U of G
MGMT 1000
FINAL EXAM
STUDY GUIDE
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Businesses produce of sell products in order to make a profit.
Profit = Revenue – Expenses
Non- profit organizations provide goods and services t do not seek profit. ie: schools,
hospitals
$0 = rev – expense
Most important diff between economic systems from around the world is who controls
the factors of production
The factors of production: Natural resources, Capital, Human Resources (labor),
Entrepreneurs, Information systems.
Command Economies
Communism
socialism
Market Economies
Mixed Economies
Capitalism
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Communism: government owns and operate all industries, it makes resource
distribution decisions.
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Socialism: government owns and operates critical industries. Individuals own non-critical
businesses
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The political basis for the free market economy is called Capitalism which allows private
ownership of the factors of production and encourages entrepreneurship by offering
profits as incentives.
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Market Economies: economic bases is supply and demand. Political basis is capitalism,
ownership of the factors of production is open, buyers and sellers have freedom of
choice. The market is the mechanism for the exchange of goods and services
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Capitalism: encourages entrepreneurship and the private ownership of the factors of
production. It encourages profit making as an incentive, and operates under the concept
of supply and demand.
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Input market: firms buy resources from households
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Output market: households buy goods and services from firms
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Mixed Market Economies: are most dominate, they are a combination of both
command and market economies. No country has a pure communist, socialist or
capitalist system.
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Privatization: converting government firms into privately owned companies.
Nationalization: the conversion of private firms into government-owned firms.
Deregulation: regarding laws and government intervention.
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De a d is a elatio ship et ee a p odu t’s p i e a d ua tity de a ded.
o Demand is shown using a schedule or curve.
o The law of demand states that price and quantity demanded are inversely
related.
o Market demand is the sum of quantities demanded by all consumers in a
market.
Supply is a relationship between a products price and quantity supplied. It is shown
using a schedule or curve. The law of supply states there is a direct relationship between
price and quantity.
The federal gov. manages the Canadian economic system through 2 sets of policies:
fis al a d o eta y. Fis al Poli y efe s to the go e
e t’s app oa h to its spe di g
and taxation.
Culminating project
Part 1 – external situation analysis, Internal situation analysis, SWOT
Part 2 – ethical dilemma, the great ethical dilemma competition
Economic environment
o Consumer income
gross income – taxes = disposable income - necessities = discretionary income
o Macro-economic conditions
1. GDP/GNP
2. CPI / Inflation rates
3. Labor market (employment, unemployment, participation rate)
4. Interest rates
5. International trade (exports, imports, balance of payments, and exchange rates)
Economic growth can be defined in 2 ways:
1. the pe e tage i ease i a e o o y’s total output e.g. eal GDP
2. the % increase in per capita output (e.g. per capita real GDP)
The Economic Costs of Inflation:
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Impact of inflation on savers
inflation expectations and wage demands
Arbitrary re-distribution of income
Business planning and investments
Competitiveness & Unemployment
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Balance of trade: Value of all exported products minus imported products
Exports - Imports
National debt: Amount of money that a government owes its creditors increases/decreases
based on the budget deficit/surplus
International trade:
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Exchange rates:
strengthening CDN $, low exchange rate:
o Can buy more goods on international mkt
o Canadian goods more expensive to buy for other countries
o More imports, less exports
Weakening CND $, High exchange rate:
o Can buy less goods on the internal market
o Canadian goods less expensive to buy for other countries
o Less imports, more exports
Comparative Advantage
o Country who is more efficient producing a commodity has an opportunity to gain
sha e o the i te atio al a ket Chi a… lo la o osts .
