Business Management Final Exam

Front 1

the nature of business

Back 1

try to earn a profit by providing products that satisfy peoples needs

Front 2

economics***

Back 2

study of how resources are distributed for the production of goods and services within a social system

Front 3

economics systems***

Back 3

communism (people own)

socialism (government owns)

capitalism (individual owns)

mixed economies (multiple economies)

Front 4

barriers to international business (7)

Back 4

laws

tariffs

exchange controls

quotas

embargoes

political instability

wars

Front 5

social responsibilities for businesses

Back 5

obligation of a business to maximize its positive impact and minimize its negative impact on society in the long run

Front 6

why are consumers so willing to rent from redbox (3)

Back 6

-simple

-cheap

-convenient

Front 7

how was redox able to overcome some of its earliest challenges (2)

Back 7

-tested market then expand

-filled consumer need that was missing from market

Front 8

what are some recommendations for redox to stay successful (3)

Back 8

-adapt to consumers

-stay with digital age

-wary of the competition

Front 9

what led disney to believe that its theme parks would be successful internationally

Back 9

success with american parks

Front 10

what stumbling blocks did disney encounter at their france and hong kong theme parks (6)

Back 10

-economic

-legal

-political

-social

-cultural

-tried to recreate american parks (different culture)

Front 11

what are some factors complicating international expansions of a brand like disney - how can they solve these problems (2)

Back 11

-knowing local culture

-didn't know new cultures beliefs or how society was set up

Front 12

sole proprietorship***

Back 12

business owned and managed by one owner

Front 13

partnership***

Back 13

business formed by several individuals

Front 14

corporation***

Back 14

a legal entity created by the state whose assets and liabilities are separate from those of its owners

Front 15

business description (4)***

Back 15

-type of business/products/services

-mission statement

-why business will be successful

-vision of business

Front 16

marketing plan (5)***

Back 16

-target market

-how to appeal to target market

-location (importance)

-name (importance)

-pricing strategy

Front 17

competitive analysis (2)***

Back 17

-competition

-why will be successful against competition

Front 18

entrepreneurship

Back 18

process of creating and managing a business to achieve desired objectives

Front 19

5 functions of management***

Back 19

-planning (objectives)

-organizing (structure/accomplish objectives)

-staffing (hiring employees)

-directing (motivating/leading employees)

-controlling (evaluate/correct activities)

Front 20

top management***

Back 20

responsible for the whole organization and primarily on strategic planning

(CEO, Pres., VP)

Front 21

middle management***

Back 21

develops plans for specific operating areas and carries out the general guidelines

(GM, Directors, Managers)

Front 22

supervisory level***

Back 22

supervises the employees and day-to-day operations

(Asst. Managers)

Front 23

what are some advantages/disadvantages of sole proprietorships for PODS (3)

Back 23

A:

-ease of formation

-control

-less restrictions

D:

-one person handling

-rapid expansion

Front 24

what are some advantages/disadvantages of private corporations for PODS (3)

Back 24

A:

-opportunity to expand

-no public stock

-additional funding

D:

-more liability

-corporation restrictions

Front 25

how has adopting a franchise model made PODS more adaptable (3)

Back 25

-more knowledge/connections

-more adaptability when expanding

-an handle larger markets

Front 26

why is PODS so successful (3)

Back 26

-unique idea

-accessibility/ease of use

-adapted company as grew

Front 27

what is sonics competitive advantage over other fast food franchises (2)

Back 27

-no one had drive in diner

-unique/diverse menu

Front 28

what are the advantages/disadvantages of becoming a sonic franchise (2)

Back 28

A:

-already has reputation/ada campaign

-support for start ups

D:

-royalty/franchise fees

-strict business model

Front 29

why is sonic successful (2)

Back 29

-only drive in franchise

-high expectations for franchisees

Front 30

how did ford use strategic and tactical planning in its launch of the fusion (3)

Back 30

-revolutionized mid-size sedan

-more choice for consumers to choose

-made fusion most talked about car of 2012-13

Front 31

how did the companywide one ford plan contribute to the project specific launch readiness plan (3)

Back 31

-unite goals of company

-set plan to reach overall company goals and how to execute

-how to communicate car along with fusions production and creation

Front 32

what was the role of implication in the success of the ford fusion (2)

Back 32

-compare goals that were made to the actual execution of them

-have milestones to keep track of goals

Front 33

organizational structure***

Back 33

evolves to accommodate growth which requires people with specialized skills

Front 34

specialization

Back 34

when managers break labor into small, specialized tasks and assign employees to do a singe task

Front 35

departmentalization

Back 35

the grouping of jobs into work units/departments/groups/divisions

Front 36

stages of developing a team

Back 36

forming (start working together)

storming (conflicts)

norming (resolve differences)

performing (achieves goals)

adjourning (team ends)

Front 37

operations management***

Back 37

the development and administration of the activities involved in transforming resources into goods and services

Front 38

manufacturing vs service (4)

Back 38

-service have more contact with customers

-service has more variable inputs and outputs

-service more labor intensive

-service productivity measurement is more complex

Front 39

strategies used to motivate employees (5)

Back 39

-behavior modification

-job rotation

-job enlargement

-job enrichment

-flexibility

Front 40

recruiting

Back 40

the formation of a pool of qualified applicants from which management will select employees

Front 41

training

Back 41

the process of teaching employees how to do their specific jobs and tasks

Front 42

management

Back 42

the process of managing, supervising, or motivating employees on a regular basis to do their jobs efficiently

Front 43

evaluation

Back 43

identifying an employees strengths and weaknesses on the job

Front 44

hygiene factors at container store (3)

Back 44

-50% higher pay

-low turnover rate 10% (vs 100%0

-training employees for 263 hours (vs 10)

Front 45

how container store motivates employees (2)

Back 45

-having good workplace conditions

-having required productivity rates

Front 46

why container is successful (3)

Back 46

-teamwork

-symbiotic relationship

-wants employees to have fun

Front 47

human resources***

Back 47

all activities involved in determining an organizations human resources needs and curing, trying, and compensating people to fill those needs