Comm100 Slides

Question 1

Capitalism

Answer 1

Decentralised production + exchange
Most production is privately owned
Most exchange is voluntary
Prices vary based on demand + supply

Question 2

Consumer Sovereignty

Answer 2

Customer ultimately decides what is to be produced.
Choice, Self-Interest ensure maximum alignment with wants.
Best available material outcome

Question 3

Individualism

Answer 3

Paramount decision-maker
Inherently decent, rational
Should have the privilege of determining their own course of action
Pursuit of self-interest
Individual initiative

Question 4

morals

Answer 4

Individual values (views of right and wrong),
and how they are to be lived out by the person.

Question 5

ethics

Answer 5

Societal… norms, forces, systems

Question 6

social license

Answer 6

Privilege of operating in society with a minimum of formal restrictions.

Question 7

how to keep a social license

Answer 7

Maintain public trust
Do what is acceptable to stakeholder in business and society.

Question 8

Equality of
Right

Answer 8

equal under the law

Question 9

Equality of
Opportunity

Answer 9

Equal access to benefits; equitable sharing of burdens

Question 10

Equality of
Result

Answer 10

State counteracts the inequalities inherent in capitalism

Question 11

Teleological or consequential theories (Utilitarianism

Answer 11

Humans seek to maximise personal benefit through constant calculation of gains and benefits that the conduct brings.

Question 12

Deontological or rule-based theories

Answer 12

Stress universal moral principles that should be followed irrespective of the outcome

Question 13

Virtue ethics

Answer 13

Achieving a fulfilled and meaningful life by confirming to “virtues

Question 14

Stakeholder

Answer 14

a person that either affect or be affected by a business’ operations and performance

Question 15

Major forces currently reshaping transportation:

Answer 15

globalisation
containerisation
automation

Question 16

Containerisation

Answer 16

(cargo)
Reduced costs due to less handling.
Reduced theft.
Reduced breakage.
Increased ability to track shipments

Question 17

Automation

Answer 17

Information tracking systems:
Manages the vast rise in the volume of goods moved.
More secure.
Faster.

Question 18

Mass Production

Answer 18

The ability to manufacture many identical goods at once

Question 19

Mass Customisation

Answer 19

Goods are mass-produced up to a point, then custom tailored to the needs of individual customers

Question 20

Customisation

Answer 20

Producing goods & services one at a time according to the needs of individual customers

Question 21

Process
Manufacturing

Answer 21

The input is broken down into one or more outputs

Question 22

Assembly Process

Answer 22

The inputs are combined or transformed into the output

Question 23

Core Value Proposition

Answer 23

Customer buys what it does for them, not what it does

Question 24

Unique Selling Proposition

Answer 24

“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”