Exam (elaborations)
RSM 100 Quiz 1 Questions & answers
- Course
- Institution
RSM 100 Quiz 1 Questions & answers
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
RSM 100 Quiz 1business - ANS-All profit-seeking activities and enterprises that provide goods and
services necessary to an economic system
profits - ANS-rewards for businesspeople who take the risks involved in offering goods
and services to customers
not-for-profit organizations - ANS-organizations whose primary aims are public service,
not returning a profit to their owners
factors of production - ANS-four basic inputs for effective economic operation: natural
resources, capital, human resources, and entrepreneurship
natural resources - ANS-all production inputs that are useful in their natural states,
including agricultural land, building sites, forests, and mineral deposits
capital - ANS-production inputs consisting of technology, tools, information, and physical
facilities
human resources - ANS-production inputs consisting of anyone who works, including
both the physical labour and the intellectual inputs contributed by workers
entrepreneurship - ANS-the willingness to take risks to create and operate a business
private enterprise system - ANS-- an economic system that rewards firms for their ability
to identify and serve the needs and demands of customers
- Canadian economy
capitalism - ANS-- an economic system that rewards firms for their ability to perceive
and serve the needs and demands of consumers; also called the private enterprise
system
- Another name for the private enterprise system and market economy
-Adam Smith refers to the battle among businesses for consumer acceptance as
competition - ANS-the battle among businesses for consumer acceptance
,competitive differentiation - ANS-the unique combination of organizational abilities,
products, and approaches that sets one company apart from its competitors in the
minds of customers
private property - ANS-the most basic freedom under the private enterprise system; the
right to own, use, buy, sell, and hand down land, buildings, machinery, equipment,
patents, individual possessions, and various intangible kinds of property
entrepreneur - ANS-- a person who seeks a profitable opportunity and takes the
necessary risks to set up and operate a business
- main responsibility is to use the resources of their organizations—employees, money,
equipment, and facilities—to accomplish their goals
The Colonial Period - ANS-- rural and agricultural production
- Trade focused on the abundant resources available in North America, such as furs,
fish, and old stock large timber for ship and house building in Europe
The Industrial Revolution - ANS-- businesses moved to a factory system that mass
produced items by using numerous semi-skilled workers
- The factories made profit from the savings created by large-scale production and by
increasing their use of machines
The Age of Industrial Entrepreneurs - ANS-an expansion in the number and size of
firms
The Production Era - ANS-- Work became more specialized, and huge, labour-intensive
factories were common in North America.
- focused on the growth of factory operations through assembly lines and other efficient
internal processes
Basic Rights in the Private Enterprise System - ANS-rights to private property, profits,
freedom of choice, and competition
The Marketing Era - ANS-- consumer orientation
- brand
- branding
consumer orientation - ANS-a business philosophy that focuses first on consumers'
unmet wants and needs, and then designs products to meet those needs
, branding - ANS-the process of creating in consumers' minds an identity for a good,
service, or company; a major marketing tool in contemporary business
brand - ANS-a name, term, sign, symbol, design, or some combination that identifies
the products of one firm and shows how they differ from competitors' offerings
The Relationship Era - ANS-- transaction management
-the business era where firms seek to actively promote customer loyalty by carefully
managing every interaction
transaction management - ANS-building and promoting products in the hope that
enough customers will buy them to cover costs and earn profits
The social era - ANS-the business era in which firms seek ways to connect and interact
with customers using technology
Relationship management - ANS-the collection of activities that build and maintain
ongoing, mutually beneficial ties with customers and other parties.
strategic alliance - ANS-a partnership formed to create a competitive advantage for the
businesses involved; in international business, the business strategy of one company
partnering with another company in the country where it wants to do business
diversity - ANS-the blending of individuals of different genders, ethnic backgrounds,
cultures, religions, ages, and physical and mental abilities to enhance a firm's chances
of success
outsourcing - ANS-using outside vendors to produce goods or fulfill services and
functions that were previously handled in-house or in-country
offshoring - ANS-the relocation of business processes to lower-cost locations overseas
nearshoring - ANS-the outsourcing of production or services to locations near a firm's
home base
current workforce trends - ANS-- diversity
- outsourcing
- Flexibility and mobility
- innovation through Collaboration
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now