Final Exam (post Midterm) Flashcards
(438 cards)
1
Q
Marketing
A
The entire process of creating relationships with customers by offering goods, services and experiences that they value
2
Q
Production Orientation
A
A past era in marketing that placed emphasis on increased output and production efficiency
3
Q
Customer orientation
A
The current era in marketing where an organization first determines what customers need and then develop products to fill those needs
4
Q
The ‘Right’ Principle
A
Getting The ‘Right’ Goods or services
To The ‘Right’ People
At The ‘Right’ Place, time, and price
Using The ‘Right’ promotion techniques
5
Q
Five value drivers are
A
Idea: what does you product do for the customer
Benefit: what is the benefit to your customer?
Target: how can you segment the various customer groups? How do you reach them?
Perception: How do you want to be perceived by your customer, the public or other stakeholders?
Outcome (Reward): what are the net results for the company?
6
Q
Customer value
A
It is the ratio of benefits tp the sacrifices necessary to obtain those benefits., as determined by the customer
It reflects the willingness of customers to buy a product.
7
Q
The total product offer
A
Is everything that the consumer evaluates when deciding to buy (the value package)
Value: Benefits - Cost
8
Q
Customer Satisfaction
A
The customer’s feeling that a product has met or exceeded expectations
9
Q
Building Relationships
A
A strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction
10
Q
Customer Relationship Management
A
Marketing
Sales
Support
Feedback
11
Q
80/20 rule
A
80% of your business is from 20% of your customers
12
Q
A typical consumer is exposed to how many advertising messages a day
A
More than 250 and they notice 11-20 of those 250
13
Q
Creating a customer-focused marketing strategy involves four main steps:
A
- Understanding the external environment
- Defining the target market
- Creating a competitive Advantage
- Developing a marketing mix
14
Q
The external environment
A
Social forces
Demographic forces
Economic forces
Political and legal forces
Technological forces
Competitive forces
15
Q
Target Marketing
A
The specific group of consumers toward which a company directs its marketing efforts
16
Q
Variables in target market
A
Size and growth segment
Reachability
Is it profitable?
The nature of the market
The nature of the company
17
Q
Competitive advantage
A
A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition (differential advantage)
18
Q
Cost competitive advantage
A
A firms ability to produce a product or service at a lower cost than its competitors
19
Q
Differential Competitive Advantage
A
A firm’s ability to provide a unique product or service that offers something of value besides a lower price
20
Q
Niche competitive advantage
A
A firm’s ability to target and effectively serve a single segment of the market within a limited geographic area
21
Q
Marketing mix 4P
A
Product (what)
Price (how much)
Place (where)
Promotion (when and how)
22
Q
Marketing mix
A
The combination of marketing activities that deliver value to customers; typically divided into four elements: product, price, place and promotion
23
Q
Goals for social marketing
A
Not for profit marketing
Effect social change
Further social causes
Evaluate the relationship between marketing and society
24
Q
B2B marketing
A
Business to business
Purchase volume
Number of customers
Location of buyers
Direct distribution
25
Primary Data
Observations, surveys, personal interviews, focus groups
26
Secondary data
Collected by other people and published in journals/online
27
Marketing Research Process
Define the research goal
Gather information
Interpret information
Make marketing decisions
28
Product
Everything one receives in an exchange, including all tangible and intangible attributed and expected benefits; it may be a good or a service
29
Consumer product
A product purchased to satisfy personal and family needs
30
Business product
A product bought for resale, for making other products, or for use in a business’s operations
31
Consumer product classifications
Convenience product
Shopping product
Specialty product
Unsought product
32
Convenience product
a relatively inexpensive, frequently purchased item for which buyers want to exert only minimal effort
Ex. Milk, newspapers, gum
33
Shopping product
An item for which buyers are willing to expend considerable effort on planning and making the purchase
Ex. Appliances, furniture, cellphones
34
Specialty product
An item that possesses one or more unique characteristics for which a significant group of buyers is willing to spend considerable purchasing effort
Ex. Unique sports car, special handcrafted stereo speakers
35
Unsought product
A product that is not actively sought out until a significant event occurs
Ex. Life insurances, fire extinguishers, funeral services
36
Business product classifications
Raw material
Major/accessory equipment
Component part
Process material
Supply
Business service
37
Raw material
A basic material that is transformed into a physical product
Usually comes from mines, forests, oceans or recycled solid wastes
38
Major/accessory equipment
Large tools and machines and equipment used for production purposes
Lathes, cranes, hand tools, computers
39
Component part
An item that becomes part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly
Clocks, tires, computer chips
40
Process material
A material that is used directly in the production of another product but not readily identifiable in the finished product
Industrial glue and food preservatives
41
Supply
An item that facilitates production and operations but does not become part of the finished product
Paper, pencils, cleaning supplies
42
Business service
An intangible product that an organization uses in its operations
Accountancy, janitorial service, information technology services
43
Phases of product development
Idea generation
Product analysis
Product development and testing
Commercializations
44
Idea generation
Generate as many ideas as possible
45
Product analysis
Screen ideas to select the best one
46
Product development and testing
Build prototypes or small production runs of the product to test on a small scale
47
Commercializations
Use the knowledge acquired from previous phases and make final improvements to the product, and launch it to the market
48
Innovation
Any product improvement that customers value over existing choices
Includes new products that did not exist previously and adaptations to existing products
49
Innovation is necessary becuase existing products become obsolete when
More competitors offer similar products
Competitors introduce innovations of their own
Customers need change
Technology changes
50
Benefits of innovation
Improving function or quality
Lowering cost of production
Offering customers new experiences not previously available
51
Product life cycle
A series of stages in which a product’s sales revenue and profit increase, reach a peak, and then decline.
Refers to an entire product category, not just an individual product.
52
Introduction stage
Little competition
Frequent product modifications
Limited distribution
heavy promotion
High failure rate
High production and marketing costs
Low sales volume
Small or negative products
53
Growth Stage
Sales growth at an increasing rate
Healthy profits, which eventually peak as prices begin to fall due to increased competition and economies of scale.
