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Business in a Global Context > Mid-term review > Flashcards

Mid-term review Flashcards

1
Q

Crown Corporations
example

A

-government owned
- trend is towards privatization
- some provinces use to invest in the province
example: Canada Post, CBC

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2
Q

gov

Taxation and Financial policies

List the 3 and give definitions

they rely on

A

**Federal government **
-relies on income tax and tax revenue to fund its activities
**Provincial government **
-rely on income tax and sale tax
Municipal government
rely on property tax

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3
Q

Purchasing policies

3

A
  • Fiscal policy
  • Federal government
  • federal procurement policy
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4
Q

Fiscal Policy

A

How to government collects and spends money

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5
Q

monetary policy

A
  • Bank of canada
  • interest rates
  • inflation

how bank supports sustainable economic growth

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6
Q

Department of finance

what do they do

A

determines fiscal and monitary policies

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7
Q

Socio-Cultural environment

A
  • customs, values, attitudes
  • customer preferences and taste (within cultures)
  • ethical compliance and responsible behaviour
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8
Q

Porters 5 Forces

A
  • Bargaining power of consumer
  • bargaining power of supplier
  • risk of entry by competitor
  • Threat of substitude product
  • Rivalry among established frims
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9
Q

Risk of entry by Competitors

Porters 5

A

Barriars to enter
- brand loyalty
- absolute cost advantage
- economies of scale
- government regulation

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10
Q

Rivalry among established Companies

porters 5, if weak…

A

If rivalry is weak
- companys can play with price
- can increase profitability

If rivalry is strong
- price wars
(price drops= profitability drops)

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11
Q

when is it higher?

Bargaining Power of Buyers

Porters 5

A

higher when
- many small sellers and few large buyers
- buyers purchase in large quantity
- buyers account for large potential sellers

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12
Q

when is it high?

Bargaining power of suppliers

A
  • sellers product has few substitudes and is important to buyer
  • when the buyers industry is not an important customer to supplier
  • when suppliers can vertically integrate
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13
Q

What do you never want when it comes to bargaining power?

porters

A

-never want customers to have buying power over your company

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14
Q

Political- Legal Environment

relationship…

A

Relationship between business and government
- pro or anti business sentiment

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15
Q

the 5 Government Activites

A
  1. Crown Corporations
  2. Laws+ regulations
  3. taxation + financial policies
  4. financial aid
  5. purchasing policies
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16
Q

Who is the largest buyer of goods and services

A

Federal Government

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17
Q

What can Federal procurement policies incluence?

A

Regional Economies and companies

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18
Q

What is Economics?

A

how societys produce and distribute their goods and services amongst various segments of their population

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19
Q

what are the Four “whats” of an Economic System

A
  1. what determines what (and how much) is produced
  2. what determines how it is produced
  3. what determines how the economies output is devided amongst the people
  4. what determines the rate of growth the economy is expected to achieve
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20
Q

3 topics of Economic Philosophy

___ Economy

A
  • Market Economy
  • command economy
  • Mixed economy
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21
Q

(economic Philosophy)

Market Economy

what determines it

A

goods and services that a country produces and the quantity its produced
(isnt planned)
determined on price and demand

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22
Q

(economic Philosophy)

Command Economy

WHO determines it

A

Goods and services that country produces, the quantity in which they are produced, and price at which they are sold
(planned)
determined by gov

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23
Q

(economic Philosophy)

Mixed Economy

A

Elements of Command and Market economy

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24
Q

Capitalism

A

an economic and political system in which a country’s trade and industry are controlled by private owners for profit.

