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Final Flashcards

1
Q

What is law?

A

set of rules that will be enforced by the courts

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2
Q

What are ethics?

A

Our beliefs of right and wrong

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3
Q

Any behaviour fits into one of these boxes…

A

Legal/Illegal
Ethical/ Unethical

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4
Q

What’s an ethical dilemma?

A

negative consequences; two unfavourable options

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5
Q

What’s an ethical lapse?

A

clear misconduct

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6
Q

What are business ethics?

A

the application of right and wrong in the workplace

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7
Q

What is the CSR? (corporate social responsibility)

A

The obligation of a business to contribute to society

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8
Q

How are ethical decisions made in business?

A

The corporation, through its management, will have governance procedures in place to monitor and control behaviours and practices

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9
Q

What are the fundamental principles of ethics in one’s personal life? (5)

A
  1. Be respectful of others
  2. Act honestly and fairly
  3. Comply with the law
  4. Do not act maliciously
  5. Inspire trust
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10
Q

What are the fundamental principles of ethics in one’s business dealings? (5)

A
  1. Maintain objectivity and impartiality
  2. Act prudently and diligently
  3. Ensure confidentiality and full disclosure
  4. Avoid conflict of interest
  5. Comply with professional standards, company policies and the law
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11
Q

What is ethical egoism?

A

Ethical egoism holds that actions whose consequences will benefit the doer can be considered ethical in this sense. Opposes ethical altruism.

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12
Q

What is ethical altruism?

A

holds that moral agents have anobligationto help others

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13
Q

What is a moral agent?

A

Abeing who is capable of acting with reference to right and wrong

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14
Q

What is the normative ethical position?

A

Moral agentsought to do what is in their ownself-interest

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15
Q

What is ethical utilitarianism?

A

Ethical theory that states that the best action is the one that maximizesutility.

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16
Q

What is utility?

A

Utility is the sum of all pleasure that results from an action, minus the suffering of anyone involved in the action
(Pleasure - Suffering = Utility)

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17
Q

Who is the founder of utilitarianism?

A

Jeremy Bentham

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18
Q

What isconsequentialism?

A

The consequences of any action are the only standard of right and wrong.

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19
Q

Utilitarianism, Altruism and Egoism are forms of…

A

Consequentialism

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20
Q

What is the difference between utilitarianism and consequentialism?

A

utilitarianism considers the interests of all beingsequally

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21
Q

What has utilitarianism been applied to? (4)

A
  1. social welfare
  2. economics
  3. global poverty
  4. theethics of raising animals for food
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22
Q

What are the two ethical principals that concern human rights outlined by the UN Global Compact?

A
  1. Businesses should support and respect the protection of internationally proclaimed human rights and insure that they are not complicit in human rights abuses.
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23
Q

What are the four ethical principals that concern labour outlined by the UN Global Compact?

A
  1. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining
  2. The elimination of all forms of forced and compulsory labor
  3. The effective abolition of child labor
  4. The elimination of discrimination in respect of employment and occupation.
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24
Q

What are the three ethical principals that concern the environment outlined by the UN Global Compact?

A
  1. Businesses should support a precautionary approach to environmental challenges
  2. Undertake initiatives to promote greater environmental responsibility
  3. Encourage the development and diffusion of environmentally friendly technologies.
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25
Q

What’s the ethical principal that concerns anti-corruption outlined by the UN Global Compact?

A

Businesses should work against corruption in all its forms, including extortion and bribery.

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26
Q

How are corporate codes of conduct established?

A

Employee rules and guidelines

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27
Q

How are corporate codes of conduct enforced?

A

Gifts
Whistle blowing
- internal whistle blowing
- external whistle blowing

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28
Q

What is responsible investing? (3)

A

Concerns itself with
- Short-term profit vs. long-term value
- Ethically harmful industries
- Institutional investors

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29
Q

What is the point of corporate governance? (6)

A
  1. Internal management procedures and controls
  2. Relationship between three principle stakeholders
    - Shareholders
    - Directors
    - Officers
  3. Influence
  4. Independence
  5. Competence
  6. Transparency
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30
Q

What is the framework for ethical decisions? (5)

A
  1. Do you understand the dimensions of the problem?
  2. Who would benefit? Who would suffer?
  3. Are the alternative solutions legal? Are they fair?
  4. Does your decision make you comfortable at a “gut feel” level?
  5. Could you defend your decision on the nightly news? … The “Wall Street Journal” test
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31
Q

Where does ethical influence start?

