INTRODUCTION TO BUSINESS ECONOMICS (Canale A)

Description

Objectives: The course is designed to provide students with an overview of the main concepts that are used in today's business world. Students will learn the basics of management theory and accounting and how to apply these concepts to real world case studies. The course will equip students with the necessary concepts and frameworks to understand the drivers of competitive advantage and make better strategic decisions. By the end of the course, students will be familiar with the key concepts and theories in management and how they can be applied to real-world business situations. Assessment: ATTENDING STUDENTS The assessment of attending students is based on: 1) Written exam with a mix of open and closed questions (alternatively, two partial or a single final general exam). The exam will account for 75% of the final grade. The two partials have the same weight 2) Group project (25% of the final grade) Materials: Course book (Excluding Chapters 16 and 17) and slides NOT ATTENDING STUDENTS The assessment method for non-attending students is based on a final written exam. Materials: Course book, slides, and "Strategic Management fundamental concepts for decision making and strategy execution by Shapiro (only chapters 5, 6, 9, and 11). Teaching Methods: Traditional teaching through lectures will be complemented by case studies discussions and assignements (group works) Students’ participation during lectures is strongly encouraged. Prerequisites: None Contents: The class covers the fundamental principles of administration, delivering a thorough summary of the company, its internal structure, and its interactions with the competitive landscape. In particular the course will cover: - The economic activity: organizations, firms, and the economy - Theories of the firms: stakeholder versus shareholder view. - Protecting shareholders interests: corporate governance - Organizational structures - Introduction to accounting - Strategic analysis: diagnosis, formulation, and implementation - Decision analysis - External analysis - Internal analysis - Business and corporate strategy - Internazionalization - Entrepreneurship and innovation - Marketing Reference Texts: Business Economics and Management, McGraw Hill Thesis assignment criteria: N/A Extended Program And Reference Reading Material: Week 1: Module 1: The firms and its environment • Introduction to the course. Economics and management as a social science. • What is a firm? The boundaries of the firm and definition of industrial sectors ch 1-4 Extended Program And Reference Reading Material: Week 11: The accrual principle Extended Program And Reference Reading Material: Week 12: Exercises and mock exam Extended Program And Reference Reading Material: Week 2: Module 1: The firms and its environment • Understanding external environment: micro and macro environment; Porter’s 5 forces • Theory of the firm: resources, capabilities and competitiveness ch 1-4 Extended Program And Reference Reading Material: Week 3: Module 2: Corporate and Business Strategies (Part 1) • Approach to strategy: what is a strategy?; corporate and business strategies Module 2: Corporate and Business Strategies (Part 2) • Business strategies: the 5 generic strategies ch 1, 6, 8 Extended Program And Reference Reading Material: Week 4: Module 2: Corporate and Business Strategies (Part 2) • Corporate strategies: diversification, integration, and industrial districts ch 6, 8 Extended Program And Reference Reading Material: Week 5: Module 2: Corporate and Business Strategies (Part 3) Internationalization ch 10 Extended Program And Reference Reading Material: Week 6: Module 3: The internal structure of the Firm (Part 1) • Entrepreneurship and small firms • Organization and organizational design ch 7 Extended Program And Reference Reading Material: Week 7: Module 3: The internal structure of the Firm (Part 3) • Innovation management • Marketing and new product/service launch - entrepreneurial Finance ch 7 Extended Program And Reference Reading Material: Week 8: Financial information: external reporting and managerial accounting. The manangement cycle. Extended Program And Reference Reading Material: Week 9: Financial reporting and users decisions. Financial statements for the representation of business activities Intended learning outcomes: Knowledge and understanding: The student - by participating in the lectures and practical activities of the course - will have developed the ability to understand the fundamental principles of business and firm’s competitive environment Applying knowledge and understanding: The student - acquiring the correct tools and method - will be able to develop and apply analytical skills to operate within the business industry. They will be also able to understand the basic accounting process and interpret the three primary financial statements. Making judgements: The student, through the use of the methodologies acquired during the course, will have acquired problem analysis skills and the ability to identify the information necessary for their solution. Specifically, critical thinking, problem solving, self-management, teamwork, relationship and communication skills will be adequately developed, which enhance and make the disciplinary skills more usable. Communication skills: At the end of the course the student will be able to use the business and technical vocabulary of business management industry with terminological accuracy. Through the various activities that will take place during the course – traditional lectures integrated by innovative teaching approaches such as cases discussion, manager’s seminar and business game- the student will be able to put these communication skills into practice in various contexts, by adapting the terms used to the interlocutor in the specific case, thus gaining advanced rhetorical skills necessary for his/her professional career. Learning skills: The technical-economic knowledge acquired during the course will allow the student to autonomously understand how to design and implement business strategies and adapt them to the specific reference context and how to describe the responsibilities and significance of the main organizational function. The student will develop a solid knowledge of the fundamental aspects of the subject that will allow him to continue to deepen the topics addressed independently and to undertake the various post-graduate professional training courses. Extended Program And Reference Reading Material: Week 10: Entrepreneurship and innovation Objectives: The aim of this course is to provide students with theoretical and applied knowledge on business and general management. The course examines the main strategic and operational activities of the firm. It aims to provide (a) a framework of the strategic business activities