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Flashcards in Unit 4-5 Deck (66):
1

E-business

Electronic business
Business done over the Internet
Convenient

2

Intranet

Network of computers that are connected within the company

3

Extranet

Allow businesses to share information with suppliers and other businesses

4

Businesses compete for customers by...

Price
Adding value
Adding quality
Service

5

Customers buy from businesses according to the _________ of their __________ and customer __________.

Quality
Products
Service

6

Customer relationship manager (CRM)

Keeping contact with customers even after they make a purchase

7

Front-Line workers

Workers a deal directly with the customers

8

How to know what customers want
5 examples

Talk to them
Do research
Follow satisfaction
Look at competition
Pay attention

9

Providing poor quality products leads to_____________________.

Customer dissatisfaction

10

Quality control

Set of standards that decide if a product can be used/sold Products can be recalled if health or safety hazards occur

11

CRM

Customer relationship manager

12

ISO

International organization for standardization

13

International organization for standardization

A company that help standardize quality and measurements around the world

14

3 qualities of a successful business

Responding to change
how fast or quick a business can respond/adapt to change in demand
Small businesses adapt quicker and businesses that take advantage of change increase their opportunity for success
Filling a market niche
Specializing in a particular/specific part of a market
Understanding demographics
The statistics of the population of the community
Example birth death aid income

15

Economics

The study of how the forces of supply and demand allocate scarce resources

16

Demand

About consumers
Us

17

Law of demand

When the price of goods or services increase the quantity demanded will decrease and vice versa

18

What is demand affected by...

Price of goods and services
Price of complimentary and substitute goods

19

Factors affecting demand

Substitute goods
complementary goods
consumer income
future expectations
Taste and preferences
population

20

Substitute goods

Goods that can be replaced

21

Complimentary goods

2 goods used with each other

22

Consumer income

More income greater demand

23

Future expectations

Income or prices

24

Taste and preferences

Changes as time goes
Trends and fads affect demand
demographics
advertising

25

Population

More people more demand

26

Demand curve

Downward sloping curve
Price goes up demand goes down
Negative relationship

27

Law of supply

When price rises the quantity supply tends to rise
when price falls supplies fall

28

Supply

Consumers

29

Factors affecting supply

Production cost
Changes in technology
Number of suppliers
Environmental concerns

30

Production cost

Every cost involved in making the product and running a business

31

Changes in technology

Making production more efficient and reducing costs

32

Number of suppliers

If sellers decreased market supply will decrease

33

Environmental concerns

Environmental concerns such as weather conditions and how much product can be produced

34

Supply curve

Upward sloping
Price goes up quantity goes up
Positive relationship

35

Equilibrium

Where supply demand meets and are stable
Healthy relationship

36

Consumer protection includes...

9 legislations

37

Illegal pricing practices factors

Price-fixing
prices discrimination
predatory pricing
resale price management
bait and switch

38

Price-fixing

And agreement between two companies do you charge higher than compete

39

Price discrimination

Selling good cheaper to one person and a different amount to another

40

Predatory pricing

Charging low in order to avoid competition

41

Resale price management

Manufacture telling what price to sell a product at

42

Bait and switch

When a product is offered at a low price then sold out and another one is offered at the higher price

43

Hazardous products act

Labeling products that are hazardous

44

Textile labeling act

Labeling fibers before use

45

Customer packaging and labeling act

The rules about labeling

46

Food and drugs act

Regulates harmful products that can cause a illness

47

Canadian food inspection agency

Canadian federal enforcement agency for food health protection and plants

48

Provincial legislation

Pass laws to protect consumers

49

Business cycle

Economic conditions of the family person Town & Country that never remains at the same level

50

Business cycle consists of

Prosperity
inflation
recession
depression
recovery

51

Prosperity

The state of success and thrive

52

Inflation

Rise in prices of goods and services

53

Recession

Economy slows down no longer creates much wealth

54

Depression

When recession lasts for a long time

55

Recovery

economy begins to improve

56

Competition

Strong influence in the marketplace
Affects:
price
Quality
business
decisions
and choices availability

57

Price quantity supplied demand chart

Price vertical
Quantity horizontal
Supply downwards
Demand downwards
Equilibrium were supplying demand meet
Surplus above
shortage below

58

Competition Act

federal laws that govern advertising in business practices

59

False and misleading advertising

When an untrue statement is made about a product

60

Illegal pricing practices

Lesson competition and give less choice to consumer

61

9 legislations

Competition act
False and misleading advertising
Illegal pricing practices
Hazardous products act
Textile products act
Consumer packaging and labeling act
Food and drugs act
Canadians food inspection agency
Provincial legislation

62

Qualities of a successful business person

Risk taking
Vision and passion
Perseverance
Teamwork

63

Teamwork

Able to work with others

64

Perseverance

Has drive and determination

65

Vision and passion

Recognize trends and market demand

66

Risk taking

Sees problems as opportunities