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GMGT 1010 > Functional Areas of Business > Flashcards

Functional Areas of Business Flashcards

1
Q

Key Functional Areas of Business

A

HRM, finance, accounting, supply chain management, operations management, marketing

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2
Q

people domain

A

managing interpersonal relationships within organizations

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3
Q

money domain

A

associated w Aristotle’s ideas about chrematistics

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4
Q

managing other organizations and resources domain

A

ideas about managing relationships btwn organizations

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5
Q

value chain

A

the sequence of activities whereby an organization acquires the resources it needs, engages In day-to-day operations to use and add value to these resources and utilizes it’s value-added outputs to further it’s interests

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6
Q

HR domains and value chain

A

domain: people
value chain: input (hiring), conversion (training), output (dismiss employees)

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7
Q

finance domain and value chain

A

Domain: money
Value chain:
Input (raising money/financing), output ( spending money/investment)

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8
Q

accounting domain and value chain

A

Domain: money
Value chain:
Conversion process( auditing, creating reports for transparency for how $ spent)

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9
Q

supply chain management domain and value chain

A

Domain: resources

Value chain: Inputs (managing inventory coming in)

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10
Q

operations management domain and value chain

A

Domain: resources

Value chain:
Conversion Process (how do you deal with inputs to make your products )

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11
Q

marketing domain and value chain

A

Domain: resources

Value chain:
Outputs (how are all our resources going to who we’re selling to?)

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12
Q

supply chain management focuses on

A

inter-organizational logistics, and specifically on ensuring that organizations find optimal ways to acquire the supplies that they need from other organizations

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13
Q

globalization

A

the increasing movement of goods, services and capital across national borders

-aided by neoliberalism policies/free trade

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14
Q

transnational corporations

A

firms that control assets abroad

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15
Q

international financial and trade institutions

A

organizations/institutions that support globalization
ie WTO, world bank, UN

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16
Q

problem w international financial and trade institutions

A

these guidelines they give aren’t laws, difficult to implement/ensure businesses follow

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17
Q

International NGOs (non governmental organizations) in Supply Chain Management:

A

keep companies accountable on human rights violations, environmental standards. Evaluate externalities that businesses aren’t.

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18
Q

globalization and the race to the bottom

A

The race to the bottom refers to a firm’s attempts to undercut competitor prices by sacrificing standards in areas such as quality, safety and wages.

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19
Q

attempts to fix working conditions in developing countries

A

company level policies and programs, global codes of conduct for corporations, multi-stakeholder initiatives (private regulation)

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20
Q

company level policies and programs in fixing working conditions

A

Practices, codes of conduct, standards within individual companies that aim to address these issues

-Nike (procedures for how they hire factories)
-Gap
-H&M wage increase (minimum wage requirement for factory contract)

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21
Q

problem w company level policies and programs in fixing working conditions

A

how do we implement this?? factories can subcontact other factories etc

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22
Q

global codes of conduct for corporations

A

The UN Global compact

The OECD guidelines for multinational corporations

Principles for CSR (Kairos Canada)

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23
Q

multi stakeholder initiatives (private regulation) in attempts to fix labour conditons

A

Reporting standards
-Global reporting initiative (GRI)

Certification standards
-International organization for standardization (ISO)
-Forestry Stewardship Council (FSC)

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24
Q

operations management

A

includes both production management and service operations, refers to directing and controlling the processes that convert an organization’s resources (inputs) into finished goods and services (outputs)

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25
Q

externalities

A

the cost or benefit that affects a party who did not choose to incur that cost or benefit, often lead to market failures

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26
Q

what is a market failure?

A

when the allocation of goods and services within the market is not efficient, leads to misallocation of resources

27
Q

business as a contributor of climate change

A

Business has been a major contributor to carbon in the atmosphere

Funding climate change skepticism

Lobbying against regulation

28
Q

negative impacts of climate change on business

A

Climate change is changing the landscape of business

-Businesses that depend on water

-Tourism

-Commodity-based businesses (oil, steel)

29
Q

business as a part of the solution of climate change

A

technological innovations (clean energy), meat replacements

30
Q

ways to limit environmental harm caused by business

A

regulations, laws, market driven approaches, environmental NGOs, multistakeholder initiatives, corporate driven approaches

31
Q

environment canada

A

Federal dpt responsible for the environment. Operates various programs, tracks and reports on environmental issues, administers environmental legislation and regulations

32
Q

Canadian Council of Ministers of the Environment (CCME)

