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Comm 103 Review.docx

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COMM 103
Gregory Libitz

COMM 103 Midterm Review – Taranjit Randhawa Chapter 1: What is Business? Business Foundation  Commercial Endeavours  Organizational Efficiency and Structure  Employee Interaction Business Model Composition: Assets + Labour + Capital + Managerial Acumen Business Planning Cycle: Strategy and 3C Assessment  Business Plan Development  Business Plan Execution  Company Performance and Profitability  Company Growth and Reinvention SMAC Goals: Specific, Measurable, Actionable, Controllable Fundamental Objectives of Business Managers:  Short-Term Profit  Long-Term Growth and Profitability  Social and Environmental Responsibility Value Proposition: Service Benefits + Produce Benefits + Brand Benefits + Cost Benefits + Emotional Benefits Business Decision-Making Model:  Visualize and Assess the Business Opportunity   Confirm Market Size and Profitability Potentials   Determine Market Position, Approach, and Continuity   Assess Company Resources and Capabilities   Determine the Tactic Required to Achieve Objectives Interdependency of Strategy and Tactics Well-Direct and Positioned Strategy + Efficient and Effective Tactics = Business Growth and Profitability Chapter 2: The Canadian Economic Environment Contributing Factors to Economic Development:  Political Stability  Manageable Levels of National Debt  Establish Factors of Production  National Monetary Policy and Banking System  Sufficient Level of Investment  Low Inflation  Absence of Corruption  Effective Legal System  Comparative Advantage Fundamental Market Composition Principles:  The law of supply and demand  Allowance for private ownership, entrepreneurship, and wealth creation  Extent of government involvement in influencing economic activity and direction Mixed Economy:  Private Ownership, Entrepreneurship, and Wealth Creation  Law of Supply and Demand  Government Involvement Economic Activity: Expenditures + Savings + Investment + Credit = Economic Activity Factors of GDP:  Goods and services produce and purchased domestically for consumption  Business investment within the economy  Goods produced for export purchases  Government spending Trends Impacting the Canadian Market:  Inflation  Geographic clustering  Currency exchange rate impact  Branch market impact  Sustainability and green initiatives  Aging workforce, immigration and multi-culturism  Long-term competitiveness  Small business emphasis  Globalization Key Economic Indicators:  Unemployment rate  Inflation rate  CPI  New housing starts  Manufacturing inventory  Consumer Confidence Index  Price of crude oil  Stock market indexes  Currency exchange rates  Monthly retail sales PESTEL Analysis  Political  Economic  Socio-Culture  Technological  Environmental  Legal Competitive Models  Pure Competition  Monopolistic Completion  Oligopoly  Monopoly Porter’s Five Forces  Rivalry Among Existing Competitors  Threat of New Entrants  Threat of Substitutes  Bargaining Power of Buyers  Bargaining Power of Suppliers Chapter 3: The Global Market Place Attractiveness of Global Market: Why go Global?  New market opportunities  Cost reduction opportunity  Resource base control  Closeness to markets  Economies of scale Fundamentals of Global Growth  Ongoing commitment to international trade systems  Market openness  Absence of protectionism  Adherence to the fundamental of fair trade  Balanced economic development  Responsible sovereign debt management Key Services Offered by WTO  Administer trade agreements  Acts as a forum for trade negotiations  Settles trade disputes  Reviews national trade policies  Assist developing countries in trade policy issues via technical assistance and training  Links with other international organizations to ensu
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