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COMM1800 > EXAM I > Flashcards

EXAM I Flashcards

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1
Q

how environments affect businesses

A

covid, terroist attacks, labor unrest, laws/regulations, supply and demand, natural disasters

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2
Q

how businesses affect their environment

A

lobbying, technological advancements, environmental disasters

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3
Q

reciprocal impact

A

ikea uses sustainable materials but also contributes to deforestation

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4
Q

your perspective in business depends on your background

A

management, accounting, finance, marketing, psychology, economics, technology (different fields solve problems in unique ways)

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5
Q

objectivist

A

focuses on numbers, measureable data

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6
Q

subjectivist

A

focuses on interpretation and decision making

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7
Q

planned economy

A

government controls most/all production (north korea communism)

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8
Q

market economy

A

individuals own and control resources (US capitalist)

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9
Q

mixed/hybrid economy

A

combination of planned and market (Canada private businesses and govt funds healthcare)

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10
Q

perfect competition

A

many small firms, identical products (farmers market tomatoes)

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11
Q

monopolistic

A

many sellers, product differentiation (nike and adidas)

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12
Q

oligopoly

A

few large ferms dominate (delta, american, united)

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13
Q

monopoly

A

one company controls the market (google in online search)

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14
Q

for profit org

A

generate profit for owners/shareholders (bodos)

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15
Q

social enterprises

A

operates for profit but allocated some earnings to social causes (toms shoes)

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16
Q

govt agencies

A

funded by taxes, provides public services (fire dept, SEC)

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17
Q

social organizations

A

exists to build communities and networks (frats, kickball league)

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18
Q

sole proprietorships

A

max flexibility, full control
max risk
small local bakery owned by one person

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19
Q

partnerships

A

general: all partners actively manage (small law firm)
limited: some partners only invest (ben and jerrys)

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20
Q

corporations

A

private: owned by individual or family (MARS)
public: sells stock to the public (Amazon)

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21
Q

s-corp

A

acts like an extended partnership (<100 shareholders)
tax advantages, avoids double taxation

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22
Q

joint venture

A

two or more businesses collab for a specific project (toyota and subaru partnering to develop electric cars)

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23
Q

strategic alliances

A

companies in the same industry collab without merging (united and air canada)

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24
Q

co-ops

A

small businesses team up to compete against big corps (ace hardware individually owned stores)

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25
open systems
businesses must respond to dynamic environments inputs (raw materials) --> throughputs (processing) --> outputs (final product)
26
cyclical proccess
businesses continuously adapt and respond
27
differentiation
specialization within a business (CVS health --> CVS pharmacy, caremark, minuteclinic)
28
entropy
tendency toward disorder, organizations must add energy to sustain (blockbuster failing to adapt to digital streaming)
29
homeostasis
systems aim for stability (affordable care act influencing drug prices and insurance rates)
30
equifinality
different ways to achieve success (purchasing medicine from CVS, local pharmacy, Amazon)
31
general environment
affect all businesses (recession, interest rate cut, pandemic)
32
specific environment
directly impact individual businesses (customer preferences/demand shifts, distributors, competitors, unions and labor, govt agencies)
33
general environmental influences
social and demographic, cultural, legal, political, economic/trade, technology, physical
34
gatt
mediates trade negotiations
35
eu
borderless economy benefits for trade
36
usmca
facilitates trade among us, mexico, canada
37
asean
strengthens trade in southeast asia
38
world bank/mf
provides financial support for business development
39
complexity
number of interconnected elements (walmart supply chain)
40
dynamism
rate of change (nokia's decline due to slow adaptation)
41
richness
availability of resources (immigration laws impacting labor markets)
42
C + D + R = environmental uncertainity
high c, high d, low r = most uncertain (startups in unpredictable industries) low c, low d, high r = least uncertain (power companies with steady operations)
43
ethics
set of moral principles or values that define right and wrong for an individual or group ethical > legal
44
sources of ethics
individual values, societal norms, corporate culture, legal and regulatory requirements
45
managerial ethics
employees: fair hiring, pay, treatment organization: honesty in reporting and decision making others: fair dealings with customers, suppliers, regulators
46
utilitarianism
maximizing overall happiness
47
moral rights
protecting fundamental human rights (participants can leave surveys without penalty)
48
justice model
fair distribution of benefits and burdens (judicial system)
49
why people behave unethically
individual values and slippery slope, self-interest, outside pressure, misaligned goals
50
ethical organization
leaders matter (newspaper test), ethical strucutres (code of conduct), ethical culture (honor code)
51
shareholder
maximize profits
52
stakeholder
balance interest of employees, suppliers, customers, community
53
CSR
actions benefitting society beyond legal requirements balancing profit and broader social impact (legal, ethical, social)
54
triple bottom line
people (employee well being, community health) planet (sustainability reducing environmental harm) profit (financial performance benefits from ethical behavior)
55
variation
something changes intentional (new coke) v accidental (post it)
56
selection
some innovations succeed, others fail (ben and jerrys retired flavors)
57
retention
successful ideas become standard practice (delta charging for baggage and others follow)
58
59
struggle for resources
within a business (departments), between businesses, between industries
60
emergence
identifying and seizing opportunities start of new company, buy existing one, or franchhise
61
middle growth
expansion and differentiation functional, geographic, market-based
62
stability
companies remain steady for long periods
63
death and decline
intentional vs. unintentional strategic vs. random partial vs. complete
64
stages of decline
1. erosion- gradual decline can be reversed 2. contraction- attempts to stabilize and protect 3. collapse- final failure, requires big change
65
death spiral
1. environmental change occurs 2. company fails to recognize/respond 3. businesses enters downward spiral
66
outcomes of decline/death
bankruptcy, merger/acquisitons, rebirth

COMM1800 (4 decks)

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