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Functional Areas of Business Flashcards

(63 cards)

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1
Q

Key Functional Areas of Business

A

HRM, finance, accounting, supply chain management, operations management, marketing

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2
Q

people domain

A

managing interpersonal relationships within organizations

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3
Q

money domain

A

associated w Aristotle’s ideas about chrematistics

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4
Q

managing other organizations and resources domain

A

ideas about managing relationships btwn organizations

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5
Q

value chain

A

the sequence of activities whereby an organization acquires the resources it needs, engages In day-to-day operations to use and add value to these resources and utilizes it’s value-added outputs to further it’s interests

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6
Q

HR domains and value chain

A

domain: people
value chain: input (hiring), conversion (training), output (dismiss employees)

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7
Q

finance domain and value chain

A

Domain: money
Value chain:
Input (raising money/financing), output ( spending money/investment)

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8
Q

accounting domain and value chain

A

Domain: money
Value chain:
Conversion process( auditing, creating reports for transparency for how $ spent)

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9
Q

supply chain management domain and value chain

A

Domain: resources

Value chain: Inputs (managing inventory coming in)

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10
Q

operations management domain and value chain

A

Domain: resources

Value chain:
Conversion Process (how do you deal with inputs to make your products )

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11
Q

marketing domain and value chain

A

Domain: resources

Value chain:
Outputs (how are all our resources going to who we’re selling to?)

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12
Q

supply chain management focuses on

A

inter-organizational logistics, and specifically on ensuring that organizations find optimal ways to acquire the supplies that they need from other organizations

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13
Q

globalization

A

the increasing movement of goods, services and capital across national borders

-aided by neoliberalism policies/free trade

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14
Q

transnational corporations

A

firms that control assets abroad

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15
Q

international financial and trade institutions

A

organizations/institutions that support globalization
ie WTO, world bank, UN

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16
Q

problem w international financial and trade institutions

A

these guidelines they give aren’t laws, difficult to implement/ensure businesses follow

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17
Q

International NGOs (non governmental organizations) in Supply Chain Management:

A

keep companies accountable on human rights violations, environmental standards. Evaluate externalities that businesses aren’t.

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18
Q

globalization and the race to the bottom

A

The race to the bottom refers to a firm’s attempts to undercut competitor prices by sacrificing standards in areas such as quality, safety and wages.

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19
Q

attempts to fix working conditions in developing countries

A

company level policies and programs, global codes of conduct for corporations, multi-stakeholder initiatives (private regulation)

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20
Q

company level policies and programs in fixing working conditions

A

Practices, codes of conduct, standards within individual companies that aim to address these issues

-Nike (procedures for how they hire factories)
-Gap
-H&M wage increase (minimum wage requirement for factory contract)

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21
Q

problem w company level policies and programs in fixing working conditions

A

how do we implement this?? factories can subcontact other factories etc

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22
Q

global codes of conduct for corporations

A

The UN Global compact

The OECD guidelines for multinational corporations

Principles for CSR (Kairos Canada)

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23
Q

multi stakeholder initiatives (private regulation) in attempts to fix labour conditons

A

Reporting standards
-Global reporting initiative (GRI)

Certification standards
-International organization for standardization (ISO)
-Forestry Stewardship Council (FSC)

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24
Q

operations management

A

includes both production management and service operations, refers to directing and controlling the processes that convert an organization’s resources (inputs) into finished goods and services (outputs)

