Random

Question 1

Offshoring

Answer 1

Relocating of business activities from home country

Question 2

Reshoring

Answer 2

Returning production to host country

Question 3

Outsourcing

Answer 3

Hiring party outside company perform services

Question 4

Corporate social responsibility (CSR)

Answer 4

Responsibility to stakeholders

Question 5

Business plan

Answer 5

Objectives
Strategies
Financial forecast

Question 6

Included in business plan (4 things)

Answer 6

Who is target market
Company description
Business idea
How product is unique/different

Question 7

Drawbacks of business plan

Answer 7

Risky
Useless unless followed
needs flexibility

Question 8

Self review cycle

Answer 8

1. Planning + preparing
2. Gathering evidence
3. Action
4. Reviewing + improving

Question 9

Decision tree pros

Answer 9

Managers analyse options

Useful to managers when business encounters similar situations

Question 10

Decision tree cons

Answer 10

Not accurate estimations
Managerial bias
Less useful in new situation

Question 11

Contingency plan

Answer 11

Outcome other than usual plan (risk management)

Question 12

Contingency plan pros

Answer 12

Saving time + money

Damage limitation

Question 13

Contingency plan con

Answer 13

Time management constantly changing

Question 14

Porters 5 forces

Answer 14

Rivalry 
Threat of new entrants
Threat of substitutes 
Bargaining power of buyers
Bargaining power of suppliers

Question 15

Forecasting

Answer 15

Existing data to predict future

Question 16

Ltd = private LC

Answer 16

Legal entity

Owns assets + profits

Question 17

Limited liability

Answer 17

Legal prevents being responsible for debts

Question 18

Unlimited liability

Answer 18

Company responsible for debts