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Exam Prep > Intro to Business Management > Flashcards

Intro to Business Management Flashcards

1
Q

What are the 4 functions of management?

A

Planning, leading, organizing, controlling.

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2
Q

Planning is?

A

Determining what the business needs to do and the best way to achieve it. Inclusive of strategic plans, tactical plans, and operational plans.

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3
Q

Organizing is?

A

Determining how to use existing resources to implement the plan
Arranging jobs in a structure to create an efficient task system

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4
Q

Leading is?

A

Guiding and motivating subordinates to meet objectives

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5
Q

Controlling is?

A

monitoring a firm’s performance and implementing changes as necessary

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6
Q

Types of managers include?

A

Top, middle, first-line

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7
Q

Areas of management include?

A

marketing, finance, operations, HR, information

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8
Q

Critical managerial skills include?

A

Time management, decision making

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9
Q

Formulating strategy?

A

Setting strategic goals and long-term goals based on the mission statement
Analyzing the organization and its environment (SWOT)
Matching the organization to its environment

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10
Q

what does SWOT analysis stand for?

A

Strengths, weaknesses, opportunities, threats

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11
Q

What is the hierarchy of plans?

A

Strategic (2-5y), tactical (1-2y), and operational plans

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12
Q

What are the levels of strategy and what do they do?

A

Corporate: what business will be pursued, how are the businesses related (concentration, growth, integration, diversification, investment reduction)
Business: how will we compete in our chosen area (cost leadership, differentiation, focus)
Functional: what can we do to meet our overall goals (by department/location/etc)

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13
Q

Contingency planning vs crisis management?

A

Contingency planning is acknowledging what can happen and making plans in accordance with preventing/dealing with it. Crisis management deals with an unexpected problem in the moment.

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14
Q

What elements make up a firm’s organizational culture?

A

Personality, shared experiences of employees, stories, beliefs and norms that characterize the organization

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15
Q

How can the culture be communicated?

A

Managers understand the culture, having a clear mission statement, telling employees beliefs etc, reward those who promote and maintain the culture, managing changes

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16
Q

External vs organizational environment?

A

Outside vs inside the organization.

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17
Q

What makes up the five-forces model?

A

industry rivalry; bargaining powers of suppliers, threat of new entrants, bargaining power of consumers, threat of substitutes

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18
Q

Types of environments and what make them up?

A

Econ environment
Tech environment
Political-legal environment
Socio-cultural environment
Business environment
Global environment

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19
Q

Divestitures and spinoffs?

A

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

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20
Q

3 major world marketplaces?

A

NA (Canada, US, Mexico)
Europe (traditional vs new)
Pacific/asia (Japan, China, India)

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21
Q

Emerging markets?

A

South korea
Thailand
Indonesia
Ukraine

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22
Q

What makes up the diamond?

A

National competitive advantage
Areas which determine whether a country has an advantage in this given thing or not
Demand conditions, favourable factor conditions, related and supporting industries, firm strategy, structure and rivalry

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23
Q

What is a new venture?

A

Recently formed w/in last 12 months, sells goods/services

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24
Q

What is the entrepreneurial process?

A

Identifying opportunities: generating ideas, screening ideas
The idea: adds or creates value, provides a competitive advantage, marketable and financially viable, low exit costs
Developing the opportunity: business plan

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25
Q

Roles of small businesses in Canada?

A

98% of employer businesses in canada are “small”
Primary source of job creation
Leaders in innovation and new technology
Increasing role of female entrepreneurs
Women now account for about half of all new businesses
Rise of “mompreneurs”

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26
Q

What is bootstrapping?

A

Doing more with less, aka being poor and still managing to make something out of limited funds

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27
Q

Assessing the “fit”?

A

Entrepreneur - opportunity fit: is it possible?
Opportunity - resources fit: can required resources be acquired?
Entrepreneur - resources fit: capacity to meet requirements?

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28
Q

What are some benefits of franchising (for the franchiser)?