Technological environment
Political/ Legal environment: reflects the relationship between business and gov. (e.g.
regulations)
o Pro- or anti-business sentiment
o Political stability
o International relations
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Protecting competition and consumers
o The competition act
o H.A.C.C.P
o Competition Tribunal Act
o Consumerism
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Socio-cultural environment:
o Geographic
o Demographic
➢ Growing diversity in Canada
➢ Aging
➢ Obesity
➢ Family structure
o Psychographics
➢ New Canadian Experience
➢ Generational Cohorts (Baby Boomers, Generation X, Generation Y, Millennials)
o Human behavior
➢ Digital immigrants versus digital natives
➢ Eco-consciousness
Digital primacy: the change in culture of weird individuals who turn first to digital channels for
communication, information, and entertainment.
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Competition: businesses vie for the same resources or customers in a particular market or
industry.
Forms of competition:
o Pure competition (no point of differentiation)
o Monopolistic competition (some differentiation)
o Oligopoly (few firms have control over the market place)
o Monopoly (only one producer)
It is possible to be between types of competition
Anyone who produces a substitute product is a competitor.
Substitute if:
o Similar performance characteristics (benefits consumers look for to meet their needs)
o They have similar occasion for use
Mi hael Po te ’s 5 fo es f a e o k ide tifies the e o o i fo es that affe t i dust y p ofits
1. Threat of Entry
2. Availability of Substitutes and Compliments
3. Supplier Power
4. Buyer Power
5. Internal Rivalry
Raw material (farmer) -> supplier (processing) -> Manufacturing Ca p ell’s soup o pa y ->
distribution -> customer (restaurant) -> consumer (buyers)
Entry hurts the incumbents (those companies already present into the industry) by:
o Cutti g i to the i u e ts’ a ket sha e a d
o Intensifying internal rivalry and leads to a decline in profits
Barriers to entry can be:
o Exogenous (nature of the industry) or
o E doge ous i u e ts’ st ategi hoi es
Exogenous barriers
o Government policies and regulations.
o E t a ts’ a ess to iti al esou es su h as a
ate ial a d te h ologi al k o -how.
o High fixed costs to participate in the industry.
Endogenous Barriers (strategic choices)
o Brand loyalty of consumers and value placed by consumers on reputation.
o Vertical Integration: i.e., own your own distribution network.
A aila ility of su stitutes e ode the de a d fo the i dust y’s output.
Complements boost industry demand.
When the price elasticity of demand is large, pressure from substitutes will be significant.
Six factors that can determine supplier power:
1. Competitiveness of the input market
2. Concentration of the input market
3. Availability of substitute inputs
4. Extent of relationship specific investments
5. Threat of forward integration by suppliers
6. Suppliers ability to price discriminate
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4 factors that can determine the bargaining power of buyers
1. Number of buyers
2. Buyer concentration
3. Extent of relationship specific investments
4. Threat of backward integration by buyers
Internal rivalry is the competition for market share among the firms in the industry
Competition could be on price or some non-p i e di e sio … a u i ue P.O.D
Price competition erodes profitability i.e Price-cost= profit margin
Internal rivalry is intensified when
o Threat of entry Is high
o Availability of substitute is high
o Buyer power high
o Supplier power is low
Price competition heats up when
o There are many sellers
o Some firms have cost advantage over others
o There is excess capacity in the industry
o Products are undifferentiated and switching costs are low
o Prices and sale terms are easily observable
To outperform its rival firms can
o Develop a cost advantage or
o A differentiation advantage
Firms can seek an industry segment where the 5 forces are less sever
Firms can try to change the forces.
The skills and the resources with which the company competes best and creates the most value
for its owners
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Globalization:
o the integration of markets globally.
o the world is becoming a single independent system.
Major world markets
o North America
o Europe
o Pacific/Asia
Emerging World Markets (BRICS)
o Brazil
o Russia
o India
o China
o South Africa
Other Important Emerging Markets
o South Korea
o Thailand
o Indonesia
o Ukraine
Absolute advantage: a country can produce something more efficiently than any other country
Comparative advantage: a country can produce certain items more efficiently (cheaper) than it
can other items.