A

at the top (CEO)

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32
Q

What are the three important things CEOs must remember about ethics?

A
  1. Actions matter more than words
  2. The appearance of shaky ethics can be deeply damaging
  3. must communicate their personal commitment to high ethical standards and consistently drive the message down to employees through their actions
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33
Q

What goes into a code of ethics? (5)

A
  1. Executive buy-in
  2. Clear expectations
  3. Integrated approach
  4. Whistleblower support
  5. Reporting and enforcement
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34
Q

What’s a social responsibility?

A

the obligation of a business to contribute to society

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35
Q

What’s a stakeholder?

A

any groups that have a stake, or a personal interest, in the performance and actions of an organization

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36
Q

How does a company fulfill its responsibilities to its employees? (5)

A
  1. Meet legal standards
  2. Provide workplace safety
  3. Meet minimum wage/living wage and overtime requirements
  4. Value employees
  5. Provide work/life balance
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37
Q

What is planned obsolescence?

A

deliberately designing products to fail in order to shorten the time between purchases

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38
Q

What are the responsibilities to Investors? (4)

A

Fair stewardship and full disclosure
1. Legal requirements: Sarbanes-Oxley Act
2. Responsible use of corporate dollars
3. Honesty

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39
Q

What is corporate philanthropy?

A

business donations to non-profit groups, including both money and time

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40
Q

What is corporate responsibility?

A

the actions of the business rather than donations of money and time

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41
Q

What is cause-related marketing?

A

partnerships between businesses and non-profit organizations, designed to spike sales for the company and raise money for the non-profit

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42
Q

What is sustainable development?

A

doing business to meet the needs of this generation without harming the ability of future generations

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43
Q

What is green marketing?

A

marketing environmental products and practices for competitive advantage

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44
Q

What is a carbon footprint?

A

amount of harmful greenhouse gases that a firm emits

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45
Q

What product has a short product life cycle? (4)

A

Electronics
1. Can be as short as a few months
2. Rapidly evolving technology
3. Very high competition among tech companies
4. Planned obsolescence

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46
Q

What product has a long product life cycle? (3)

A

Refrigerators
1. Basic technology remains the same
2. Improvements are few
3. No alternative exists

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47
Q

What goes into the development stage of a product?

A
  1. Research and development
  2. Segmenting the market
  3. Preparing the market
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48
Q

What goes into the introduction stage of a product? (4)

A
  1. Motivating your sales people
  2. Exciting the customers
  3. Splashy, Glitzy, Fun ….. and spending lots of $$$
  4. Most products that fail … fail at product launch
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49
Q

What goes into the growth stage of a product? (2)

A
  1. Growing your product (Advertising)
  2. Growing your market (Convincing people why they need this type of product at all)
50
Q

What goes into the maturity stage of a product? (2)

A
  1. Patent protection protects against competition
  2. Result is a longer maturity stage in order to recover high costs in the Development stage
51
Q

What’s an example of a product with a long maturity that is now obsolete?

A

Typewriter
- At first there was no alternative, no huge technological improvements
- But then came the home computer and the word processor

52
Q

What goes into the decline stage of a product? (4)

A
  1. Sales drop off
  2. Investment in the product drops off
  3. Profits may remain stable due to milking / harvesting strategy
  4. Some products may be discontinued, sold to another company or allowed to simply decline
53
Q

What are the five stages of the cycle of life of a product?

A
  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
54
Q

What is marketing?

A

Giving customers what they want – not what you think they want.

55
Q

What is value?

A

customers believe that the benefit provided by your product or service is greater than its cost … and is greater than any of your competitors

56
Q

What is exceptional customer value?

A

Delivering value by filling customers’ needs in ways that exceed their expectations

57
Q

What are the types of marketing? (4)

A
  1. People marketing
  2. Place marketing
  3. Event marketing
  4. Idea marketing
58
Q

What is a marketing concept?

A

a philosophy that makes customer satisfaction – now and in the future – the central focus of the entire organization

59
Q

What is unmatched value?

A

being able to provide this to customers is the only way to long-term profitability

60
Q

Is getting new customers cheaper or more expensive than keeping existing customers?

