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[BU451] - Final Exam Guide - Ultimate 29 pages long Study Guide!

29 pages131 viewsFall 2016

Department
Business
Course Code
BU451
Professor
Shelley Mc Gill
Study Guide
Final

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WLU
BU451
FINAL EXAM
STUDY GUIDE
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What is Regulation?
E.g. driving
o Must have insurance
o Government mandated licenses
Synonyms:
o rules, control, red tape
Definitions: Regular
o Usual, ordinary, routine, done according to the rules
o We usuall thik iposig, shacklig, cotrollig”, rather tha ieig Regulatio
from this perspective
Alternatives
o Self-regulation,
E.g. CPA, CFA
o professional organizations
e.g. home inspectors, electricians
Hierarchy gets more narrow and specific with progression
VIDEO: Zero to One by Peter Thiel
o It’s iperative to create a business that creates something new, hence 0-1
o Why we seek a monopoly: Capitalism & competition are opposite avoid competition
Find a niche market & Scale to create a monopoly
Network effects, economies of scale, & branding maintain monopoly
o We can shape our own future therefore we must master specific skills & collaborate
rather than have shallow knowledge of many skills, as school prepares us to do
VIDEO: Competition Bureau
o Competition increases productivity, product diversity, innovation
o Competition provokes dishonesty and illegal activities
Therefore must be regulated
o 4 C’s : Caadias osuers, Copliae, Collaoratio helps eted reah,
Communication (consumers are informed)
o Operating principals: fairness, predictability, timeliness, transparency, confidentiality
VIDEO : Uber vs Taxi Battle Goes Global
o Taxi drivers are regulated, face additional charges
What is Business About?
Competition with domestic & international organizations involved in the same industry
A regio’s las a ol affet doesti opetitio, so iteratioal
competition is tricky
Principal Policy Law Regulation
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o Market share
o Capital
o Employees
o Public opinion
Approaches to regulation
Make rules about general business behaviour
o Advertising, credit, pricing, distributuion, etc.
Make rules about specific industries or businesses
o Banks, fitness clubs
Both: Combinations can deal with the product itself, the manner of distribution, the pricing for
particular industries
o Cigarettes advertising (packages, sponsorships), alcohol distribution (lcbo)
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