Articles and Videos Summary for AFM 131 Final

8 Pages

Accounting & Financial Management
Course Code
AFM 131
Robert Sproule

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ArticlesandVideosforAFM131 Module 2: Globalization Article: Borderline Insanity  Many companies want free trade between Canada and the US  Trade with Canada is a low priority for the US  They’re very protective after 9/11 (USA)  Umar Farouk Abudlmutalalb hid explosives in underpants and failed to blow up Detroit bound jet  With this incident, the US closed borders even more  US and Canada are working together to bail out large companies  It’s easy to sneak past the border  The border costs Canada a lot of money (especially for the auto sector) Article: 6 Potential Stumbling Blocks to Canada – EU Trade Deal  AUTOMOBILES o Lots of Canadian cars have American/Mexican parts o Europe is only offering a quota depending on how much Canadian parts is in a car  AGRICULTURE o Europe doesn’t want to lose market share to Canadian beef & pork  INTELLECTUAL PROPERTY FOR PHARMACEUTICAL PRODUCTS o Europe wants Canada to extend copyright protection for brand name drugs by two years before generic companies replicate cheap versions o extra billions in annual health care costs if this happens  FINANCIAL SERVICES o Europeans want banks to be able to operate more freely in Canada  SUBNATIONAL - READ ‘PROVINCIAL’ - PROCUREMENT o EU can bid on projects like mass transit, infrastructure and utilities in Canada  THE CANADA INVESTMENT ACT o Europe is asking for an exemption from Canada’s “net benefit test” (limiting foreign investment) Video: Globalization Effects on the Global poor  Is globalization good or bad for the poor? o If you phrase this question, you have to take sides o Answer: both, good and bad  Good: helped those countries prosper  Bad: inequalities in income  Looking at the Gini coefficient to see the distribution of wealth Module 3: Impacts of Government on Business Article: Time to end Supply Management  Canadian milk business was thriving and profitable  2008 Ontario Superior Court ruled all farms must sell their milk through province’s official dairy marketing board  Canada joined Trans-Pacific Partnership, which is the start to end supply management  Ending supply management for economic self-interest so other countries have full access to Canadian market  Currently, supply management resulted in inflated cheese, chicken prices  Costing Canadians $5 billion/year  Ending supply management raise issue of how to compensate farmers  Currently Canada sell production quota to farmers which is tying up $2 million in cash  One suggestion would be to place a levy on retail milk to compensate farmers Video: Short Documentary on Listeriosis Outbreak  Maple Leaf Foods listeriosis outbreak  Major debate on the breakout and if it could have been preventable o Criticizing current government policies contributed to slow detection o Showed cracked in the system  Did the government do their job in inspecting? Critics say no o Health inspectors didn’t have the time needed to complete all the tasks Video: Fight of the century: Keynes vs. Hayek – Round 2  Keynes won  government all about spending money in bad economic times  Hayek  “Let it be”  econ will do its job by itself Module 4: Teamwork Article: Ten is a Crowd  Team should be used less often o Because people mindlessly assign a job to teams when an individual would do it better  If a task doesn’t require a team, don’t rush to pull one together  Effective team: less than 10  Team member will not express ideas for the sake of keeping harmony  Teams have a tendency to pressure everyone to agree with the majority view  Longer the team has been together, the better – increase their effectiveness Video: Teamwork and Collaboration  Cisco mistakes: moving too slow  Had an internet revolution – decade of productivity  Now creating a business network  Create committees, good structure  Team work and collaboration is now part of its DNA Module 5: Mike’s Bikes Assembly Line - Cannondale Bicycles  How it’s made video on how high end road bikes are made Module 6: Accounting Video: Interview with Teresa Fortney  CFO and VP of Finance for McCormick Foods Canada o Canadian subsidiary owned by American parent company  Issue of IFRS vs. GAAP when comparing to performances to Canadian competitors o Also when trying to get credit from Canadian banks o No less complicated than before, allowing users to understand more the statements Module 7: Marketing I Article: Dewing it alone  Social Media dominating  Labatt’s success with Bud Light Lime and Facebook campaign using crowd sourcing  Mountain Dew also had similar story with unofficial product development and marketing team o Who are not receiving any form of pay or compensation  Seth Godin believes it is just a whole publicity stunt, getting others to do what you are supposed to do  Limitations: only works when your consumers are young and enthusiastic and actually uses social media o Best way to engage Gen Y Article: What is customer relationship management?  Customer relationship management is a strategy used to understand the needs of the customers which enables you to actively interact with them in an organized way.  Using a CRM system will allow you to keep track of key customer information and match their needs with your products/services  There are a wide variety of CRM systems. You may choose the simple ones such as using a spreadsheet to keep track of the information, or adapt a more effective one which requires more effort to attract and keep customers through the use of technological strategies, people, policies, information, and processes  Small business may choose to use CRM strategies in steps, as the business grows, more features are carried out to optimize the relationship with the customers  An integrated CRM system can offer o A central database (allows employers to view and update customers info + improve customer service) o Customer analysis (allow you to customize based on the categorization of the customers), o Customer service (reduce order entry cost and service cost by providing customers with self-ordering web-based service) o Prospect tracking (track prospects of the sales while analyzing probabilities and ratios) o Reporting (forecast revenue by analyzing trends, result in better decision making for the business)  In order to be effective, the CRM system needs to ensure that the right people are using the right data and they accurately capture and analyze the data Video: The Rise of the Amateur Professional  Pro-am consumers who have the knowledge and passion to innovate create new stuff – ex mountain bike  You don’t need an organization to be organized  Radical innovation have a great deal of uncertainty is attached to them o Payoff for the uncertain is higher  Big corporations have a tendency to reinforce past successes  Emerging markets are the way to go  Turn users into producers, consumers into designers Video: Interview with Peter Carr  Store manager of local bike business  How do you differentiate yourself from discount sports stores? o Try to do their own thing, sell a higher level of product than those stores, providing better product, better quality  Which bike is the biggest sell out there o Mountain bikes o Road bikes becoming more popular  Carry 6 lines of bikes  Family oriented store  Ongoing process of evaluating manufacturers  Support from manufacturers o Good websites for retailers and consumers o Make new bikes accessible to us o Catalogues o Employee discounts Module 8: Marketing II Article: Grub Guru  Social media marketing is a must have tool for many companies  Doritos is the “Guru”: they made an 11 week p
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