Many competitors
Large companies acquire smaller companies
Agrressive brand advertising
Increased distribution
Priority is to increase or retain market share
54
Maturity stage
Sales growth- but at a decreasing rate
Saturated markets
Product line extensions through product variations
Global introduction of products
55
Decline stage
Sales and profits fall
Trade allowance eliminated
Most advertising and sales promotions eliminated
56
The rate of decline is governed by
Change in consumer tastes
New product introductions
57
Product line
Group of similar products that are related to each other in the way they work or the audience they target;
Creates clarity for customers
Allow for better product management
Simplify branding
58
Product mix
Is the collection of product lines offered by a company
Too much diversification can cause loss of focus
Managed by modifying, adding or deleting products to maximize sales revenue and profits
Changes in customer preference
Challenges from competitors
Stage of PLC
Simplify product mix
59
Brand
Name, design, symbol, slogan etc. that creates a perception
60
Trademark
Legal protection for name and image
61
Brand loyalty
Commitment to a bran
62
Brand awareness
How quickly a brand comes to mind
63
A good brand name
1. Reflects benefits
2. Easy to say, recognize and remember
Is distinctive
Translates well (no bloopers)
Can be protected legally
Reflects company’s values
64
Factors that affect product prices
Economic conditions
Industry
Stage of a product’s life cycle
65
Key considerations for determining prices
Cost incurred by the company
Maximum price customers are willing to pay
Competitor’s price
66
Pricing objectives should be in line with company’s values and marketing goals
Profit maximization
Build a loyal user base
Increase market share
Create an image
Communicate brand value
Further social objectives
Survival or liquidation
67
New product pricing strategies
Price skimming
Penetration pricing
68
Product-line pricing strategies
Captive pricing
Premium pricing
Price lining
69
Psychological pricing strategies
Odd- number pricing
Multiple- unit pricing
Reference pricing
Bundle pricing
Everyday low prices
Customary pricing
70
Promotional Pricing strategies
Price leaders
Special-event pricing
Comparison discounting
71
Price skimming
Initial high price> lower over time
72
Penetration pricing
Initial low price > secure market
73
Leader pricing
Initial price below normal markup
74
Bundling
Grouping two or more products as a single product
75
Odd- even pricing
Odd= bargain
Even= quality
76
Prestige pricing
Increasing price perceived as high quality
77
How managers set prices
Cost Based pricing (Markup pricing)
Demand-based pricing
Competition- based pricing
Break even analysis
78
Cost-based pricing (markup pricing)
Estimated cost of product + profit margin= price
79
Demand-based pricing
Estimated selling price- profit margin= target cost
80
Competition- based pricing
Same, at, or below competitors
81
Break even Analysis
Break even point (in units)= total fixed costs/ price-variable cost
82
Fixed costs
Do not vary with different levels of output
83
Variable costs
Change with different levels of output
84
Promotional mix
Advertising
Personal selling
Sales promotion
Public relations
85
Advertising
Any paid form of non-personal presentation by an identified sponsor
86
Personal selling
A face-to-face sales presentation to a prospective customer
87
Sales promotion
marketing events or sales efforts that stimulate buying
88
Public relation
Any communication or activity designed to win goodwill to prestige for a company or person
89
Promotion
The attempt by marketers to inform, persuade, or remind consumers and industrial users to engage in the exchange process. Remember “differentiation”
90
Integrated marketing communications
The careful coordination of all promotional activities to produce a consistent, unified message that is customer focused
91
Factors that affect the promotional mix
Nature of the product
Promotional objectives
Available resources
Target market
92
promotional goals
Creating awareness
Encourage consumers to try products
Providing information
Keeping loyal customers
Increasing the amount and frequency of use
Identifying target customers
93
Push strategy
manufacturer promotes to wholesaler
Wholesaler (orders to manufacturer) promotes to retailer
Retailer promotes to consumer
Consumer buys from retailer
94
Pull strategy
Manufacturer promotes to consumer
Consumer demands product from retailer
Retailer demands product from wholesaler
Wholesaler demands product from manufacturer (orders to manufacturer)
95
Advertising advantages
Important component of promotion mix
Offers scale, targeting, choice and accessibility
96
Ways of advertising
Radio
Newspapers
Television
Online
magazines
Direct mail
outdoor (signs ad such)
97
Advantages of television (for advertising)
Largest reach
Audio visual presentation has a high impact
Ads can be run frequently
98
Disadvantages of televiasion (advertising)
Very expensive
Message can be quickly forgotten
Increasingly ignored by users of digital video recorders (DVR)
99
Advantages of direct mail (advertising)
Highly selective and personal targeting
Easy to measure performance
Hidden from competitors
100
Disadvantages of direct mail (Advertising)
Very expensive on a per-price basis
Often thrown away as junk mail
101
Advantages of newspapers (advertising)
Can reach large, local audiences
Short lead times for placing ads
Ads can be run frequently
102
Disadvantages of newspapers (advertising)
Short life, especially for daily publications
High volume of ad limits exposure
Hard to target specific market segments
103
Advantages of radio (advertising)
Can target local audiences
Low relative cost
Short lead times for placing ads
104
Disadvantages of radio (advertising)
Lacks visual imagery
Listener’s attention is limited
Difficult for driving listeners to follow the ad’s call to action
105
Advantages of magazines (advertising)
Selective targeting
Long life
Good reproduction of visuals
106
Disadvantages of Magazines
High cost
Long lead times (30-90 days)
Infrequent publication
107
Advantages of online (advertising)
Highly selective targeting
Available for almost any ad budget
Real- time, measurable feedback
108
Disadvantages of online (advertising)
Cost per click can be high
Concerns about security and privacy
Uncertainty about how to evaluate return on investment
109
Advantages of outdoor (advertising)
Geographic selectivity
Can be placed close to point of sale
Allows for frequent repetition
110
Disadvantages of outdoor (advertising)
Allows only very short messages
Seldom attracts readers attention
Criticized as blight on landscape
111
Personal Selling process
Prospecting
Approach the prospect
Make the presentation
Answer objections
Close the sale
Follow up
112
Sales promotion methods
Use of incentives to encourage purchase of a product:
Coupon
Samples
Premiums
Frequent user incentives
Point of purchase displays
Contests
Used to enhance and supplement other promotional efforts
113
Coupon
A discount on the purchase price of a product
114
Samples
Free product, usually in a trial size
115
Premiums
Free gifts with the purchase of a product
116
Frequent user incentives
Reward for customer loyalty
117
Public relations
Any communication or activity initiated by a company that is designed to win goodwill or prestige for a company or person
118
Common PR goal
Media coverage of the company on television, in newspapers and magazines and online
119
Types of public relations tools
Press release
press conference
Event sponsorships
120
Press Release
A publicity tool that is generally a one-page document of about 300-500 words that the organization provides to the media to promote its company or product
121
