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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
Q

The Systems to rights and freedom

there’s 5

what do u have to right to do

A
  • rights to make profit
  • to private propoerty
  • to buy and sell
  • freedom to compete
  • freedom from gov interference
26
Q

Economics

What does a Supply curve look like?

A

As the price of a given commodity increases, the quantity supplied increases

27
Q

economics

Demand Curve

A

as the price rises, the demand falls

28
Q

Equilibrium point

A

Market equilibrium, when supply and demand are equal

29
Q

what is John Maynard Keynes Philosophy

A

You should borrow during bad times and spend to help economy

you should pay off in good times to prepare for bad times

30
Q

Productivity Gain

A

produce greater qualiy of goods and service in same labour hours

31
Q

3 Types of Unemployment

what contributes to it

A

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
Q

Inflation

how do you determine how many years

A

Rise in price level of goods and services

72/ rate of inflation= # of years that prices will double due to inflation

33
Q

National Dept

A

Government has adopted Keynesian Economics and deficit spending

Keynesian- prices are somewhat rigid, fluctuations in any component of spending

34
Q

Socialist

A

Reduced Government role in economy

35
Q

What are Ethics

When does it become more complicated?

A

Accepted principles of what is right or wrong governing the conduct of people and organizations

When dealing with other countries

36
Q

What are some questionable Ethical behaviours

A
  • Gold mining ( getting gold, then releasing toxins)
  • Nestle (baby food formula)
  • selling expired medical supplies in other countries
37
Q

Corporate social responsibily (CSR)

3 Levels

A
  • Public interest groups (supplier/distributors)
  • General Public (customers)
  • Ecologocial environment ( employees)
38
Q

Reactions to CSR

corporate social responsibility

A
  • established ethics departments
  • undertaken a social audit
  • stakeholders have actively enouraged companies to be proactive
39
Q

External Stakeholders

Name 3/7

A
  • Customers
  • Suppliers
  • Goverment
  • Unions
  • Local communities
  • General Public
40
Q

Vision Statement

A

a business document that states the current and future objectives of an organization

must aline with the mission statement

41
Q

Mission Statement

A

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
Q

Primary vs Secondary Goals

A

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
Q

?????

Opportunity and threat in three Environments

External or Internal?

A

Immediate industry
Macro-environment
National

External

44
Q

Competitve Advantage

external or internal

A

Value creation, Low cost and differentation

-earning extraordinary profits

sustained competitive advantage -> maintained over a number of years

45
Q

Distinctive Competencies, Ressources, Capabilities

A

required =
- unique
- valuable
- difficult to imitate

(Rare hard to find and valuable)

46
Q

Tangible ressources

A

Something you can touch (things you have)

  • cash
  • equipement
  • building
47
Q

Intangible ressources

A

things you cant touch,
- Brand names
- reputation
- patent
- marketing

48
Q

what makes a business function

Functional Level strategy

name 3/5

A
  • Manufacturing
  • marketing
  • materials Management
  • Research and development
  • Human ressources
49
Q

Business Level Strategy

what do companies want?

A

companies’ deliberate and purposeful actions to achieve competitive advantage within their specific market segments.

50
Q

__ vs __

Business level strategy Emphasis

list all 4

A

Low cost vs Differentation

  1. focused low cost
  2. focused differentation
  3. broad low cost
  4. broad differentation
51
Q

Global strategies

A

When businesses define one global brand, making little to zero changes for other markets.

example: Apple

52
Q

Pressures of Global responsiveness

A

arise from differences in infrastructure or traditional practices among countries, creating a need to customize products accordingly.

53
Q

Multi domestic business strategy

A

focuses on creating multiple, country-specific brands instead of one global brand,

54
Q

International Business strategy

A

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
Q

global Business strategy

A

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
Q

transnational Business strategy

A

type of global expansion strategy that companies use to combine high responsiveness to local preferences with greater efficiency and cost savings

57
Q

Corporate level strategy

A

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
Q

Diversification strategy

A

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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