Department of Business and Economics

Your Programs

You may choose from among four majors within the Business and Economics Department:

• Accounting
• Business Administration
• International Business
• Economics

Along with an individualized approach to learning, these programs are widely respected for their practical orientation, emphasis on leadership, study abroad opportunities and caring teachers who bring decades of professional experience in senior executive levels of business management.

Your Commitment

You belong in the Business and Economics programs if you are committed to hard work, aren't afraid to take risks and understand that, above all, it's about results. You will be highly motivated and usually go above and beyond what's simply required to complete an assignment or course. You'll be required to fulfill an internship as well as complete a research project before you graduate. You'll also explore learning opportunities and experiential education programs that may take you to Europe, Asia or South America.

Your Faculty

Professors in the department bring a combined 150 years of high-level experience in the academic and business world. Their professional savvy is matched only by their ability and passion for teaching young women like you in a professionally-oriented program. They take a highly personal approach to teaching, and as a result are able to readily address your individual needs.

Your Experience

When you graduate with a degree in business administration, accounting, economics or international business, you'll be equipped with the broad-based knowledge that comes from a liberal arts program as well as with specific business skills and experiences. As a result, you will have many options for how you use your degree. You may:

• Work for a corporation, the government or a not-for-profit institution

• Start your own business

• Enter one of the many fine management-training programs and graduate schools in the country that have accepted Salem students.

Business Administration Major (B.A. or B.S.B.A.)

The business administration major offers students a special combination of pre-professional preparation and a firm foundation in the liberal arts. Both are essential to success in today’s increasingly global and diverse business environment. Interdisciplinary in nature, the major includes courses in economics, business law, management, business statistics, business ethics, accounting, computer applications, marketing and mathematics. The curriculum is designed to make the links between the liberal arts and the world of business explicit. In upper-level courses, the emphasis is on case studies and analytical thinking.

Business Administration Courses (BUAD)

All business administration courses require a minimum of first-year standing or permission of the instructor in addition to any other prerequisites noted.

111. Management Information SystemsOne course

This course provides an introduction to the fundamentals of Information Systems (IS) in organizations. The course examines the role of computers, databases, networking and application software in managing the business organization and examines their integration with other functions such as accounting, production, marketing and finance. The fundamentals of business-process modeling are explored using process flow diagrams. Basic spreadsheet and database management tools are presented to understand methods for organization, manipulation and retrieval of data. The ethical, strategic and global aspects of Information Systems are explored. Spring.

124. Business EthicsOne course

This course examines some of the various ways in which ethics is relevant to business by analyzing the ethical elements in problems that arise in the business world. Emphasis is placed upon the application of general ethical theories to such problems. Cross-listed with PHIL 124. Credit will not be given for both PHIL 122 and BUAD/PHIL 124.

200. Independent Study in ManagementOne-quarter to one course

Independent study under the guidance of a faculty advisor. Independent study may take the form of readings, research, conferences and projects. It may not be used to substitute for regular courses in the curriculum. Independent study may be taken for a total of four courses, usually not more than two per term. Prerequisites: 2.0 cumulative average, previous study in management, permission of the department.

201. Principles of ManagementOne course

An analysis of the historical concepts and environments that play a major part in the changing concepts of management. Attention is focused on the management functions – planning, organizing, leading and controlling – within the context of topics such as strategy formulation and implementation, motivation, teamwork, decision-making, communications, diversity, information technology and operations management.

202. Sport ManagementOne course

This course examines the application of general principles of management to the sport industry and to the management of sport organizations in particular. The course provides the student with an overview of the sport industry, as well as the issues encountered by managers of sport organizations and how management techniques can be applied to effectively address these issues. Students will also consider the ethical and moral dilemmas facing sport managers and the sport industry as a whole. Provides an overview of management in the professional sport franchise; intercollegiate athletics, sport marketing and promotions; athlete representation; sport law; facilities management; the health club, spa, resort industry; and sport tourism.

205. Health Care Organization and ManagementOne course

An introduction to the U.S. health care system, both the public and private sector. Examines the basic determinants and measurement of health, wellness and disease; the structure of the health system, current topics in health care reform, the policy process, and advocacy for public health. Examines the principles of organization, management and marketing as applied to the production and delivery of health care services. Prerequisite: BUAD 201.

