Cummulative Final Review of Business Concepts

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University of Colorado - Boulder
Business Core
BCOR 1015
Beth Cross

Final ReviewPart OneaEconomic EnvironmentB The Role of Governmentto enforce antitrust regulationsRegulate monopolies and collusion and to break up natural monopoliesChanneling markets along competitive lineoKeeping it competitiveMarket Failures Externalities and Public GoodsoExternalities are overproduced and public goods are under produced Market failure fails to allocate goods and resources efficientlyoSocial CostPrivate CostExternalitiesEquality vs EfficiencyoArthur OakenoFree market is efficient capitalismoEquality communismCCorporate Social Responsibility Taking into account all of stakeholder interestsoResponsible for community keeps consumers happy creates customer loyalty inefficientoExit and Voicetools stakeholder use change and influence a companies behaviorBusiness Ethics and the IndividualoEthics are internal and drive your interestoIf the people you hire are ethical people your company will be ethicaloESI Takes stakeholders into account only to make money Good for the business but they stop caring once they stop making money Key difference between CSR and ESI are motiveDThe Globalization of Markets standardizing products for the world as if it was a single market entryGrowthmany more places than before Exchange of goods and services across boarders to obtain raw materials and goods that are otherwise unavailable Also to foster relationshipsBenefitsDrawbacksB foster relationships expand trade and expand market increase competition economies of scale saving of size D countrys economy could be unstable protectionism loss of jobs in certain areas inequality in foreign countries and the USimporting high scale jobs and exporting high scale jobs whistleblowing more opportunity for itBarriersminimize drawbacks Economical social politicalTradeoffsprofit risk control investmentConcerns and Emerging Issuesloss of jobs down economy ethical issues legal issuesPart TwoForms of Business Ownershipnature of business and personal circumstances influence appropriate business formsoSole Proprietorshiptaxed once limited funds unlimited liability keep profits easy to close make all the business decisionsoPartnership taxed once more knowledge more funds more skills least used form of a business unlimited liability distribution of profit life partnership decision makingLimitedone general partner and one limited partner one general partner assumes all risks of the businessGeneralboth partners assume all risks equallyoCCorptaxed twice liabilities separate from owners legal entry easy to grow public or private slow decisionmaking a lot of government regulation external source of funds perpetual lifeoSCorplike ccorp but only taxed once limited liability and growth is limitedoLLCtaxed once limited liability limited growthEntrepreneurshipcapacity and willingness to undertake conception organization and management of a business with all its associated risksPart ThreeMarketingoOverviewthe process of planning and executing conception pricing promotion and distribution of ideas goods and services to satisfy specific goalsoProductgood that the consumer receiverTotal Product offeradds value enhancers utilities sold with products Everything that is included with the product itself SIGsets product apart from othersProduct Mixall products sold by a company Product Lineall similar products a company sellsBranding and brand valueBrand Equityactions firms take to protect a brand
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