Press release related to
New products
Interviews with company officials
Reports of new discoveries
Expansion into new markets
Investment results
122
Press conference
A publicity tool where media memebers are invited by a company to hear news or product announcements
Attracts media exposure by inviting company officials and celebrity endorsers to the event
123
Event sponsorships
Intended to promote a positive image for the company
124
Advantages of public relations
Generates valuable free publicity
Companies with large social-media followings can bypass traditional media and send news directly to their fans and followers
125
Disadvantages of public relations
Publicity is often out of the company’s control
Companies can’t control the message that media outlets communicate
126
Marketing intermediaries
Organizations that’s help move products from producers to consumers
127
Distribution
Efficiently managing the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers
128
Distribution channel
The path taken by goods from the producer to consumer
Reduce the number of transactions
Ease the flow of goods
Perform needed functions
129
Direct channel
Producer sells directly to the consumer, with no maketing intermediaries in between
130
Producer to retailer to customer
Producer sells to a retail store, which then sells to consumers
131
Producer to wholesaler to retailer to customer
Goods are sold to wholesalers, then to retailers
Sometimes referred to as two step
132
Producer to agent to wholesaler to retailer
Similar to two-step with the addition of sales agents who help connect buyers and sellers
133
Benefits of intermediaries
Efficiency and assortment
Break bulk
Valuable marketing information
Instant sales force
134
Disintermediation
Collapse the supply chain; less cost to the consumer, more profit to the business
Ways to do it: private labelling, .com(amazon), Purchasing power- walmart
135
Wholesalers
Intermediaries that sell products to other businesses rather than customers
136
Merchant wholesaler
Purchases goods in large quantities and then sells them to other wholesalers or retailers and to institutional, farm, government, professional or industrial users
137
Agent
An independent sales professional who brings buyers and sellers together
138
Broker
Specializes in a particular commodity, represents either a buyer or a seller, and is likely to be hired on a temporary basis
139
Retailers
Businesses that specialize in selling products to the end user
140
Features that differentiate physical retailers
Number of product categories
Pricing
Size and selection
Distribution intensity
141
Product categories
Some retailers sell products in only one or two product categories, while others sell a wide assortment of products
142
Retailing other considerations
Product categories
Product pricing
Size and location
Distribution density
143
Product pricing
Some retailers sell at a discount, while others sell at a premium
144
Size and location
Some retailers choose to have a small physical store and to carry a limited number of items, while others choose to have warehouse stores with a large selection of items
145
Distribution density
The level of market coverage; usually measured by the number of outlets where the product is sold
146
Types of retail stores
Department stores
Discount stores
Warehouse showrooms
Convenience stores
Supermarkets
Superstores
Warehouse clubs
Specialty stores
Off-price retailers
Category killers
147
Exclusive
One or two dealers in an area
148
Selective
Limited number of dealers in an area (more than two)
149
Intensive
Manufacturer tries to sell its products wherever there are potential customers
150
Non-store retailing
Selling that does not take place in conventional store facilities; consumers purchase products without visiting a store
Direct selling
Direct marketing
Automatic vending
151
Direct selling
Face-to-face selling at home or in the workplace
152
Direct marketing
Catalogue marketing
Direct-response marketing
Telemarketing
Television
Television home shopping
Online retailing
153
Automatic vending
Use of machines to dispense products
154
Production
The creation of goods and services by turning inputs, such as natural resources, raw materials, Human Resources, and capital, into outputs to meet customer needs
155
Operations Management
Management of the production process
156
What is the COO responsible for?
Securing and sourcing inputs
Establishing and maintaining production/processing locations and practices
Developing and maintaining output supply channels
Establishing and monitoring the control systems ensuring that the final end user receives the quality good/service promised
In short, the COO is responsible for the supply chain
157
What is the COO of an organization?
Chief Operating Officer
158
Manufacturing sector in Canada
Automotive and transportation
Food
Telecommunications
Aerospace
Mining
Forestry
Oil and natural gas
Agriculture
159
Canadian Manufacturers contribute:
$174 billion towards Canada’s GDP
68% of Canadian exports
Spin-off spending from suppliers and businesses that support the manufacturing sector
160
Good
A physical, tangible product that we can see and touch
161
Service
An intangible product that we experience or use
162
Production of services differs from manufacturing goods by
Types of resources used
Timing of product consumption
Measuring quality
163
Where do new products come from?
Research and Development (R&D)
Innovation
164
Research and development (R&D)
Involves a set of activities intended to identify new ideas that have the potential to result in new goods and services
165
Innovation
A new product or process that can be purchased (commercialized)
166
Why innovate
Improve quality
increase production capacity
Extend product range
167
Transformation process planning
Design planning
Facilities planning
Quantity planning
168
Design planning
The first decisions facing operations managers come at the planning stage. At this stage, managers decide where, when, and how production will occur. Managers obtain resources and determine strategic goals
169
Facilities planning
At this stage, the decision-making process focuses on identifying a site and scheduling, controlling quality and costs, and the day-today operations of running a factory or service facility
170
Quality Planning
Specific planning to determine amount of goods or services to be produced within specific timeframe with a focus on efficiency and quality
171
The main planning decisions to make are the following
1. What type of production process
2. Site selection
3. Facility layout
4. Resource planning
172
What is design planning?
The development of a plan for converting an idea into an actual good or service
Product line, estimate capacity, evaluate technology options, ensure sustainability
173
Major decisions in design planning
Design product line (more in marketing)
Estimate capacity
Develop timelines
Evaluate technology options
Ensure sustainability
174
Product line
Remember marketing
Balance customer needs with production requirements
175
Estimate capacity
Amount of product that an organization can produce in a given period
Must balance current needs with future expectations
176
Evaluate technology options
The degree to which automation and technology will be used in production
Human vs. Automation, costs and capabilities
177
Ensure sustainability
Energy use- fossil fuels
Eliminating waste
Recycling materials
Reducing pollution
178
How do we decide where to locate our facility?
Availability of production inputs
Construction costs
Manufacturing environment
Local incentives- costs
International location options
Proximity to customers
Availability of labour
Make or buy decisions
179
Facility layout
The arrangement of machinery, equipment and personnel within a facility.
