Global Business - Knowledge Of 9

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CIO

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ChiefInformation Officer: position at the executive level to plot IT strategy

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PR

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PublicRelations: Non-sales communication that businesses have with their variousaudiences (including both communication with the general public and pressrelations)

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CPI

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ConsumerPrice Index: A monthly statistic that measures changes in the prices of arepresentative collective of consumer goods and services

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PPI

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ProductPrice Index: A statistical measure of price trends at the producer andwholesaler levels

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FDI

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ForeignDirect Investment: Investment of money by foreign companies in domesticbusiness enterprises

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CSR

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Corporate Social Responsibility: Socialcontributions that are directly aligned with a company’s overall businessstrategy

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LLC

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LimitedLiability Company: A structure that combines limited liability with thepass-through taxation benefits of a partnership; the number of shareholders isnot restricted, nor is members’ participation in management

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VCs

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VentureCapitalists: Investors who provide money to finance new businesses orturnarounds in exchange for a portion of ownership, with the objective ofreselling the business at a profit

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IPO

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InitialPublic Offerings: A Corporation’s first offering of share to the public

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Solid Waste Disposal Act (1965)

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Authorizesresearch and assistance to state and local control programs; regulatestreatment, storage, transportation, and disposal of hazardous waste

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Resource Recovery Act (1970)

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Subsidizespilot recycling plants; authorizes nationwide control programs

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Oil Pollution Act (1990)

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Setsup liability trust fund; extends operations for preventing and containing oilpollution

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Cigarette Labeling and Advertising Act (1965)

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Mandateswarnings on cigarette packages and in ads

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Dodd-Frank Wall Street Reform and Consumer Protection Act (2010)

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Amendsa number of earlier acts and regulations in an attempt to improve the stabilityof the banking and investment industries; establishes the Consumer FinancialProtection Bureau

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Age Discrimination in Employment Act

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outlawsmandatory retirement based on age alone, unless and employer can demonstratethat age is a valid qualification for “normal operations of the particularbusiness” any employee candidate 40 or older is protected

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The Fair Labor Standards Act (1938)

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setspecific guidelines that employers must follow when administering salaries andwages, including setting a minimum wage and paying overtime for time workedbeyond 40 hours a week.

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Labor-Management and Disclosure Act (1959) {AKA Landrum-Griffin Act}

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designedto ensure democratic processes and financial accountability within unions

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Marketing Research Techniques: Observation

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Anyin-person, mechanical or electronic technique that monitors and recordsbehavior, including website usage tracking and monitoring of blogs and socialnetworking websites

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Marketing Research Techniques: Surveys

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Datacollection efforts that measure responses from a representative subset of alarger group of people; can be conducted in person, over the phone, by mail oremail, or online. Designing and conducting a meaningful survey requiresthorough knowledge of statistical techniques such as sampling to ensure validresults that truly represent the larger group. For this reason, may of thesimple surveys that you see online these days do not produce statisticallyvalid results

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Marketing Research Techniques: Interview and Focus Groups

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One-on-Onegroup discussions that try to probe deeper into issues than a survey typicallydoes. Focus Groups involve a small number of people guided by a facilitatorwhile being observed or recorded by researchers. Unlike surveys, interviews andfocus groups are not designed to collect statistics that represent a largergroup; their real value is in uncovering issues that might require furtherstudy

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Marketing Research Techniques: Process Data Collection

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Anymethod of collecting data during the course of other business tasks, includingwarranty registration cards, sales transaction records, gift and loyalty programcard usage, and customer service interactions

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Marketing Research Techniques: Experiments

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Controlledscenarios in which researchers adjust one or more variables to measure theeffect these changes have on customer behavior. For instance, separate groupsof consumers can be exposed to different ads to see which ad is most effective.Test marketing, the launch of a product under real-world conditions but on alimited scale is a form of experimental research

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Marketing Research Techniques: Ethnographic Research

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A branch of anthropology that studies peoplein their daily lives to learn about their needs, wants, and behaviors inreal-life settings

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Marketing Research Techniques: Neuromarketing Studies

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Researchthat measures brain activity while customers are viewing or interacting withproducts, websites, or other elements

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Decision Making Process: Step 1

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Recognizeand define the Situation: Look for problems or opportunities by gatheringcustomer feedback, conducting studies, or monitoring such warning signals asdeclining sales or profits, excess inventory build up, or high customerturnover

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Decision Making Process: Step 2

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Identifyand develop options: develop a list of alternative courses of action. A problemthat is easy to identify, such as a steady decline in sales revenue, might nothave any easy answers. This step requires solid conceptual skills, break oldthinking habits and throw away long-held assumptions in order to find promisingsolutions to tough problems

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Decision Making Process: Step 3

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Analyzethe Options: after idea generation, ideas need to be studied and compared usingcriteria such as costs, feasibility, availability of resources, marketacceptance, potential for revenue generation, and compatibility with thecompany’s mission and vision. Some decisions present a simple yes/no choice,but others present multiple options that must be compared.

