Month: June 2017

Written Communication involves any type of interaction that makes use of the written word.

                The Written Communication Course (course BU 250) at Millikin University will prepare clear, concise, thorough, fact-based content and deliver it appropriately. In this course we learn how to word and format different documents from current events, and business and employment documentation.  Some of the methods we have used are e-mails, social media, writing resumes, cover letters and so forth. This is a fast paced four week course that requires a lot of discipline when it comes to organization and time management. The knowledge and skills we have learned in Written Communication are things we can use in everyday life.

                During this course, it was required to provide written current event summaries, timed writing assignments, blog posts, and a variety of work related emails and documents.  There were two work related emails created that displayed the difference on how work related instructions would be presented to a co-worker versus a client.  It’s important to recognize the difference in tone and language used when describing information to a client or to a co-worker.  Resumes, cover letters, letters of recommendation, and letters of resignation were other work related documents that were covered in this course. 

                It was mentioned in this course that employers find that their new hires aren’t as aware of current events as they would like, and aren’t familiar with writing professional documents under time constraints.  In order to prepare current students, there were five current event posts and three timed writing assignments.  The five current event posts were personally selected by each individual in the course and they then wrote summaries on the selected articles.  After writing a summary, it is required to answer a few questions: how the information in the article pertained to your major, how it would affect your industry, and what recommendation as to how the industry should react.  The three time writing assignments pertained to different lessons that were taught during the course and had a thirty-minute time frame to be completed in. The blog posts were a group project where each team was responsible for creating a 500-word blog, editing and posting a different team’s blog, and promoting a third team’s blog. 

                There are not many classes that take a semester long schedule, and put it into the time of just a few weeks.  Writing in the business world is extremely important and can be the difference between getting a job or keep having to look.  Whether it is a long, written letter or just a simple email, any type of business writing should be done a certain way.  With texting and instant messaging being the new way to communicate instantly, there are certain ways to talk that come off more professional than others.  This class is able to take various types of writing and help students learn to be ready for the business world in just a few short weeks.  There are not many people that would be able to handle an assignment a day, but if you can, this class is one that is educational and fun!

International Business is the study of foreign business; international monetary systems and foreign exchange markets; multinational firm strategies related to finance, marketing, personnel and production; and the impact of cultural and political differences in the global business environment.

The International Business course (course # BU 330) at Millikin University is the study of business behaviors at the global level. In the course we learned that global success is not guaranteed. There are external influences that affect business decisions and success such as culture, subcultures, demographics, currency exchanges, legal environments, and marketing activities.  There are also internal influences like innovation, ethical risks and rewards of ownership, entrepreneurship motives that play a role in international business decisions.  Together, these influences determine our business style and structure, which then drives our business decision making process.

During the course we were assigned an international business plan project to study how these influences (external and internal) affected business decisions.  We were given 3 types of reports to research: A business proposal comprised of 10-15 pages, business report approximately 20-30 pages, and international business plan consisting of 20-30 pages.  All three reports required us to research different aspects of multinational business. A major requirement of our research was to actually integrate the different challenges and approaches in creating an international business plan based on the different data supporting each phase of the mock business operational venture. Throughout the course two teams of 3 students competed to present their international business plan project to a panel of ADM executives handpicked by the professor to present a 10-12 slide power point presentation conjoined with printed and bound international business strategy.

Our team chose to create an Organic fast food restaurant named “A Fresh Start”, in Seoul, South Korea. We studied the cultural emphasis on organic lifestyles to determine the demand for organic fast food. We found that the targeted market was single young professionals, and discovered how the legal landscape of registering a foreign company in the country would affect our business venture. Taxation issues were very similar to the United States and afforded an easy transition of currency exchange in revenue recognition in financial statement reporting.

Once we completed the analysis on the target market in South Korea, our business venture proved to be a successful venture. The economy of that country supported the organic fast food consumer market. Also, after anticipating the marketing segmentation we found the financial stability and residents of the country were exploding in disposable income levels and desire for more organic choices on the food market. The legal landscape and protection issues lend itself to being a low-complexity challenge in the registration and taxation issues of doing business within the country.

The course International Business at Millikin University allows students to get a real world view of how external and internal influences determine global business ventures. It aides in expanding student’s exposure to international business challenges and opportunities in their future business careers, especially when today’s modern society with the internet expects more globalism and less nationalism in the business environment.

One of the courses Millikin University offers is IS 240 or Foundations of Information Systems.  Information systems is “A combination of hardware, software, infrastructure and trained personnel organized to facilitate planning, control, coordination, and decision making in an organization”(Businessdictionary.com). This course goes over the basic principles and discusses the uses of information systems.

