INTRODUCTION TO BUSINESS ECONOMICS

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.

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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.

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

- Essentials of Strategic Management: The Quest for Competitive Advantage, Fifth Edition by Gamble, Peteraf, Thompson, 2017; chapters 2-3-4-5-6-8 - Strategic Management of Technological Innovation, Fifth Edition by Schilling, 2017; Chapter 3 - M: Business, Fifth Edition by Ferrell, Hirt, Ferrell, 2017; Chapter 1- 5-7-12 - Financial Accounting, Fourth Edition by Spiceland, Thomas, Herrmann, 2016; Chapters 1-2-3

Lectures, case studies, in-class exercises, managers' seminar

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.

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