A

Attain rapid growth
Share advertising costs
Increased investment money
Development of a motivated sales team
Increased revenue
No local business issues

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29
Q

What are some benefits of franchising 9for the franchisee)?

A

Expert advice and training provided
Low failure rates
Well-developed brands
Keep most of the profits
Help with external financing
Access to management expertise
Economies of scale in buying supplies
No need to build a business from scratch

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30
Q

Advantages and disadvantages of a sole proprietorship?

A

Advantages: freedom, simplicity, low start-up costs, tax benefits
Disadvantages: unlimited liability, lack of continuity, difficult to raise money, reliance on one individual

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31
Q

Public vs private corporations?

A

Owned by the government of public stock ownership vs completely private ownership.

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32
Q

What is a co-operative?

A

An organization formed to benefit its owners through reduced prices and distribution of surplus

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33
Q

Job description vs job specification?

A

What will be expected/required vs skills, abilities, credentials needed

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34
Q

HR demand and supply elements?

A

Internal supply (people building skills, promotions, moving up in the ranks)
External supply (people coming in to the company)
Replacement charts (who will replace who, where can people move and who will need shoes filled)
Skills inventories (who knows what, what is lacking, what is abundant)

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35
Q

Training and recruitment?

A

There’s a ton of shit, just list most of it and you’re good.

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36
Q

Incentives for work/work improvement?

A

Price-rate plan
Bonus
pay-for-performance
Pay-for-knowledge
Team/group incentives

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37
Q

Non-financial rewards for workers include___?

A

Mandated protection plans
Optional protection plans
Paid time off
Wellness programs
Cafeteria-style benefits plan

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38
Q

Comparable worth in the business environment includes?

A

Equal wages for equal work
Jobs must be classified based on qualifications
Jobs with similar requirements must be paid the same
Critics argue that such approaches ignore the supply-and-demand aspects of labour

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39
Q

Aggregate output?

A

total quantity of goods and services produced by an economic system during a given period

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40
Q

Purchasing power parity?

A

principle that exchange rates are set so that the prices of similar products in different countries are about the same

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41
Q

Fiscal vs Monetary policies?

A

Fiscal policies: policies whereby governments collect and spend revenues
Monetary policies: Policies where the government controls the nation’s money supply

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42
Q

What is acquisition?

A

the purchase of a company by another, larger firm that absorbs the smaller company into its organization

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43
Q

What is a franchise?

A

an arrangement that gives a franchisee (the buyer) the right to sell the product of the franchiser (the seller)

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44
Q

What are business incubators?

A

facilities that support small businesses during their early growth phase by providing basic services, office space, legal advice, and more

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45
Q

What is unlimited liability?

A

a person who invests in a business is liable for all debts incurred by the business; personal possessions can be taken to pay debts

46
Q

What is an income trust?

A

a structure allowing companies to avoid paying corporate level income tax if they distribute all or most if their earnings to investors

47
Q

WHAT IS A LISENCING ARRANGEMENT?

A

arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country

48
Q

What is an embargo?

A

a government order forbidding exportation or importation of a particular good

49
Q

What is risk propensity?

A

how much a manager is willing to gamble to make a decision

50
Q

What is departmentalization?

A

how people performing certain tasks can be grouped together

51
Q

What is delegation?

A

assignment of a task, a responsibility, or authority by a manager to a subordinate

52
Q

What is a divisional structure?

A

divides the organization into divisions, each of which operates as a semi-autonomous unit

53
Q

What is an international organizational structure?

A

organizational structure designed to to help a company succeed in international markets. International departments, international divisions, and an integrated global organization are all variations of the international organizational structure

54
Q

What is a gainsharing plan?

A

incentive program in which employees receive a bonus if the firm’s costs are reduced because of their greater efficiency/productivity

55
Q

What are the different types of union-employer relationships?

A

Closed shop: a union-employer relationship in which the employer can hire only union members
Union shop: a union-employer relationship in which the employer can hire non-unionized workers, but they must join the union within a certain period
Agency shop: a union-employer relationship in which all employees for whom the union bargains must pay dues, but they are not required to join the union
Open shop: a union-employer relationship in which the employer may hire union or non-union workers

56
Q

What is arbitration?

