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COMM102 > Midterm 1 Review > Flashcards

Midterm 1 Review Flashcards

1
Q

Business

A

An organization that strives for profit by providing goods/services

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2
Q

Standard of living

A

Country’s output of goods and services that people can buy with the money they have

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3
Q

Quality of life

A

General level of happiness among citizens, includes average wage, vacation days, life expectancy, etc

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4
Q

Risk

A

Product of exposure and hazard

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5
Q

Business Risk

A

Potential loss of resources (often time/money) affecting ability to meet goals

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6
Q

Revenue

A

The money a company earns

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7
Q

Expenses

A

Costs tied to running a business

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8
Q

Equation for profit:

A

Revenue-Expenses

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9
Q

Not-For-Profit

A

Business achieves goal other than profit (ie charity)

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10
Q

Role of federal Government

A 
Over see well being of Canadians:
Money/Banking
Trade
Foreign affairs
Defence 
Criminal law
Transportation
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11
Q

Fiscal Policy

A

How the government collects revenue and allocated expenses to stimulate economy (taxes, subsidies, inflow)

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12
Q

Mandate Policy

A

How the monetary authority controls supply of money and interest rates

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13
Q

What can the gov’t do in a recession to stimulate economy?

A

Lower tax rates, lower interest rates to give Canadians more expendable income

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14
Q

Roles of Provincial government

A

Administration of labour laws, education, health, protection of property and civil rights, natural resources, and environment

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15
Q

Municipal Government Roles

A

Deliver services- Water/sewer/waste collection, encourage economic development, regulate through bylaws

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16
Q

Other Roles of the Governments

A

Customer, competitor , provider of essential services, provider of incentives, taxation agent, regulator

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17
Q

What are some ways to protect creators?

A

Patents-Protection for inventors
Copyrights- Protection for creators of art or other intellectual property
Trademark-Design, name or other marks a manufacturer uses to identify its products in marketplace

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18
Q

What are cartels?

A

Agreements among companies to lessen competition

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19
Q

What rights are afforded to customers?

A

The right to be informed, safety, choice, be heard, privacy

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20
Q

What are the types of warranty?

A

Express-Promised orally or written

Implied-Not written or oral, but givens

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21
Q

What are some types of taxes in Canada?

A

Income, Property, Payroll, Sales, Excise (for products that cause damage to environment or health like cigarettes or alcohol)

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22
Q

Why does the government occasionally need to intervene in a free market?

A

Free market may be distorted (size and power), control prices, wages, and allocate public resources

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23
Q

What are anti trust regulations?

A

Regulations that prevent anti competitive behaviour from companies including price fixing, mergers of too large companies, predatory pricing

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24
Q

What are social regulations?

A

Aimed to protect customers environment, and provide safe and healthy working conditions
Discrimination- HR and skills development Canada
Safety and Health-OHS
Consumer- Office of Consumer Affairs
Environment- Environment Canada

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25
Q

What are the 4 stages of an organizational life cycle?

A

Intro, Growth, Maturity, decline (or renewal in bio pharmaceuticals industry)

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26
Q

What are the 4 categories of a growth share matrix?

A

Stars( High market share and market rate), Question marks (High market rate but low market share), Cash cows (Low market Rate but high market share), and Dogs (Low market share and rate)

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27
Q

What are the four elements of a PEST analysis?

A

Political, Economic, Social, Technological

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28
Q

What should the plan be for a company with new market but existing products according to the ansoff matrix?

A

Market Development

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29
Q

What should a business do with existing markets and existing products?

A

Market penetration

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30
Q

What should a business do with new markets and new product?

A

Diversification

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31
Q

What should a business do with new products in existing markets?

A

Product Development

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32
Q

What is a a VRIO analysis?

A

Value-How valuable the product is
Rare- how rare the product is
Imitable- Is it costly to imitate?
Organized-How effective the business is at capitalizing on the product

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33
Q

If a business’s product isn’t valuable, what are the implications and projected performance?

A

Competitive disadvantage, with below average performance

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34
Q

Performance and implications for a business with a valuable yet not rare resource?

A

Average performance, with comparative parity

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35
Q

A business with a valuable yet not rare resource and not costly to imitate?

A

Temporary competitive advantage and average performance

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36
Q

A business with a valuable, rare product that is costly to imitate and is exploited by organization?

A

Sustained competitive advantage, persistently above average

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37
Q

What are porters 5 forces?

A

Threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitutes or services, rivalry among competitors

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38
Q

What is economics?