A

getting new customers can cost up to 5x more than keeping existing customers

61
Q

Why do you need loyal customers? (2)

A
  1. cheaper
  2. free “word of mouth” advertising
62
Q

What does customer relationship management (CRM) do? (2)

A
  • Acquiring, maintaining and growing profitable customer relationships
  • A non-stop process
63
Q

What is perceived value?

A
  • low cost is not everything (actual value)
    Customers must believe that your product is uniquely qualified to meet their needs
64
Q

What is customer loyalty?

A

The reward from delivering value and generating satisfaction

65
Q

What is marketing segmentation?

A

The first step in planning your marketing strategy:
1. Who are the people who will buy the products?
2. Divide the market into groups of people, or segments, which are similar to each other
3. target them (target market).

66
Q

What are the three steps to success in marketing strategy?

A
  1. Identify your target market through segmentation
  2. Use the various marketing tools at your disposal to reach them … this is called setting the marketing mix
  3. Anticipate and respond quickly and effectively to changes in the external environment
67
Q

Characteristics of a well-chosen target market. (4)

A

Size to support your business
Profitability
Accessibility
Limited competition

68
Q

Consumer Market Segmentation looks at… (4)

A

-Demographic
-Geographic
-Psychographic
-Behavioural

69
Q
A
70
Q

The marketing mix consists of..

A
  1. product strategy
  2. pricing strategy
  3. promotion strategy
  4. distribution strategy
71
Q

What are the key elements of the external environment? (6)

A
  1. Competitive environment
  2. Economic environment
  3. Social/cultural environment
  4. Technological changes and advances
  5. Political / Legal environment
  6. Global marketing environment … internet globalization
72
Q

What is shrinkflation?

A

Packaged goods are getting smaller while the price is rising (ex; skippy peanut butter is 10% smaller)

73
Q

How do marketers adapt to their social responsibilities?

A
  • setting higher standards for environmentalism
  • abolishing sweatshops
  • increasing involvement in the community
74
Q

How do marketers adapt to technological advances? (6)

A
  • Customers have 24/7 access to information
  • Competition has intensified
  • Consumer expectation has increased
  • Companies have more opportunities to mass-customize products
  • Data can be used to develop one-on-one relationships with customers
  • There is a greater variety of promotional opportunities via social media
75
Q

What is consumer behaviour?

A

how people act when they are buying, using and discarding products for their own personal consumption

76
Q

What are the factors that influence the customer decision-making process? (4)

A
  1. Cultural: Values, attitudes, customs, social class
  2. Social: Family, friends, and reference groups
  3. Personal: Demographics, personality
  4. Psychological: Motivation, attitudes, perceptions, learning
77
Q

What is the consumer decision-making process?

A
  1. Needs recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision
  5. Post-purchase behaviour
78
Q
A
79
Q

What caused the economic barriers to blur in trade?

A

technology and telecommunication innovations

80
Q

What are the pros of international trade? (4)

A
  1. Access to factors of production
  2. Diversification risk
  3. Inflow of innovation
  4. Reduced costs
81
Q

What are the cons of int. trade? (3)

A
  1. Loss of jobs and industries
  2. Increase in foreign ownership
  3. Leads to protectionism and protectionist legislation (“Buy American” … or more recently … “America First”)
82
Q

What’s an opportunity-cost?

A

the opportunity of giving up the second-best choice when making a decision

83
Q

What’s absolute advantage?

A

when a country can produce more of a good than other nations, using the same amount of resources

84
Q

What’s comparative advantage?

A

the benefit a country has in a given industry if it can make products at a lower opportunity cost

85
Q

Name the four strategies for reaching global markets.

A

Direct Investment (higher risk, more control)
Franchising
Licensing
Exporting (Lower risk, less control)

86
Q

What are the four barriers to international trade?

A

Socio-cultural differences
Economic differences
Political and legal differences
Protectionism

87
Q

Explain how socio-cultural differences are a barrier to trade. (5)

A

Nonverbal communication
Forms of address
Attitudes toward punctuality
Religious celebrations
Business practice/gifts

88
Q

Explain how economic differences are a barrier to trade. (6)

A

Population
Per capita income
Economic growth rate
Currency exchange rates
Stage of economic development
Infrastructure

impacts the ability to provide a profitable good to meet the needs of the market

89
Q

Explain how political and legal differences are a barrier to trade. (4)

A

Political regimes differ around the world
Laws and regulations
Political climate
International trade restrictions

90
Q

Trade is restricted through… (4)

A

Tariffs
Quotas
Voluntary export restraints (VER)
Embargos

91
Q

What’s free trade?

