MGMT 1035 Week 12 Flashcards
What is Deindustrialization?
A process where industrial activity in a region or economy declines, often leading to shifts in employment and economic focus.
Linked to globalization, automation, and shifts in consumer preferences.
What is the Service Economy?
The sector of the economy focused on providing intangible goods or services.
Examples include healthcare, education, finance, and hospitality.
What percentage of global employment does the service sector account for?
The service sector accounts for 50% of global employment and contributes 67% to global GDP.
How has Canada’s employment landscape changed from 1867 to 1987?
In 1867, agriculture dominated employment. By 1987, service jobs had surpassed industrial and agricultural work.
What role did services play in industrialization?
Services like transportation, banking, and logistics supported manufacturing growth.
What was Detroit’s economic situation in 1930 and 2014?
1930: A thriving industrial city, driven by automotive manufacturing. 2014: Marked by economic decline, factory closures, and population loss.
What caused Detroit’s decline?
Outsourcing, automation, and the collapse of local industries contributed to Detroit’s decline.
What was Pittsburgh’s economic transition from 1905 to 2023?
Circa 1905: Pittsburgh was a steel powerhouse. 2023: Now a leader in healthcare, technology, and education.
What are the characteristics of services known as ‘The Five I’s’?
- Intangibility: Non-physical and cannot be transported. 2. Inseparability: Produced and consumed simultaneously. 3. Inventory: Cannot be stored. 4. Inconsistency: Each experience is unique. 5. Involvement: Providers and consumers must participate.
What is the environmental impact of the service sector?
Despite being ‘non-material,’ services can cause significant environmental harm, such as tourism polluting local ecosystems.
What is offshoring?
The location of productive facilities outside a firm’s home market to produce goods for that home market.
What are the key factors contributing to offshoring?
Institutions, advances in technology, and improved communication methods.
What challenges does offshoring present?
While it improves production efficiency, it increases global supply chain fragility.
What is the ADDAPT framework?
A framework with six interconnected capabilities to manage supply disruptions: Anticipate, Detect, Diagnose, Activate, Protect, Track.
What lessons can be learned from Loblaw’s experience during COVID-19?
Strengths included AI-powered demand management systems, but it lacked comprehensive plans for large-scale disruptions.