25
The Systems to rights and freedom there’s 5 what do u have to right to do
- rights to make profit - to private propoerty - to buy and sell - freedom to compete - freedom from gov interference
26
# Economics What does a Supply curve look like?
As the price of a given commodity increases, the quantity supplied increases
27
# economics Demand Curve
as the price rises, the demand falls
28
Equilibrium point
Market equilibrium, when supply and demand are equal
29
what is John Maynard Keynes Philosophy
You should borrow during bad times and spend to help economy you should pay off in good times to prepare for bad times
30
Productivity Gain
produce greater qualiy of goods and service in same labour hours
31
3 Types of Unemployment | what contributes to it
cyclical- getting laid off ( when market cycles) Seasonal - Ski hill, summer camp Structural - restructuring company | Recession, government, tech change have all contributed a lot
32
Inflation | how do you determine how many years
Rise in price level of goods and services 72/ rate of inflation= # of years that prices will double due to inflation
33
National Dept
Government has adopted Keynesian Economics and deficit spending ## Footnote Keynesian- prices are somewhat rigid, fluctuations in any component of spending
34
Socialist
Reduced Government role in economy
35
What are Ethics | When does it become more complicated?
Accepted principles of what is right or wrong governing the conduct of people and organizations | When dealing with other countries
36
What are some questionable Ethical behaviours
- Gold mining ( getting gold, then releasing toxins) - Nestle (baby food formula) - selling expired medical supplies in other countries
37
Corporate social responsibily (CSR) | 3 Levels
- Public interest groups (supplier/distributors) - General Public (customers) - Ecologocial environment ( employees)
38
Reactions to CSR | corporate social responsibility
- established ethics departments - undertaken a social audit - stakeholders have actively enouraged companies to be proactive
39
External Stakeholders | Name 3/7
- Customers - Suppliers - Goverment - Unions - Local communities - General Public
40
Vision Statement
a business document that states the current and future objectives of an organization must aline with the mission statement
41
Mission Statement
A mission statement does not explain what a company does or how it does it. It attempts to succinctly explain why a company exists and what its purpose is.
42
Primary vs Secondary Goals
The primary goal provides the initial push which activates the cognitive calculus that incorporates all of the secondary goals. Secondary goals then function to shape, and typically to constrain, the behaviors whose overriding purpose is to alter the behavior of the target.
43
# ????? Opportunity and threat in three Environments | External or Internal?
Immediate industry Macro-environment National | External
44
Competitve Advantage | external or internal
Value creation, Low cost and differentation -earning extraordinary profits sustained competitive advantage -> maintained over a number of years
45
Distinctive Competencies, Ressources, Capabilities
required = - unique - valuable - difficult to imitate (Rare hard to find and valuable)
46
Tangible ressources
Something you can touch (things you have) - cash - equipement - building
47
Intangible ressources
things you cant touch, - Brand names - reputation - patent - marketing
48
# what makes a business function Functional Level strategy | name 3/5
- Manufacturing - marketing - materials Management - Research and development - Human ressources
49
Business Level Strategy what do companies want?
companies' deliberate and purposeful actions to achieve competitive advantage within their specific market segments.
50
# __ vs __ Business level strategy Emphasis | list all 4
Low cost vs Differentation 1. focused low cost 2. focused differentation 3. broad low cost 4. broad differentation
51
Global strategies
When businesses define one global brand, making little to zero changes for other markets. example: Apple
52
Pressures of Global responsiveness
arise from differences in infrastructure or traditional practices among countries, creating a need to customize products accordingly.
53
Multi domestic business strategy
focuses on creating multiple, country-specific brands instead of one global brand,
54
International Business strategy
Typically, it refers to the plans of actions or policies designed to achieve an overall goal of private companies rather than governments Different price points
55
global Business strategy
A global strategy is a plan to help a company grow from an international business (which sells products or services in other countries) to a global business
56
transnational Business strategy
type of global expansion strategy that companies use to combine high responsiveness to local preferences with greater efficiency and cost savings
57
Corporate level strategy
Corporate-level strategy means the overall plan for the future of the business. The strategy involves decision-making for financials, employees, management, and goals for the company
58
Diversification strategy
Diversification is most often done by investing in different asset classes such as stocks, bonds, real estate, or cryptocurrency. Expanding your goods/ services offered

Business in a Global Context (2 decks)

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