops you from entering a market " → capital - you need a lot of money" → economies of scale - the bigger the cheaper - big companies will always produce more cheaply" → brand - people prefer the brands they know " → distribution - it would be hard to get the product into the hands of consumers

tangible vs. intangible

tangible = greifbar " intangible = ungreifbar → doctor, lawyer, restaurant " intangible things have to signal quality"

for example what signals a good restaurant?" - a line outside" - service like how they greet you and how fast you get the menu" → Some tangible products are not suited for sale over the internet. → fish, animals, meat " exam question What intangible products can you provide from a vending machine? (Verkaufsautomat) " - ticket" - prepaid card " - tube box music " - transportation service" - parking lots" What tangible products can you provide as a subscription service?" - magazine" - toilet paper" - apples" - beauty box " Would be a specialist chili store a good idea?" → It would be a good business idea because chili is a good niche. You have to be good at SEO = each engine optimizing (Suchmaschinenoptimierung)"

profit = the difference between what it coasts to make and sell a product and what a customer pays for it" Nonprofit organizations, such as Red Cross, Special Olympics, and other charities and social causes, do not have the fundamental purpose of earning profits, although they may provide goods or services and engage in fund raising" = Noneprofit organiztions, such as Red Cross, Special Olympics, and other charities and social causes, do not have the fundamental purpose of earning profits, although they may provide goods or serivces and engage in fund raising" exam question How would an organization measure success? " → every monday or first monday of the month you got a dashboard (dort lassen sich Informationen übersichtlich darstellen) to measure success " → to run a business you need metrics (Kennzahlen) from different areas → a balance " How do nonprofit organization measure success? Like The Red Cross" - number of people helped" - donations" - new members"

Stakeholders (Anspruchsgruppe) are groups that have a stake (=Einfluss haben) in the success and outcomes of business" = are groups that have a stake in the success and outcomes of business" example (Betroffene, Beteiligte)" z.B: Hausbau "

→ Auftraggeber, Nachbar, Sohn, Tochter, Eltern, Gemeinde, Architekt" stakeholder cover everybody" for example Fraport" internal stakeholders

external stakeholders

- staff = CEO, CFO,

- DFS (Fluglotse)" - local residents

COO, CIO, CPO" - catering staff " - fire fighters

(Instandhaltung) "

- customers " - Airlines " - stockholder (Aktionär)

Management involves coordinating employees actions to achieve the firms goals, organizing people to work efficiently, and motivating them to achieve the business’s goals"

Marketing includes all the activities designed to provide goods and services that satisfy costumers’ needs and wants"

(key business skill) = includes all the activities designed to provide goods and services that satisfy costumers’ needs and wants" exam question Greenpeace is a nonprofit organization. What examples of marketing can you think of?" - social media" - TV " - non-profit marketing activities" - sponsoring "

Finance and owners are in the same part because, although management and marketing have to deal with financial considerations, it is the primary responsibility of the owners to provide financial resources for the operation of the business" Economics (Wirtschaft) is the study of how resources are distributed (verteilen) for the production of goods and services within a social system" Factors of production Nature resources are things that are not made by people → land, forest " Human resources are the funds (Geldmittel) used to acquire the natural and human resources needed to provide products" Financial resources are the funds used to acquire the natural and human resources available = Economics is the study of how resources are distributed for the production of goods and services within a social system" Natural resources are things that are not made by people → land, forest " Human resources refers to the physical and mental abilities the people use to produce goods and services " Financial resources are the funds (Geldmittel) used to acquire the natural and human resources needed to provide products." communist

socialist

capitalist (germany)

people without regards to class, own all the nations resources

government owns and operates basic industries but individuals own most business

individuals own and operate the majority of business that provide goods and services"

→ free-market system

exam question In your opinion, are having lots of natural resources a curse (fLuch) or a benefit? " → Brazil has lots of natural resources but you need to know how to use it. So most of the time it is a curse. It depends on the domestic security and property rights.