A

Comprises of environment ministers from the federal/ provincial, and territorial governments and meets at least once a year to discuss national environmental priorities and determine work to be carried out under the auspices of CCME

33
Q

Canadian Environmental Assessment Agency (CEAA)

A

provide high-quality environmental assessments that contribute to informed decision making relating to sustainable development

34
Q

strengths of environmental regulations

A

Power for oversight and sanctions in cases of non-compliance

Externally controlled so more stakeholder interests considered

35
Q

weaknesses of environmental regulations

A

Susceptible to lobbying and corporate influence

Can be viewed by industry as inefficient since government may not have the necessary knowledge of an industry

Cannot regulate outside jurisdiction

36
Q

strengths of environmental laws

A

Have the power to enforce compliance and can sanction non-
compliance

Potentially less susceptible to influence than regulations

37
Q

weaknesses of environmental laws

A

Fines are often not a deterrent for large corporations
Several instances where corporate executives have avoided criminal
accountability

38
Q

market driven environmental approaches

A

Market incentives for protecting the environment

-Carbon tax
-Emissions trading
-Emission reduction credits (offsets)
-Carbon capture and storage

39
Q

strengths of market driven environmental approaches

A

Incentives for companies

Potentially “efficient” bc it is incorporated into the market

40
Q

weaknesses of market driven environmental approaches

A

Allows corporations to continue to be environmentally destructive without addressing internal issues

41
Q

greenpeace canada

A

Greenpeace is an independently funded
organization that works to protect the environment”

42
Q

energy probe

A

“Energy Probe is a consumer and environmental research team, active in the fight against nuclear power, and dedicated
to resource conservation, economic efficiency, and effective utility regulation”

43
Q

friends of the earth canada

A

charitable, non-profit environmental organization. Our mission is to serve as a national voice for the environment, working with others to inspire the renewal of our communities and the earth, through research, education and advocacy”

44
Q

pollution probe

A

Canadian environmental organization that defines environmental problems through research, promotes understanding through education, and presses for practical solutions through advocacy”

45
Q

strengths of environmental NGOs

A

Can effectivley pressure corporations into changing policies

Externally (stakeholder) controlled

46
Q

weaknesses of environmental NGOs

A

Does not possess the same amount of power as regulations or laws

Potential for co-optation

47
Q

Multi-stakeholder environmental initiatives

A

Numerous organizations and actors from different areas come together to develop standards, rules, policies, and principles around environmental performance

48
Q

strengths of Multi-stakeholder environmental initiatives

A

Inputs from multiple stakeholders

Are often transnational in focus

Encourage collaboration and cooperation

49
Q

weaknesses of Multi-stakeholder environmental initiatives

A

Voluntary (can withdraw)

Slow progress

Often watered-down to satisfy all parties

50
Q

corporate driven environmental approaches

A

Almost all corporations have policies and programs aimed at addressing environmental issues

51
Q

strengths of corporate driven environmental approaches

A

Internally controlled for more likelihood for efficiencies and integration

Company buy-in

52
Q

weaknesses of corporate driven environmental approaches

A

No external oversight or enforcement

Company has complete discretion

53
Q

marketing

A

“planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services.

Marketing affects almost every aspect of daily life, and it is something you are exposed to all the time. From deciding how to package a product (and what the product should be) to getting the product to market, marketers perform a wide variety of tasks”

54
Q

consumer capitalism

A

a theoretical economic and social political condition in which consumer demand is manipulated, in a deliberate and coordinated way, on a very large scale, through mass-marketing techniques, to the advantage of sellers

55
Q

consumerism and the natural environment

A

It is not enough simply to “green” consumption by buying more sustainably produced goods- it is essential to reduce consumption.

56
Q

systematic barriers

A

obstacles within social, economic, or organizational structures that disadvantage certain groups of people based on factors such as race, gender, ethnicity, disability or socioeconomic status

57
Q

systematic barriers manifest in the form of

A

Policies
Practices
Norms
Attitudes

58
Q

finance concerned with

A

raising money and spending money

58
Q

accounting concerned with

A

the measurement of wealth and the financial impact of transaction

59
Q

income inequality

A

the extent to which income is evenly distributed within a population

60
Q

how do we measure income inequality

A

gini coefficient

61
Q

arguments for economic inequality

A

-promotes innovation
-if everyone is equal no one is exceptional

62
Q

arguments against inequality

A

as we see an increase in inequality…
-decrease in life expectancy
-increase in infant mortality
-increased social problems

GMGT 1010 (3 decks)

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