BADM-145 Small Business Management

Milwaukee Area Technical College BADM-145 Small Business Management Course Outcome Summary Course Information Description Total Credits 3.00 Total Hours 48.00 A concise examination is made of all phases of managing the small business and isolating significant problems for solution. Specific problems of the small business firm, such as financing, developing, staffing, etc. are considered and analyzed. Types of Instruction Instruction Type Lecture Credits/Hours 3cr/48hrs Pre/Corequisites Prerequisite BADM - 134 or MKTG 102 Learner Supplies None. Manufacturer: ---. Required. Career Essentials 1. 2. 3. 4. 5. 6. 7. Course Competencies 1. Discuss Entrepreneurship in the New Millennium Course Outcome Summary - Page 1 of 9

1.1. Written and/or oral analysis from selected performance standards above 1.2. Assigned Reading 1.3. Written Assignments 1.4. Written Objective Test 1.1. Learner discusses the availability of entrepreneurial opportunities. 1.2. Learner gives examples of highly successful business started by entrepreneurs. 1.3. Learner identifies three rewards and three drawbacks of entrepreneurial careers. 1.4. Learner describes the various types of entrepreneurs, entrepreneurial management styles, and entrepreneurial ventures 1.5. Learner explains three aspects of the changing context of Small Business Administration Department. 1.6. Learner identifies three tools that provide a potential competitive edge for small business entrepreneurial firms. 1.7. Learner discusses factors that indicate a readiness for entrepreneurship 1.a. Define an Entrepreneur. 1.b. Define a small business owner. 1.c. Compare and contrast Entrepreneur and small business owner. 1.d. Describe reasons to start a business. 1.e. List advantages small businesses have over large businesses. 2. Evaluate Franchise Opportunities 2.1. Written and/or oral analysis from selected performance standards above 2.2. Assigned Reading 2.3. Written Assignments 2.4. Written Objective Test 2.1. Learner discusses the franchising concept 2.2. Learner identifies the major advantages and disadvantages of franchising with 80% accuracy 2.3. Learner discusses the process for evaluating a franchise opportunity 2.4. Learner evaluate franchising from the franchisor's perspective 2.5. Learner describes the critical franchisor/franchisee relationship 2.a. Compare and contrast franchising and sole proprietorship 2.b. Evaluate a franchise opportunity 3. Examine Startup and Buyout Opportunities 3.1. Written and/or oral analysis from selected performance standards above 3.2. Assigned Reading 3.3. Written Assignments 3.4. Written Objective Test Course Outcome Summary - Page 2 of 9

3.1. Learner gives three reasons for starting a new business rather than buying an existing firm or acquiring a franchise 3.2. Learner distinguishes the different types and sources of startup ideas 3.3. Learner identifies five factors that determine whether an idea is a good investment opportunity 3.4. Learner lists five reasons for buying an existing business 3.5. Learner describes the characteristic of highly successful startups 3.a. Explain the rationale to buy an existing business. 3.b. List characteristics used to evaluate an existing business 4. Describe the Competitive Advantage in the Marketplace 4.1. Written and/or oral analysis from selected performance standards above 4.2. Assigned Reading 4.3. Written Assignments 4.4. Written Objective Test 4.1. Learner defines competitive advantage 4.2. Learner describes the factors that comprise external environments 4.3. Learner assesses features of the organization itself that support competitive advantage 4.4. Learner identifies various strategy options for building competitive advantage 4.5. Learner defines market segmentation and its related strategies 4.6. Learner explains the concept of niche marketing and its importance to small business with 80% accuracy 4.7. Learner discusses the importance of sustaining competitive advantage 4.a. Perform a SWOT analysis on a business to discover key success factors 4.b. Distinguish among the various types and sources for startups. 4.c. Generate ideas for potential start-ups. 4.d. Describe the methods used to screen potential start-up ideas. 4.e. Assess the feasibility of a start-up idea. 5. Analyze the Role of the Business Plan 5.1. Written and/or oral analysis from selected performance standards above 5.2. Assigned Reading 5.3. Written Assignments 5.4. Written Objective Test 5.1. Learner evaluates the questions "What is a business Plan?" Course Outcome Summary - Page 3 of 9

