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5 Factors of production
land
labor
capital
entrepreneurship


Four competitive strategies

cost leadership
differential
defensive strategy's
alliance




Four economic systems
Market- capitalism
Command- Communism
Traditional- Socialism
Mixed economy


Four degrees of competition
Perfect
Monopolistic
Oligopoly
Monopoly


Four types of unemployment
Cyclical
seasonal- (landscaping job etc)
structural
Frictional




Seven strategy's for global markets
Export
Licensing
Franchising
Subsidiaries
Joint ventures & strategic Alliances
FDI (Foreign direct investment)
Barter







Four forces affecting trade in global markets
Social-cultural
Economic
Technological
Political-legal regulatory forces


Four protectionism practices
Tariffs and quotas
Revenue tariffs for government
Regulatory trade barriers
Restrictive paperwork/port barriers








Three purposes of crown corporations

Provide services not provided by businesses
Bail out major industry in trouble
Provide special services

Three levels of government
Federal-import/trade
Provincial-schools
Municipal-tickets/bylaws

Three questions in the ethical checklist
Is it legal?
Is it balanced?
How will it make me feel about myself?

Two types of ethical codes
Compliance-based
Integrity-based
Six steps to improve ethics
Top management support
Expectations begin at the bottom
Ethics imbedded in training
Ethics office set-up
External stakeholders informed
Enforcement




Three forms of ownership
Franchise
Sole-proprietorship
Partnership

Advantages and disadvantages of sole proprietorship
1.Ease of end and start
2.Be your own boss
3.Retain profit

1.Unlimited liability
2. Limited growth
3.Limited life span





Partnership advantages/disadvantages
1.Shared partnership
2.Longer survival
3.No special taxes

1.Unlimited liability
2.Division of profits
3.Disagreements





Corporations advantages/disadvantages
1.Size
2.Limited liability
3.More money

1.Paperwork
2.Termination
3.Stockholder and board conflict





Franchises advantages/disadvantages
1.Lower failure rate
2.Managing and marketing assistance
3.Personal ownership

1.High startup costs
2.Shared profit
3.Restrictions on selling





Six reasons people take the entrepreneurship challenge
1.New idea process or product
2.Independance
3.Challenge
4.Family pattern
5.Profit
6.Immigration




Six qualities of an entrepreneur
1.ambitious
2.self-directed
3.determined
4.action orientated
5.highly energetic
6.tolerant of uncertainty
7.quick learner





8 causes of small business failure
1.Underpricing/overpricing
2.Underestimating time to build market
3.Attempting to do much business with too little capital
4.Starting with too much capital and being carless in its use
5.Going into business with little or no experience
6.Not allowing for setbacks or unexpected expenses
7.Extending credit rapidly
8.Failure to keep records






Four functions of management
1.Planning
2.organizing
3.leading
4.controlling


Required management skills
1.people
2.technical
3.conceptual

Leadership styles
1.Autocratic
2.participative
3.free reign



5 steps of controlling
1.performance standards
2.monitoring and controlling
3.comparing results against standards
4.communicating results
5.taking corrective action



Feos principal's of organization
-unity of command
-hierarchy of authority
-division of labor
-subordination of individual interest
-Authority
-degree of centralization
-communication channels
-order
-equity
-esprit de corps










Fundamentals of beaurocracy
chain of command
rules of regulations
set up by function
communication is minimal




Variables in the span of control
Capability of subordinates and manager
Complexity of job
-geographically close
-functional similarity
-need for coordination
-planning demands
-functional complexity







Alternative ways to departmentalize
By product
By function
By customer group
By geographical location
By process





Four organizational models
Line organization
Line and staff
matrix style
self managed


Four manufacturing processes
Process manufacturing
Assembly process
continuous process
intermittent process


5 levels of Maslow's hierarchy of needs
psychological
social
safety
esteem
self-actualization



Theory x
1.Dislike work
2.Avoid responsibility
3.Little ambition
4.Forced
5.motivated by fear



Theory Y
1.Like work
2.Naturally work for goals
3.seek responsibility
4.imaginaive
5.Empowerment



Five steps in determining HR needs
1.preparing a human resource inventory
2.Preparing a job analysis
3.assesing future human resource demand
4.Asses future human resource supply
5.stragtegic plan







Five steps in selection process
Application forms
Initial and follow up
Giving employment tests
confirming background information
trial periods



Seven types of training
employee orientation
on the job training
apprentice programs
off the job training
online training
vestibule training
job simulation





Six steps in performance appraisals
establish standards
communicate standards
evaluate performance
discuss results
corrective action
use results to make decisions




Four hiring conditions
Closed shop-union
Union shop-free to hire
Agency shop-pay dues
open shop


four steps in the market research process
Define question
collect research
analyze data
choose solution


Fpur main market segment methods
geographic
demographic
psychographic
behavioral


Five characteristics of B2B
Customers is smaller
business customers is larger
geographically concentrated
rational
sales are more direct





Five characteristics of a good brand name

Reflect benefits
easy to remember
distinctive
translates
can be protected legally



Four stages in product life cycle
introduction
growth
maturity
decline


Four pricing strategies
target profit
market share
creating an image
building traffic


three retail distribution strategys
selective
intensive
exclusive

Five promotional strategies
word of mouth
direct marketing
sales promotion
advertising
personal selling



Four elements in marketing process
product
place
price
promotion


three key financial statements
Cash flow
income statement
balance sheet



three category's of assets
cash equities
fixed income
cash equivilants

assets three categorys
current
non current
intangible (now now)

Five criteria for investment options
Investment
risk-duration
yield
liquidity
tax consequences



Three key questions before investing
Bonds
stocks
mutual funds



Deck Info

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