Corporations
o Separate legal entity
o Property rights and obligations
o Indefinite lifespan
Public corporation
o Shares are widely held and available for sale to the general public
o Initial public offering (IPO): the sale of shares for the first time to the general investing
public.
Board of directors
o Governing body; responsible for shareholder interest
o Appoint management, set policy, make major decisions
Share holders
o Investors who buy shares of ownership in a company
o May share in profits through dividends
Chief Executive Officer (CEO)
o Person responsible for the fir ’s overall performance
Functions of management
o Planning
o Leading
o Organizing
o Controlling
Mission/ vision: a statement that defines organizational scope, customers, markets, technology
and values.
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Today’s visionary organization uses key elements to:
1. Establish foundation
2. Set a direction
3. Its strategies that enable it to develop and market its offering successfully
Organizational Culture: A set of values ideas and attitudes that is learned and shared among the
members of an organization.
Internal Analysis – Annual reports
Strategic plan/focus
o Mission/vision
o Core values
o Organizations culture (stuff in the news, do they follow core values)
o Top 3 fi a cial goals share target, …
o Top 3 non-financial goals
Include answers to but not limited to
o What products or services do they provide?
o ….
Midterm – October 17
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45 multiple choices, 50 minutes
Chapters 1,2,4 & 5 (specified pages in course outline), 6,7
Porters 5 forces
Lecture notes
Culminating project steps, SWOT, internal analysis
Pencil and ID card
Starts at 3:20
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Managing operations & information
o Production: Processes and activities for transforming resources
into finished services and goods for the customers
o 4 kinds of utility production provides
1. Time – available when consumers want them
2. Place – available where they are convenient
3. Ownership – customers benefit from using the produce
4. Form – products are in a form that are useful to customers
If the fixed costs associated with each guitar produced at the 2000
unit level represents 40% of the total costs. If the total cost of each
guitar is $160 then:
o Fixed costs are: $160 x 0.40 = $64
o Variable costs are $160 x 0.60 = $96
o Correct since $96 + $64 = $160
If production drops to 1500 units what is the new cost per guitar?
o Total fixed costs: 2000 x $64 = $128,000
o At 1500 units, fixed costs per unit = $128,000 / 1500 = $85.33
o Total costs = $85.33 + $96 = $181.33
Services: intangible activities, benefits, or satisfactions that an
organization provides to consumers in exchange for money or
something else of value.
Difference between service and manufacturing operations
o Interacting with customers
o Services can be intangible and unstorable
o The customer presence in the operation process
o Service quality consideration (intangibles make all the
difference)
Goods & Services-Producing Processes methods and technologies used
in the production of good & services
1. type of transformation technology: chemical processes,
fabrication processes, assembly processes, transport processes,
clerical processes.
2. type of process (analytic or synthetic)
3. amount of customer contact
Types of process
o Analytic process: resources are broken down in the production
process (extracting minerals from one).
o Synthetic process: resources are combined in the production
process (paint production).
Service- producing processes, customers are involved in and can affect
the transformation process
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o Low contact system…
Business strategy as the drives operations
o High quality
o Lower prices
o Flexibility
o Dependability
Operations Planning
o Capacity: the amount of a product a company can produce under
normal working conditions
o Location: location of the production facilities impact costs
o Layout: plant layout decisions
Layout Planning
o Process Layout: Equipment and people are grouped by function
(icing cakes).
o Cellular Layout: used when families of products can follow
similar flow paths
o Product Layout: organizing equipment and people to produce
one type of product. Assembly lines, industrial robotics, lean
manufacturing.
Operations Scheduling
o Grantt charts: diagram of steps in the project and time required
for each. Can be used to check progress.
o Pert Chart: specifies the sequence and critical path of steps in a
project. Can identify activities that will cause delay.
