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Introduction to Business Management > Lecture 1 > Flashcards

Lecture 1 Flashcards

1
Q

What is a business

A

An organization that produces or sells
goods and services or services to make
a profit

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2
Q

Give an example of a tangible product/service targeting people

A

airlines, health, hotels, restaurants, hairdressers, gyms, etc.

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3
Q

Give an example of an intangible product/service targetting people

A

radio, consulting, training, psychotherapy

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4
Q

Give an example of a tangible product/service targeting possessions

A

repair, cleaning, landscaping, retail

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5
Q

Give an example of an intangible product/service targeting possessions

A

information, accounting, banking, insurance, lawyers

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6
Q

Put the type of managers in order from lowest to highest

A

Non-managerial workers, first-line managers, middle managers, top managers, Board

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7
Q

Put the types of managers in the Canadian Government in order from lowest to highest

A

Officers/Analysts, Deputy Directors, DGs and Directors, DM/ADM, Ministers (MP)

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8
Q

What is the equation for profit

A

Profit = Revenue - Expenses

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9
Q

What does ‘factor of production’ mean

A

resources used by firms to create goods and services

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10
Q

What are the 5 factors of production

A
  1. natural resources
  2. capital
  3. human resources (labour)
  4. entrepreneurs
  5. information resources
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11
Q

What is a Market Economy

A

a country whose economy is more towards capitalism (more towards the right)

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12
Q

What is a Command Economy

A

A country whose economy is more towards socialism and communism (more towards the left)

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13
Q

What type of economy is Canada?

A

Mixed Economy

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14
Q

What are the 4 types of Economic Systems around the world

A

Capitalism, Mixed Economy, Socialism, Communism

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15
Q

What is the relationship between demand, supply, and price

A

When the price increases, supply rises while demand declines.
When the price drops, supply constricts while demand grows.

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16
Q

What is a Private Enterprise

A

business or industry that is managed by independent companies or private individuals rather than by the state (ex// Mcdonalds)

17
Q

In order for a Private Enterprise to occur, what economic system will have to be present?

A

A mixed/capitalist economy with little government restriction

18
Q

What are the 4 degrees of competition of Private Enterprises

A
  1. Perfect Competition
  2. Monopolistic Competition
  3. Oligopoly
  4. Monopoly
19
Q

Define Perfect Competition

A

A economy in which there are no monopolies. there are many buyers and sellers, and prices reflect supply and demand. Companies earn just enough profit to stay in business and no more. If they were to earn excess profits, other companies would enter the market and drive profits down.

A very rare, theoretical type of competition.

20
Q

Define a Monopolistic Competition

A

An imperfect economy where many companies are present in an industry, and they produce similar but differentiated products. None of the companies enjoy a monopoly, and each company operates independently without regard to the actions of other companies.

21
Q

What is Oligopoly Competition

A

a few companies rule over many in a particular market or industry, offering similar goods and services. Because of a limited number of players in an oligopolistic market, competition is limited, allowing every firm to operate successfully

22
Q

What are the 4 functions of Management that constitute the management process

A

PLOC
1. Planning
2. Leading
3. Organizing
4. Controlling

23
Q

What is the planning part of the management process?

A

Determining what the business needs to do and the best way to achieve it

24
Q

What is the ‘Organization’ part of the management process?

A

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

25
Q

What is the ‘Leading’ part of the management process?

A

Guiding and motivation subordinates to meet objectives.
Managers have various responsibilities with regard to their employees

26
Q

What is the control process of the management process

A

Setting and Achieving performance standards. Analyzing short-comings

27
Q

What are the 5 areas of management

A
  1. Marketing Managers
  2. Financial Managers
  3. Operations Managers
  4. Human Resources Managers
  5. Information Managers
28
Q

What is strategic movement

A

process of aligning the organization with its external environment

29
Q

What are strategic goals

A

perfomance objectives that a firm plans to achieve

30
Q

What are the three types of goals in terms of duration

A

Long term: more than 5 years
Intermediate: 1-5 years
Short term: less than 1 year

31
Q

what is SMART goals (an acronym)

A

Specific
Measurable
Achievable
Relevant
Time-Framed

32
Q

What is a mission statement

A

how the organization will achieve its purpose (reason for being)
clarifies who the organization serves, what it offers, and how it will be provided

33
Q

What is the SWOT analysis

A

an analysis of an organization and its environment
Internal - Strengths
Internal - Weaknesses
External - Opportunities
External - Threats

34
Q

What is the hierarchy plans for setting goals

A

Strategic Plans: Associated with senior managment, long term plans (2-5 years)

Tactical Plans: middle manager. Support strategic plans and define resource allocation (1-2 years)

Operational Plans: executed and finalized by first-line managers. For short term targets of less than a year.

35
Q

What are the three levels of strategy

A
  1. Corporate-level strategy : what businesses will we pursue? How do these businesses relate to each other?
  2. Business-level (competitive) strategy: How will we compete in our chosen area?
  3. Functional strategy: what actions can our department pursue to reach the overall goals?
36
Q

What is contingency planning

A

identify in advance changes that might occur and ways the company can respond to changes

37
Q

What is crisis management

A

methods for dealing with emergencies

38
Q

What is the formula for GDP

A

GDP = Consumption + Government Spending + Investement + Net Exports

39
Q
A

Introduction to Business Management (6 decks)

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