Seven Key Business Concepts Taught at UA Grantham
A UA Grantham business program offers a comprehensive business education, covering various concepts that are crucial in the world of business. Here are seven key business concepts taught in our programs, along with real-world examples to illustrate their application.
Marketing: Marketing is the art of identifying and meeting customer needs through product development, promotion, distribution, and pricing strategies. For instance, Nike's “Just Do It” campaign is a prime example of effective marketing. The slogan not only promotes the brand's athletic products but also creates a strong emotional connection with its target audience, leading to increased brand loyalty and sales.
Financial Management: This concept involves managing a company's finances to achieve financial stability and growth. It includes budgeting, investing, and managing risks. A practical example is Apple Inc., which has maintained a large cash reserve, allowing it to invest in new technology, acquire companies, and weather economic downturns effectively.
Human Resource Management (HRM): HRM focuses on recruiting, training, and managing an organization's employees. It plays a crucial role in ensuring that the right talent is in place to achieve organizational goals. For example, Google's HR practices, like offering extensive employee benefits and fostering a creative work environment, have made it one of the most desirable places to work, thereby attracting top talent.
Operations Management: This involves designing and controlling the processes that produce goods or services. It ensures that business operations are efficient and effective. Toyota’s implementation of the Just-In-Time (JIT) inventory system, which minimizes waste and reduces costs by receiving goods only as they are needed, is a well-known application of this concept.
Strategic Management: Strategic management is the process of defining an organization's strategy and making decisions to achieve long-term objectives. Amazon's continuous innovation and expansion into new markets, like cloud computing and streaming services, demonstrate how strategic management drives growth and maintains competitive advantage.
Business Ethics: This concept deals with the moral principles that guide business practices. Companies are increasingly focused on corporate social responsibility (CSR) to enhance their brand image. For instance, Patagonia, an outdoor clothing company, donates a portion of its profits to environmental causes and encourages sustainable practices, which resonates with its eco-conscious customers.
Entrepreneurship: Entrepreneurship involves the creation, development, and management of new business ventures. A real-world example is Airbnb, which started as a website for hosting strangers letting them sleep in your house on an air mattress (hence AirBNB) and has grown into a global hospitality giant by identifying and capitalizing on the sharing economy trend.
These seven key business concepts are but a few of the fundamental business concepts taught in UA Grantham’s fully-online associate, bachelors, and masters business degree programs. UA Grantham faculty are not isolated in academic ivory towers: they are expert practitioners who bring real-world experience into the classroom. UA Grantham business students are taught the knowledge and skills necessary to succeed in today’s competitive industries.