The course Introduction to Business is the first that the student will take in the field of Business Organization. The goal of this course is to present students with a general overview of the firm, introducing them to the fundamentals of business organization and management. Accordingly, this course covers, among others, the following topics: the role of firms in the economy, different types of firms, the functional areas of a business, as well as firm strategy. Therefore, Introduction to Business becomes a first step for students to successfully take other compulsory and elective courses in their bachelor’s degree, in which the various topics and concepts introduced in Introduction to Business will be developed in more depth.

Introduction to Business is considered is a basic core course in several bachelor’s degrees in the University of Oviedo, among them Commerce and Marketing, and Tourism, both in the Facultad de Comercio, Turismo y Ciencias Sociales Jovellanos. In those two degrees, the course is scheduled in the second semester of the first year.

This course belongs to the field of Business in the bachelor’s degree in Commerce and Marketing, whereas in the bachelor’s degree in Tourism it belongs to Business Management, in the module 3 of the curriculum, named Management of Touristic Services Firms.

The prerequisites to follow this course are just those that regulate admission into the degree.

Degree in Commerce and Marketing

General competences

CG1 Ability for analysis and synthesis

CG3 Ability to learn

CG5 Ability to work and learn autonomously

CG6 Ability to work in a team

CG7 Openness towards lifelong learning

CG8 Problem solving

CG9 Decision-making

CG10 Work in a multidisciplinary team

CG12 Ability in interpersonal relations

CG14 Critical reasoning

CG15 Ethical commitment

CG17 Creativity

CG18 Leadership

CG20 Initiative and entrepreneurial spirit

CG22 Sensitiveness toward environmental issues

CG23 Integration of democratic values and those of peace culture in the work environment

CG24 Integration of the principles of equal treatment and equal opportunities between men and women in the work environment

CG25 Integration of the principles of equal opportunities and universal accessibility for persons with disabilities in the work environment

Specific Competences

CE5 To know the fundamentals of the Economy of the Firm

CE9 To understand the relationship and interactions between the commercial department and the rest of departments of the firm

CE11 To develop the ability to make economic and financial decisions

CE35 To analyze and to use information and communication technologies (ICTs) in the area of commercial relationships

Learning Outcomes

RA06.1 To know and recognize the main economic agents that operate in the national and international markets

RA06.2 To understand the interrelationship that takes place between the different types of agents, as well as the need to compete and cooperate among them

RA06.3 To know the fundamentals of business management

RA06.4 To know the most current concepts and tools in planning, organization, coordination and control

RA06.5 To know the different firm organizational models

RA06.6 To plan, manage, organize, coordinate and control the different firm departments

RA06.7 To know the fundamentals of firm strategic management

Degree in Tourism

General competences

CG1 Ability for analysis and synthesis

CG3 Ability to learn

CG5 Ability to work and learn autonomously

CG6 Ability to work in a team

CG9 Decision-making

CG14 Critical reasoning

CG20 Initiative and entrepreneurial spirit

CG23 Integration of democratic values and those of peace culture in the work environment

CG24 Integration of the principles of equal treatment and equal opportunities between men and women in the work environment

CG25 Integration of the principles of equal opportunities and universal accessibility for persons with disabilities in the work environment

Specific competences

CE5 To turn a specific problem into a research object, and to elaborate conclusions

CE7 To identify the main tourism agents

CE12 To manage the different types of tourism organizations

Learning outcomes

RA3.14 To know and recognize the main economic agents that operate in the national and international tourism markets

RA3.15 To know the interrelationship that takes place between the different types of agents in the industry, as well as the need to compete and cooperate among them

RA3.18 To know the fundamentals of business management

RA3.19 To know the most current concepts and tools in planning, organization, coordination and control

RA3.20 To know the different organizational models of tourism enterprises

RA3.21 To know the fundamentals of firm strategic management

RA3.22 To plan, manage, organize, coordinate and control the different departments of tourism enterprises

