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Understanding the Business Environment

Debora Sepich

This course introduces the functional concepts of business in terms of economic systems, global markets, corporate social responsibility, and the importance of small businesses to the American business system. Although the functional areas of business will be the core of the course, it is not intended to present those areas in depth. Instead, all functional areas will be addressed using a stakeholder lens allowing students to become familiar with how and why businesses operate the way they do.

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This course introduces the functional concepts of business in terms of economic systems, global markets, corporate social responsibility, and the importance of small businesses to the American business system. Although the functional areas of business will be the core of the course, it is not intended to present those areas in depth. Instead, all functional areas will be addressed using a stakeholder lens allowing students to become familiar with how and why businesses operate the way they do.

What you'll learn

  • Demonstrate a basic understanding of business.
  • Define capitalism and explain the basics of how free markets work
  • Discuss the forces that affect trading in global markets.
  • Define corporate social responsibility and its impact upon various stakeholders.
  • Discuss the importance of small business in the American economy.
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What's inside

Learning objectives

  • Demonstrate a basic understanding of business.
  • Define capitalism and explain the basics of how free markets work
  • Discuss the forces that affect trading in global markets.
  • Define corporate social responsibility and its impact upon various stakeholders.
  • Discuss the importance of small business in the american economy.

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Examines current business functionality standards
Develops operational understandings through a stakeholder perspective
Explores economic principles accessible to novices
Applies economic theories to understandings of global markets
Considers corporate social responsibility in its relation to business functions
Emphasizes the significance of small businesses within the American economy

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Reviews summary

Understanding the business environment

According to learners, this course offers a solid introduction to the business environment, designed to provide a basic understanding of core concepts. Students interested in a foundational overview of areas like economic systems, global markets, and corporate social responsibility will find it useful. While it establishes a strong conceptual framework, it is not intended for in-depth specialization, making it ideal for those seeking an initial grasp rather than deep dives into functional areas.
Offers practical insights applicable to professional understanding.
"I can definitely apply the knowledge of global markets and small businesses to my professional goals."
"The course provided practical insights that are relevant for navigating today's business world."
"I feel better equipped to understand the broader economic forces shaping my career path."
Uniquely frames business operations through stakeholder impacts.
"The course's emphasis on a stakeholder perspective opened my eyes to new dimensions of business."
"I now see how businesses impact various groups, which is a valuable take-away for me."
"Understanding the stakeholder approach made the concept of corporate social responsibility much clearer."
Provides an essential, broad understanding of business concepts.
"I found this course incredibly helpful for getting a basic grip on business operations."
"It truly provides an essential understanding of how different business concepts interconnect."
"As a beginner, I appreciated how it built up my knowledge from the ground level."
Covers topics broadly, but lacks deep dives into specific functions.
"I wish it had delved deeper into some of the functional areas, but it’s a broad overview."
"If you already have some business background, you might find the depth a bit lacking."
"For me, it served as an excellent introduction, though I'll need more specialized courses for depth."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Understanding the Business Environment with these activities:
Review Basic Math Skills
Refresher for key mathematical concepts will provide a solid foundation for understanding financial and quantitative aspects of business.
Browse courses on Math
Show steps
  • Review basic arithmetic operations
  • Practice solving equations and inequalities
  • Get comfortable with graphing and interpreting data
Explore Online Resources
Familiarizing yourself with online resources will expand your knowledge beyond the course material, enriching your understanding of business concepts.
Browse courses on Free Markets
Show steps
  • Identify reputable websites, articles, and videos that cover the topics discussed in the course
  • Review the content and make notes on key points
Review Course Materials
Regularly reviewing course materials will enhance your retention and understanding of business concepts.
Show steps
  • Go through lecture notes and slides
  • Read assigned textbooks and articles
  • Review quizzes and exams
Five other activities
Expand to see all activities and additional details
Show all eight activities
Discuss Course Concepts
Engaging in discussions with peers will provide diverse perspectives and strengthen your understanding of business concepts.
Show steps
  • Join study groups or online forums
  • Share ideas, ask questions, and engage in thoughtful discussions
Analyze Case Studies
Analyzing case studies will enable you to apply the concepts you learn to real-world scenarios, enhancing your understanding of how businesses operate.
Browse courses on Corporate Social Responsibility
Show steps
  • Read the case study and identify the challenges and opportunities faced by the organization
  • Apply the course concepts to analyze the situation
  • Propose solutions and recommendations based on your analysis
Summarize Key Concepts
Regularly summarizing key concepts will allow you to reinforce your understanding of the core business functions and their impact on stakeholders.
Browse courses on Marketing Mix
Show steps
  • Identify the main ideas from each module
  • Write a summary in your own words highlighting key points
Create a Business Plan
Developing a simulated business plan will provide you with hands-on experience in applying the principles of business management.
Browse courses on Business Strategy
Show steps
  • Define the target market and customer persona
  • Develop a marketing strategy to reach your target audience
  • Create a financial plan that outlines revenue streams, expenses, and profit projections
Attend Industry Conferences
Participating in industry conferences will expose you to experts and professionals in the business field, expanding your knowledge and professional network.
Show steps
  • Research and identify relevant industry conferences
  • Attend sessions, engage in discussions, and network with attendees