Operations Control
o Follow-up-checking to ensure that production decisions are being
implemented.
o Materials management
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Tools for process control
o Worker training
o Just-in-time production systems
o Quality control
o Material requirements training
The productivity-quantity connection
o Quality: a products fitness for use in terms of offering the
features and benefits that consumers want.
o Measuring Productivity: productivity is measured as a ration of
outputs to inputs. Often use labour for input because data is
easily available.
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o Labour Productivity = Gross Domestic Production / Total Number
of Workers.
Total Quality Management
o Includes all activities and parts of the business (customers,
Suppliers, employees)
o Leadership and customer focus are key
o …
Tools for quality assurance
o Benchmarking: compares the quality of a firm’s output with the
quality of the output of the industry’s leaders.
o Internal -> compare to past performance
o …
Supply chain (value chain): a group of companies and stream of
activities involved in getting the product from raw materials to the end
consumer.
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial
information.
Bookkeeping: recording accounting transactions.
Accounting Information System (AIS): organized procedure for identifying, measuring, recording,
and retaining financial information.
Financial Accounting: keeps external parties informed about the firm’s financial condition
statements structured according to GAAP requirements.
Managerial Accounting: directed at internal parties (managers) provides information to facilitate
planning, forecasting, and decision-making.
Professional Accountants:
o Chartered accountants (CA)
o Certified general accountants (CGA)
o Certified management accountants (CMA)
- Unified by the chartered professional accountants (CPA)
Accounting cycle:
1. Analyze transaction documents (e.g. sales slips, travel expenses, payments to
employees,…)
2. Record transactions in a journal
3. Transfer entries from the journal to a ledger
4. Do a trial balance
5. Prepare financial statements (i.e. income statements, balance sheet, and statement of
cash flows)
6. Analyze the financial statements (e.g. using ratio analysis)
Owners’ Equity = Assets – Liabilities
Balance sheets:
o detailed info about accounting equation
o assets, liabilities & owners ‘equity
o snap shot in time
Income statements:
o Sometimes called a profit-and-loss statement
o Description of revenues and expenses that shows the firm’s annual profit or loss
o Revenues – expenses = profit (or loss)
Statements of cash flow:
o Records the companies cash flows
o Yearly cash receipts and cash payments
o Need cash flow to pay employees, pay accounts payable
Revenue = Sales = Top Line = Total number of units sold x Price
Gross profit = revenues – cost of goods sold
Net Income (Profits) = Revenues – Cost of goods sold – Total operating expenses – Income Taxes
*** know balance sheets for exam as well as panel could ask questions about it.
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Profitability ratios: is the company profitable?
o Return on Equity = Net Income / Equity
▪ Tells us the net income earned by a business for each dollar invested.
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Return on sales (Profit Margin) = Net income / Sales
▪ How much profit do we generate for each dollar in sales that we receive.
o Earnings per share = Net income / Number of common shares outstanding
▪ Influences the size of a dividend that a company can pay its shareholders. Often
stock purchasing decisions are made based on EPS.
Solvency Ratios: How capable is the company at paying their bills or paying down their debt?
o Short Term Solvency: Current ratio = Current assets / current Liabilities
▪ This measures the company’s ability to pay immediate debts
o Long term solvency: Debt to Equity Ratio = Debt / Owners’ Equity
▪ This measures the company’s ability to pay future debts
o Working Capital = Current Assets – Current Liabilities
▪ How much capital does the company have to put towards its day to day
operations.
o Age of Receivables = Accounts Receivable / (Sales x 365 days)
▪ Average amount of days it takes customers to pay their bills
o Average age of Inventory = 365 days / inventory turnover
▪ How many days does the inventory sit in our warehouse
o Age of Payables = Accounts Payable / (sales revenue x 365 days)
▪ Average of how many days does it take to pay our own bills
Activity Ratios: How efficiently is the firm using its resources?
o Inventory Turnover = Cost of Goods Sold / Inventory
▪ The average number of times that inventory is sold and restocked during the
year.
o Asset Turnover = Sales / Assets
▪ The efficiency of a company’s use of its assets in generating sales revenue or
sales income to the company. Companies with low profit margins tend to have
high asset turnover, while those with high profit margins have low asset
turnover.
o Receivables Turnover = Sales / Receivables
▪ How effective a company is in extending credit as well as collecting debts.