5.2. Learner explains the need for a business plan from the perspective of both the entrepreneur and the investor 5.3. Learner describes what determines how much planning an entrepreneur and a management team are likely to do 5.4. Learner lists practical suggestions to follow in writing a business plan 5.5. Learner outlines the nine components of a business plan 5.6. Learner identifies six available sources of assistance in preparing a business plan 5.a. Explain reasons to write a plan 5.b. Examine various formats for the plan 5.c. List sources for help in writing a plan 6. Develop the Marketing Plan 6.1. Written and/or oral analysis from selected performance standards above 6.2. Assigned Reading 6.3. Written Assignments 6.4. Written Objective Test 6.1. Learner describes small business marketing 6.2. Learner discusses the nature of the marketing research process 6.3. Learner explains the term market and methods of forecasting sales with 80% accuracy 6.4. Learner identifies the components of a formal marketing plan 6.a. Compare and contrast small business marketing to corporate marketing 6.b. List parts of marketing plan 6.c. Compare and contrast primary and secondary market research 6.d. Explain market segmentation 6.e. Develop a sales forecast 7. Investigate the Selection of the Management Team and the Form of Organization 7.1. Written and/or oral analysis from selected performance standards above 7.2. Assigned Reading 7.3. Written Assignments 7.4. Written Objective Test 7.1. Learner describes the characteristics and value of a strong management team 7.2. Learner identifies the common legal forms of organization used by small business with 80% accuracy 7.3. Learner identifies characteristics to consider in choosing among the primary legal forms of organization 7.4. Learner describes the unique features and restrictions of specialized organizational forms 7.5. Learner explains the nature of strategic alliances and their uses in small business Course Outcome Summary - Page 4 of 9

7.6. Learner describes the effective use of boards of directors and advisory councils 7.7. Learner explains how different forms of organizations are taxed by federal government 7.8. Learner describes the characteristics of common legal forms of organizations used by small business. 7.a. Choose a management team for your business 7.b. Identify criteria to make an advisory board 8. Investigate the Selection of a Location and Planning the Facilities 8.1. Written and/or oral analysis from selected performance standards above 8.2. Assigned Reading 8.3. Written Assignments 8.4. Written Objective Test 8.1. Learner identifies the factors affecting the choice of a business location 8.2. Learner describes the attraction and challenges of a home-based business with 80% accuracy 8.3. Learner explains how efficiency can be achieved in the layout of a physical facility 8.4. Learner discusses the equipment needs of small firms 8.a. List factors in locating a physical business 8.b. Design a facility 8.c. List pro/cons of home based businesses 8.d. List pro/con of Web based businesses 9. Analyze the Sources of Financing 9.1. Written and/or oral analysis from selected performance standards above 9.2. Assigned Reading 9.3. Written Assignments 9.4. Written Objective Test 9.1. Learner evaluates the choice between debt financing and equity financing with 80% accuracy 9.2. Learner describes the various sources of financing available to small firms 9.3. Learner explains how the interest is being used to find sources of financing 9.4. Learner discusses the most important factors in the process of obtaining startup financing 9.a. Describe how the nature of a firm determines its financing needs 9.b. Compare/contrast debt vs. equity financing 9.c. Explain 5-Cs of credit 9.d. List sources of funding 10. Describe Customer Loyalty and Product Strategy Course Outcome Summary - Page 5 of 9

10.1. Written and/or oral analysis from selected performance standards above 10.2. Assigned Reading 10.3. Written Assignments 10.4. Written Objective Test 10.1. Learner explains how customer satisfaction influences customer loyalty 10.2. Learner identifies the key characteristic of consumer behavior with 80% accuracy 10.3. Learner explains product strategy and related concepts 10.4. Learner describes the components of the firm's total product offering 10.a. Explain the reasons to have a CRM system 10.b. Explain the strength of small business and customer service 10.c. Utilize technology to develop a customer profile 10.d. Identify psychological and society factors in customer behavior 10.e. Identify stages of the product life cycle 10.f. Explain the facets of product strategy 11. Explain Pricing and Credit Strategies 11.1. Written and/or oral analysis from selected performance standards above 11.2. Assigned Reading 11.3. Written Assignment 11.4. Written Objective Test 11.1. Learner discusses the role of cost and demand factors in setting a price 11.2. Learner applies break-even analysis and markup pricing with 80% accuracy 11.3. Learner identifies specific pricing strategies 11.4. Learner explains the benefits of credit, factors that affect credit extension, and types of credit 11.5. Learner describes the activities involved in managing credit 11.a. Explain how supply/demand are factors in setting prices 11.b. Do a break-even analysis 11.c. List various pricing strategies 11.d. Explain the uses of credit in a small business 11.e. Manage your credit history 12. Develop the Promotional Strategy 12.1. Written and/or oral analysis from selected performance standards above 12.2. Reading Assignment 12.3. Written Assignments 12.4. Written Objective Test Course Outcome Summary - Page 6 of 9