220. Business LawOne course

The American legal system and the law as it relates to the conduct of business in our society. A survey of our federal and state court systems and an examination of the constitutional foundations of the American judicial structure. Specific attention to torts, contracts, property and other legal concepts integrally related to commercial enterprise.

240. Business StatisticsOne course

Emphasis on sampling and probability distributions, measures of central tendency and dispersion, hypothesis testing, linear and multiple regression analysis and analysis of variance. Prerequisite: a college-level math course or permission from the instructor.

260. Special Topics in ManagementOne course

An intense examination of a specialized topic in contemporary management. A research paper and oral presentation will be required. Possible topics for this course include, but are not limited to, small business management, personnel management, production and operations management, retail management and leadership.

270. Internship in ManagementOne course

An opportunity to use the knowledge and skills the student has learned in coursework to solve problems in a real work setting; the apprenticeship aspect of the internship implies that the student has some base of knowledge and will increase her knowledge and skills by direct contact with an experienced, knowledgeable mentor. Open to sophomores, juniors and seniors with a 2.0 cumulative average; maximum credit per term is one course; admission by application only.

290. Honors Independent Study in ManagementOne course

Advanced independent study under the guidance of a faculty advisor. Normally open to juniors and seniors with a 3.5 average in business administration, subject to the approval of the department chair. Honors work may be taken for a maximum of two courses.

305. Health Care Economics and FinanceOne course

Applies micro- and macroeconomic concepts to health care processes and markets. Topics of discussion include the costs of health care, the markets for health care and economic tools to improve systemic health care outcomes. Introduces the fundamental principles guiding financial decision making as they apply to the management of health care organizations. Prerequisite: ECON 100.

306. Health Care Policy and StrategyOne course

Examines the formulation and implementation of health policy in the U.S. and other countries. Emphasis is on the application of analytical contributions from health economics, health services research, and other policy-related disciplines to current issues in health care delivery, organization and financing in a global setting. Explores the implications for strategies of health care organizations. Prerequisites: BUAD 205 and 305.

325. Oxford Summer ProgramOne course

Salem College, St. Peter’s College of Oxford University Summer Program in International Business. The program will be taught by St. Peter’s college faculty and other distinguished lecturers on the campus of St. Peter’s College, Oxford, England and is comprised of three week-long integrated modules: Globalization and the World Economy; Development of GlobalCompanies; and Business Culture, Ethics and Gender Issues. The course to be taught in the summer will include approximately 80 contact hours. Students are also expected to complete case studies, do independent research and attend joint interdisciplinary seminars. Formal evaluation of student academic performance is to be provided by on-site Salem College faculty at St. Peter’s College. One course credit is to be awarded to students who successfully complete the program.

350. Senior Seminar in Strategic ManagementOne course

A capstone course, with a heavy emphasis on case studies in strategy formulation and implementation. Students will utilize conceptual tools learned in principles of management, corporate finance, marketing, economics and accounting. Part of the course will include a semester-long analysis of publicly traded corporations. Prerequisites: permission of the instructor, graduating senior status, BUAD 201 and 240, FINC 302, MKTG 230 and ACCT 120.

Marketing
Courses in marketing are offered as part of the business administration program. Although there is no major in marketing, it may be chosen as either a minor or a concentration area within the business administration major.

230. Principles of Marketing One course

An introduction to the understandings of marketing and the marketing management process. Includes analyzing marketing opportunities and segmenting, targeting and positioning for competitive advantage. Specific attention will be given to the development of marketing strategy and the marketing mix of product, price, place and promotion.

231. Marketing Research MethodsOne course

An in-depth study of the marketing research process. Attention is given to the scope of marketing research, the research process, research designs, measurement concepts, sampling including basic statistical concepts, data analysis and interpretation and the use of marketing research. Students will do a marketing research problem, using SPSS for statistical analysis. Prerequisites: MKTG 230 and BUAD 240; or permission from the instructor.

234. International MarketingOne course

A study of the problems and opportunities in marketing products and services overseas. This includes an analysis of economic, political, cultural and financial environments, as well as the global concerns of pricing, promotional and distribution strategies. Prerequisite: MKTG 230.