A

Study of how a society uses resources to produce and distribute goods

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39
Q

Difference between microeconomics and macroeconomics:

A

Microeconomics- Sub area of economics that focussed on economy as a whole
Microeconomics- Sub area of economics that focuses on individual parts of economy (individual firms)

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40
Q

What are the principles of the free market?

A

Buyers and sellers trade freely and determine prices (interplay between supply and demand determines equilibrium price)

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41
Q

What is perfect competition?

A

Large number of firms, similar products, good info for buyers and sellers, low barriers to entry

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42
Q

What is monopolistic competition?

A

Many businesses, close substitutes with relatively low barriers to entry

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43
Q

What is an oligopoly?

A

Few firms, large barriers to entry

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44
Q

What is a monopoly?

A

One firm, very high barriers to entry, often requires large amounts of initial capital investment

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45
Q

How can one move the demand curve?

A

Individual income increase, prices of substitutes increase, expectations of future higher prices, buyers desire more, expanded market

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46
Q

What is the difference between microeconomics and macroeconomics when it comes to demand curves?

A

Microeconomics moves down the demand curve, and macroeconomics brings down the entire curve

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47
Q

How can one move the supply curve?

A

Greater technology moves down costs, input price lowers, increased number of suppliers, lowered taxes

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48
Q

When supply increases, what happens to price?

A

It lowers, when supply curve moves up, price decreases

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49
Q

What does the demand/price curve often look like?

A

Line with a slope of negative 1

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50
Q

What does elastic demand imply?

A
  • A very small change in price causes massive change in quantity sold
  • Usually a luxury good (ie cola on sale for 5c less)
  • When graphed, the slope is near zero
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51
Q

What does in elastic demand imply?

A
  • Large discount might not increase sales noticeably
  • Usually a necessity product (ie bottled water)
  • When graphed, slope had large negative slope
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52
Q

What is the point of breaking even?

A

Revenue=Expenses

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53
Q

What is a global firm?

A

Firm that operates in more than one country which gains marketing, production, r and d, financial advantages not available to domestic companies

54
Q

What is GDP?

A

Total market value of all final goods and services produced within a country borders

55
Q

What is GNP?

A

Total market value of all final goods and services produced by a country regardless of production location

56
Q

How is a recession defined?

A

2 consecutive quarters of a declining GDP

57
Q

What are the 3 sections of a business cycle?

A

Boom, recession, recovery or depression

58
Q

What is demand pull inflation?

A

Demand is greater than supply (ie housing market in SK 2008)

59
Q

What is cost push inflation?

A

Increases in production increases the price of item produced (ie inflation of the German mark in 1920’s)

60
Q

What are the 4 types of unemployment?

A

Frictional- In between jobs
Structural-From industrial reorganization
Cyclical- Overall unemployment that relates to cyclical trends in growth and production within business cycle (ie being laid off in recession)
Seasonal- Seasonal jobs (ie snowplow operator)

61
Q

What is a balance of trades?

A

Country’s ratio is exports to imports over a period of time

62
Q

What is a trade surplus?

A

Favourable balance of trade

Exports>Imports

63
Q

What is a trade deficit?

A

Unfavourable balance of trade

Imports>Exports

64
Q

What is the balance of payments?

A

Difference between money coming in and leaving a country

65
Q

What is an absolute advantage?

A

When a country can produce and sell a product at a lower cost than any other country or is the only country able to produce a certain product

66
Q

What will cause the increase in food production expected in the next few years?

A

Increased yield due to technology

67
Q

What does comparative advantage mean?

A

The concept that each country should focus on products they specialize in and can produce more readily and trade for products they need with other nations

68
Q

What are some downsides of globalization?

A
  • Fear or losing jobs
  • Employers May threatens to export jobs
  • Operations are increasingly moving off shore
69
Q

What are the benefits of globalization?

A
  • Productivity increases
  • Global Competition keeps prices down
  • Open economy
  • Export jobs pay more than others available
  • Lesser environmental standards/Lesser work standards
70
Q

What are vulture funds?

A

Take financial advantage of indebted countries by paying off debt, purchased at a discount, then later increases prices

71
Q

What is the World Trade Organization?

A

Establishes rules of the game for trade, promote free trade and eliminate barriers such as tariffs, duties and quotas, and restricts trade restrictions unless proven scientifically

72
Q

What are some ways a company can enter the global marketplace?

A 
Exporting
Licensing
Contract Manufacturing
Joint Ventures
Direct investment
73
Q

What are some barriers to trade?

A

Natural barriers (language, culture, regulatory) and tariff barriers, and non tariff barriers

74
Q

What is the theory of protectionism?

A

Shielding a county’s domestic industries from foreign competition by imposing tariffs, duties, quotas or inports

75
Q

What are tariffs and duties?

