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MGTA01H3 (348)

MGTA03 - Week 8 - March 5, 2013.docx

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Management (MGT)
Chris Bovaird

MGTA03 – Week 8 – March 5, 2013 Review - Canadian exports - Balance of Trade - Barriers to Trade Barriers to Trade - What: Government restrictions that o Hurt foreign countries o Hurt foreign businesses o Help domestic businesses - Why? To create jobs here Tariffs - A fee, or a cost, imposed on an item imported into a country o Ex. French wine being imported into Canada Import “Quotas” - A limit—a maximum quantity – on a particular good that can be imported into Canada Subsidies - Financial assistance paid to a business or an industry - To help a business that is not profitable - To help a business to grow o (From Latin, sub-sidere, meaning “To sit behind”) Embargos - The partial or complete prohibition of trade with a country, in order to isolate it o Examples  USA refuses all trade with Cuba  Canada refused all trade with South Africa during apartheid - Has nothing to do with economics, has something to do with politics Chapter 6 – Business Strategy Strategy – Key Points - Strategy: Defined and explained o A business must have a purpose - Mission o Setting goals and directions - Leadership o Communicating goals and direction Strategy – Introduction - Businesses are formed for a purpose - Sometimes: hard to see what purpose is - Sometimes: Hard to see how to accomplish that purpose -
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