Business Concepts: Exploring Careers in Business

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10-minute video: "How Apple used the 4 functional areas of business to build the iPhone."

Assess Your Knowledge

• For a company or organization what tasks/ roles does a professional in each business career field provide?
• For a company or organization how do the career fields we have studied interact for the success of the business?
• Describe the skills and characteristics of a successful professional in each career field in business.
• Self-assess your skill set as it applies to each career field in business.

Image Source: Everett, Valerie. "McDonald's in Indianapolis. CC BY-SA 2.0 via Wikimedia Commons

McDonald's

Although it has grown to be the multinational fast food corporation it is today, McDonald's origins was as a simple restaurant located in San Bernardino, CA. Founded by brothers Richard and Maurice McDonald in 1940. Later they would rechristen the business as a hamburger stand, turn the company into a franchise. The Golden Arches log was introduced in 1953 at its location in Phoenix, AZ. Two years late, in 1955, businessman Ray Kroc, joined the company as a franchise agent. and in 1961 bought out the McDonald brothers.

Currently, McDonald's is the world's largest fast food restaurant chain, serving tens of millions of customers at more than 40,000 stores in more than a hundred countries. They are best known for their hamburgers, cheeseburgers and french fries, but have expanded their menus to include items like chicken, fish, fruit, and salads. French fries are their best-selling franchised item followed by the Big Mac.

McDonald's Corporation revenues come from the rent, royalties, and fees paid by the franchisees, as well as sales in company-operated restaurants. McDonald's is the world's second-largest private employer with 1.7 million employees the majority of whom work in the McDonald's stores.^[As of 2022, McDonald's has the sixth-highest global brand valuation.

Source

"McDonald's." Wikipedia.com Accessed April 18, 2024

Assess Your Knowledge

Review the information you have learned in the past several weeks, including the four areas of business you explored:

• Management
• Human Resources
• Sales and Marketing
• Accounting

For each one of these four business areas, answer the following questions:

• What are two business tasks that this business area would complete for a Mc Donald's restaurant?
• What are the potential consequences to Mc Donald’s of not performing those tasks correctly?
• How would each career path need to interact with each other to provide for success at the Mc Donald’s restaurant? Example, what would the payroll department need from the human resources department when hiring a new employee?
• What are the skills/ characteristics of a person who is successful in this career path?
• Which skills/ characteristics might make YOU successful in this career path?
• What about this career path interests you? Or does not interest you?
• Share any additional questions or knowledge regarding this career field.