Lecture Summary: Business Studies

Introduction

• Instructor has 25 years of experience in business studies, beginning in October 1990.
• Lecture Topics: Foundation courses, business core courses, business specializations, business extensions, and education problems.
• Focus on global business, distinct from global studies.

Foundation Courses

1. Quantitative Methods
   • Business Math: Mathematics used in business contexts.
   • Business Statistics: Analyzing and interpreting data, discovering relationships.
2. Economics
   • Microeconomics: Behavior of individuals, families, and businesses.
   • Macroeconomics: General economy, including GDP, employment, wages, interest rates, and exchange rates.

Business Core Courses

1. Accounting

   • Financial Accounting: External reporting, standardized by International Accounting Standards.
   • Managerial Accounting: Internal management decision support.

2. Finance

   • Focus on managing money, financial management, corporate finance.
   • Covers investment analysis, financing options (loans, bonds, stocks).

3. Marketing

   • Understanding customer needs, product pricing, competition.
   • Advertising as a component of marketing.

4. Management

   • Decision-making, planning, organizing, leadership, and control.

5. Strategic Management

   • Capstone course requiring integration of all previous knowledge.

Business Specializations

1. Accounting

   • Intermediate Accounting, Cost Accounting, Auditing, Government Accounting.

2. Finance

   • Investments, Financial Economics, Financial Derivatives, Risk Management.

3. Marketing

   • Advertising, Sales, Product Design, Marketing Management.

4. Management

   • Personnel Management, Inventory Management, Supply Chain Management.

Alternative Specialization: International Business

• Courses in international economics, international accounting, international finance, international marketing, international management, and possibly international law.

Business Extensions

• Programming Languages: Especially statistical programming.
• Database Systems, Management Information Systems (MIS).
• Web Systems, various languages (e.g., English, Chinese, Japanese).
• Law: Introduction to law, business law, contract law, international law.

Educational Challenges in Business Programs

• Weak foundations: Insufficient understanding of core subjects.
• Focus on "fancy" courses that lack depth.
• Limited coverage of course chapters.
• Over-reliance on projects and presentations.
• Poorly designed exams and excessive project weight.
• Overemphasis on memorization and PowerPoint reliance.

Factors Influencing Student Success

• Consistent, regular study and textbook reading.
• Understanding versus memorizing content.
• Motivation: Studying for knowledge, not just grades.
• Importance of parental influence on student motivation.

Conclusion

• Business study is competitive and not easy.
• Importance of solid foundations and well-rounded knowledge.
• Large number of business programs globally.
• Good students consistently find well-paying jobs; poor students struggle.
• Encouragement for students to engage actively and ask questions.
• Memorization is not effective; understanding and critical thinking are key.