Course Details
Understanding Business Learn the foundational concepts underlying all businesses, small to large. Arizona State University professor Eddie Davila covers all the basics, explaining concepts such as how revenues and costs influence a company’s profit and which teams play a key role in any organization’s success. He then provides a basic explanation of how finance teams operate in a business, so that you can better understand what drives financial decisions in an organization. He also reviews how companies communicate with customers via marketing and branding; how supply chains function in an organization; and how accounting, HR, and IT teams work to manage an organization’s money, employees, and information.
Introduction To Understanding Business
Money is important in any business. Finance is responsible for getting money via loans or from investors. So, to make any project happen, you’ll need the support of finance. Keeping track of the money is the job of accounting. How much cash do we have? Do we owe our suppliers money? How much does our customer owe us? So, accounting helps the company and its investors understand their present financial situation. Knowing your customers and finding new ones is the job of marketing. A good marketing team understands customers, what they like about our products and services, and what they’d like us to change or develop. So a good marketing team helps the company understand what it needs to do today and what they’ll need to do to keep the customers they have and what they’ll need to do to attract new ones. The sales team develops relationships with customers and then works to sell them goods and services at a competitive price. This helps bring in revenues. Having a good product that customers want to buy is only part of the battle. The supply chain team is responsible for buying, making, and moving products so customers get the right item at the right place at the right time. Supply chains need information for marketing and sales to know what to buy, what to make and where to move it. Hiring good employees and retaining those people is the job of the human resources team. Top executives are like great coaches. They know the value of building a good team and they understand how every person on the team can help them win. As you look to grow your career, do not underestimate the power of knowing the people around you and how each of them can be a productive part of your team.
Earn a sharable certificate
Share what you’ve learned in this Understanding Business course, and be a standout professional in your desired industry with a certificate showcasing your knowledge gained from the course.