Brief contents

Lesson 1. Introduction to business economics

Lesson 2. Firm strategy

Lesson 3. Types of firms

Lesson 4. Functional areas of a business

Lesson 5. The management function

Detailed contents and learning objectives

Lesson 1. Introduction to business economics

  1.1. The role of firms in the economy

  1.2. Entrepreneurship

            1.3. Different frameworks to study business

            1.4. Business objectives

Learning objectives

• Identify the role played by firms in their economic environment.
• Understand the reasons underlying the existence of firms, as well as how firms contribute to wealth creation.
• Recognize and understand different frameworks in the economic analysis of the firm.
• Identify which are the firm’s stakeholders and their differing objectives.

Basic bibliography:    

Madura (2010): Chapters 1 & 3

Kelly, McGowen & Williams (2019): Chapters 1, 2, 4 & 7

Lesson 2. Firm strategy

            2.1. Strategy: Concept and levels

            2.2. Internal and external analysis

            2.3. Business (or competitive) strategy

            2.4. Corporate strategy

Learning objectives

• Identify the main characteristics of the firm’s environment, as well as how they affect firm performance.
• Identify and analyze different factors that influence how a given industry works.
• Recognize the different strategy levels, as well as identify and understand business (or competitive) strategy.
• Understand how firms strategically position themselves in the marketplace.
• Identify and describe different growth strategies and methods.

Basic bibliography:    

Grant (2019): Chapters 1, 3, 7 & 11-15

Lesson 3. Types of firms

            3.1. Classifying business organizations

            3.2. Sole proprietorship

            3.3. Corporations

            3.4. Cooperatives

Learning objectives

• Know different criteria to classify firms.
• Identify different forms of business ownership from a legal standpoint, as well as their distinctive characteristics.
• Understand the advantages of choosing a given legal form of ownership for a business.
• Identify the disadvantages and problems related to each type of legal form of business ownership, as well as mechanisms to alleviate or solve those problems.

Basic bibliography:    

Madura (2010): Chapter 5

Kelly, McGowen & Williams (2019): Chapter 6

Lesson 4. Functional areas of a business

            4.1. Operations

            4.2. Marketing

            4.3. Finance

Learning objectives

• Acquire a general understanding of the functional areas of a business.
• Understand the basic concepts of the operations, marketing and finance functions.
• Identify the different types of production systems that a firm might use and assess their suitability in different contexts.
• Suggest potential decisions related to different marketing variables when facing a particular business problem.
• Understand the fundamentals of firms’ financing and investment decisions.

Basic bibliography:    

Madura (2010): Chapters 9, 12-17

Kelly, McGowen & Williams (2019): Chapters 9, 11-13 & 17

Lesson 5. Management

            5.1. Management functions

            5.2. Organizational structure

            5.3. Human resource management

Learning objectives

• Understand the different functions of management, as well as the decision-making process.
• Identify different levels of management, as well as the individual required skills for each of those levels.
• Identify the different structural dimensions in the design of the organizational structure.
• Identify the different activities in human resource management, to be able to propose specific actions related to particular cases.

Basic bibliography:    

Madura (2010): Chapters 7, 8 &11

Kelly, McGowen & Williams (2019): Chapters 14 & 15

Mintzberg (2000)

Learning methodology is based on both activities that require attendance to class and activities that do not.

In-the-classroom activities.

• Lectures: Sessions aimed at introducing and developing the key ideas and concepts in the course, as well as the fundamentals to aid its understanding. A basic bibliography will be available for students to help them in following these lectures and acquiring the relevant knowledge. Audiovisual materials may be used.
• Seminars: These are aimed at clarifying and helping understand the practical implications of the theoretical contents of the course. Active participation of the students is expected, as they will have to discuss news and cases, solve exercises and debate, among other activities. In this kind of sessions students will be able to critically formulate and defend their own arguments, and solve problems related to the nature of the firm, its management, functional areas, organizational structure and/or strategy.
• Group tutorships: These sessions are aimed at solving doubts and answering questions the students might have, verifying that students correctly understand and follow the contents of the course, suggesting additional bibliography and readings to complement or expand their knowledge about specific topics, as well as checking the progress of teamwork. As students will be split in small groups, this kind of sessions allow for more personal interaction between the lecturer and the students which, in turn, facilitates attention to diversity and promotes students’ initiative. All in all, these sessions are intended to improve the students’ analytical and critical capabilities.
• Evaluation sessions: To assess the learning progress of the student.

