Exam (elaborations)
RSM 100 Quiz 1
Exam of 23 pages for the course Ch. 10 at Ch. 10 (RSM 100 Quiz 1)
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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
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