A

Taxes in certain imported products designed to raise revenue or protect domestic firms

76
Q

What are quotas?

A

Limits on the amount of foreign imports a country will accept in certain product categories

77
Q

What is the purpose of free trade agreements?

A

Involve cooperation between 2 countries to reduce trade barriers and increase trade with each other

78
Q

What are the basic forms of ownership?

A

Sole proprietorship, partnership, and corporation

79
Q

What is a sole proprietorship?

A

Business owned by, managed by one person

80
Q

What is a partnership?

A

Two or more people agree to run a business together

81
Q

What is a corporation?

A

Legal entity with the authority to act and have liability separate from its owners

82
Q

What are the types of partnerships?

A

General partnership- Partners share management and profits
Limited partnership- One general partner and one or more limited partners whose liability is limited to their investment
Limited liability partnership- Each partner is only liable for their own actions and protected from actions of partners

83
Q

What are the types of corporations?

A

Private corporations-Shares not available to general public
Public corporations-shares are widely help and available to general public through stock exchanges
Crown Corps-Governemt. Owned, greater freedom that gov’t department but accountable to government

84
Q

What is the corporate structure (from top to bottom)?

A

Owners, board of directors, officers, managers, employees

85
Q

What is a joint venture?

A

Two or more companies that form an alliance to pursue a particular project for a specified time period

86
Q

What does direct selling mean?

A

Direct selling is a popular marketing structure where company connects sellers to the customers (ie Dunder Mifflan)
Can use multi level marketing where sales people recruits others to sell profits

87
Q

What is the difference between mergers and acquisitions?

A

Merger- Combination of two or more companies to form a new company
Acquisitions- Purchase of a company by another company or investment group

88
Q

What are the types of mergers?

A

Horizontal Merger-Firms at same stage of same industry
Vertical merger-Firms at different stages in industry merge
Conglomerate merger-Firms on unrelated industries merge
Hostile takeover- goes against wishes of company’s management and board of directors

89
Q

What is the process of acquisition or mergers?

A

Identify candidates, select candidates, initial contact, send a letter of intent, purchase agreement, due diligence , integration planning, transaction, post transaction transition and communication

90
Q

What is a franchise?

A

Form of business arrangement between a franchisor which supplies product concept and franchisee, who sells goods and services in certain geographic area

91
Q

What are some entrepreneurial skills?

A

Self direction, confidence, determination, action oriented, energetic, risk oriented, tolerant of uncertainty, visionary, quick learner, ambition, creative

92
Q

What does entrepreneurial orientation consist of?

A

Innovative ness, Proactiveness, Risk taking, Competitive aggressiveness, Autonomy, Work Ethic

93
Q

What are the types of entrepreneurs?

A

Classic-Risk takers who start their own companies
Multripeneurs-Entrepeneurs who start a series of companies
Intrapeneurs- Employees who apple their creativity vision and knowledge from within a company

94
Q

What is a small business?

A

Independently managed, owned by small group or individual, based locally, not a dominant company

95
Q

Why should an entrepreneur create a business plan?

A

Testing viability
Securing financing
Maintaining focus
Planning for future

96
Q

What are some advantages of small business?

A

React quickly to changing climates, develop and market faster, keeps costs down, offer higher personal services

97
Q

What are the disadvantages of small business?

A 
Difficulty in securing financing
Limited managerial skills may impact growth
Expensive to comply with regulations
High failure rate 
Requires major commitment
98
Q

What are often the richest businesses to invest in?

A

Industries that have a high barrier to entry and are difficult to maintain (such as biotech)

99
Q

What is management?

A

Prices of guiding development, maintenance and allocation of resources to attain organizational goals

100
Q

What are some activities of management?

A

Planning, organizing, motivating, controlling

101
Q

What are the specific goals of planning?

A

Deciding what needs to be done to achieve organizational objectives, identifying when and how it will be done, dividing up the work
Set vision, mission, goals and objectives
Strategic planning, tactical planning, operational planning, contingency planning

102
Q

What are the forms of planning?

A

Strategic-Broad, long range by top managers
Tactical-Specific, short range objectives by lower managers
Operational-Work standards and schedules
Contingency-Backup plans

103
Q

What is a mission statement?

A

Describes what the business believes, who the business is, where it operates, what they deliver used to focus and direct organization itself

104
Q

What is a vision statement?

A

One sentence statement describing clear and inspirational long term change resulting from an organization

105
Q

What are the values of a business?

A

What the business’s core values, creating a list and describe each item

106
Q

What is a SWOT/TOWS analysis?

A

Shows where the business is and where it’s going

Strengths, Weaknesses, Opportunities, Threats

107
Q

What are the types of organizing?