3 types: process layout, product layout, fixed-position layout
180
Process layout
Work flows according to the process
Operations of a similar nature or function are grouped together
Useful when processing goods or providing services that involve a variety of specialized processing requirements
Low volume, high variety production
181
Product layout
Workstations/departments arranged in a line, with products moving along the line
Resources are arranged sequentially, based on the routing of the products
Layout allows the entire process to be laid out in a straight line
Many of the tasks do not require extensive training or specialized knowledge
Repetitive and/or continuous production/service
Ex: airport
182
Fixed position layout
Product stays in one place
183
Why colour matters with business
Marketing research indicates that over 80% of visual information is related to colour
Research by the Henley Centre suggests that 73% of purchasing decisions are now made in-store
Color increases brand recognition by up to 80%
Catching the shopper’s eye and conveying information effectively is critical
184
Resource planning
Enterprise resource planning (ERP)
Materials requirement planning (MRP)
Make or buy
Scheduling
Outsourcing
Quality management
185
Computerized resource planning
Materials requirement planning (MRP)
Enterprise resource planning (ERP)
186
Materials requirement planning (MRP)
Computerized system that integrates production planning and inventory control
187
Enterprise Resource Planning (ERP)
A computerized system that integrates production planning, inventory control, quality statistics, sales data and more. Optimizes the ordering process for materials and supplies
188
Make or buy decisions
Quantity of items needed
Standard or nonstandard items
Size of components
Special design features
Quality and reliability of suppliers
189
Scheduling
The process of specifying and controlling time required for each step in the process to ensure that materials and other resources are in the right place at the right time
190
Gantt chart
A graphic scheduling device that displays the tasks to be performed on the vertical axis and the time required for each task on the horizontal axis
191
Key component to scheduling is to determine the critical path
The sequence of activities that takes the longest time from start to finish
192
Improving production and operations
Quality
Quality control
Total quality management
Six sigma
193
Quality
Goods and services that meet customer exceptions by providing reliable performance
194
Quality control
The process of ensuring that goods and services are produced in accordance with design specifications- reduce waste and better utilize resources
195
Total quality management
Deming’s concept that emphasize the use of quality principles in all aspects of a company’s production and operations- customers, employees, suppliers
196
Six Sigma
A disciplined approach that relies on statistical data and improved methods to eliminate defects- ISO certification (quality 9001, environmental 14001)
197
Modern Production Techniques
Lean manufacturing
Just-in-time inventory control
Robotics
Flexible manufacturing
Mass customization
198
Lean Manufacturing
Streamlining production- eliminating steps that do not add benefits for end users.
Production using less inputs, human effort, space, investment in tools and engineering time compared to mass production
199
Just in time inventory control
Materials arrive exactly when they are needed for production, rather than being stored on site.
Inventory is expensive (damage, warehouse space, not liquid)
Japanese innovation
Firms are linked electronically (MRP and EDI)
Inputs delivered just in time to go on the assembly line
200
Automation
Robotics
Flexible Manufacturing
201
Robotics
Technology involved in designing, constructing and operating computer-controlled machines that can perform tasks independently
CAD/CAM systems
202
Flexible manufacturing
Designing machines to do multiple tasks so that they can produce a variety of products
Designing machines to do multiple tasks so that they can produce a variety of products
Japanese and German automakers
Shift production based on demand
Quick turnaround time
Increases productivity
203
Mass customization
Tailoring products to meet the needs of individual customers
Utilizes flexible manufacturing
Easier with services than manufacturing
204
Asset management
Tracking assets and their use
205
Modular production
Allows for efficiency and can accommodate rapid change
206
Designing products for production efficiency
Being strategic and integrating functions
207
A sustainable business
Conducts operations without negatively impacting the environment, community or society as a whole
208
Sustainable business practices and strategies go beyond environmental protection
Product design improvements
Reduced energy consumption
Participation in environmental cleanup and restoration efforts
209
Three pillars of sustainability
Social
Environmental
Economic
210
Social sustainability
managing operations in a way that positively contributes to the social well-being of the business’s employees, customers, the community in which it operates and society as a whole
211
Environmental sustainability
managing operations in a way that minimizes negative impacts on the natural environment
212
Economic sustainability
Managing operations in a way that promotes long-term growth and profitability of the company through responsible and efficient use of resources while minimizing negative impacts on the environment and society
213
Linear economy
A traditional economy that follows the “take, make, waste” model of production, where raw materials are extracted and transformed into products that are used until they are eventually discarded as waste
214
Circular economy
an economic system aimed at eliminating waste and pollution, keeping products and materials in use for longer, and regenerating natural systems
215
Benefits for a business moving toward circular economy model
Reduced costs
Improved resilience
Strengthened customer relationships
Positive brand
216
Incorporating sustainability into R & D
Cradle-to-Grave
Cradle-to-cradle
217
Cradle-to-Grave
A design and production that considers impacts from production of the product, up until the product’s disposal only
218
Cradle-to-cradle
A design and production approach that emphasizes recycling (or,even better, upcycling), renewing, and reusing products with a goal of zero waste.
Material reutilization
Renewable energy
Water stewardship
Social responsibility
219
Cradle-to-cradle characterized by three principles
Everything is a resource for something else
The “waste” of on system becomes food for another
Everything can be designed to be disassembled and absorbed back into nature or reused as high-quality materials for development of new products
220
The South Saskatchewan River
Kisiskaciwani-sipiy (“swift flowing river”)- Cree language
“Water withdrawals in the south Saskatchewan river basin are the highest of any river basin in Canada”- The Canadian Encyclopedia
221
Biological cycle
A cycle in which all materials, or “nutrients”, can be absorbed back into nature, such as food and natural fibres
222
Technical cycle
A cycle in which all non-toxic and human made materials (e.g., metals, oil-based plastics, chemicals) can be reused, repaired, or transformed without losing their quality
223
Upcycling
The transformation of waste into materials or products of higher quality
224
Biomimicry
Learning from and then emulating nature’s forms, processes and ecosystems to create more sustainable designs and solve business challenges
Ec: Whale power- a Canadian company
225
Whale power
A Canadian company
That has leveraged biomimicry to make substantial improvements in product design by modelling wind turbine blades after the bumpy tubercle fins of a humpback whale.
