ADM 1100 Study Guide - Midterm Guide: Independent Business, Classic Serial, Franchise Agreement

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: Patrick Woodcock

Document Summary

All profit seeking activities and enterprises that provide goods and services for clients. Financial rewards for businesspeople who take risks involved to offer such goods and services. Goal is to provide a public service to its clientele, not profits. Factors of production: labour (human resources - their labour and associated skills) Natural resources (minerals,oil,gas,wind,water,region,weather,etc) capital (money or near money (equipment, bonds, etc) Economic productivity: the ratio of outputs to inputs. (products&services/factors of production) Marketing era (capital, machinery, land less important) Relationship management: the collection of activities that build and maintain ongoing, mutually beneficial ties with customers and others dependant on technology. Partnership: an affiliation of two or more companies that help each other achieve common goals. Strategic alliance: a partnership formed to create a competitive advantage for the businesses involved. (ex. Outsourcing: where one partner devolves a function (or part of) to another firm. An independent business with fewer than 100 employees and revenues less than million.