12.1. Learner describes the communication process and the factors determining a promotional mix 12.2. Learner discusses methods of determining the level of promotional expenditure 12.3. Learner describes personal selling activities with 80% accuracy 12.4. Learner identifies advertising options for a small business 12.5. Learner describes sales promotional tools 12.a. Develop the promotional mix for a business 12.b. Develop a promotions budget 12.c. Compare/contrast personal selling and advertising from a small business viewpoint 13. Investigate Distribution Channels and Global Markets 13.1. Written and/or oral analysis from selected performance standards above 13.2. Assigned Reading 13.3. Written Assignment 13.4. Written Objective Test 13.1. Learner explains the role of distribution in marketing 13.2. Learner describes the major considerations in structuring a distribution system 13.3. Learner discusses global marketing challenges 13.4. Learner describes the initial stages in a global marketing effort 13.5. Learner identifies two sources of financing assistance 13.a. Map the route that merchandise travels to get to your business 13.b. List success factors for succeeding in global markets 13.c. Explain challenges that global businesses face 13.d. List the range of involvement that a business may take in global enterprise 13.e. List sources of assistance for global business 14. Analyze Professional Management in the Growing Firm 14.1. Written and/or oral analysis from selected performance standards above 14.2. Assigned Reading 14.3. Written Assignments 14.4. Written Objective Test 14.1. Learner discusses the distinctive features of small firm management 14.2. Learner identifies the various kinds of plans and approaches to planning 14.3. Learner discusses the entrepreneur's leadership role Course Outcome Summary - Page 7 of 9

14.4. Learner describes the nature and kinds of small business organization 14.5. Learner discusses the ways in which control is exercised in a small firm 14.6. Learner describes the problem of time pressure and suggest solutions with 80% accuracy 14.7. Learner explains the various types of outside management assistance 14.a. Explain the uniqueness of small business professional management 14.b. Explain the tasks that manager/owners perform 14.c. Explain the importance of time management 15. Describe Human Resource Management 15.1. Written and/or oral analysis from selected performance standards above 15.1. Learner explains the importance of employee recruitment 15.2. Learner lists sources that can be useful in finding suitable applicants 15.3. Learner identifies the steps to take in evaluating job applicants with 80% accuracy 15.4. Learner describes the role for both managerial and nonmanagerial employees in a small firm 15.5. Learner explains the various types of compensation plans and the differences between daywork and incentives 15.6. Learner discusses the human resource issues of employee leasing, labor unions, and the formalizing of employer-employee relationships 15.a. Define recruitment as it relates to small business 15.b. Identify the steps in evaluating potential employees 15.c. Explain the importance of training and development 15.d. List various methods of compensation 16. Explain Quality Management and the Operations Process 16.1. Written and/or oral analysis from selected performance standards above 16.1. Learner explains the key elements of total quality management programs 16.2. Learner discusses the nature of the operations process for both products and services 16.3. Learner explains how reengineering and other methods of work improvement can increase productivity and make a firm more competitive 16.4. Learner discusses the importance of purchasing and the nature of key purchasing policies 16.5. Learner describes the ways to control inventory and minimize inventory costs with 80% accuracy 16.a. Explain the importance of quality control in small business 16.b. Explain lean management and six sigma and its importance to small business 16.c. Explain technology assists in quality methods Developed By: Course Outcome Summary - Page 8 of 9

Jan Grimes Development Date: April 25th 2013 Revised By: jan Grimes Revision Date: 3/22/17 Course Outcome Summary - Page 9 of 9