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RSM100 - Midterm.
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Exam of 15 pages for the course Chem 1020. at Chem 1020. (RSM100 - Midterm.)
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RSM100 - MidtermWhat is business? - ANS-All profit seeking activities that provide a good/ service
necessary to an economy.
Non-for-profit organizations? - ANS-Primary aim is public service, create jobs/ salaries
via raised funds.
Four factors of production? - ANS-Natural resources, capital, human resources, and
entrepreneurship.
What is a natural resource? (factor 1) - ANS-Production inputs in their natural state (ie.
agricultural land, building sites, forests, and mineral deposits). Corresponding factor pmt
-> rent for land leased for operations.
What is capital? (factor 2) - ANS-Production inputs consisting of technology, tools,
information, and physical facilites. Corresponding factor pmt -> interest on money used
to acquire capital.
What are human resources? - ANS-Production input consisting of anyone who works,
physical labour and intellectual contributions. Corresponding factor pmt -> wages for
employees.
What is entrepreneurship? - ANS-Willingness to take risks to create/ operate a
business. Corresponding factor pmt -> profit for starting/ managing operations.
Private enterprise system - ANS-economic system that rewards firms for their ability to
identify and serve the needs and demands of customers. Aka: Capitalism. Minimized
Gov influence in business activity.
Basic rights in private enterprise system - ANS-There are four basic rights. 1. Private
property: the right to own, use, buy, sell, and bequeath most forms of tangible and
intangible property.
2. Business owners' right to after-tax profit.
3. The freedom of choice in employment, purchases, and investment.
4. Right to fair competition: allowing the public to set rules for competitive activity.
The colonial period - ANS-Rural and agricultural production. Success/ failure of crops
influenced economy.
, Industrial Revolution - ANS-Focus shifted from independent, skilled workers who are
specialized, to a factory system that mass produced items by using semi-skilled
workers. Production saved money and improved by assigning workers to few/ specific
tasks in production.
Age of Industrial Entrepreneurs - ANS-Revolution increased entrepreneurship. New
production methods were created, this increased demand for manufactured products
and increased standard of living.
Production era - ANS-Demand for manufactured goods increased, focus put on
production. Work became more specialized. More focus was put on internal process
instead of external influences. Marketings was rare, little attention paid to consumer
demands.
Marketing era - ANS-Great Depression. Income dropped, businesses could no longer
sell what was produced. Marketing became more important. Post WW2 - demand
increased for goods and so did competition.
1. Consumer orientation: focus on unmet wants/ reasons to buy, and design products to
meet those.
2. Branding: creating an identity for goods/ services/ company, to stand out.
Relationship era - ANS-Firms actively promote customer loyalty by managing
interactions. Serving existing customers is less costly than new ones.
Social era - ANS-firms look for waist connect/ interact with customers using technology.
Value created though connections with groups with similar interests/ goals.
Strategic alliance: a partnership formed to create a competitive advantage.
Outsourcing - ANS-Using outside vendors to produce goods or fulfill services and
functions that were previously handled in-house. Allows companies to focus on what
they do best. While some expenses may be cut, a firm may experience a strong
negative reaction in job performance and public image.
Offshoring - ANS-the relocation of business processes and services to a lower-cost
foreign locations.
Near-shoring - ANS-Outsourcing production or services to locations near a firm's home
base.
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