Economic system describes how a particular society distributes it's resources to produce

goods and services"

Communism is an economic system in which the people, without regards to class, own all the nation’s resources. They get what they need and they contribute what they can. → Korea, Cuba

Socialism is an economic system in which the government owns and operates basic industries, like the water- or electricity-business but individuals own most businesse"

Capitalism, or free enterprise, is an economic system in which individuals own and operate the majority of business that provide goods and services. " → free-market system = in which all economics decisions are made without government intervention → Germany " Mixed economics made up of elements from more than one economic system" Demand (NE) is the number of goods and services that costumers are willing to buy at different prices at a specific time. " Supply (AT) is the number of products that businesses are willing to sell at different prices at a specific time. "

supply = Angebot" demand = Nachfrage" price ceiling = POG$ price floor = PUG → nicht unterscheiden zwischen wirksam und unwirksam " market clearing Preis = Gleichgewicht " bewlow-equilibrium = unter dem Gleichgewicht " above-equilibrium = über dem Gleichgewicht " market surplus = Marktüberschuss" market shortage = Marktknappheit " unsichtbare Hand = the price that clears the market " price gouging = Abzocke " demand higher than supply = need a role or regulation by the government " supply higher than demand = trouble finding jobs, replace people with technology " Why a company decides to charge below the market price? → predatory (rücksichtslos) pricing" → to lock in costumers"

Equilibrium price (Gleichgewicht) is the price at which the number of products that

businesses are willing to supply equals the amount of products that consumers are willing to buy at specific point in time.

Competition (Wettbewerb) = the rivalry among businesses for consumers` dollars "

Monopoly

Duopoly

Oligopoly

monopolistic competition

pure competition

1 comany

2 companies

few companies

many companies

lots companies

When there is only one business providing a product in a giving market

- a little

- market share of top - Fewer businesses Many small

differentiation" - easy to enter/exit

companies Apple, Android " that supply Facebook, Google electricity, gas and water

5 over 70%"

- differentiation" - hard to enter/exit

supermarket in Germany

than in a purecompetition " - small differentiation

business selling one standardized product

hairdresser" universities " soft drinks

cotton " corn

→ in oligopolies, companies try not to compete on price because competing on prices would lower everyones profits (gas stations)" Economic expansion = the situation that occurs (erscheint) when an economy is growing and people are spending more money; their purchases stimulate the production of goods & services, which in turn stimulus employment"

Inflation = a condition characterized by a continuing rise in prices" Economic contraction = a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers"

Recession (Abschwung) = a decline in production, employment and income" Unemployment (Arbeitslosigkeit) = the condition in which a percentage of the population wants to work but is unable to find jobs"

Depression (Tiefpunkt) = a condition of the economy in which unemployment is very high, consumer spending ist low & business output is sharply reduced"

Gross domestic product (GDP) = the sum of all goods and services produced in a country during a year → its the same like BIP in German " Budget deficit = the condition in which a nation spends more than it takes in form taxes" Entrepreneur (Unternehmer) = a individual who risks his or her wealth, time and effort to develop for profit an innovative product or way of doing something → Gründer + Inhaber des UN "

Benefits and satisfaction

When you purchase a product you are buying the benefits and satisfaction you think the product will provide. " for example Vapiano → exam douglas, apple, Zara " benefits

satisfaction

not too expensive

transparency

benefits

satisfaction

meal replacement

costumazation

economic cycles and productivity" peak = Inflation" downturn = Abschwung " recession = Rezession" expansion = Aufschwung " expanding = wachsen " contracting = schrumpfen " How could you measure the state of health of an economy? - Inflation" - unemployment = when the population wants to work but is unable to find jobs" - gross domestic product per capita = BIP" - interest rates" - consumer confidence " - producer pride index" - order books" - some measure of wellbeing

Chapter 2 Business ethics = principles and standards that determine acceptable conduct in business"

Social responsibility = a businesses obligation (Pflicht) to maximize its positive impact and minimize its negative impact of society"

social responsibility (Verantwortung) categories - license to trade (Lizenz für Handel) 1. relations with owner and stockholder (Aktionär, Anteilseigner)" 2. employee relations" % 1) living wage" % 2) monotoring (beobachten) " 3. consumer relations" % 1) consumers as labor" % 2) customer as tester " 4. sustainability (Nachhaltigkeit) issues " 5. community relations " Example What speed may you drive if the speed limit is 50 or 120?" → Most people will be driving 19 km/h above. It depends on the road conditions." → It is illegal and unethical to drive like this. Many people died because of this. " → People do what is normal. Normal is what everyone else is doing. If they can get away with it they will do it. Probability (Wahrscheinlichkeit) and level of punishment play a big role." How are you gonna manage ethical issues? → technological solution" → reminder of ethical standard " → reminder of punishment " Business example You are the manager of a retail store. You suspect that employees have been stealing merchandise (Waren). You have decided to add two questions to your application form to weed out people who steal before you hire (einstellen) them. " 1. Is it ok to steal from an employer? → False" 2. Is it ok to steal from your employer if your manager is also telling from your employer? → False"

Ethical issue = an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical" a list of grey-area activities at work" - charging mobile phone" - accept gifts → When does a giveaway becomes a bribe ? 5€ in Germany " - private photocopy → 1 color copy a day" - taking pens" manage ethical behavior in business" - What props people to act this way?" - What role do the persons co-worker play? " - How easy is it to engage in the misconduct? " - Should you forbid it completely?" - Should you allow it in certain circumstances?"