A

method of settling a contract dispute in which a neutral third party imposing a binding settlement on the disputing parties

57
Q

What is operations planning and control?

A

business plan, long-range operations plan, operations schedules, operations control, output to customers

58
Q

Process vs product layout?

A

Process layout: a way of organizing production activities such that equipment and people are grouped together according to their function. Also called a custom-product layout
Product layout: a way of organizing production activities such that equipment and people are set up to produce only one type of good

59
Q

Gantt vs pert chart?

A

Gantt chart: scheduling tool that diagrams steps to be performed and specifies the time required to complete each step
PERT Chart: production schedule specifying the sequence and critical path for performing the steps in a project

60
Q

What are lean production systems?

A

a type of production system that avoids inefficiencies by eliminating unnecessary inventories and continuously improving production processes

61
Q

Manufacturing resource planning (II)?

A

advanced version of MRP that ties together all parts of the organization into the company’s production activities

62
Q

What is quality ownership?

A

the concept that quality belongs to each employee who creates or destroys it in producing a good or service; the idea that all workers must take responsibility for producing a quality product

63
Q

What is value-added analysis?

A

the evaluation of all work activities, material flows, and paperwork to determine the value they add for customers

64
Q

What is a control chart?

A

a statistical process control method in which results of test sampling of a product are plotted on a diagram that reveals when the process is beginning to depart from normal operating conditions

65
Q

Accounting information system?

A

an organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports

66
Q

Chartered accountant?

A

an individual who has met certain experience and education requirements and has passed a licensing examination; acts as an outside accountant for other firms

67
Q

Certified general accountant?

A

an individual who has completed an education program and passed a national exam; works in private industry or a CGA firm

68
Q

Certified management accountant?

A

an individual who has completed a university degree, passed a national examination, and completed a strategic leadership program; works in industry and focuses on internal management accounting

69
Q

Assets, liability, owner’s equity?

A

Asset: anything of economic value by a firm or individual
Liability: any debt owed by a firm or individual to others
Owner’s equity: any positive difference between a firm’s assets and its liabilities; what would remain for a firm’s owners if the company were liquidated, all its assets were sold, and all its debts were paid

70
Q

Accounts payable?

A

amounts due from the firm to its suppliers for goods and/or services purchased on credit; a form of current liability

71
Q

What is gross profit?

A

a firm’s revenues (gross sales) less its cost of goods sold

72
Q

What is operating income?

A

compares the gross profit from business operations against operating expenses

73
Q

What are solvency ratios?

A

ratios that estimate the financial risk that is evident in a company

74
Q

What is a short-term solvency ratio?

A

financial ratio for measuring a company’s liability and ability to pay immediate debts

75
Q

What is a current ratio?

A

financial ratio for measuring a company’s ability to pay current debts out of current assets

76
Q

What are profitability ratios?

A

measures of a firm’s overall financial performance in terms of its likely profits; used by investors to assess their probable returns

77
Q

Return on equity?

A

a form of profitability ratio calculated as net income divided by total owner’s equity

78
Q

Return on sales?

A

ratio calculated by dividing net income by sales revenue

79
Q

Relationship marketing?

A

marketing strategy that emphasizes building lasting relationships with customers and suppliers

80
Q

Marketing mix?

A

a combination of product, pricing, promotion, and place (distribution) strategies used to market products

81
Q

Behavioural variables?

A

behavioural considerations such as benefits sought, loyalty status, usage rate, user status, and occasion for use that may be used in developing a segmentation strategy

82
Q

Industrial vs institutional market?

A

Industrial market: an organizational market consisting of firms that buy goods that are either converted into products or used during production
Institutional market: organizational market consisting of nongovernmental buyers of goods and services such as hospitals religious organizations, museums, and charities

83
Q

What is buzz marketing?

A

marketing that relies on word of mouth to spread buzz about a product or idea

84
Q

What are market share/market penetration objectives?

