Professional Documents
Culture Documents
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What is management?
Process of achieving organizational goals through people & other resources
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Evaluate results & refine plan monitor & adapt plans when actual performance fails to meet goals, gather feedback
10. Define SWOT analysis & its purpose in strategic planning process
Method to assess companys competitive position
Strengths & Weaknesses examined in finance, marketing, info technology, human resources
Opportunities & Threats examined in market growth, regulatory changes, increase competition
Value in examination of current situation & necessary action for future development
11. Describe competitive differentiation & provide examples
Unique combination of companys abilities & approaches that sets it apart from competition
Ex. Product innovation, technology, employee motivation
12. Provide example of programmed decision & non programmed decision
Programmed decision reordering supplies, renewing lease, rules & policies guide decisions
Non-programmed decision entering new market, deleting product from line, more challenging (not routine)
13. Steps involved in decision making process
Recognizing problem or opportunity
Developing potential courses of action
Evaluating alternatives
Selecting & implementing one of them
Assessing outcome of decision
14. Describe 3 personal qualities of great leaders
Empathy ability to imagine oneself in anothers position
Self-awareness
Objectivity in dealing with others
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1. Define the concept of small business & identify the industries in which small businesses are established.
Company independently owned & operated having fewer than 100 employees & revenues not more than $2
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2/3 employment in Canada
5 industries are non-institutional: health care, construction, accommodation, food, forestry
2. Describe benefits & drawbacks of starting home-based business.
Benefits lower start-up cost, not requirement to lease space, internet allows marketing & selling goods online,
greater flexibility & freedom from commuting
Drawbacks isolation, less visibility to customers
3. Discuss the economic & social contributions of small business.
Economic create half of new jobs in Canada, outlet for entrepreneurial activity, contribution to creation &
innovation of new industries
Social enhanced lifestyle flexibility & opportunities for personal satisfaction
4. Describe 3 reasons small businesses fail.
Management shortcomings large firms can hire specialists in marketing & finance, owner of small business
must take on firms roles all at once which can lead to bad decisions (failure of business)
Inadequate financing first time business owners often assume they will generate enough funds from the initial
sale to finance continuing operations
Difficulty dealing with govt regulations many small businesses fail due to limited staff & budgets
5. List and describe the 5 elements in a business plan.
Executive summary who, what, when, where, why, how
Intro concept, purpose, objectives of business, overview of industry
Marketing plan anticipated competition & pricing
Finances & sources of capital needs for funds, when firm will break even
Resumes of principals especially in plans written to obtain financing
6. Explain the benefits and drawbacks of buying a franchise.
Benefits obtaining known brand name, franchisors provide advertising help, building plans, accounting
systems, management training & name recognition
Drawbacks expensive franchise fees & royalties, franchise linked to reputation & management of franchise
7. Outline the 6 components of a good business plan.
Company mission & vision of founders why a company was founded & what it intends to accomplish
Outline of what makes company unique what distinguishes firm & products from rest
Customers who firms customers will be & how it will serve their needs
Competition addresses competitors as legitimate entities with strategy for creating superior/unique
opportunities
Financial evaluation of industry & market conditions helps develop credible financial forecast & budget
Assessment of risks acknowledges risks & outlines strategy for them
8. Compare 3 forms of business ownership.
Sole proprietorship advantage to make changes & decisions quickly, disadvantage is responsible for all debts
Partnership spread out responsibilities & allows business to grow, each partner financially responsible
Corporations limits liability, offers expanded financial capability, deals with additional taxation
1. Define a factor of production. List 4 factors of production in business & describe why they are important
Factor of production profit seeking activities that provide goods & services to an economic system
National resource (rent) basic inputs required in economic system
Capital (interest) production inputs, technology, tools, information, physical facilities
Human resources (wages) provides firms with competitive edge
Entrepreneurship (profit) see opportunity to make profit & set up plan to earn profits & achieve success
2. Define basic rights in private enterprise system. List the 4 basic rights in the private enterprise system.
Private enterprise system minimizes govt interference
Right to own & receive profits earned through their activities
Right to use & consumer freedom of choice for own employment, purchases & investments
Right to buy by setting rules for competitive activity
Right to sell
3. Describe 6 eras of business history.
Colonial (prior to 1776) agriculture
Industrial revolution (1760 1850) mass production by semi-skilled workers & machines
Age of industrial entrepreneurs (late 1800s) advances in technology & demand for manufactured goods leading to
entrepreneurial opportunities
Production era (through 1920s) emphasis on producing goods faster & leading to production innovations & assembly lines
Marketing era (1950s) customer orientation & understanding of needs & preferences
Relationship era (1990s) benefits from ongoing links with customers, suppliers, etc
9. Give examples of external & internal forces that require manager to lead organizational change
External feedback from customers, developments in international marketplace, economic trends, new technologies
Internal new company goals, emerging employee needs, labour union demands, production problems
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Describe the difference between balance of payment surplus and balance of payment deficit.
Balance of payment surplus more money has moved into country than out of it
Balance of payment deficit more money has gone out of country than entered it
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Explain the difference between franchising, foreign licensing agreement, and subcontracting
Franchisee can produce and/or sell franchisors products under that companys brand name if that franchisee agrees to the
operating terms & requirements
Foreign licensing agreement international agreement in which one firm allows another firm to produce/sell product or
use trademark, patent, manufacturing processes in specific geographical area in return for royalties or other compensation
Subcontracting hiring other companies to produce, distribute, sell goods/services
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Define whistle-blowing
Employees disclosure to companys officials of illegal, immoral, or unethical practises
Thought no laws, Canadian companies protect whistle blowers
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Describe the differences between LAN, WAN, wireless local networks, intranets, virtual private networks, and VoIP.
LAN computer network that connects machines within limited areas
WAN computer networks that tie larger geographical regions together
Wireless local networks wireless network that connects various devices & allows them to communicate with one another
through radio waves
Intranet computer network that is similar to internet but limits access to authorized users
Virtual private network use firewalls & programs that encrypt/encode data to make them more secure during transit
VoIP using internet instead of telephone lines to transmit messages
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Explain the differences between malware, virus, worm, botnet, Trojan horse, and spyware.
Malware malicious software program designed to infect computer systems
Virus malicious software programs & change them/destroy data
Worm small piece of software that uses a security hold in a network to replicate itself dont require host program
Botnet network of PCs that have been infected with one or more data-stealing viruses
Trojan horse claims to do one thing but in reality does something else
Spyware gathers user info through users internet connection without his/her knowledge
10. Explain the difference between on demand computing, cloud computing, grid computing.
On demand computing use of software time from applications providers, firms only pay for usage of software
Cloud computing use of powerful servers that store applications software accessed by internet-connected device
Grid computing network of smaller computers that run special software
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