Chapter 1: Business Now

Jen Pen
Flashcards by Jen Pen, updated more than 1 year ago
Jen Pen
Created by Jen Pen about 6 years ago
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Flashcards based on chapter 1: Business Now from the BUSN, Second Canadian Edition Textbook published by Nelson Education Ltd., as well as professor S. Kruger's Lectures.

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Question Answer
What is business? Any activity that provides goods and services in an effort to earn a profit.
Briefly describe how business is today Everything is moving faster and faster: products getting popular at faster rates, products are being launched and discontinued in the same month.... OVERALL: business is happening very quickly, and expanding very quickly as well.
What is a Not-for-Profit organization? An organization that is organized and run just like a for-profit business, but that focuses on community causes, and does not try to make a profit
What is profit? The financial reward that comes from starting and running a business. Profit = money business earns from sales minus expenses
What is an entrepreneur? Someone who risks their time, money, and other resources to start and manage a business
What does business do for society? Business drives up the standard of living, which in turn contributes to the quality of life
What are the main sections in which business history is divided into? Industrial Revolution Entrepreneurship Era Production Era Marketing Era Relationship Era
What is characteristic of the Industrial Era? Mass production Factories Specialization Efficiency
What is characteristic of the Entrepreneurship Era? Industrial Titans Wealth Creation Increase in Standard of Living Manipulation/Competition Exploitation
What is characteristic of the Production era? Assembly Line Refining Production Productivity Gains Decrease Costs Hard Sell No customer focus
What is characteristic of the Marketing era? Consumer Power Growth in Consumerism Product Differentiation Customer Focus
What is characteristic of the Relationship era? Long-term relationships Satisfied Customers Use of Technology
What areas do not-for-profit organizations focus on? health human services education art religion culture
In what are for-profit and not-for-profit businesses the same? They employ people They take in revenue They produce goods and services
What are factors of production? Natural Resources Capital Human Resources Entrepreneurship
Describe the economic environment in which business can flourish Free enterprise and fair competition: Gov policies that support it tax incentives laws to reduce corruption and bribery
Describe how the competitive environment affects business Companies must provide remarkable customer value: the gap between the price and the benefit of the good/service The key to value is quality How fast do products get to market: bleeding-edge = people not ready for it leading edge = product offered just when consumer is ready for it
Describe how the technological environment can affect business affects how efficiently business can run adds competitive edge for companies that embrace change; may mean death for some industries/companies that resist
Describe how the social environment can affect business Demographics Diversity Aging Population Rising worker expectations Ethics and Social responsibility
Describe how the global environment can affect business technology links customers to suppliers worldwide Job migration China & India economies growing Terrorism more of a threat today blurred lines between countries/world
Very generally, how does entrepreneurship affect economies? It has been found that economies that encourage entrepreneurship do much better
Define Value Value is the relationship between the price of a good or a service and the benefits that it offers its customers
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