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47 Cards in this Set
- Front
- Back
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the nature of business |
try to earn a profit by providing products that satisfy peoples needs |
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economics*** |
study of how resources are distributed for the production of goods and services within a social system |
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economics systems*** |
communism (people own) socialism (government owns) capitalism (individual owns) mixed economies (multiple economies) |
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barriers to international business (7) |
laws tariffs exchange controls quotas embargoes political instability wars |
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social responsibilities for businesses |
obligation of a business to maximize its positive impact and minimize its negative impact on society in the long run |
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why are consumers so willing to rent from redbox (3) |
-simple -cheap -convenient |
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how was redox able to overcome some of its earliest challenges (2) |
-tested market then expand -filled consumer need that was missing from market |
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what are some recommendations for redox to stay successful (3) |
-adapt to consumers -stay with digital age -wary of the competition |
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what led disney to believe that its theme parks would be successful internationally |
success with american parks |
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what stumbling blocks did disney encounter at their france and hong kong theme parks (6) |
-economic -legal -political -social -cultural -tried to recreate american parks (different culture) |
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what are some factors complicating international expansions of a brand like disney - how can they solve these problems (2) |
-knowing local culture -didn't know new cultures beliefs or how society was set up |
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sole proprietorship*** |
business owned and managed by one owner |
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partnership*** |
business formed by several individuals |
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corporation*** |
a legal entity created by the state whose assets and liabilities are separate from those of its owners |
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business description (4)*** |
-type of business/products/services -mission statement -why business will be successful -vision of business |
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marketing plan (5)*** |
-target market -how to appeal to target market -location (importance) -name (importance) -pricing strategy |
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competitive analysis (2)*** |
-competition -why will be successful against competition |
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entrepreneurship |
process of creating and managing a business to achieve desired objectives |
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5 functions of management*** |
-planning (objectives) -organizing (structure/accomplish objectives) -staffing (hiring employees) -directing (motivating/leading employees) -controlling (evaluate/correct activities) |
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top management*** |
responsible for the whole organization and primarily on strategic planning (CEO, Pres., VP) |
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middle management*** |
develops plans for specific operating areas and carries out the general guidelines (GM, Directors, Managers) |
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supervisory level*** |
supervises the employees and day-to-day operations (Asst. Managers) |
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what are some advantages/disadvantages of sole proprietorships for PODS (3) |
A: -ease of formation -control -less restrictions D: -one person handling -rapid expansion |
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what are some advantages/disadvantages of private corporations for PODS (3) |
A: -opportunity to expand -no public stock -additional funding D: -more liability -corporation restrictions |
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how has adopting a franchise model made PODS more adaptable (3) |
-more knowledge/connections -more adaptability when expanding -an handle larger markets |
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why is PODS so successful (3) |
-unique idea -accessibility/ease of use -adapted company as grew |
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what is sonics competitive advantage over other fast food franchises (2) |
-no one had drive in diner -unique/diverse menu |
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what are the advantages/disadvantages of becoming a sonic franchise (2) |
A: -already has reputation/ada campaign -support for start ups D: -royalty/franchise fees -strict business model |
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why is sonic successful (2) |
-only drive in franchise -high expectations for franchisees |
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how did ford use strategic and tactical planning in its launch of the fusion (3) |
-revolutionized mid-size sedan -more choice for consumers to choose -made fusion most talked about car of 2012-13 |
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how did the companywide one ford plan contribute to the project specific launch readiness plan (3) |
-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 |
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what was the role of implication in the success of the ford fusion (2) |
-compare goals that were made to the actual execution of them -have milestones to keep track of goals |
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organizational structure*** |
evolves to accommodate growth which requires people with specialized skills |
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specialization |
when managers break labor into small, specialized tasks and assign employees to do a singe task |
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departmentalization |
the grouping of jobs into work units/departments/groups/divisions |
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stages of developing a team |
forming (start working together) storming (conflicts) norming (resolve differences) performing (achieves goals) adjourning (team ends) |
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operations management*** |
the development and administration of the activities involved in transforming resources into goods and services |
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manufacturing vs service (4) |
-service have more contact with customers -service has more variable inputs and outputs -service more labor intensive -service productivity measurement is more complex |
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strategies used to motivate employees (5) |
-behavior modification -job rotation -job enlargement -job enrichment -flexibility |
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recruiting |
the formation of a pool of qualified applicants from which management will select employees |
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training |
the process of teaching employees how to do their specific jobs and tasks |
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management |
the process of managing, supervising, or motivating employees on a regular basis to do their jobs efficiently |
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evaluation |
identifying an employees strengths and weaknesses on the job |
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hygiene factors at container store (3) |
-50% higher pay -low turnover rate 10% (vs 100%0 -training employees for 263 hours (vs 10) |
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how container store motivates employees (2) |
-having good workplace conditions -having required productivity rates |
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why container is successful (3) |
-teamwork -symbiotic relationship -wants employees to have fun |
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human resources*** |
all activities involved in determining an organizations human resources needs and curing, trying, and compensating people to fill those needs |