Out-of-the-classroom activities.

• Autonomous work: It is basically related to (1) studying the contents that are presented in lectures, and (2) preparing in advance the necessary materials and contents for the seminar sessions.
• Group work: Student will work in teams to develop a topic related to the course contents. This kind of work will allow students to develop their skills and competencies to work in teams, to search for information, to analyze and summarize contents, to make arguments and to make presentations.

Teaching materials (e.g., teaching notes, exercises, suggested readings or videos) for all these activities will be available online (mainly, in the Campus Virtual). The Campus Virtual also gives students the opportunity to participate in discussion forums and provides a contact channel with the lecturer. Finally, emailing will also facilitate communication between the professor and the students.

The following table presents the breakdown of activities by course unit.

Exceptionally, in the event of adverse public health conditions, teaching activities not requiring attendance may be used. If that would be the case, students will be informed of the changes.

The final grade in the course —except for the resit examination in December/January)— will be the weighted average of the grades obtained in the continuous assessment and the final exam; the weights will be 40% for the continuous assessment and 60% for the final exam. Continuous assessment activities (tests, exercises, etc.) will not be repeated in resit examination periods, but the grade in these activities will be kept for the resit examination in June. Continuous assessment activities are intended to assess the level of knowledge acquired by the student in each moment in time. Given its cumulative nature —that requires the achievement of learning objectives throughout the semester— continuous assessment activities are not subject to resit.  

The following table shows the grading process that will be followed in this course (valid for May and June).

Summary Table

The student’s grade in the continuous assessment activities will be kept for the resit assessment in June. Consequently, both in May and June the final exam will represent a maximum of 6 points in the student’s final grade.

In the resit examination of December/January the student will be assessed with an exam that will account for a maximum of 10 points.

Exceptionally, in the event of adverse public health conditions, assessment methods not requiring attendance may be used. If that would be that case, students will be informed of the changes.

Differentiated evaluation

For those students who have applied for and have been granted the differentiated evaluation system, 60% of the final grade for this course (Introduction to Business) will come from a final exam.

Continuous assessment activities described in this syllabus are applicable to these students, albeit with some flexibility to complete some of them. Specifically, the continuous assessment activities (and their nuances) for students under the differentiated evaluation system are the following:

1. Teamwork project and its oral presentation (1 point)

This activity applies to any student, given that it is not majorly developed in the classroom. The date of the oral presentation of teamwork is know well ahead of time. Teams in which students under the differentiated evaluation system are included will be given priority to choose the oral presentation date of their projects.

2. In-class participation, completion of individual learning assignments/activities and continuous evaluation tests(3 points).

Students under the differentiated evaluation system will be allowed to submit assignments online (preferably via the Campus Virtual, though e-mail might be allowed too). For these students, those activities developed in the classroom might be substituted for others that imply work out of the classroom.

As of continuous assessment tests during the semester, these may be taken in alternative dates, which will be agreed upon with the student.

In any case, it will be the Comisión de Gobierno of Facultad Jovellanos who will assess and resolve this system, with a prior report from the course coordinator.

Basic Bibliography

IN ENGLISH

Grant, R.M. (2019), Contemporary Strategy Analysis, John Wiley & Sons, Chichester.

Kelly, M., McGowen, J. & Williams, C. (2019), BUSN, Cengage Learning, Mason, OH.