through the analysis of alternative strategic paths; (b) the analytical tools used to understand the characteristics and the evolution of industrial sectors; (c) a basic knowledge of the financial statement and the accounting process. During the course, traditional lectures will be integrated by innovative teaching approaches such as cases discussion, manager’s seminar and business game. Assessment: The written test consists of a mix of open-ended questions, multiple choice questions and exercises, with which the student have to demonstrate knowledge of the theoretical and practical notions of business management, knowing how to apply them in practical cases demonstrating that he has achieved the method of study and the learning ability necessary to continue the study of the subject autonomously. In more detailed the exam will be structured as follows: • 15 Multiple choice questions • 2 Open questions: students are asked to write a short paragraph on a topic. • 6 Exercises on how to record business transactions The failure to achieve at least the score of 18/30 will result in failure to pass the exam. Correct answers to all multiple-choice questions, an excellent level of preparation in all open questions and the correct execution of all the exercises will result in a score of 30/30 cum laude. Teaching Methods: Lectures, case studies, in-class exercises, managers' seminar Prerequisites: None Contents: Module 1: The firms and its environment • Introduction to the course. Economics and management as a social science. • What is a firm? The boundaries of the firm and definition of industrial sectors • Understanding external environment: micro and macro environment; Porter’s 5 forces • Theory of the firm: resources, capabilities and competitiveness Module 2: Corporate and Business Strategies • Approach to strategy: what is a strategy?; corporate and business strategies • Business strategies: the 5 generic strategies • Corporate strategies: diversification, integration, and industrial districts Module 3: The internal structure of the Firm • Entrepreneurship and small firms • Organization and organizational design • Innovation management • Marketing and new product/service launch Module 4: Finance and Accountability • Introduction to business information and Business Management Cycle • Financing Activities; Purchasing of production factors and Sales • Sources/Resources Table • Balance Sheet and Income Statement Reference Texts: StrFrank T. Rothaermel: Strategic Management, 6th edition Fundamentals of accounting. G. Fiori& R.Tiscini. (2023). Thesis assignment criteria: N/A Extended Program And Reference Reading Material: Week 1: Module 1: The firms and its environment • Introduction to the course. Economics and management as a social science. • What is a firm? The boundaries of the firm and definition of industrial sectors ch 1-4 Extended Program And Reference Reading Material: Week 11: The accrual principle Extended Program And Reference Reading Material: Week 12: Exercises and mock exam Extended Program And Reference Reading Material: Week 2: Module 1: The firms and its environment • Understanding external environment: micro and macro environment; Porter’s 5 forces • Theory of the firm: resources, capabilities and competitiveness ch 1-4 Extended Program And Reference Reading Material: Week 3: Module 2: Corporate and Business Strategies (Part 1) • Approach to strategy: what is a strategy?; corporate and business strategies Module 2: Corporate and Business Strategies (Part 2) • Business strategies: the 5 generic strategies ch 1, 6, 8 Extended Program And Reference Reading Material: Week 4: Module 2: Corporate and Business Strategies (Part 2) • Corporate strategies: diversification, integration, and industrial districts ch 6, 8 Extended Program And Reference Reading Material: Week 5: Module 2: Corporate and Business Strategies (Part 3) Internationalization ch 10 Extended Program And Reference Reading Material: Week 6: Module 3: The internal structure of the Firm (Part 1) • Entrepreneurship and small firms • Organization and organizational design ch 7 Extended Program And Reference Reading Material: Week 7: Module 3: The internal structure of the Firm (Part 3) • Innovation management • Marketing and new product/service launch - entrepreneurial Finance ch 7 Extended Program And Reference Reading Material: Week 8: Financial information: external reporting and managerial accounting. The manangement cycle. Extended Program And Reference Reading Material: Week 9: Financial reporting and users decisions. Financial statements for the representation of business activities Intended learning outcomes: Knowledge and understanding: The student - by participating in the lectures and practical activities of the course - will have developed the ability to understand the fundamental principles of business and firm’s competitive environment Applying knowledge and understanding: The student - acquiring the correct tools and method - will be able to develop and apply analytical skills to operate within the business industry. They will be also able to understand the basic accounting process and interpret the three primary financial statements. Making judgements: The student, through the use of the methodologies acquired during the course, will have acquired problem analysis skills and the ability to identify the information necessary for their solution. Specifically, critical thinking, problem solving, self-management, teamwork, relationship and communication skills will be adequately developed, which enhance and make the disciplinary skills more usable. Communication skills: At the end of the course the student will be able to use the business and technical vocabulary of business management industry with terminological accuracy. Through the various activities that will take place during the course – traditional lectures integrated by innovative teaching approaches such as cases discussion, manager’s seminar and business game- the student will be able to put these communication skills into practice in various contexts, by adapting the terms used to the interlocutor in the specific case, thus gaining advanced rhetorical skills necessary for his/her professional career. Learning skills: The technical-economic knowledge acquired during the course will allow the student to autonomously understand how to design and implement business strategies and adapt them to the specific reference context and how to describe the responsibilities and significance of the main organizational function. The student will develop a solid knowledge of the fundamental aspects of the subject that will allow him to continue to deepen the topics addressed independently and to undertake the various post-graduate professional training courses. Extended Program And Reference Reading Material: Week 10: Entrepreneurship and innovation