235. Service MarketingOne course

An in-depth study of the marketing of services in the business world. Specifically, the course will cover the underlying process of service delivery, the way that technologies are affecting this delivery and the concept of creating value through service marketing with human resource management. International service marketing will be covered to the extent that it is now covered in MKTG 234 International Marketing. Prerequisite: MKTG 230.

236. Sport MarketingOne course

The applications of marketing science to all realms of the sport industry, including: professional sport; intercollegiate, interscholastic and amateur sport; and commercial and public sport and recreational facilities, clubs, resorts and service organizations. An introduction to sales as an element of marketing. A view of the international sport business and ethical issues in sport marketing. Prerequisite: BUAD 202.

270. Internship in MarketingOne course

An opportunity to use knowledge and skills the student has learned in coursework to assess and solve problems in the real work setting. The apprenticeship aspect of the internship implies that the student has some base of marketing knowledge and will increase her knowledge of skills by direct contact with an experienced supervisor in a marketing environment. This course is open to Juniors and Seniors with a 2.0 cumulative G.P.A. Faculty sponsor must be a full-time Salem faculty member who is currently teaching marketing courses. Admission is by application only. Maximum credit per term is one course.

Finance
Courses in finance are offered as part of the business administration program. Although there is no major or minor in finance, finance may be chosen as a concentration area within the business administration major.

101. Personal FinanceOne course

This course is designed to bring students who have little knowledge of personal finance to the point at which they are knowledgeable consumers in the areas of money management, credit management, tax planning, investment management, housing, insurance planning, retirement and estate planning.

302. Corporate FinanceOne course

A course of study concerned primarily with the management of capital sources and uses and factors influencing the financial structure, capital budgeting administration and analysis methods. Prerequisites: MATH 070 or MATH 100; ACCT 120.

303. Investment AnalysisOne course

The study of domestic and global portfolio management, investment alternatives, investment markets, expected return and risk evaluation, investment mix selection and optimizing behavior of the individual investor.

310. International FinanceOne course

The purpose of this course is to focus on value-maximization and risk management in firms with emphasis on multinational corporations. Concepts from finance are used to analyze capital budgeting, the cost hedging, international cash management, the debt denomination decisions and international capital budgeting. Emphasis is on applying economic and financial theory to management decisions through a series of quantitative assignments and case studies. Prerequisite: FINC 302.

Business Entrepreneurship
Courses in business entrepreneurship are offered as part of the business administration program. Although there is no major in business entrepreneurship, it may be chosen as either a minor or a concentration area within the business administration major.

120. Foundations of EntrepreneurshipOne course

This course introduces students to entrepreneurship concepts, topics and terminology. Specifically, the course addresses the core concepts of entrepreneurship, its role in our economy and its potential impact on career opportunities. Students will develop an understanding of the entrepreneurial thought process and skills of entrepreneurs as they learn about opportunity recognition; industry, competitor and management styles, market analysis; financial issues; and planning and structuring an entrepreneurial venture.

310. Entrepreneurship: Managing Technology and InnovationOne course

Examines the role of new technology and innovation in changing the performance capabilities of businesses, not-for-profit and government organizations. Topics include the processes of innovation; research and development and imitation strategies; patents and intellectual property; the role of technology in competitive strategy; evaluation and implementation of new technology; regulation, public policy and ethical issues; international technology transfer; new technology business ventures. Explores case studies in a variety of industry, technical and global contexts. Prerequisites: ECON 100 or ACCT 120.

320. Entrepreneurship and Business PlansOne course

An in-depth study of the elements that serve as a catalyst to being a successful entrepreneur. These include a knowledge of the preparation and analysis of financial statements, sources of venture ideas, conducting market research, addressing the human side of being an entrepreneur and finally the development of a realistic business plan that could be submitted to a venture capitalist or for bank financing. Prerequisites: ENTR 120 and 310; ECON 100 or 120; ACCT 120 or departmental assessment of proficiency in foundations of accounting; MKTG 230; and BUAD 201; or permission of the instructor.

Dr. Eve Rapp