Madura, J. (2010), Introduction to Business, Paradigm Publishing, Saint Paul, MN.

IN SPANISH

Cuervo García, A. (director), 2008, Introducción a la Administración de Empresas, 6ª ed., Civitas, Madrid.

Montoro Sánchez, M.A., Díez Vial, I. y Martín de Castro, G., 2020, Fundamentos de Administración de Empresas, 4ª ed., Civitas, Madrid.

Additional Bibliography

IN ENGLISH

Gómez-Mejía, L., Balkin, D. & Cardy, R. (2016), Managing Human Resources, Pearson, Harlow.

Ivancevich, J. M. (2009): Human Resource Management (11/e), McGraw-Hill/Irwin, New York.

Jones, G.R (2007), Introduction to Business: How Companies Create Value for People, McGraw Hill, New York, NY.

Kotler, P., Armstrong, G., Harris, L. C. & He, H. (2020), Principles of Marketing, Pearson.

Mintzberg, H. (2000), The Structuring of Organizations, Prentice Hall.

Pride, W. M., Hughes, R. J. & Kapoor, J. R. (2019), Business, Cengage Learning, Mason, OH.

IN SPANISH

Arruñada, B., 1990, Economía de la Empresa: Un Enfoque Contractual, Ariel, Barcelona.

Avella Camarero, L., Fernández Sánchez, E., y Fernández Barcala, M., 2020, Administración de la Producción, Pirámide, Madrid.

Daft, R.L., 2019, Teoría y Diseño Organizacional, 12ª ed., Paraninfo.

Fernández Sánchez, E., 2005, Dirección Estratégica de la Empresa. Fundamentos y Puesta en Práctica, Delta, Madrid.

Fernández Sánchez, E., 2010, Administración de Empresas. Un Enfoque Interdisciplinar, Paraninfo, Madrid.

Fernández Sánchez, E., Junquera Cimadevilla, B. y del Brío González, J.A., 2008, Iniciación a los Negocios. Aspectos Directivos, Thompson, Madrid.

Fernández Sánchez, E. y Ramírez Alesón, 2021, Fundamentos para la Toma de Decisiones Estratégicas en las Empresas, Pirámide, Madrid.

Fernández Álvarez, A.I., 1994, Introducción a las Finanzas, Civitas.

Gómez-Mejía, L., Balkin, D. y R. Cardy, 2016, Gestión de Recursos Humanos, 8ª ed., Pearson, Madrid.

González Domínguez, F.J., 2012, Creación de empresas. Guía del emprendedor, Pirámide, Madrid.

González Domínguez, F.J. y Ganaza Vargas, J.D. (coord.) 2017, Fundamentos de Economía de la Empresa, 2ª ed., Pirámide, Madrid.

González Fidalgo, E. y Ventura Victoria, J., 2003, Fundamentos de Administración de Empresas, Pirámide, Madrid.

Grant, R.M., 2014, Dirección Estratégica: Conceptos, Técnicas y Aplicaciones, 8ª ed., Civitas, Madrid.

Guerras Martín, L.A. y Navas López, J.E., 2016, La Dirección Estratégica de la Empresa. Teoría y Aplicaciones, 5ª ed., Civitas, Madrid.

Kotler, P. y Armstrong, G., 2017, 13ª ed., Fundamentos de Marketing, Pearson.

Mintzberg, H., 2000, La Estructuración de las Organizaciones, (1ª Ed., 8ª reimpresión), Ariel, Barcelona.

Moreno Bonilla, F. y Partal Ureña, A., 2020, Introducción a las Finanzas Empresariales, Pirámide, Madrid.

Vázquez Casielles, R., Trespalacios Gutiérrez, J.A. y Rodríguez del Bosque, I., 2005, 4ª ed., Marketing: Estrategias y Aplicaciones Sectoriales, Civitas, Madrid.

Ventura Victoria, J., 2008, Análisis Estratégico de la Empresa, Thomson Paraninfo, Madrid.