This is a “basic core” subject in 4 different degrees at the Faculty of Economics and Business. In the Bachelor’s degree in Business Administration it belongs to the topic “Principles of Management” within the module “Organization and Management”. In the Bachelor’s degree in Economics it belongs to the topic “Principles of Management” within the module “Business Organization”. In the Bachelor’s degree in Accounting and Finance it belongs to the topic “Principles of Management” within the module “Business Organization”. In the Bachelor’s degree in Labour Relations and Human Resources it belongs to the topic “Work Organisation and Human Resource Management”. It is scheduled in the first semester and it is the first subject that the student will take from the area of Management. Therefore, the role of the subject is to present a general overview of the firm. The final goal is to offer the student a description of management and the functional areas of business, as well as to provide an introduction to different topics that will be developed in following courses. 

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

General competences for the Degrees in Business Administration

CG1: Ability to analyze and synthesize

CG2: Learning ability

CG3: Fluent oral and written communication in mother tongue

CG4: Knowledge and understanding of other languages, mainly English

CG8: Teamwork skills

CG12: Ability to put knowledge into practice

CG13: Creativity in finding new ideas and solutions

CG16: Ability to organize and plan

CG18: Adaptability

CG22: Integrating equal opportunities principles and non-discrimination by gender at work

General competences for the Degrees in Economics:

CG1: Ability to analyze and synthesize

CG2: Learning ability

CG3: Fluent oral and written communication in mother tongue

CG4: Knowledge and understanding of other languages, mainly English

CG7: Ability to work independently

CG8: Teamwork skills

CG12: Ability to put knowledge into practice

CG13: Creativity in finding new ideas and solutions

CG14: Initiative and entrepreneurship

CG16: Ability to organize and plan

CG17: Negotiation skills

General competences for the Degree in Finance and Accounting

CG1: Ability to analyze and synthesize

CG2: Ability to organize and plan

CG7: Problem solving

CG8: Decision-making

CG12: Critical reasoning

CG20: Ability to put knowledge into practice

General competences for the Degree in Labor Relations and Human Resources

CG7: Ability to analyze and synthesize

CG10: Critical reasoning

CG11: Teamwork skills

Specific competences for the Degree in Business Administration:

CE1: Knowing the legal and social backgrounds of markets and firms

CE3: Understanding the market forces and structures

CE5: Understanding the economic and institutional environment and its impact on business decisions

CE6: Applying the right quantitative tools in the analysis of economic information

CE9: Understanding the design of organizational structures

CE18: Planning and managing human resources

CE20: Communicating information, ideas, problems and solutions in the area of business management to a specialized and to a non-specialized audience.

CE21: Elaborating reports on businesses and markets

Specific competences for the Degree in Economics:

CE1: Knowing the legal and social backgrounds of economic activity

CE3: Applying the right quantitative tools in the analysis of economic information

CE6: Understanding the institutional environment and its impact on economic activity

CE7: Understanding the behaviour of of economic agents and their impact on market forces

CE10: Understanding the international scope of the economy

CE11: Understanding the interrelationships between economic agents

CE13: Knowing the basic aspects of business organizations

CE17: Communicating information, ideas, problems and solutions in the area of economics to a specialized and to a non-specialized audience.

CE18: Elaborating assessment reports on different areas of the economy (international, national, regional) or economic sectors

Specific competences for the Degree in Accounting and Finance:

CE1: Developing skills in financial management

CE8: Creating business developing programs

CE27: Analyzing business efficiency and managerial decision making

Specific competences for the Degree in Labor Relations and Human Resources:

CE3: Applying knowledge about business administration

CE13: Writing and oral communication skills, using the specific terms of human resources and labor relations

CE15: Ability to select and manage labour information

CE35: Applying knowledge about human resources and labour relations to practice

Learning outcomes for the Degree in Business Administration:

RA1.1: To understand the nature of the firm, its internal functioning and organizational structure

RA1.2: To identify the internal and environmental factors that drive the competitive strategy of the firm

RA1.4: To diagnose the conflicts underlying the relationship between the firm and its stakeholders and identify guidelines for action

RA1.5: To identify the threats and opportunities emerging from the national and international environment of the firm

RA1.6: To evaluate strategic options and select the most appropriate for each business unit, both locally and globally

RA1.7: To design the most appropriate organizational structure for a firm

Learning outcomes for the Degree in Economics:

RA6.1: To understand the nature of the firm, its internal functioning and organizational structure

RA6.2: To identify the internal and environmental factors that drive the competitive strategy of the firm

RA6.4: To diagnose the conflicts underlying the relationship between the firm and its stakeholders and identify guidelines for action

RA6.11: To evaluate business management

RA6.12: To assess the different problems of economic organizations

Learning outcomes for the Degree in Accounting and Finance:

RA3.1: To understand the nature of the firm, its internal functioning and organizational structure

RA3.2: To identify the internal and environmental factors that drive the competitive strategy of the firm

Learning outcomes for the Degree in Labor Relations and Human Resources:

RA2.1: To understand the nature of the firm and its internal functioning

RA2.2: To understand the main decisions related to the functional areas of operations, marketing and finance

RA2.6: To interpret correctly the financial reports of a firm

RA2.7: To understand and design the organizational structure of a firm

RA2.9: To identify the threats and opportunities emerging from the national and international environment of the firm

RA2.10: To evaluate strategic options and select the most appropriate for each business unit, both locally and globally

RA2.11: To identify the internal and environmental factors that drive the competitive strategy of the firm

RA2.13: To identify issues in human resource policies

Short contents

Lesson 1. Introduction to business economics

Lesson 2. Types of business organizations

Lesson 3. Functional areas of a business

Lesson 4. Management

Lesson 5.  The strategy of the firm

Extended 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 textbooks:   

Jones G. (2007): Chapters 1, and 5

Madura J. (2010): Chapters 1 and 2

Lesson 2. Types of business organizations

            2.1. Classifying business organizations

            2.2. Sole proprietorship

            2.3. Corporation

            2.4. Cooperative

Learning objectives

• Identify different criteria for classifying firms.
• Identify different forms of business organization from a legal perspective, as well as their distinctive features and advantages.
• Identify the disadvantages and problems related to each type of business organization, as well as the mechanisms that help solving them.

Basic textbooks:   

Madura J. (2010): Chapter 5

Jones G. (2007): Chapter 2

Lesson 3. Functional areas of a business

            3.1. Operations

            3.2. Marketing

            3.3. Finance

Learning objectives

• Get a first approach to the functional areas of a business.
• Understand the basic concepts of operations, marketing and finance areas.
• Identify the different types of production systems and their suitability to different contexts.
• Identify potential decisions related to different marketing variables when facing a particular business problem.
• Understand the fundamentals of corporate finance and investment decisions.

Basic textbooks:   

Jones G. (2007): Chapters 10, 12, 14 and 15

Madura J. (2010): Chapters 15 and 16 (only Finance)

Lesson 4. Management

            4.1. Roles and functions of management

            4.2. Organizational structure

            4.3. Human resource management

Learning objectives

• Understand the different functions of management, as well as the issues underlying the decision making process.
• Identify different management levels, as well as the skills a person should develop in order to suitably perform his/her work within each level.
• Identify the different structural dimensions of an organization and the most common structural forms.
• Identify the different managerial areas involved in human resource management, as well as activities and policies related to particular cases.

Basic textbooks:   

Jones G. (2007): Chapters 8 and 13

Madura J. (2010): Chapters 7 and 8 

Lesson 5. The strategy of the firm

            5.1. Strategy: Concept and levels

            5.2. Internal and external analysis

            5.3. Competitive strategy

            5.4. Corporate strategy

Learning objectives

• Identify the main characteristics of the firm`s environment, as well as how they affect the firm’s performance.
• Identify and analyze different factors that have an influence on the evolution of an industrial sector.
• Recognize different strategy levels and identify the competitive strategy followed by a firm in particular cases.
• Understand how firms strategically position themselves in the marketplace.
• Identify and describe different growth strategies and methods.

Basic textbooks:   

Jones G. and C. Hill (2008): Chapters 2, 5 and 9

Learning methodology includes both, activities which require attendance and activities which do not. Materials needed to correctly undertake all the activities will be available online at the university’s e-Campus —teaching notes, readings, questions… The e-Campus also gives students the opportunity to develop discussion forums. The e-Campus will be used as the official communication channel with between the professor and the student. Therefore, regular use and daily revision is compulsory during the semester. Very important: instructions for activities and deadlines will be posted on the e-Campus.