Whale power’s biomimetic blades help generate the same amount of power at 16 km/hr that conventional turbines generate at 27 km/hr.
226
Life cycle assessment (LCA):
A tool used to assess the environmental impact of a product, process, or service over the product’s entire life cycle
227
LCA is conducted according to four stages
Goal definition and scoping
Inventory analysis
Impact assessment
Interpretation
228
Supply chain sustainability
Consideration for the environmental, social, and economic impacts of a product’s journey through the supply chain, from raw materials sourcing to production, storage, delivery, and every transportation link in between
229
Four key areas of supply chain sustainability
Procurement
Operations
Waste management
Data communication
230
Benefits of supply chain sustainability
Efficiency gains, cost reductions, positive branding, public relations
231
Challenges of supply chain sustainability
Lack of visibility into supply chain, cost, lack of options
232
Product stewardship
The act of minimizing the human health, safety, environmental and social impacts of a product and its packaging throughout all stages of the product life cycle; a responsibility shared by all actors in the supply chain
233
Extended producer responsibility (EPR)
An environmental policy approach that places physical and/or financial responsibility for the life cycle of the product, including the post-consumer stage, on the producer
234
EPR in Canada
There is a growing trend in Canada toward transforming product stewardship programs into full-fledged EPR programs;
To further incentivize producers
To reduce their product’s waste footprint
235
Provinces that have established some form of EPR program
British Columbia, Saskatchewan, Manitoba, Ontario and Quebec
236
Green marketing
The practice of developing and advertising goods and services based on their contribution to sustainability
237
Green marketing variety of topics
Climate change and energy
Sourcing
Production
Water
238
Certified B Corps
Are businesses that have met the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose
239
Greenwashing
The act of providing inaccurate information or exaggerated claims about a product or service to mislead consumers into believing it is sustainable
Hidden trade-off
Lack of proof
Vagueness
240
Accounting
Systemically collecting, recording, classifying, reporting and analyzing financial activities
241
Financial accounting
Focuses on preparing standardized financial statements used by outside stakeholders
242
Managerial Accounting
Provides financial information that managers inside the organization can use to evaluate and make decisions (costs, budgets, financing, investing, operating)
243
The accounting system
Classify, summarize and analyze data
Prepare financial statements
Use financial reports to evaluate the firm and make decisions
244
Who is accounting for?
Internal Users
External Stakeholders
245
Internal Users (accounting)
Owners, managers, decision makers
246
External Stakeholders (accounting)
Shareholders and non-active owners, creditors, suppliers, employees, investors, government (taxation purposes)
Main communication is the Annual Report (current condition, progress, future expectations of the organization)
247
Accounting Designations
Chartered Professional Accountant (CPA)
Chartered Accountant (CA)
Certified Management Accountant (CMA)
Certified General Accountant (CGA)
248
Governing Bodies (Accounting)
Generally Accepted Accounting Principles (GAAP) until 2011
International Financialt Reporting Standards (IFRS)
Accounting Standards for Private Enterprises (ASPE)
249
The Accounting Cycle
1. Analyze business transaction documents
2. Record business transactions
3. Post journal entries to ledgers
4. Prepare trial balance
5. Prepare financial statements and management reports from account data
6. Analyze reports
250
Bookkeeping (accounting cycle)
Start of accounting
Categorize
Record/Journalize
Must be organized
251
Accounting (accounting cycle)
Classify
Analyze
Interpret
Recommend
252
Financial Statements
Balance Sheet
Income statement
Cash flows statement
253
Balance sheet
Statement of financial position;
Financial position/condition at a specific point in time
What you own and what you owe on a certain day
= Net worth of company
254
Income statement
Statement of comprehensive Income
Revenue, expenses, net income/loss, taxes
Profit/loss statement
Changes in sales and costs over a period
=Profit or loss
255
Cash Flows Statement
Statement of cash flows
Tracks flow of money (in and out)
Receipts and payments
Cash is king
The difference between cash coming in and going out
=net change in cash
256
The accounting equation
Assets= Liabilities + Net worth (personal) OR
Net worth (personal)= Assets - liabilities
Business net worth statement:
Assets= liabilities +net worth (business)
257
Business net worth is called
Owner’s equity
258
Fundamental Accounting Equations
Assets= liabilities + owner’s equity
Assets= things of value owned by a firm
Liabilities= what a firm owes to its creditors
Owner’s equity= net worth of the business (portion of assets that belong to owners after debts are paid)
259
Assets on balance sheet
Current
Capital
intangible
260
Liabilities on balance sheet
Current
Long term
261
Owner’s equity on balance sheet
Common stock
Retained earnings
262
Current assets
Will be converted to cash within the next 12 months
Cash, marketable securities, Accounts receivable and inventory
263
Fixed assets
Will generate revenues for more than one year (Capital assets or PP&E)
Land and buildings, machinery and equipment, furniture and fixtures
264
Intangible assets
Assets of value, but have no physical existence
Patents, copyrights, trademarks and goodwill
265
Liquidity
The ease at which an asset can be converted to cash
266
Current liabilities
Will be paid off within the next 12 months
Accounts payable, notes payable, accrued expenses, income taxes payable, and current portion of long term debt.