A

the unrestricted movement of goods
and services across borders

92
Q

What has GATT (general agreement on tariffs and trade) done for free trade?

A

encompasses 125 nations and has slashed tariffs by about 30%

93
Q

What has WTO (World Trade Organization) done for free trade?

A

promotes international trade and settles trade disputes

94
Q

What’s the world bank?

A

made up of 185 member countries; provides financial assistance and low-interest loans

95
Q

What’s the IMF (International Monetary Fund)?

A

supports stable exchange rates and facilitates international payments

96
Q

What are trading blocks?

A

Groups of countries promoting the free flow of goods and services

97
Q

Give me two examples of trading blocks.

A

European Union (EU) and The United States-Mexico-Canada Agreement (USMCA)

98
Q

What does human resource management do? (4)

A

maximizing the effectiveness of the workforce by
- Recruiting and retaining world-class talent
- Promoting career development
- Boosting organizational effectiveness

99
Q

What are the major hurdles for resource management? (4)

A
  • generational gaps
  • work/life balance
  • wage gap
  • class action lawsuits
100
Q

Why is retention critical once the hiring process is complete? (2)

A
  • Significant time and resources go into the hiring process
  • Huge competition for top talent
101
Q

What’s internal recruiting?

A

transferring or promoting employees within the company

102
Q

What are the pros of internal hiring?

A
  • boosts morale
  • proven track record
  • has lower recruiting costs
103
Q

What’s external recruiting?

A

looking for employees outside the firm

104
Q

What are the recruiting resources for external hires? (5)

A
  • Employment websites
  • Newspaper ads
  • Trade associations
  • Colleges/universities
  • Employment agencies
105
Q

What’s the hiring steps? (4)

A

Application
Interviews
Testing
References and background checks

106
Q

How long does the probationary period last with new hires?

A

3 to 6 months

107
Q

What are the three types of contingent (occasional) workers?

A
  1. Temporary full-time workers
  2. Independent contractors
  3. On-call workers
108
Q

What are performance appraisals?

A

formal feedback to compare actual performance to the expected results; outcomes may impact compensations, incentives, promotions, transfers, and terminations

109
Q

What factors is compensation based on? (5)

A

Competitive environment and industry
Contribution and performance
Ability to pay
Cost of living
Legislation

110
Q

What’s a compensation?

A

the combination of pay and benefits

111
Q

What’s a wage?

A

pay in exchange for the number of hours or days that an employee works

112
Q

What’s a salary?

A

the pay that employees receive over a fixed period

113
Q

What are benefits?

A

non-cash compensation such as health care and vacation

114
Q

What are the three types of flexible scheduling?

A
  1. Flextime (employees choose when they start their day and when they finish)
  2. Compressed workweek (work 40h in 4 days instead of 5 days)
  3. Telecommuting
115
Q

What are the pros of telecommuting for offices? (3)

A

Lower costs of upkeep
Better morale leads to more productivity
Access to broader talent pool

116
Q

What are the pros of telecommuting for employees? (4)

A

More flexibility
Zero commute time
Better work-life balance
Casual and less distractions

117
Q

What are the cons of telecommuting for offices? (3)

A

Difficult to keep an office culture
Difficult for teamwork
Difficult to monitor employees

118
Q

What are the cons of telecommuting for employees? (3)

A

Less influence within the organization
Isolation
Less fast-track career potential

119
Q

What are the pros of telecommuting for the environment? (3)

A

390 million L of fuel saved/year if everyone does it 2 days/week

less energy consumption

Reduced carbon footprint

120
Q

Why do employees leave a company? (7)

A

Promotion
Hired by another firm
Fired
Laid off
Transferred
Career change
Personal reasons

121
Q

What is the employment equity act?

A

aims to achieve equality in the workplace; applies to all federally regulated employers that have 100 or more employees

122
Q

What is the employment standards legislation?

A

defines minimum workplace standards, such as hours of work and minimum wage

Business (4 decks)

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