Comm100 Slides Flashcards
Capitalism
Decentralised production + exchange
Most production is privately owned
Most exchange is voluntary
Prices vary based on demand + supply
Consumer Sovereignty
Customer ultimately decides what is to be produced.
Choice, Self-Interest ensure maximum alignment with wants.
Best available material outcome
Individualism
Paramount decision-maker
Inherently decent, rational
Should have the privilege of determining their own course of action
Pursuit of self-interest
Individual initiative
morals
Individual values (views of right and wrong),
and how they are to be lived out by the person.
ethics
Societal… norms, forces, systems
social license
Privilege of operating in society with a minimum of formal restrictions.
how to keep a social license
Maintain public trust
Do what is acceptable to stakeholder in business and society.
Equality of
Right
equal under the law
Equality of
Opportunity
Equal access to benefits; equitable sharing of burdens
Equality of
Result
State counteracts the inequalities inherent in capitalism
Teleological or consequential theories (Utilitarianism
Humans seek to maximise personal benefit through constant calculation of gains and benefits that the conduct brings.
Deontological or rule-based theories
Stress universal moral principles that should be followed irrespective of the outcome
Virtue ethics
Achieving a fulfilled and meaningful life by confirming to “virtues
Stakeholder
a person that either affect or be affected by a business’ operations and performance
Major forces currently reshaping transportation:
globalisation
containerisation
automation
Containerisation
(cargo)
Reduced costs due to less handling.
Reduced theft.
Reduced breakage.
Increased ability to track shipments
Automation
Information tracking systems:
Manages the vast rise in the volume of goods moved.
More secure.
Faster.
Mass Production
The ability to manufacture many identical goods at once
Mass Customisation
Goods are mass-produced up to a point, then custom tailored to the needs of individual customers
Customisation
Producing goods & services one at a time according to the needs of individual customers
Process
Manufacturing
The input is broken down into one or more outputs
Assembly Process
The inputs are combined or transformed into the output
Core Value Proposition
Customer buys what it does for them, not what it does
Unique Selling Proposition
“Buy this product, and you will get this specific benefit.”
Something that the customer wants strongly enough to act upon
Something “that the competition either cannot, or does not, offer”