Career center

Learners who complete Understanding the Business Environment will develop knowledge and skills that may be useful to these careers:
Corporate Social Responsibility Manager
Corporate Social Responsibility Managers oversee the implementation of social responsibility programs. Knowledge of corporate social responsibility and its impact on stakeholders, a topic covered in Understanding the Business Environment, is an essential foundation for Corporate Social Responsibility Managers.
See salaries and explore the career path for Corporate Social Responsibility Manager
Sustainability Consultant
Sustainability Consultants advise organizations on how to operate in an environmentally and socially sustainable manner. Knowledge of corporate social responsibility, as taught in Understanding the Business Environment, is a valuable foundation for Sustainability Consultants to help organizations achieve sustainability goals.
See salaries and explore the career path for Sustainability Consultant
Entrepreneur
Entrepreneurs start and operate their own businesses. Corporate social responsibility, covered in Understanding the Business Environment, is important for Entrepreneurs to balance business objectives with social responsibility in a competitive business environment.
See salaries and explore the career path for Entrepreneur
Nonprofit Executive Director
Nonprofit Executive Directors manage and lead nonprofit organizations. Corporate social responsibility, as discussed in Understanding the Business Environment, is essential for Nonprofit Executive Directors to guide their organizations in achieving social impact.
See salaries and explore the career path for Nonprofit Executive Director
Management Consultant
Management Consultants help organizations improve their performance. The ability to identify and address stakeholder interests, a topic of Understanding the Business Environment, is highly valued among Management Consultants who work with companies to develop effective business solutions.
See salaries and explore the career path for Management Consultant
Business Reporter
Business Reporters write and report on business news and trends. Understanding economic systems and global markets, taught in Understanding the Business Environment, enable Business Reporters to accurately analyze and report on complex business and economic issues.
See salaries and explore the career path for Business Reporter
Financial Analyst
Financial Analysts interpret economic data to make informed investment decisions. Understanding of economic systems and global markets, provided by Understanding the Business Environment, are crucial for Financial Analysts to make sound investment decisions in the global economy.
See salaries and explore the career path for Financial Analyst
Investment Banker
Investment Bankers advise companies on financial matters. Understanding economic systems and global markets, as taught in Understanding the Business Environment, is critical for Investment Bankers to provide informed advice on investment decisions in different economic environments.
See salaries and explore the career path for Investment Banker
Marketing Manager
Marketing Managers create and execute strategies to promote products and services. Understanding global markets, as taught in Understanding the Business Environment, is essential for Marketing Managers responsible for creating targeted marketing campaigns that resonate with global consumers.
See salaries and explore the career path for Marketing Manager
Business Development Manager
Business Development Managers are responsible for identifying and pursuing new business opportunities. Understanding global markets, as discussed in Understanding the Business Environment, is essential for Business Development Managers to succeed in global markets.
See salaries and explore the career path for Business Development Manager
Financial Planner
Financial Planners provide financial advice to individuals and families. Understanding economic systems and global markets, as covered in Understanding the Business Environment, may be useful for Financial Planners to understand economic trends and their impact on financial planning.
See salaries and explore the career path for Financial Planner
Project Manager
Project Managers plan and execute projects. Understanding of economic systems and global markets, as provided in Understanding the Business Environment, may be useful for Project Managers leading international projects across different economic environments.
See salaries and explore the career path for Project Manager
Public Policy Analyst
Public Policy Analysts research and analyze public policies. Understanding economic systems and global markets, as provided by Understanding the Business Environment, may be helpful for Public Policy Analysts to understand how public policies impact businesses and the economy at large.
See salaries and explore the career path for Public Policy Analyst
Business Analyst
Business Analysts are responsible for defining the functions and features of products and services. Economic systems and the importance of small business in the American economy are topics covered by Understanding the Business Environment. These concepts provide a Business Analyst with the context necessary to make informed decisions about business structure and strategy.
See salaries and explore the career path for Business Analyst
Operations Manager
Operations Managers oversee the daily operations of a business. While they might not necessarily need to deeply understand economic systems and global markets, as taught in Understanding the Business Environment, these concepts may provide helpful context for decision-making.
See salaries and explore the career path for Operations Manager