In-class activities

Lectures:Sessions aimed at introducing and developing the key ideas and concepts of each topic. They involve a presentation by the teacher who will use audio–visual support. A basic bibliography will be available for students in order to help following and understanding these lectures.

Seminars:They are aimed at developing practical contents within each topic. They involve interaction between the teacher and the students. Students are expected to discuss issues and cases, critically formulate their own arguments, and solve problems related to the nature of the firm, its management, functional areas, organizational structure or strategy.

Evaluation sessions: To control the learning progress of the student.

Out-of-class activities.

Individual work:It is basically related to (1) studying the contents that are presented in lectures, and (2) preparing in advance the necessary material in order to be able to attend seminars.

The following table summarizes a breakdown of different activities by lesson.

Online teaching activities may be used exceptionally, if public health conditions require to do so. Students will be informed promptly of these changes.

The final assessment of the course will be the sum of continuous evaluation (40%) and final exam. The following table shows the grading process that will be applied. Both, the grading process and the weights of the different activities on the final grade will be used also for the extraordinary evaluations. Controlled assessment activities will not be repeated in extraordinary evaluations. The student’s grade of controlled assessment in the ordinary evaluation will be kept for extraordinary evaluations.

Summary Table

PROCEDURE FOR STUDENTS UNDER SPECIAL ASSESSMENT

60% of the evaluation comes from a final exam. The remaining 40% comes from controlled assessment.

Controlled assessment also applies to students under the special assessment procedure, but adding some extra flexibility. The activities proposed for the controlled assessment are:

• (I) fulfill each assignment, (II) submit or hand in a written document with the assignment before the deadline, and (III) participate in the classroom discussion about the assignment.The teacher will inform students about the submission deadline for each assignment. Students are also expected to actively participate in the seminar sessions. Some learning assignments may include attendance to conferences and seminars on topics related to the course. (40% of final grade).

Under special assessment the student will be allowed to submit the paper electronically. Activities which must be done in the classroom may be substituted for other activities. In the case of evaluation tests the dates may be changed to account for the special needs of the student.

Even if the student cannot attend the seminars regularly, he or she must attend occasionally. Therefore, the student is expected to participate actively in the seminars in which he or she can attend.

Online evaluation methods may be used exceptionally, if public health conditions require to do so. Students will be informed promptly of these changes.

This course is available on e-Campus. This site gives access to the course guide, the slides, teaching materials (cases, readings, …) and some other multimedia resources (videos, podcasts, etc.). We will use the e-Campus on a regular basis to communicate important information about assignments, deadlines and other events. The e-Campus contains also a virtual textbook that covers all the contents of the course.

Basic textbooks in English

Jones, G.R (2007), Introduction to Business, McGraw Hill.

Madura, J. (2010), Introduction to Business, Thomson.

Pride, W, Hughes, R. and J. Kapoor (2013), Business, Cengage Learning.

Basic textbooks in Spanish

Cuervo García, A. (director), 2008, Introducción a la Administración de Empresas, 5ª ed., Civitas, Madrid.

González, E. y J. Ventura, (2003), Fundamentos de Administración de Empresas, Pirámide, Madrid.

Other textbooks

Dalf, R.L. (2005), Teoría y Diseño Organizacional, Paraninfo.

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

Fernández, E. (2010), Administración de Empresas. Un enfoque interdisciplinar, Paraninfo, Madrid.

Fernández, E., Avella, L. y M. Fernández (2006), Estrategia de Producción, McGraw-Hill, Madrid.

Fernández, E., Junquera, B. y J. del Brío, (2008), Iniciación a los Negocios. Aspectos Directivos, Thompson, Madrid.

Fernández, A.I. (1994), Introducción a las Finanzas, Civitas.

Gómez-Mejía, L., Balkin, D. y R. Cardy (2008), Managing Human Resources, Prentice Hall.

Grant, R.M. (2006), Contemporary Strategy Analysis, Wiley.

Kotler, P. and Armstrong, G. (2003), Principles of Marketing, Prentice Hall.

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

Vázquez, R., Trespalacios, J. e I. Rodríguez (2005), Marketing: Estrategias y Aplicaciones Sectoriales, Civitas, Madrid.

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

Additional Information

University of Oviedo has an Ethics code that can be accessed in the following link:  Universidad de Oviedo - Código ético (uniovi.es)