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- 5 Factors of production
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land
labor
capital
entrepreneurship -
Four competitive strategies
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cost leadership
differential
defensive strategy's
alliance
- Four economic systems
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Market- capitalism
Command- Communism
Traditional- Socialism
Mixed economy - Four degrees of competition
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Perfect
Monopolistic
Oligopoly
Monopoly - Four types of unemployment
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Cyclical
seasonal- (landscaping job etc)
structural
Frictional
- Seven strategy's for global markets
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Export
Licensing
Franchising
Subsidiaries
Joint ventures & strategic Alliances
FDI (Foreign direct investment)
Barter
- Four forces affecting trade in global markets
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Social-cultural
Economic
Technological
Political-legal regulatory forces - Four protectionism practices
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Tariffs and quotas
Revenue tariffs for government
Regulatory trade barriers
Restrictive paperwork/port barriers
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Three purposes of crown corporations
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Provide services not provided by businesses
Bail out major industry in trouble
Provide special services - Three levels of government
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Federal-import/trade
Provincial-schools
Municipal-tickets/bylaws - Three questions in the ethical checklist
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Is it legal?
Is it balanced?
How will it make me feel about myself? - Two types of ethical codes
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Compliance-based
Integrity-based - Six steps to improve ethics
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Top management support
Expectations begin at the bottom
Ethics imbedded in training
Ethics office set-up
External stakeholders informed
Enforcement - Three forms of ownership
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Franchise
Sole-proprietorship
Partnership - Advantages and disadvantages of sole proprietorship
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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
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1.Shared partnership
2.Longer survival
3.No special taxes
1.Unlimited liability
2.Division of profits
3.Disagreements - Corporations advantages/disadvantages
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1.Size
2.Limited liability
3.More money
1.Paperwork
2.Termination
3.Stockholder and board conflict - Franchises advantages/disadvantages
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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
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1.New idea process or product
2.Independance
3.Challenge
4.Family pattern
5.Profit
6.Immigration - Six qualities of an entrepreneur
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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
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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
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1.Planning
2.organizing
3.leading
4.controlling - Required management skills
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1.people
2.technical
3.conceptual - Leadership styles
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1.Autocratic
2.participative
3.free reign
- 5 steps of controlling
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1.performance standards
2.monitoring and controlling
3.comparing results against standards
4.communicating results
5.taking corrective action - Feos principal's of organization
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-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
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chain of command
rules of regulations
set up by function
communication is minimal
- Variables in the span of control
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Capability of subordinates and manager
Complexity of job
-geographically close
-functional similarity
-need for coordination
-planning demands
-functional complexity
- Alternative ways to departmentalize
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By product
By function
By customer group
By geographical location
By process
- Four organizational models
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Line organization
Line and staff
matrix style
self managed - Four manufacturing processes
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Process manufacturing
Assembly process
continuous process
intermittent process - 5 levels of Maslow's hierarchy of needs
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psychological
social
safety
esteem
self-actualization - Theory x
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1.Dislike work
2.Avoid responsibility
3.Little ambition
4.Forced
5.motivated by fear - Theory Y
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1.Like work
2.Naturally work for goals
3.seek responsibility
4.imaginaive
5.Empowerment - Five steps in determining HR needs
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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
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Application forms
Initial and follow up
Giving employment tests
confirming background information
trial periods - Seven types of training
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employee orientation
on the job training
apprentice programs
off the job training
online training
vestibule training
job simulation - Six steps in performance appraisals
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establish standards
communicate standards
evaluate performance
discuss results
corrective action
use results to make decisions - Four hiring conditions
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Closed shop-union
Union shop-free to hire
Agency shop-pay dues
open shop - four steps in the market research process
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Define question
collect research
analyze data
choose solution - Fpur main market segment methods
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geographic
demographic
psychographic
behavioral - Five characteristics of B2B
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Customers is smaller
business customers is larger
geographically concentrated
rational
sales are more direct
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Five characteristics of a good brand name
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Reflect benefits
easy to remember
distinctive
translates
can be protected legally - Four stages in product life cycle
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introduction
growth
maturity
decline - Four pricing strategies
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target profit
market share
creating an image
building traffic - three retail distribution strategys
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selective
intensive
exclusive - Five promotional strategies
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word of mouth
direct marketing
sales promotion
advertising
personal selling - Four elements in marketing process
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product
place
price
promotion - three key financial statements
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Cash flow
income statement
balance sheet
- three category's of assets
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cash equities
fixed income
cash equivilants - assets three categorys
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current
non current
intangible (now now) - Five criteria for investment options
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Investment
risk-duration
yield
liquidity
tax consequences - Three key questions before investing
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Bonds
stocks
mutual funds