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Decision Making Process: Step 4

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Selectthe Best Option: For some decisions, qualitative analysis can identify a clearchoice from among the available options. For other decisions, however, managersmight have to rely on intuition and experience to point the way.

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Decision Making Process: Step 5

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Implementthe decision: After an option has been selected, its time to implement thedecision

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Decision Making Process: Step 6

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Monitorand Evaluate the Results: Monitor the results of decisions over time to seewhether the chosen alternative works, whether any new problems or opportunitiesarise because of the decision, and whether the decision should be modified tomeet changing circumstances

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International Business Activity: Importing and Exporting

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Importing:purchasing goods or services from another country and bringing them into one’sown country

Exporting: Sellingand shipping goods or services to another country

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International Business Activity: International Licensing

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agreementsto produce and marketing another company’s product in exchange for a royalty orfee internationally

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International Business Activity: Iternational Franchising

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sellingthe right to use a business system, including brand names, processes, tradesecrets, and other assets worldwide (McDonalds)

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International Business Activity: International Strategic Alliances and Joint Ventures

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Strategic Alliance: long-termpartnerships between two or more companies to jointly develop, produce, or sellproducts, are another important way to reach the global marketplace. Usuallywill share ideas, expertise, resources, technologies, investment costs, risks,management, and profits. Sometimes is the only way to gain access into aparticular market

Joint Venture: twoor more firms join together to create a new business entity that is legallyseparate and distinct from its parents, is an alternative to a strategicalliance

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International Business Activity: Foreign Direct Investment

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Investment of money by foreign companies in domestic business enterprise

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Forms of Business Ownership: 1

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SoleProprietorship: One owner has complete control, profits and losses flowdirectly to the owners and are taxed at individual rates, owner has unlimitedpersonal liability for the business’s financial obligations, easy to set up,typically requires just a business license and a form to register the companyname

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Forms of Business Ownership: 2

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GeneralPartnership: Two or more owners, each partner is entitled to equal controlunless agreement specifies otherwise; profits and losses flow directly to thepartners and are taxed at individual rates; partners share income and lossesequally unless the partnership agreement specifies otherwise; all partners haveunlimited liability, meaning their personal assets are at risk to mistakes madeby other partners; easy to set up, partnership agreement not required butstrongly recommended

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Forms of Business Ownership: 3

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LimitedPartnership: Two or more owners, one or more general partners manage thebusiness, limited partners don’t participate in the management; ; profits andlosses flow directly to the partners and are taxed at individual rates;partners share income and losses equally unless the partnership agreementspecifies otherwise; limited partnerships have limited liability (making themliable only for the amount of their investment), general partners haveunlimited; easy to set up, partnership agreement not required but stronglyrecommended

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Forms of Business Ownership: 4

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Corporation:unlimited number of shareholders, no limits on stock classes or votingarrangements, ownership and management of the business are separate(shareholders in public corporations are not involved in management decisions,in private or closely held corporations, owners are more likely to participatein managing the business); profits are taxed at corporate rates, profits aretaxed again at individual rates when (or if) they are distributed to investorsas dividends; investor’s liability is limited to the amount of his or herinvestment; more complicated and expensive to establish than a soleproprietorship, requirements vary from state to state

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Theory X

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amanagerial assumption that employees are irresponsible, are unambitious, anddislike work and that managers must use force, control, or threats to motivatethem

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Theory Y

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amanagerial assumption that employees enjoy meaningful work, are naturallycommitted to certain goals, are capable of creativity, and seek outresponsibility under the right conditions

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Difference Between Theory X and Theory Y: 1

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Theory X assumes that workers must be motivated throughthreat of punishment whereas Theory Y assumes that workers will come forwardlooking for further responsibility given the right time and environment

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Difference Between Theory X and Theory Y: 2

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TheoryX assumes that workers hate their jobs and dislike work as opposed to Theory Y,which assumes that workers enjoy their jobs and are encouraged and motivated bygoals that are set

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Multinational Corporation: Name and Address

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McDonald'sCorporation,

2111 McDonald's Dr.,

Oak Brook, IL 60523