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Marketing: the activity for creating, communicating, delivering and exchanging offerings
that benefit the organization, its stakeholders and society at large.
• Requirements for marketing to occur:
o Two or more parties with unsatisfied needs
o Desire and ability to satisfy these needs
o A way for the parties to communicate
o Something to exchange
• Marketing is a verb because it is a process of developing and implementing a strategy to
plan and coordinate ways to identify, anticipate and satisfy consumer demands, with
and over-riding objective of maximizing profits.
• The marketing strategic planning process (the strategic planning process that lies at the
heart of marketing):
1. Situation analysis
2. Marketing objectives
3. Marketing strategy
4. Marketing tactics
The strategic marketing process detailed:
o Step 1: situation analysis
▪ Internal analysis
▪ External analysis
▪ Consumer behaviour
▪ SWOT analysis
o Step 2: market-product focus and goal setting
▪ Set marketing and product goals
▪ Select target markets
▪ Find points of deference
▪ Position the product
▪ Set financial target
o Step 3: marketing program
▪ Product strategies
▪ Price strategies
▪ Promotion (including participation) strategies
▪ Place (distribution) strategies
A successful marketing planning process 1. Discovers AND 2. Satisfies consumer needs leading to
3. A transaction that is mutually beneficial to both buyer and seller.
Step 1): The situational analysis: Identifying and discovering consumer needs
o Study consumer behaviour – the actions a person takes in purchasing and using
products and services, including the mental and social processes that proceed and
follow these actions.
o A decision process underlies the visible act of marking a purchase
o The purchase decision process is a series of stages a buyer passes through in making
decisions about which products and services to buy
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The purchase decision process consistent of 5 stages:
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Problem recognition: perceiving a need, a perceived difference between a
person’s ideal and actual situation big enough to trigger a decision.
▪ Information search: seeking value, serves to clarify the positions open to the
consumers and may involve two steps: internal search, and external search.
▪ Alternative evaluation: assessing value
▪ Purchase decision: buying value, the purchase decisions involves judging the
alternatives and is often influenced by seller characteristics and incentives
provided by sellers at the point of purchase.
▪ Post-purchase behaviour: value in consumption or use, cognitive dissonance:
post purchase psychological tension or anxiety.
The marketing mix influences, socio-cultural influences, situational influences, psychological
influences all influence consumer purchase decision process.
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Psychological influences motivation: Maslow’s Hierarchy of needs ** Will be on the exam**
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Psychological influences perception: sensation vs. perception
Step2): market product focus & goal setting market goals four product/market strategies
o Market penetration: selling more products in existing markets
o Product development: selling new products in existing markets
o Market development: selling existing products in new markets (either geographic or
new segments)
o Diversification: selling a new product in new markets
Market segmentation is aggregate prospective buyers into groups that
o Have common needs
o Will respond similarly to a market action
Existence of different market segments causes firms to use a marketing strategy of product
differentiation.
The 5 key steps in segmenting and targeting markets link market needs of customer to the
organization’s marketing:
1. Group potential buyers into segments
2. Group products to be sold into categories
3. Develop a market-product grid and estimate size of markets
4. Select target markets
5. Take marketing actions to reach target markets
An effective positioning:
o Meaningful to the consumer: a benefit that will influence the choice of many consumers
o Credible for the brand: consistent with product’s performance and consumer
perceptions
o Competitive in the marketplace: an area of brand superiority of uniqueness
Step 3): the marketing program
o Promotion
o Place
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o Price
o Product
Production Goods: part of the final product
Support Goods: purchased to assist in the production of the final product such as installations,
accessory equipment, supplies, and service.