Bribes = payments, gifts, or special favors intended to influence the outcome of a decision" Plagiarism = the act of taking someone else’s work and presenting it as you own without mentioning the source"

codes of ethics = formalized rules and standards that describe what a company expects of its employees"

Whistleblowing = the act of an employee exposing an employers wrongdoing to outsiders, such as the media or government regulatory agencies"

Corporate citizenship = the volume to which business meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholder" Consumerism = the activities that independent individuals, groups and organizations undertake to protect this rights as consumers" Sustainability = activities in a way that allows for the long-term well-being of the natural environment, including all biological entities. → Nachhaltigkeit" (unternehmerisches Fehlverhalten) vs ethical and social concerns corporate wrongdoing

ethical and social concerns

Facebook

plastic

Nestle - water in the baby formula

living conditions

Ryanair - treatment of workers

treatment of animal

Advantages of ethical behavior include - higher revenues (Einnahmen) " Disadvantages claimed for ethical business include - higher costs " - sourcing from Fairtrade suppliers rather than lowest price " What makes a company a good corporate citizen (gesellschaftliche Engagement von Unternehmen) in Germany? - the treat their employees well" - the pay at least the going rate" - they have an apprenticeship (Ausbildung) program " - they are active in their local community " - they earn a profit"

Chapter 3 International Business = the buying, selling and trading of goods and services across national boundaries (Grenzen)"

Why nations trade? trade to obtain raw materials and goods that are otherwise unavailable to them or are available elsewhere at a lower price than that at which the y themselves can produce"

How to expand

in business, a barrier to entry stops you from entering a market " → capital - you need a lot of money" → economies of scale - the bigger the cheaper - big companies will always produce more cheaply" → brand - people prefer the brands they know " → distribution - it would be hard to get the product into the hands of consumers " → international trade - import export → you need to research the country’s economic, legal, political etc. background " Why nations trade? (handeln) " Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants" Absolute advantage = a monopoly that exists when a country is the only source of an item or the most efficient producer of an item → Africa diamonds "

Comparative advantage = the basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items " In what kind of products do the following countries have a comparative advantages in global competition?$ France → Wine" India → Tea" Germany → Cars" America → Software" Ireland → Beer"

Outsourcing = the transferring of manufacturing or other tasks to countries where labor and supplies are less expensive" Exporting = the sale of goods and services to foreign markets → ausländische Märkte" Importing = the purchase of goods and services from foreign sources" Balance of trade = the difference in value between a nations exports and its imports → import more than it exports →negative balance " Trade deficit = a nations negative balance of trade, which exists when that country imports more products than it export" Balance of payments = the difference between the flow of money into and out of a country" Infrastructure = the physical facilities that support a country economic activities, such as

railroads, highways, ports, airfields, utilities and power plants, schools, hospitals, communication systems and commercial distribution systems → umso besser die Infrastruktur desto besser die Wirtschaft "

Exchange rate = the relationship at which one nations currency (Währung) can be exchanged for another nations currency"

Import tariff = a tax by nation on goods imported into the country"

Exchange controls = regulations that restrict the amount of currency that can be bought or sold ? "

Quota = a restriction on the number of units of a particular product that can be imported into a country"

Embargo = a prohibition (Verbot) on trade in a particular product" Dumping = the act of a country or business selling products at less than what it coast to produce them → unter dem Wert " Cartel = a group of firms or nations that agrees to act a monopoly and not compete with each other in order to generate a competitive advantage in world markets - its not legal" world trade organization = international organization dealing with the rule of trade between nations"

Countertrade agreements = foreign trade agreements that involve bartering products for other products instead of for currency ? " trading company = a firm that buys goods in one country and sells them to buyers in another country "

Licensing = a trade agreement in which one company - the licensor - allows another company the licensee - to use its company name, products, patents, brands, trademarks, raw materials and/or production processes in exchange for a fee or royalty"

Franchising = a form of licensing in which company - the franchiser - agrees to provide a franchisee a name, logo, methods of operation, advertising, products and other elements assoc...