A

a company’s percentage of the total industry sales for a specific product type

85
Q

What is the breakeven point?

A

sales volume where the seller’s total revenue from sales equals total costs (variable and fixed) with neither profit nor loss

86
Q

Psychological pricing?

A

a pricing tactic that takes advantage of the fact that consumers do not always respond rationally to stated prices

87
Q

Push vs pull strategy?

A

Push strategy: a promotional strategy in which a company aggressively pushes its product through wholesalers and retailers to persuade customers to buy it
Pull strategy: promotional strategy where a company appeals directly to customers who then demand the product from retailers which then demand the product from wholesalers

88
Q

What is an intermediary?

A

an individual or firm that helps to distribute a product

89
Q

What is a broker?

A

independent intermediary who matches sellers and buyers as needed, often without knowing in advance who they will be

90
Q

What is a channel conflict?

A

conflict arising when the members of a distribution channel disagree over the roles they should play of the rewards they should receive

91
Q

T or F? An organization can have one job and many positions for that job.

A

True

92
Q

The central bank of Nation Z would most likely _______ if the nation’s economy falls into a recession or even depression?

A

lower interest rates – NOT raise level of government spending

93
Q

What kind of ownership structure best fits the “typical business”?

A

Incorporated businesses

94
Q

In conducting a SWOT analysis for your company, you would typically classify _____ as a ____.

A

new products from competitors; threat

95
Q

Free trade agreements are?

A

low in complexity and also low in terms of their levels of integration

96
Q

“The Heinekin Candidate” media clip deals with how to ______. Whether this approach was successful in terms of validity, reliability, and diversity is debatable.

A

Select an individual

97
Q

T or F? When deflation starts occurring in an economy, purchasing power increases over time.

A

True

98
Q

Organizations in Canada such as Alterna Savings and other Credit Unions are ____________________ that are controlled by the people who use it - i.e., producers, consumers and workers with similar needs and who are pooling their resources for mutual benefit.

This form of ____________ also exists outside of the financial industry in many other industries.

A

general and limited partnerships; legal ownership

99
Q

________ is a key primary role of managers regardless of the types of organizations in which they work.

A

Helping subordinates do their work

100
Q

According to entrepreneur Sir Richard Branson, he eventually had more success with _________________ and not with ____________ when he was initially seeking financing for Virgin Atlantic.

A

suppliers; his banking institution

101
Q

The European Union (EU), The United-States - Mexico - Canada (USMCA) Free Trade Agreement, and others such as “The Comprehensive and Progressive Agreement for Trans-Pacific Partnership” (CPTPP), and MERCOSUR are collectively examples of _____________ among nation states.

A

levels of trade, economic and political integration

102
Q

Promotional mix?

A

Advertising, personal selling, sales promotions, publicity, public relations

103
Q

Types of sales promotions?

A

Coupons, giveaways, sweepstakes, p-o-p displays, purchase incentives, trade shows, contests

104
Q

Marketing managers try to maintain favour by?

A

Gaining public support for products, advertising for public awareness of important issues, lobbying and contributing to political parties (within restrictions)

105
Q

What makes up the marketing mix?

A

Product, place, price, promotion

106
Q

What is the consumer buying process?

A

Problem/need recognition, information seeking, evaluation of alternatives, purchase decision, post-purchase evaluation

107
Q

Product mix vs product line?

A

The variety of products a company has for sale vs a stream of similar products that buyers might be interested in by need or association

108
Q

Types of brand names?

A

International (Kellog’s), private (President’s Choice), and generic (house-brand sold under the category name rather than a company name)

109
Q

Examples of intangible assets?

A

Patents, trademarks, franchise fees, copyrights

110
Q

Four drivers of operations?

A

Quality, flexibility, lower prices, dependability

111
Q

Tools for process control?

A

Worker training, material requirements training, just-in-time production systems, quality control

112
Q

Material requirements planning (MRP I)

A

computerized bill of materials estimates production needs, resources are acquired and put into production only as needed

Exam Prep (2 decks)

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