267
Long term liabilities
Will take longer than one year to pay off
Bank loans, Mortgages on buildings, and company’s bonds sold to others
268
Examples of owners equity for a corporation
Common shares
Preferred shares
Retained earnings
269
Examples of owner’s equity for a proprietorship
Paid-in capital
Retained earnings
270
Income statement includes
Revenues, sales - expenses, costs to generate sales= net profit (loss), profit
AKA statement of comnprehensive income
Statement of earnings
Profit and loss statement
271
Revenues
Gross sale
Net sales
272
Gross sales
The total dollar value of a company’s sales
273
Net sales
Gross sales less discounts, returns and allowances
274
Expenses (income statement)
Cost of goods sold
Operation expenses
275
Cost of goods sold
The total expense of buying or producing the firm’s goods or services (ex. Raw materials)
Variable costs that vary directly with sales volume or production volume
276
Operating Expenses
The expenses of running a business that are not directly related to producing or buying its products (Ex. Utilities)
Fixed costs as they do not change in direct relation to sales volume
277
Net income
Obtained by subtracting a company’s expenses from revenues, shown in black (when revenues are more than expenses)
278
Net loss
Obtained by subtracting a company’s expenses from revenues, shown in red and/or (). (When expenses are more than revenues)
279
Statement of cash flows includes
Cash from operating activities
Cash from investing activities
Cash from financing activities
280
Cash from operating activities (statement of cash flows)
Revenues in: from customers (sales, commissions, fees)
Interest and dividends received in
Expenses out: suppliers and employees (salaries, inventories)
Interest out
Taxes out
Cash related to the production of goods and services
281
Cash from investing activities (statement of cash flows)
Proceeds from sale of long-term operational assets in
Payments for purchasing long term operational assets out
Investments in other companies out
Cash related to the purchase and sale of fixed assets
282
Cash from financing activities (Statment of cash flows)
Raised in: new debt or equity capital
Paid out: business expenses, past debts, company dividends
Cash related to debt and equity financing
283
Financial ratio
A number that shows the relationship between two elements of a company’s financial statements
284
Ratio analysis classifications
Liquidity
Profitability
Activity
Debt (leverage)
285
Liquidity ratios
Current ration
Quick ratio
Net working capital
286
Current ratio (liquidity)
Ratio of total current assets and total current liabilities
How quickly assets can be turned into cash
Current ratio= current assets/current liabilities
Compare with previous years and other firms at the same time
Should be >2
Information from balance sheet
287
Quick ratio (liquidity)
Ratio of total current assets excluding inventory to total current liabilities
How quickly assists can be turned into cash
Quick ratio= Cash + A/R + Market securities/Current liabilities
Also called the Acid Test
Usually between 0.5 and 1
Important to firms with large inventory
288
Net working capital (liquidity)
The amount obtained by subtracting current liabilities from total current assets
Used to measure liquidity
Net working capital= total current assets- total current liabilities
Important to compare over time
289
Profitability ratios
Earnings per share= net income/# of common shares
Net profit margin (return on sales)= net income/revenue
Return on equity (ROE)= net income/total owner’s equity
How effectively a firm uses its resources to achieve profits
290
ROE
Measures how much was earned for each dollar invested by owners
291
Activity ratio
Inventory turnover= Cost of goods sold/average inventory
Measured speed of inventory moving through the firm and is turned into sales
Acceptable ration depends on the industry
292
Debt (leverage) ratio
measures the degree and effect of a company’s use of borrowed funds to finance its operations
Debt to equity= total liabilities/owner’s equity
Relationship between the amount of debt capital and equity capital
Ratio above 1 (or 100%) is more risky
Information from balance sheet
293
Characteristics of money
Scarcity
Durability
Portability
Divisibility
294
Scarcity (money)
Money should be scarce enough to have some value but not so scarce as to be unavailable
295
Durability (money)
Any item used as money must be durable
296
Portability (cash)
Money must be easily moved around
297
Divisibility (cash)
Money must be easily moved around
298
Functions of Money
Medium of exchange
Measure of value
Store of value
299
The Canadian money supply
Money supply
Currency
Demand deposits
Term Deposits
300
Money supply
The amount of money the Bank of Canada makes available for commerce
301
Currency
Bank nots and coins
302
Demand deposits
Money kept in an account that can be withdrawn on demand
303
Term deposits
Are paid interest but cannot be withdrawn on demand
304
The money supply and the economy
Deflation
Inflation
305
Deflation
Decrease of prices in an economy over time
Caused by shrinking money supply and can lead to economic recession
306
Inflation
Increase of prices in an economy over time
Caused by the rise in money supply
Rapid increase can lead to hyperinflation and lower quality of life for customers
307
The Bank of Canada activities
Conducts monetary policy
Fund management services
Supplies quality bank notes
Communication objective
Promotes safety and efficiency
308
The Bank of Canada
Monitors the money supply and thus the prices of goods and services, employment, economy
Regulates short term interest rates
Increased rates= we borrow less
Decrease in rates= we borrow more
Sets target overnight rates which influences the average interest rate at banks- the goal is low inflation, stability and predictability
Prime rate
309
Prime rate
The interest rate that banks charge their most creditworthy customers
310
Financial institutions
Depository institutions
Nondepository institutions
311
Depository institutions
Commercial banks
Trust companies
Credit unions or caisses populaires
312
Nondepository Institutions
Insurance companies
Pension funds
Brokerage firms
Finance companies
313
Bank and financial institutions provide
Secure place to store money and valuables
Convenient access to money
Access to loans
Business and international services
314
The Office of the Superintendent of Financial Institutions (OFSI)
An independent agency of the government of canada that regulates federally registered banks, insurers, and trust and loan companies as well as credit unions, fraternal benefit societies, and private pension plans
315
Other services provided by banks
Checking and savings account
Money-market accounts
Loans, mortgages
Credit and debit cards
Overdraft protection, lines of credit
Branches, ATMs and online/mobile
Financial counseling
Safe deposit boxes
Life insurance brokerage services
Registered retirement accounts
Currency a change
316
Profit seeking organizations:
Use inputs (deposits) to invest money (loans)
317
Canada Deposit Insurance Corporation (CDIC)
Federal Crown Corporation
Promotes confidence and stability
Insures eligible deposits to the value of $100,000
318
Securities
Investment certificates issued by corporations or governments that represent either equity or debt
319
Shares
Common
Preferred
Equity securities
Represent ownership in a corporation
Can be bought and sold (liquidity)
320
Bonds
Corporate bonds
Government securities
Long-term debt obligations repaid at maturity date
Principal (Par Value)
Interest (coupon rate)
321
Common Shares
Ownership that allows voting rights (B.O.D, mergers)
Can be bought and sold
May pay dividends
322
Preferred Shares
Dividends set as issuance, and are paid before common stock dividends
Ownership does not allow voting rights
323
Corporate bonds
Secured (mortgage) or unsecured (debenture)
May be convertible to shares
High yield (junk) are high risk, high return
324
Government bonds
Federal or provincial debentures to finance programs
Treasury bills- short term
325
Prime quality investment bonds
Highest rating assigned; indicates extremely strong capacity to pay
S&P Ratings: AAA
Moody’s ratings: Aaa
326
High grade investment bonds
Also considered very safe bounds, although not quite as safe as aaa/aaa issues; aa/aa bonds are safer (have less risk of default) than single as
S&P rating: AA A
Moody’s Ratings: Aa A
327
Medium grade investment bonds
Lowest of investment-grade issues; seen as lacking protection against adverse economic conditions
S&P ratings: BBB
Moody’s ratings: Baa
328
Junk bonds
Provide little protection against default; viewed as highly speculative
S&P ratings: BB B
Moody’s ratings: Ba B
329
Poor quality bonds
Either in default or very close to it
S&P ratings: CCC, CC, C, D
Moody’s Ratings: Caa, Ca, C
330
Other Types of securities
Mutual Funds
Future Contracts
Options
331
Mutual Funds
Financial-services company that pools investors’ funds to buy a selection of securities
332
Future Contracts
Legally binding obligations to buy or sell commodities or financial instruments at a later date
333
Options
Contracts to buy (call) or sell (put) quantities of common stocks or financial instruments at a later date
334
Securities Market
Investment Bankers
Stockbroker
Online Investing
335
Investment bankers
Help companies raise long-term financing, a process called underwriting
336
Stockbroker
A person licensed to buy and sell securities on behalf of clients
337
Online Investing
Improvement in internet technology
338
Types of Markets
Primary Market
Secondary Market
339
Primary Market
new securities are sold to the public with proceeds going to issuer (only once)
Ex. NYSE, TSX
340
Secondary Market
Old (already issued) securities are bought and sold, or traded among investors
341
Investing in stocks
You become an owner in the firm
Significant risk (recently)
Stock prices are contingent on the performance of the firm- Capital gains/dividends
Stock indexes
Stock Split
342
Stock indexes
Measure the trends of different stock exchanges
343
Stock split
Double (or more) the # of stocks
344
Market conditions
Bull market
Bear market
345
Bull market
Price rise
Better returns
346
Bear market
Prices go down
Low or negative returns
347
Alternate Investments
Real Estate
Land
Venture Capital
Antiques
Education ?
