Before taking part in the business minor here at Lehigh, I thought I understood how a business would function. After taking classes and almost completing the program, I realize I was completely wrong! Throughout the course of the two-year program, you touch the basics on accounting, advertising, marketing, and finance. The minor isn’t paired with any specific major, but matches the ISE curriculum extremely well. It teaches you enough of the basic business principles to actually make informed decisions in other ISE classes. While solving problems in my ISE classes, I have been able to apply things such as cost analysis, profit and revenue cycles, and how to market a solution to a client that other students aren’t always able to do. Understanding how businesses operate is essential to success in the real world, because whether you realize it or not, you are involved in business. Everything is a business. It is the act of trying to make money by providing a good or service to others. Making sure you have financial literacy and understand why some decisions are being made within the company are essential to move up in the world.
Our final project for BUS 225, the course I am currently enrolled in for the program, is to create the marketing plan for a new product that we designed ourselves. My group is working on promoting a GPS system for golfers that tracks the location of the ball, as well as real-time statistics that the golfer can use to improve their game. We have to conduct market research and compare our product to those of competitors and write a detailed report of how we will present this to consumers. Here is a look at the components we must cover in the project…
Goods or Services
Internal Focus – Strengths and Weaknesses
External Focus – Opportunities and Threats
Marketing and Product Objectives
Product Offering and Points of Difference
Product and Product Strategy
Marketing Expense Budget
Specific Sequence of Activities and Events
Evaluation, Control, and Contingency
Marketing Information Systems Needed
Criterion Measures with Objectives
Appendix: Support Material
All of these categories must be covered in our report. As you can see, it is very extensive but I enjoy the exposure to different business ideas. It will only help me in meetings and projects later in my career. I strongly encourage any student to pursue a minor in business and become more in tune with all of the financial aspects occurring in everyday life.