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25
externalities
the cost or benefit that affects a party who did not choose to incur that cost or benefit, often lead to market failures
26
what is a market failure?
when the allocation of goods and services within the market is not efficient, leads to misallocation of resources
27
business as a contributor of climate change
Business has been a major contributor to carbon in the atmosphere Funding climate change skepticism Lobbying against regulation
28
negative impacts of climate change on business
Climate change is changing the landscape of business -Businesses that depend on water -Tourism -Commodity-based businesses (oil, steel)
29
business as a part of the solution of climate change
technological innovations (clean energy), meat replacements
30
ways to limit environmental harm caused by business
regulations, laws, market driven approaches, environmental NGOs, multistakeholder initiatives, corporate driven approaches
31
environment canada
Federal dpt responsible for the environment. Operates various programs, tracks and reports on environmental issues, administers environmental legislation and regulations
32
Canadian Council of Ministers of the Environment (CCME)
Comprises of environment ministers from the federal/ provincial, and territorial governments and meets at least once a year to discuss national environmental priorities and determine work to be carried out under the auspices of CCME
33
Canadian Environmental Assessment Agency (CEAA)
provide high-quality environmental assessments that contribute to informed decision making relating to sustainable development
34
strengths of environmental regulations
Power for oversight and sanctions in cases of non-compliance Externally controlled so more stakeholder interests considered
35
weaknesses of environmental regulations
Susceptible to lobbying and corporate influence Can be viewed by industry as inefficient since government may not have the necessary knowledge of an industry Cannot regulate outside jurisdiction
36
strengths of environmental laws
Have the power to enforce compliance and can sanction non- compliance Potentially less susceptible to influence than regulations
37
weaknesses of environmental laws
Fines are often not a deterrent for large corporations Several instances where corporate executives have avoided criminal accountability
38
market driven environmental approaches
Market incentives for protecting the environment -Carbon tax -Emissions trading -Emission reduction credits (offsets) -Carbon capture and storage
39
strengths of market driven environmental approaches
Incentives for companies Potentially “efficient” bc it is incorporated into the market
40
weaknesses of market driven environmental approaches
Allows corporations to continue to be environmentally destructive without addressing internal issues
41
greenpeace canada
Greenpeace is an independently funded organization that works to protect the environment”
42
energy probe
“Energy Probe is a consumer and environmental research team, active in the fight against nuclear power, and dedicated to resource conservation, economic efficiency, and effective utility regulation”
43
friends of the earth canada
charitable, non-profit environmental organization. Our mission is to serve as a national voice for the environment, working with others to inspire the renewal of our communities and the earth, through research, education and advocacy”
44
pollution probe
Canadian environmental organization that defines environmental problems through research, promotes understanding through education, and presses for practical solutions through advocacy”
45
strengths of environmental NGOs
Can effectivley pressure corporations into changing policies Externally (stakeholder) controlled
46
weaknesses of environmental NGOs
Does not possess the same amount of power as regulations or laws Potential for co-optation
47
Multi-stakeholder environmental initiatives
Numerous organizations and actors from different areas come together to develop standards, rules, policies, and principles around environmental performance
48
strengths of Multi-stakeholder environmental initiatives
Inputs from multiple stakeholders Are often transnational in focus Encourage collaboration and cooperation
49
weaknesses of Multi-stakeholder environmental initiatives
Voluntary (can withdraw) Slow progress Often watered-down to satisfy all parties
50
corporate driven environmental approaches
Almost all corporations have policies and programs aimed at addressing environmental issues
51
strengths of corporate driven environmental approaches
Internally controlled for more likelihood for efficiencies and integration Company buy-in
52
weaknesses of corporate driven environmental approaches
No external oversight or enforcement Company has complete discretion
53
marketing
"**planning** and **executing** the **conception, pricing, promotion, and distribution** of **ideas, goods, and services**. Marketing affects almost every aspect of daily life, and it is something you are exposed to all the time. From deciding how to package a product (and what the product should be) to getting the product to market, marketers perform a wide variety of tasks”
54
consumer capitalism
a theoretical economic and social political condition in which consumer demand is manipulated, in a deliberate and coordinated way, on a very large scale, through mass-marketing techniques, to the advantage of sellers
55
consumerism and the natural environment
It is not enough simply to “green” consumption by buying more sustainably produced goods- it is essential to reduce consumption.
56
systematic barriers
obstacles within social, economic, or organizational structures that disadvantage certain groups of people based on factors such as race, gender, ethnicity, disability or socioeconomic status
57
systematic barriers manifest in the form of
Policies Practices Norms Attitudes
58
finance concerned with
raising money and spending money
58
accounting concerned with
the measurement of wealth and the financial impact of transaction
59
income inequality
the extent to which income is evenly distributed within a population
60
how do we measure income inequality
gini coefficient
61
arguments for economic inequality
-promotes innovation -if everyone is equal no one is exceptional
62
arguments against inequality
as we see an increase in inequality... -decrease in life expectancy -increase in infant mortality -increased social problems

GMGT 1010 (3 decks)

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