Precious metals
348
Financial management
The spending and raising of a firm’s money- is both a science and an art
349
Financial planning
Preparing the financial plan, which projects revenues, expenditures and financing needs over a giver period
350
Investment
Investing the company’s funds in projects and securities that provide high returns in relation to their risks
351
Financing
Obtaining funding for the company’s operations and investments and seeking the best balance between debt and equity
352
Why Businesses Financially Fail
1. Undercapitalization
2. Poor control over cash flow
3. Inadequate expense control
353
Financial manager
Financial planning
Investment
Financing
=Maximizing the value of the company to its owners
354
Risk and Return Factors
Changing patterns of market demand
Interest Rates
General economic conditions
Marketing conditions
Social issues
355
Short term forecasts
Operating plans for one-year period
Project revenues, cost of goods, operating expenses
356
Long term forecasts
Strategic plans for longer than a one-year period
Broader view of financial activities
357
Financial planning process
Forecast Cash Flow
Budget cash needs
Control difference
Compare results
358
Forecast Cash Flow
Short term and long term uses
359
Budget Cash needs
operating, cash and capital
360
Control Differences
Actual vs projected flows
361
Compare results
Modify forecasts and budgets
362
Budgets
Cash
Capital
Operating
363
Cash budget
Forecast inflows and outflows
364
Capital Budgets
Forecast outlays for fixed assets
365
Operating budgets
Forecast profits and expenses
366
Budgeting
Shouldn’t be overlooked
Critical for all businesses, large and small
Many small businesses have a lack of financing skills
Many budgets end up on a shelf. The process becomes a formality
Managers must me flexible
367
How Organizations use funds
Cash
Manage daily operations; salaries, taxes, interest payments, maximize investment potential (time value of money)
Manage accounts receivable (trade credit); Credit entices customers, but a business then has a high accounts receivable, cash and timely payment discounts, credit cards help to alleviate risk for the business
Acquire inventory; inventory maintenance
Capital Expenditures: tangible or intangible assets (land, Buildings, patents)
368
Obtaining financing
Borrowing money (debt)
Retain earnings (profit)
Sell ownership shares (equity)
369
Debt financing voice in management
Creditors typically have none, unless the borrower defaults on payments. Creditors may be able to place restraints on management in the event of default
370
Debt financing claim on income and assets
Debt holders rank ahead of equity holders. Payment of interest and principal is a contractual obligation of the company.
371
Debt financing maturity
Debt has a stated maturity and requires repayment of principal by a specified maturity date
372
Debt financing tax treatment
Interest is a tax-deductible expense
373
Equity financing Voice in management
Common shareholders have voting rights
374
Equity financing claim on income and assets
Equity owners have a residual claim on income (dividends are paid only after interest and any scheduled principal payments are paid) and assets. The company has no obligation to pay dividends.
375
Equity financing maturity
The company is not required to repay equity, which has no maturity date
376
Equity financing tax treatment
Dividends are not tax deductible and are paid from after-tax income
377
Debt financing: short term
Trade credit (account payable)
Banks/Financial Institutions
Commercial Paper
Factoring
Credit cards
Family/Friends
378
Trade Credit (account payable) Debt financing
Seller extends credit to buyer Ex. 2/10 net 30
Short term
379
Banks/Financial Institutions Debt Financing
Short term
Build a relationship
Secured loan- backed by collateral
Unsecured loan- no collateral
Line of credit- a given amount of unsecured funds. Speeds up the borrowing process
Commercial finance companies- offer short term loans with collateral
380
Commercial paper debt financing
Short term
Unsecured promissory notes
Issued by a financially secure firm
Fixed amount to be repaid and interest
381
Factoring Debt financing
Short term
Selling accounts receivable for cash
Expensive
382
Credit Cards debt financing
Short term
Risky and costly
383
Family and friends debt financing
Short term
Make a formal agreement
Be careful- can cause turmoil
384
Debt financing long term
Term-loan
Bonds
Mortgage loan
385
Term- loan debt financing
Long term debt from a lending institution such as banks. Repaid in instalments, often require collateral
386
Bonds Debt financing
Long term debt issued by corporations and governments
Interest= coupon rate
Bond rating= risk to investors
Maturity date
Debenture bonds- unsecured
Secured bonds- backed by collateral
Callable bond- repaid before maturity date
Convertible bond- can be converted into common shares
387
Mortgage loan Debt financing
long term loan with real estate as collateral
388
Long-term debt financing considerations
Items to consider; character, capacity, capital, collateral, conditions
389
Stocks
Shares of ownership in a company
Common shares
Preferred shares
Initial public offering (IPO)
Par value
Stock certificate
Dividends
390
Common Shares
Ownership with voting rights (board of directors)
391
Preferred shares
Preference of dividends
392
Initial public offering (IPO)
The first public offering of a corporation’s stock
393
Par value
$ amount of each stock
394
Retained earnings
Profits reinvested back into the business
395
Venture capital
Money that is invested in new companies or ideas that have immense profit potential
Require high returns/ownership
396
Leverage
The amount of debt used to finance a firm’s assets. A firm with significantly more debt than equity is considered to be highly leveraged
397
Other unique funding sources
Crowdfunding
Micro finance
Own-source revenue- First national
398
Crowdfunding
The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the internet. People have raised thousands or even millions of dollars using websites such as kickstarter, Indiegogo and crowdfunded
399
Microfianance
Providing access to small amounts of financing to those whom would otherwise not have access to funds (unemployed or low-income individuals) in hopes of creating self-sufficiency
400
Own-source revenue- First Nations
The revenue that an Aboriginal government raises by levying taxes and resource revenues or by generating business and other income
401
The CFO’s Role Continues to Expand:
Work with top management to develop and implement the firm’s strategic direction
Re-establish public trust
Assure stakeholders of honest transactions and reporting
Maintain a higher profile with their companies’ boards
402
Social trends
Social change influenced by attitudes, values and lifestyle that impact business.