A

Dividing up the tasks->Division of labour
Grouping (jobs and employees) ->Departmentalization
Assigning (authority and responsibility). -> Delegation

108
Q

What are the stages of managerial hierarchy?

A 
Top management (CEO, CFO, President) (Strategic)
Middle Management (Regional manager-> Michael Scott) (tactical)
Lower Management (Supervisor, Foreman) (operational)
109
Q

What are the types of motivational power?

A

Legitimate power-Derived from position
Reward power-Derived from control over rewards
Coercive power- Derived from ability to threaten negative outcomes
Expert power- Derived from individuals extensive knowledge in 1+ areas
Referent power- Derived from personal charisma/respect/admiration

110
Q

What are the 3 types of leadership styles?

A

Autocratic style- Emohasis on task getting accomplished, manager makes most decisions, unconcerned about subordinates attitudes
Participative style- Manager shares decision making with group members and encourages teamwork, encourages discussion of issues, manager concerned with subordinates ideas and attitudes
Free-Rein (Laissez-Faire)- all control turned over to group, group is free to accomplish presented tasks, works well with highly motivated experienced and educated personnel, found in high tech labs/companies

111
Q

What are the 4 types of organizational orientations?

A

Market Orientation-Customer, competitor, inter functional
Entrepreneurial- Proactive, risk taking, innovative ness
Learning orientation- Commitment to learning, Shared vision, open mindedness, knowledge sharing
Employee Orientation- Well being, trust, social responsibility, employees are primary stakeholders

112
Q

What is a formal organization?

A

2+ people working together with a common objective and clear purpose, well defined lines of authority

113
Q

What are issues with division of labour?

A

Separating employees into specialization can cause boredom due to the lack of variety or challenge, however can create experts on subject matter

114
Q

What are the types of departmentalization?

A

Functional Departmentalization- Dividing by grouping from activities performed (sales, marketing, etc)
Product- Grouping activities by product line
Process- Grouping activities on basis of product or service or customer flow (ie furniture assembly, furniture finishing)
Customer-Grouping by service of customers
Geographic- Grouping based on location

115
Q

What is the difference between flat and tall organizational structures?

A

Tall- more bureaucratic

Flat- more autonomous

116
Q

What is the matrix structure?

A

Team structure for projects, where each project has a manager and employees of various specialties, and each specialty (across projects) has a VP

117
Q

What is HR Management?

A

Process of hiring, development, motivating, and evaluating employees

118
Q

What are the steps for HRM?

A 
Job Analysis
Employee Recruitment/Selection
Training
Performance planning/evaluation
Compensation/Benefits
HR Outcomes
Retention or turnover
119
Q

What are the 3 objectives of HR planning?

A

Create a job analysis, a job description, and job specification

120
Q

What are the 2 forms of recruitment?

A

Internal- Promotion from within the business

External- Find qualified candidates from external sources

121
Q

What are the steps to hire an employee?

A 
Initial screening
Employee testing
Selection interview
Background/reference check
Physical exam (if necessary)
Decision
122
Q

What are the types of compensation?

A

Hourly wages, Salary, Commision, accelerated commision (More you sell the more commision you get), bonuses, profit sharing, fringe benefits

123
Q

Who determines executive compensation?

A

The board of directors, however some believe executives make too much even with this attempt to prevent it

124
Q

What are some employee rights?

A 
Organize/Bargain
Safe and healthy workplace
Privacy
Right to whistle blow
Equal employment opportunity
To be treated with respect
125
Q

What are some employee duties?

A

No drug/alcohol use
No endangerment of themselves, customers or other employees
Honesty
Loyalty
Respect for employers property and intellectual property

126
Q

What are some bargaining strategies for employees?

A

Striking
Boycotting
Pickering
Corporate campaign

127
Q

What are some counters to employee bargaining that companies use?

A

Lockouts
Strike replacement
Mutual aid pact
Shift production

128
Q

What are the four conditions for a valid whistle blowing?

A

1) organization is doing something that will harm others
2) employee has tried and failed to resolve it within the business
3) reporting it will stop the harm
4) harm is serious enough to justify costs of disclosure

129
Q

What are some methods of motivation?

A

Extrinsic- Pay, promotions, prestigious assignments, bonuses

Intrinsic- satisfaction, commitment, pride, confidence

130
Q

What are some schedules used to give out raises?

A 
Fixed Ratio schedules (after x units sold, etc)
Variable ratio schedules (after x units sold after last raise)
Fixed interval schedule (at a certain time)
Variable intervals (at some unknown time)

COMM102 (1 decks)

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