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3.1 Business Fundamentals

Knowledge of basic business principles, trends, and economics.

    3.1.1 Economic/Business/Financial Principles
    • Characteristics of markets
    • Cost and pricing of products
    • Economic terminology
    • Fundamentals of accounting
    • Profit and loss
    • Supply/demand
    3.1.2 Economic system as a framework for decision-making
    • Understand how one's performance can impact the success of the organization
    • Consider the relative costs and benefits of potential actions to choose the most appropriate one
    3.1.3 Business ethics – Act in the best interests of the company, your co-workers, your community, other stakeholders, and the environment
    • Legal/Financial
      • Comply with the letter and spirit of applicable laws
      • Use company property legitimately, minimizing loss and waste
      • Report loss, waste, or theft of company property to appropriate personnel
      • Maintain privacy and confidentiality of company information, as well as that of customers and co-workers
      • Comply with intellectual property laws
      • Protect trade secrets
    • Environmental/Health/Safety
      • Maintain a healthful and safe environment and report any violations/discrepancies
      • Ensure proper handling and disposal of toxic or hazardous materials
      • Ensure equipment and systems are designed to be environmentally friendly and strive to continually minimize the resulting carbon footprint
      • Practice sustainability by using processes that are non-polluting, conserving of energy and natural resources, economically efficient, and safe for workers, communities, and consumers
      • Safeguard the public interest
    • Social
      • Demonstrate respect for coworkers, colleagues, and customers
      • Emphasize quality, customer satisfaction, and fair pricing
      • Deal with customers in good faith: no bribes, kickbacks, or excessive hospitality
    • Marketing
      • Demonstrate an understanding of market trends, company's position in the market place, and defined market segments
      • Understand position of product/service in relation to market demand
      • Uphold the company and product brand through building and maintaining customer relations
      • Integrate internal and external customer demands and needs into manufacturing product and process development
    3.1.4 Social awareness
    • Understand the mission, structure, and functions of the organization
    • Grasp the potential impact of the company's well-being on employees
    3.1.5 Market knowledge
    • Know who the company's primary competitors are and stay current on organizational strategies to maintain competitiveness
    • Recognize major challenges faced by the organization and industry and key strategies to address challenges