403
Component lifestyle
A lifestyle made up of a complex set of interests, needs, and choices
404
Social responsibility
The responsibility a business has to its stakeholders
405
Ethics
A set of moral standards for judging whether something is right or wrong
406
Demography
The study of people’s vital statistics such as their age, gender, race and ethnicity and locations
407
Diversity
Different lifestyles, different choices
Women in the workforce
Immigration
Increasing Indigenous population
408
Generations
Generation Alpha (2013+): tech savvy
Generation Z (1997 to 2012): generation multitasking
Generation Y/Millennials (1817 and 1996): Echo boomers
Generation X (1965 and 1980) Savvy and cynical
Baby Boomers (1946 and 1964): Spending power
409
Ethics
Set of moral standards for judging whether something is right or wrong
More than legality (but this is certainly the 1st step)
Ethics Standards are fundamental
Stem from individual
410
Companies can demonstrate integrity in many ways
Being honest and transparent
Report earnings
Promoting products accurately
Providing truthful information to customers
Adapting to new business practices in response to societal expectations
411
The 3 components of business ethics
1. Competing fairly and honestly: Priority-obey all laws and regulations
2. Avoiding conflicts of interest: occur when an employee takes advantage of a situation for their own personal interest rather than for the employer’s interest
3. Being transparent: Transparency
412
Transparency
Free flow of information inside and outside the company
413
Business case for ethical management
To maintain a good reputation
To keep existing customers
To attract new customers
To avoid lawsuits
To reduce employee turnover
To avoid government intervention
To please customer, employees and society
To Do the right thing
414
Unethical business activities
Taking things that don’t belong to you
Saying things you know are not true
Giving or allowing false impressions
Buying influence or engaging in a conflict of interest
Hiding or divulging information
Taking unfair advantage
Committing improper personal behaviour
Abusing another person
Permitting organizational abuse
Violating rules
Condoning unethical actions
415
Utilitarianism
Consequences of an action taken by a person or an organization. Maximizing the benefits and minimizing the harms
416
Individual rights
Personal rights and freedoms
Examples: freedom of association, freedom of thought, belief, opinion and expression, equality of rights
417
Justice
Fair distribution or benefits and harms
418
Preconvention ethocs
Childlike in nature, it is calculating, self centered, and even selfish, and is based on the possibility of immediate punishment or reward
419
Conventional ethics
Moves from an egocentric viewpoint toward the expectations of society. Loyalty and obedience to the organization becomes paramount.
420
Postconventional Ethics
Represents the ethical standards of the mature adult. Business people are concerned less about how others might see them and more about how they see and judge themselves over the long run
421
Why ethical Problems Occur in business?
4 primary reasons;
1. Personal gain and self-interest (self vs. Others)
2. competitive pressure on profits (firm vs. Others)
3.Conflicts of interest (multiple obligations)
4. Cross-cultural contradictions (ethnocentric mentality)
422
Factors influencing managerial ethic
Individual
Organizational
environmental
These factors + Oppurtunity= ethical/unethical behaviour
423
Two ethics approaches
1. Compliance-based approach: preventative
2. Integrity-based approach: Proactive
424
Compliance- based approach: preventative
Rules, laws
Prevent criminal conduct
Lawyer- driven
Employee discretion limited
Code of conduct
425
Integrity based approach: proactive
Values/ethics/principles
Enable responsible conduct
Management-driven
Employee discretion increased
Code of ethics
426
Whistle-blower
An employee, a former employee or any other stakeholder of an organization who reports misconduct or harmful or illegal acts by others in the organization
427
Ethical checklist
Is it legal
benefit/cost test
Categorical imperative
Light of day test
Do unto others
Ventilation test (second opinion)
428
Ethical dilemma
A decision where every alternative impacts various stakeholders in unpleasant ways
429
Corporate Social Responsibility (CSR)
The concern businesses have for the welfare of society. It is voluntary and broad.
430
Corporate Philantrhopy
Being a good corporate citizen
431
Corporate Social initiatives
Enhanced forms of corporate philantrhopy (i.e. Johnson and Johnson sends medical supplies to disaster areas)
432
Corporate responsibility
Acting responsibly within society (i.e. hiring minorities, minimizing pollution)
433
Stakeholders
Individuals, groups or organizations to whom a business has a responsibility
Stakeholders are impacted by an organziations’ actions but also equally influence the operations of a business
434
Companies demonstrate responsibility to employees through
Equality
Occupational safety
435
The Canadian Human Rights Commission (CHRC)
Is responsible for determining whether employers are fulfilling their legal obligation to proactively increase representation of minority groups
436
Legislation protects consumers with 4 consumer rights
1. Right to safety
2. Right to be informed
3. Right to choose
4. Right to be heard
437
Environmental issues
Global Climate change
Energy consumption
Water disposal- overconsumption
Food production, consumption and distribution
Sustainable agriculture- pesticides
Recycling
plastics
Water quality and access
Ocean acidification and overfishing
Land management- deforestation
Biodiversity- extinct of species
Overpopulation
Wealth disparity
Nuclear proliferation and testing
438
