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Business Fundamentals > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Define an external environnement

A

Factors beyond organization’s boundaries, cannot be controlled, ex competition

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2
Q

Define organizational boundaries

A

Separates organization from environment

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3
Q

Name the types of organizational enviro. (7)

A

Economic, technological, political-legal, socio-cultural, business, global, emerging challenges/opportunities

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4
Q

What are the key goals in an economic enviro.?

A

economic growth, stability, full employment

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5
Q

List the factors o economic growth (8)

A

Business cycle, aggregate output, standard of living, GDP, GNP, productivity, balance of trade, national debt

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6
Q

Define the business cycle

A

Depression,recovery, (expansionary) PEAK, recession, trough (contractionary), recovery

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7
Q

Define an aggregate output

A

Measure of economic growth, total quantity of goods and services produced by economic system during given period

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8
Q

Define standard of living

A

Total quantity/quality of goods and services that a country’s citizenscan purchase with $$

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9
Q

Define productivity

A

Measure of economic growth comparing the output of system with resources needed to produce output; standard of living improves through p increase

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10
Q

How is economic growth measured

A

GDP (gross domestic product) and GNP (gross national product)

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11
Q

Define GDP

A

Value of all g/s produced by national economy within given period with domestic factors of production ex: real growth rates, GDP per capital, real GDP

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12
Q

Define GNP

A

Value of all g/s produced by national economy within peri od given regardless of production location

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13
Q

Define balance of trade

A

Exported product value minus imported products

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14
Q

Define national debt

A

Amount of money govt owes creditors; increase or decreased based on budget surplus or deficit

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15
Q

Define economic stability

A

Condition where amount of money available vs quantity of g/s produced grows at same rate

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16
Q

What are threats to economic stability

A

‘inflation, deflation, unemployment

17
Q

define inflation

A

Widespread price increases in economic system

18
Q

What is CPI

A

Tool used to measure inflation (consumer price index)

19
Q

Define deflation

A

Period of generally falling prices

20
Q

Define unemployment

A

Level of joblessness among people actively seeking jobs an economic system

21
Q

What are the types of unemployment (4)

A

Frictional, seasonal, cyclical, structural

22
Q

What arepolicies helping to manage Canadian economy

A

Fiscal (taxes, spending) and monetary (money supply ie. Interest rates) = stabilization policies

23
Q

Define technology

A

All ways a company creates values for its customers (ex: knowledge, work methods, physical equipment)

24
Q

Define research and development (R&d)

A

Provides new ideas for product services and processes; basic Vs applied

25
Q

What is the political-legal environment

A

Relationship between business and govt ex: pro or anti-business sentiment, political stability, internation relations

26
Q

Define socio-cultural environment

A

Customs, values, attitudes, demographic characteristics of society where org. Functions; customer preferences/tastes vary across and within national boundaries; ethical compliance, responsible business behaviours

27
Q

Define “Porter’s five forces” and its components

A

model used to analyze competitive situation in an industry; bargaining power of suppliers + threat of substitutes+ bargain in power of consumers + threat of new entrants + industry rival

28
Q

What are core competencies?

A

Skills, resources org. Uses to compete best and create most value for owners

29
Q

Define outsourcing

A

Paying suppliers, distributors to perform certain business processes

30
Q

What role does social media play today?

A

Integral part of daily communication

31
Q

How is business process management changing?

A

Moving from department-oriented organizations to process-oriented teams

32
Q

What are types of mergers/acquisitions? (3+2)

A

Horizontal, vertical, conglomerate; friendly, hostile takeovers

33
Q

Define divestiture/spinoff

A

Selling part of existing business or setting it up as a new corporation

34
Q

Define a friendly takeover

A

Acquired company welcomes acquisition due to needing cash or other benefits

35
Q

Define a hostile takeover

A

Acquiring company buys enough of acquired company’s stock to take control

36
Q

Define a poison pill

A

Defense tactic used by company management to make a company/firm look less attractive to stop from being taken over

37
Q

Define ESOP

A

Employee stock ownership program, turning corporations into employee-owned

38
Q

Define a strategic alliance

A

2 + companies temporarily join (called joint venture)

39
Q

What is the link between subsidiary and parent corporations

A

Parent owns subsidiary

Business Fundamentals (15 decks)

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