This course is a three-credit course and goes for an entire semester. Going into the class, a large majority of the people have no clue what information systems are. The first couple of classes are spent learning the basics of certain computer processing systems. Then the class grew into the capabilities of information systems. The professor had the class do a forum post every week as we covered a chapter in the book. The post would be based on questions that have some relation to problems and how information systems could solve them. Then the class would create a discussion through based upon the post. Once all the chapters are covered, we are assigned two projects, one group and one alone. The group project had groups of five people. The goal was to cover any topic in the technology world, describe the business potential and present the topic to the class during a fifteen-minute presentation and then answer any questions. The single person project was the same, except it was shortened from fifteen minutes to five minutes.

From the group project, many teams decided to follow the same idea and compare new products. The technology goal is to keep advancing and stay ahead of the competition. Many groups decided to see who was above their competition. Groups would get four products and one person would describe each product and its pros and cons, then the final person would say what that meant for each product and overall which product was the best. The single person project had the same concept, but a much different result. Rather than people comparing in the group project, the person picked a single technology idea and presented. There was a wide variety of presentations from printers that can be hooked up to a phone to how holograms can become a major part of the business world in the upcoming future. The overall information from the pretension gave an idea on how technology is making the world a more efficient place.

This system of having two of the same projects involving individual and group work is a great way to learn a person’s best attributes and abilities. Working on the projects allowed us to see how similar and different our view was from our classmates. The projects themselves were informative and interesting to watch. They provided a wide perspective on the world of technology and what advances and changes we can expect to see. There was a wide diversity of topics that are innovative ideas. They encourage an expansion of a person’s views and being able to see them from different people perspectives was a great way to learn and be informed on such topics.

 

 

information system. BusinessDictionary.com. WebFinance, Inc. June 19, 2017 .

 

 

 

International Business is the study of foreign business; international monetary  systems and foreign exchange markets; multinational firm strategies related to finance, marketing, personnel and production; and the impact of cultural and political differences in the global business environment.

The International Business course (course # BU 330) at Millikin University is the study of business behaviors at the global level. In the course we learned that global success is not guaranteed. There are external influences that affect business decisions and success such as culture, subcultures, demographics, currency exchanges, legal environments, and marketing activities.  There are also internal influences like innovation, ethical risks and rewards of ownership, entrepreneurship motives, that play a role in international business decisions.  Together, these influences determine our business style and structure, which then drives our business decision making process.

During the course we were assigned an international business plan project to study how these influences (external and internal) affected business decisions.  We were given 3 types of reports to research: A business proposal comprised of 10-15 pages, business report approximately 20-30 pages, and international business plan consisting of 20-30 pages.  All three reports required us to research different aspects of multinational business. A major requirement of our research was to actually integrate the different challenges and approaches in creating an international business plan based on the different data supporting each phase of the mock business operational venture. Throughout the course two teams of 3 students competed to present their international business plan project to a panel of ADM executives handpicked by the professor to present a 10-12 slide power point presentation conjoined with printed and bound international business strategy.

Our team choose to create an Organic fast food restaurant named “A Fresh Start”, in Seoul, South Korea. We studied the cultural emphasis on organic lifestyles to determine the demand for organic fast food. We found that the targeted market was single young professionals, and discovered how the legal landscape of registering a foreign company in the country would affect our business venture. Taxation issues were very similar to the United States and afforded an easy transition of currency exchange in revenue recognition in financial statement reporting.

Once we completed the analysis on the target market in the South Korea, our business venture proved to be a successful venture. The economy of that country supported the organic fast food consumer market. Also, after anticipating the marketing segmentation we found the financial stability and residents of the country were exploding in disposable income levels and desire for more organic choices on the food market. The legal landscape and protection issues lends itself to being a low-complexity challenge in the registration and taxation issues of doing business within the country.

The course International Business at Millikin University allows students to get a real world view how external and internal influences determine global business ventures. It aides in expanding student’s exposure to international business challenges and opportunities in their future business careers. Especially, when today’s modern society with the internet expects more globalism and less nationalism in the business environment.

Course

One of the earlier classes we took at Millikin University was “Business Creation” or “BU 100”. The entire premise of the course was to come up with a unique business venture and then create a detailed business plan.

Time Frame & Structure

The course was offered in the spring semester of our sophomore year. Initially, the professor utilized the beginning of the course to provide a short introduction opportunity for students to become familiar with each other. The introduction allowed the students to get comfortable with any of the classmates they did not already know. It was beneficial because the entire class was focused on a group project. Following the introductions, we formed groups of 4-5 students and began to come up with ideas for our business plans. Our team came up with the concept of a water taxi service that would operate within large harbors in Chicago. Once we clarified our business idea, we began to dive into the logistics of the business.

