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59 Cards in this Set
- Front
- Back
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What is corporate social responsibility? |
Conducting business in a way that follows society’s values.
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Why would a company participate in international business?
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5 P’s: Product, Price, Proximity, Preference, Promotion
- Cheaper labour -Offers access to different/ new markets - Increases quality/ quantity of goods - Access to resources that may not be available at home |
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5 P's of International Business
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Product, Price, Proximity, Preference, Promotion
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5 P's of International Business - Product
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A country’s resources determine what goods and services it can produce
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5 P's of International Business - Price
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Depending on the cost of production in your home country, it can be cheaper to buy from another country at a cheaper price
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5 P's of International Business - Proximity
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Depending on where you live it may be easy to do business internationally
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5 P's of International Business - Preference
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Some countries specialize in certain types of goods or services that have a reputation for quality all over the world
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5 P's of International Business - Place
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Today businesses can promote themselves all over the world due to technology
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What are the functions of management?
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Planning
Leading Organizing Controlling |
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Planning
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Setting realistic goals for both short and long term goals and deciding how to achieve them
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Leading
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-Focus employees on achieving objectives and motivate their staff to accomplish them
- Leading teams, managing conflict and stress, communicating effectively, motivating, and encouraging staff |
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Organizing
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- Arranging people and tasks to carry out the business
- Each department within a company has its own manager who’s responsible for organizing the group |
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Controlling
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- The method managers use to increase, maintain or decrease the resources they are allocated
-Employee discipline, performance appraisals, and budgeting - Number of employees in a department, monies a department receives, extent of its physical supplies |
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What is marketing?
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- To sell what a business makes
- Manage a business’ brands - Includes the marketing mix 4 p’s (Product, Price, Place, Promotion) |
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What is the purpose of accounting?
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To record, analyze, and interpret the financial or economic activities of a business
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What are the characteristics of entrepreneurs?
F CHIRP PIGS |
- Flexible
- Curious - Hardworking - Imaginative - Risk taker - Perceptive - Persistent - Independent - Goal setting - Self-confident |
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What is product mapping?
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Allows entrepreneurs to visualize all the products or services that are available in a particular segment and group them by specific feature
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Gross Income
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The total amount of money received from one’s employer, before any deductions.
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Disposable Income
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The amount of income left after taxes have been paid. This income can be used to pay for the basic necessities such as, food, clothing, and shelter.
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Discretionary Income
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The portion of one’s disposable income that is not already committed to paying for necessities that can be used to buy things for pleasure, satisfaction, and comfort.
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What does the Bank of Canada do?
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- The Bank of Canada is the country's sole bank note-issuing authority and is responsible for designing, producing, and distributing Canada's bank notes.
- Controls how much money circulates in the economy, and what that money is worth. - Lends money to financial institutions |
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Who protects our money in the bank and by how much?
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Canadian Deposit Insurance Corporation protects our money and the CDIC insures from $1 to $100,000
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What is a loan?
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A sum of money that is borrowed that is often paid back with interest
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What is collateral?
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Collateral is property or other assets that a borrower offers a lender to secure a loan.
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What is international business?
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All the business transactions necessary for creating, shipping, and selling goods and services across national borders
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What are the different types of logos?
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- Monogram
- Visual - Abstract |
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Monogram
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Stylized rendering of the company’s initials or a combination of initials and numbers (E.g. IBM)
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Visual
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Line drawings of people, animals, etc (E.g. Tony the Tiger)
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Abstract
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Shapes that carry a visual message but are not representative of actual things
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What are the 4 P’s of marketing?
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Product, Price, Place, Promotion
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Product
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Package, features, design, size, colours, materials etc
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Price
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Cost to manufacture, MSRP manufacturer’s suggestive retail price, percent profit, combos, breakeven point, seasonal pricing
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Place
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Where your product is sold, direct and indirect (retailers)
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Promotion
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Word of mouth, advertising, publicity, free trial, experiential marketing, endorsements
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What are the different types of credit?
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- Credit Cards
- Instalment Sales Credit - Loans |
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Credit Cards
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Bank, issued, charge cards from retailers and cards issued from travel and entertainment companies
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Instalment Sales Credit
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Down payment with regular payments afterwards
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Loans
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Money borrowed to finance purchases/ Term loans, demand loans, and student loans
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What is demand?
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The quantity of a good or service that consumers are willing and able to buy at a particular price
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What can affect demand?
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- Change in consumers’ income
- Change in consumer tastes - Change in expectation of future conditions - Change in population |
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What is competition?
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When businesses try to sell the same type of product or service to the same customer
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How does benefit competition consumers?
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- Lower prices
- Better quality goods - Better combos |
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How would you explain the difference between the following two watches? Rollex and Timex?
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One is a luxury good and one is a regular good since they both tell time and provide the same functions
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When would someone need to increase their income or cut their expenses?
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- When they spend more money than they make
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Economic resources or factors of production are the means through which goods and services are made available to consumers. What are they?
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- Capital Resources
- Human Resources - Natural Resources |
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Capital Resources
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Are the buildings equipment, tools, trucks, and factories, long lasting, costly investments for a business
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Human Resources
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Sometimes referred to as labour, and are the people who work to create the goods and services (E.g. farmer, factory/ construction worker, teacher, and nurse)
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Natural Resources
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Materials that come from the earth, water, or air (E.g. soil, iron ore, gold, trees, oil, wildfire, and agriculture).
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What is saving
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Saving is putting money aside for the future or a short/long term goal.
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What is investing
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Using your savings to earn extra income
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What are the advantages of comparison shopping?
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- Prevents impulse buying
- Get the best deal - Get better quality goods, services, features, and combos |
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What should you look for when comparison shopping?
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- Price
- Quality - Service - Supply - Quantity - Location |
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What does a budget look like? What is included on it?
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- Has income (total fixed income)
- Fixed expense (Car payment, insurance, rent etc.) Total fixed expense - Variable expenses (Food, entertainment, clothing etc.) Total Variable expenses - Savings - For each expense, the percent of income it takes up |
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Fixed Expenses
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Expenses that don’t change from month to month (E.g. rent, utilities, transit passes, car payments, and mortgage payments)
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Variable Expenses
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Expenses that can easily change (E.g. amount spent on food, entertainment, or clothing)
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What is a balance sheet?
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A financial statement that shows the financial position of a business on a specific date
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What is the heading of a balance sheet?
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Who
What (Balance Sheet) When (Date) |
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What is the formula to calculate owner’s equity?
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A-L = OE
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What is order or liquidity?
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How fast you can convert an asset into cash
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