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ADM1300 notes for class 2- chapter 7

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University of Ottawa
Gerard Brathwaite- Sturgeon

Six Eras In Business History Era Main Characteristics Time Period Colonial Period Primarily agriculture Prior to 1776 Industrial Revolution Mass production by semiskilled workers, aided by 1760-1850 machines-different way of thinking started to think that the world was ready to be discovered Ford Assembly line Industrial entrepreneurs Advances in technology and increases demand for Late 1800’s manufactured goods, leading to enormous entrepreneurial opportunities Production Emphasis on producing more goods faster, leading to 1920s production innovations such as assemble lines Marketing Consumer orientation, seeking to understand and satisfy Since 1950s needs of customer groups Great depression in 1930s led to many seeing the importance in marketing Relationship Benefits from derived from deep, ongoing links with Began in individual customers, employees suppliers and other 1990s business Managing Relationships via Technology Relationship Management: The collection of activities that build and maintain ongoing, mutually beneficial ties w/ customer and others (important) Relationship management is increasingly dependent on (and vulnerable to) technology Types of relationships: Partnerships and Contractual Agreements Partnerships  An affiliation of two or more companies that help each other achieve common goals  Firms may also take unilateral actions that involve other companies (takeovers)  Achieved by using some form of contractual agreement Contractual Agreements  Licensing: establishing a foothold in foreign markets w/out large capital outlays. Patent rights, trademark rights, and the rights to use technological processes are granted in foreign licensing- another firm is given the right to use another firm’s technology w/out owning I ( good for entering foreign markets)  Franchising: form of licensing in which the franchisor provides a standard package of products, systems, and management services, and the franchisee provides market knowledge, capital, and personal involvement in management o independent owner but have to pay royalty/administrative fees and have to adhere to corporate rules o Good way to start up a business w/out too much risk o Good way for businesses to expand o Amount of royalties/administrative fees demand on how prestigious the business is.  Contract manufacturing arrangements enable entry into markets where local production is necessary (e.g., due to high shipping costs or import tariffs) or when there is a need to contain sales prices by accessing cheaper labour. o Gets firms into other international markets w/ tariffs for less costs  Other Forms of Contractual Agreements – Management contracts – Turnkey projects  International alliance: A business relationship established by two or more companies to cooperate out of mutual need and to share risk in achieving a common objective  Interna
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