A business plan has very distinct information in areas from marketing, operations, accounting, management, and finance. Our marketing strategy heavily focused on phone app promotion, as well as marketing our service as visually and noticeable as possible. Operations weren’t very complicated because the service was straight forward. Simply put – we would have a handful of boat drivers who would also perform maintenance on the fleet of taxis. Accounting and finance would forecast how much capital we would need to acquire the funds to cover the start-up and operational expenses. We were required to have specific numbers, so after extensive research, we created a profit and loss listing costs to the smallest detail. Management was also rather simplistic because we decided to keep our staff small. We divided the four partners into different executive positions – CEO, CTO, CFO, and CMO.

Results

Once we had all of our information sorted and finalized, the end project was a roughly 40-page business plan within a word document. We were also required to present this business plan to a group of ‘investors.’ The ‘investors’ comprised of professors from the Tabor School of Business at Millikin. Along with a dynamic word document, we put together a presentation. Our presentation consisted of power point slides as well as a demonstration of the website & app we developed for the business. After about 30 minutes, we delivered our presentation and had to field questions from the investors. After the Q&A portion of the presentation, we officially finished with an entire semester’s work devoted to the business plan.

Opinions & Highlights

Once we completed the business plan, we learned a lot about the various components that are needed to create and run a business on a day to day basis. This project forced teams to dive into different job fields even if it wasn’t something they were planning on doing in a real career. Having knowledge about other departments in the business environment is essential because making decisions in a particular department affects the entire company. Understanding all the areas of business allows you to see the bigger picture, which in turn allows you to determine the needs better within your field.

“Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy their needs and wants (Consumer behavior 2017, June 8).”

The course Consumerism in America (course # IN 251) at Millikin University is the study of these consumer behaviors.  In the course we learned that there are external influences that affect consumer decisions such as culture, subculture, demographics, social status, reference groups, family, and marketing activities.  There are also internal influences like perception, learning, memory, motives, personality, emotions, and attitudes that play a role in consumer decisions.  Together, these influences determine our self-concept and lifestyle, which then drives our consumer decision making process.

During the course we were assigned a research project to study how these influences (internal and external) affected consumer purchasing decisions.  We were given 3 types of involvement purchases to research: low involvement (beer), moderate involvement (small appliances) and high involvement (lawn/garden tractors).  A major requirement of our research was to actually enter a business and make these observations of consumers making these purchases, albeit with store management approval.

During the low involvement purchase research (beer) it was observed that these purchases were typically made quickly, and usually required very little interaction with store personnel.  A local Casey’s store was selected and the store manager was very accommodating to our request to conduct the research.

External influences (demographics) were observed, because the older consumers were more likely to purchase Pabst or Old Milwaukee while younger consumers were more apt to purchase Budweiser or Miller products.  Internal influences were also observed as several consumers seemed to know exactly (memory) which beer they were going to purchase before they ever entered the store.  The research confirmed low involvement purchases require low consumer involvement..

For the moderate involvement purchasing research (small appliances), a local WalMart was selected.  It is worth noting that it was not nearly as easy to secure permission to observe consumers at WalMart as it was at the Casey’s store during the low involvement purchase research.

Consumers displayed a much more cautious and deliberate approach when making these purchases as compared to low involvement purchases.  One consumer in particular displayed an internal influence (emotion) as they mentioned to store personnel (in a very agitated state) that they were there specifically to purchase a new toaster to replace their own that had quit working earlier that week.  The research confirmed that moderate involvement purchases require more consumer involvement than low involvement purchases.

For observation of high involvement purchases (lawn/garden tractors), the local Lowe’s was chosen.  It was quickly noticed that lawn and garden tractor purchases require a much longer sales process, and much higher consumer involvement than either beer (low involvement) or small appliances (moderate involvement).  In fact, most of the consumers during the observation did not actually make a purchase.

External influences (family) were observed in that one potential consumer mentioned that his brother-in-law had recently purchased a John Deere lawn mower and was very satisfied with it.  This consumer spent a significant amount of time reviewing the John Deere tractor.  However, he did not make a purchase during the observation.  This consumer also displayed internal influence (learning) as he appeared to be educating himself on the specifications and features of the John Deere tractor.

The course Consumerism in America at Millikin University allows students to get a real world view how internal and external influences determine consumer purchasing habits.

 

References

Consumer behavior (2017, June 8). In Wikipedia.

Retrieved June 12, 2017 from

https://en.wikipedia.org/wiki/Consumer_behavior

Hawkins, D. & Mothersbaugh, D. (2013).

Consumer behavior building marketing strategy

New York: The McGraw-Hill Companies, Inc.