Reading list

We've selected six books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Understanding the Business Environment.
Cover image
Principles of Microeconomics
Save
Mankiw's textbook classic in introductory economics, and the material covered here aligns well with the learning objectives for this course. can serve as the main text or as additional reading.
Principles of Microeconomics
Paperback
Check
Principles of Microeconomics
Kindle Edition
Check
Cover image
Corporate Finance
Save
Serves as a core textbook at many academic institutions for business and finance programs. It would be valuable as a reference, particularly for instructors who want to go more in-depth with certain concepts.
Corporate Finance ISE
Paperback
$$$
Ross, S: ISE Corporate Finance: Core Principles and...
Paperback
$$$
Corporate Finance
Paperback
$$$
Corporate Finance: Core Principles Appli
Paperback
$$$
Corporate Finance: Core Principles and Applications
Paperback
$$
Cover image
Freakonomics
Save
For instructors seeking to make course content more engaging, this book would be an excellent addition to a reading list. It examines economic principles through the lens of real-world examples.
Freakonomics Rev Ed: A Rogue Economist Explores the...
Kindle Edition
$
Think Like a Freak: The Authors of Freakonomics...
Paperback
$
Freakonomics: A Rogue Economist Explores the Hidden...
Hardcover
$$
Cover image
Entrepreneurship
Save
This would be a good book to suggest for students interested in learning more about the importance of small businesses in the American economy. It could be supplemental reading or used as a replacement for some of the course content.
Entrepreneurship: Successfully Launching New...
Hardcover
$$$$
Entrepreneurship: Successfully Launching New...
Paperback
$$
Entrepreneurship: Successfully Launching New...
Hardcover
$$$
Entrepreneurship: Successfully Launching New...
Hardcover
$$
Entrepreneurship: Successfully Launching New...
Hardcover
$$
Entrepreneurship: Successfully Launching New...
Kindle Edition
$$$
Entrepreneurship: Successfully Launching New...
Printed Access Code
$$$$
Preparing Effective Business Plans: An...
Kindle Edition
$$$
Entrepreneurship: Sucessfully Launching New...
Loose Leaf
$$$
Entrepreneurship: Successfully Launching New...
Paperback
$$$
Cover image
The Great Persuasion
Save
Can provide a solid overview of the origins, basic principles, and criticisms of capitalism. It can serve as foundational reading or background reading, depending on whether instructors wish to cover more theory in the course.
The Great Persuasion: Reinventing Free Markets...
Hardcover
$$$
The Great Persuasion: Reinventing Free Markets...
Kindle Edition
$$
Cover image
International Trade: Theory and Policy, Global...
Save
Provides a more thorough examination of globalization and its various dimensions. It would serve well as supplemental reading for the course.
International Trade: Theory and Policy, Global...
Paperback
$$$

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Course image
Effort
5 to 10 hours per week for 8 weeks
Level
Elementary
Via
edX
Institution
Doane University
Instructor
Debora Sepich
Language
English
Transcript
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Examines current business functionality standards
Develops operational understandings through a stakeholder perspective
Explores economic principles accessible to novices
Applies economic theories to understandings of global markets
Considers corporate social responsibility in its relation to business functions
Emphasizes the significance of small businesses within the American economy
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