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RSM100 Midterm 1 Questions & answers
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RSM100 Midterm 1 Questions & answers
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RSM100 Midterm 1What Is a Business? - ANS-Business consists of all profit-seeking activities and
enterprises that provide goods and services necessary to an economic system
Why is the google working environment a key contributor to success - ANS-Encourages
innovation, Creativity, Increases employee motivation - attract and retain employees,
Provided meals allow employees more time to work
What does business drive? - ANS-Business drives the economic pulse of a nation,
providing the means for improving a nation's standard of living.
What does for-profit organization mean? - ANS-Seller hopes to gain a profit - a main
indicator of business success that continuously improves society's standard of living.
What are profits? - ANS-Rewards for business people who take risks involved in
blending people, tech, and information to create and market want-satisfying goods and
services.
Why are profits good? - ANS-They serve as incentives for people to start companies,
expand them, and provide consistently high-quality competitive goods and services.
What is a Not-for-profit organizations? - ANS-A corporation that does not generate a
profit; place public service above profits
Do Nonprofits need money to operate? - ANS-Still need to raise money to operate and
achieve their social goals
What activity lies at the heart of every business endeavour? - ANS-An exchange
between a buyer and a seller
Primary objectives of a not-for-profit organization - ANS-Public service above profit
What are the factors of production? - ANS-Technology, tools, information, physical
facilities, human resources, entrepreneurship
Do Nonprofits need money to operate? - ANS-Still need to raise money to operate and
achieve their social goals
,Where do all businesses operate? - ANS-Within a larger economic system of rules and
constraints that directs how goods and services are produced, distributed, and
consumed.
In Canada, businesses function within the? - ANS-Private enterprise system
(capitalism).
What is capitalism? - ANS-An economic system that rewards firms for their ability to
identify and serve the needs and demands of customers.
Who believed that an economy is best regulated by the 'invisible hand' of competition,
the battle among businesses for consumer acceptance? - ANS-Adam Smith.
What was his theory with competition, prices, and products? - ANS-Competition among
firms would lead to consumers receiving the best possible products and prices because
less efficient producers would gradually be driven from the marketplace.
What is the invisible hand? - ANS-It is a basic principle of the private enterprise system.
How do you compete successfully using the invisible hand? - ANS-Unique combination
of organizational abilities, products, and approaches that sets one company apart from
its competitors in the minds of customers
What are the basic rights within a private enterprise system? - ANS-Private property,
Profits, Freedom of choice: Fair competition
Is Capitalism always legal? - ANS-NO, Canadian government has passed laws to
prohibit excessively aggressive competitive practices designed to remove competition.
Price discrimination, fraud in financial markets, deceptive advertising and packaging
What do entrepreneurs create and what do they sell? - ANS-Jobs and products
What is an entrepreneur? - ANS-Entrepreneur is a risk taker who is willing to start, own,
and operate a business
What is the pro of entrepreneurs within the product market? - ANS-Innovation and Can
change products and processes more quickly
What is the The Colonial Period? - ANS-Featured rural and agricultural production,
Economic success depended on the output of farms
, What is the The Industrial Revolution? - ANS-Business moved to a factory system that
mass produced items by using numerous semi-skilled workers
Were factories successful? How? - ANS-Factories made profit from the saving created
by large-scale production and by increasing their use of machines
How did production improve? - ANS-Specialization of labour
What is The Age of Industrial Entrepreneurs? - ANS-Inventors created new production
methods and commercially useful products
What is The Production Era? - ANS-Work became more specialized, assembly lines
became commonplace
What is The Marketing Era? - ANS-Managers focused on the market, sales, and
advertising
What was a wake up call for companies in the Marketing Era? - ANS-Businesses
couldn't rely on selling everything they produced
What is consumer orientation? - ANS-Deciding what consumers want and designing
products to meet those needs
What is Branding? - ANS-Creating an identity for a good, service, or company
What is a Brand? - ANS-Name, term, symbol, design that identifies a firm's products
What is The Relationship Era? - ANS-Focusing on building customer loyalty and
managing interactions
What do firms look to do in the relationship era? - ANS-Transaction Management :
Actively promote customer loyalty and manage every interaction
What are the benefits of client relationships? - ANS-Reduced advertising costs,
improved understanding of customer preferences
What is The Social Era? - ANS-New approach to business and individual interactions in
virtual communities
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