Price has a direct effect on the firm’s profit:
o Profit = Total Revenue – Total Cost OR
o Profit = (unit price x quantity sold) – Total cost
The 6 major steps in setting price:
1. Identify pricing constraints and objectives
2. Estimate demand and revenue
3. Estimate cost, volume, and profit relationships
4. Select an approximate price level
5. Set list or quoted price
6. Make special adjustments to list or quoted price
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Morality: norms, values beliefs embedded in social process which define right and wrong for an
individual or a community.
Ethics: the study of morality and the application of reason using “specific rules and principles”
that determine right and wrong for a given situation. Addresses questions about morality (good
and evil, right and wrong, virtue and vice, justice and injustice).
Ethical theories: specific rules and principles.
Ethical leadership: is leadership that is directed by respect for ethical beliefs and values and for
the dignity and rights of others. Welfare, duty, rights, fairness, honesty, dignity, integrity.
A corporation is a company or group of people authorized to act as a single entity (legal person)
and recognized as such in law. Key features of a corporation:
o ‘Artificial persons’ in the eyes of the law
o Owned by shareholders but exist independently of them
o Managers and directors have a ‘fiduciary’ responsibility to protect the investment of
shareholders
Can corporations have moral/social responsibilities? Yes.
o Customer perception of social responsible behaviour may be rewarded with more
customers
o Employees might be attracted to work at this company
o Voluntarily committing to social action may forestall legislation (corporate
independence)
o Positive contribution to society, long-term investment in safer, better educated
community
9 checkpoints for ethical decision making
1. Recognize there is a moral issue – requires us to identify moral issues needing attention
and discern between genuinely moral questions vs. those involving manners and social
convention.
2. Determine the actors – not weather you are involved but rather are you responsible.
3. Gather relevant facts – how did the events unfold, what happened, what is the impact,
what else might have happened, who said what to whom, who may of suppressed
information.
4. Test right vs. wrong – the legal test, the regulation test, the stench test, the front page
test, the mom test.
5. Test right vs. right – truth vs. loyalty, individual vs. community, short-term vs. long-term,
justice vs. mercy.
6. Apply the resolution principles – which side is the nearest right for the circumstance.
7. Determine economic and legal POV of each resolution principle
8. Make the decision
9. Revisit and reflect on the decision
Principles of decision making:
o Utilitarianism
▪ Ends based thinking
▪ Actions are determined by the amount of good consequences they produce
▪ Actions are justified by virtue of the end they achieve rather than some feature
of the actions themselves.
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▪ The greater good
o Immanuel Kant/Golden Rule
▪ Rule based thinking/care based thinking
▪ We have a duty to perform certain acts because of the nature of these actions
or the rules from which they follow
▪ Deny that consequences are relevant when we are determining what to do
▪ Rights and virtues
The Greater good strengths: follows ordinary reasoning and provides precise and objective
measuring for moral decision making (pick an action and calculate its consequences).
Weaknesses: people reason differently and roles, obligations, rights and justice are prominent in
business.
Rights and virtues strengths: make sense of cases in which consequences seem to be irrelevant
and accounts for the role of motives in evaluating actions. Weaknesses: does not always make
sense when consequences matter.
Business Ethics: the study of business situations, activities, and decisions where issues of right
and wrong are addressed.
Why business ethics is important:
o Power of influence of business in society
o Business has the potential to provide major contributions to our society
o Business malpractices have the potential to inflict enormous harm on individuals,
communities and the environment
o Demands placed on businesses to be ethical
o Few businesses people have received formal business ethics training
o Ethical violations continue to occur
The 3 levels of decision making:
1. The individual (what do I do?)
2. The organizational level (what do we do?)
3. The business system (what should the medical community do?)
There are 3 points of view when we approach decisions:
1. Economic
2. Legal
3. Moral
Businesses are
o economic organizations that operate within a framework of law and regulation
o organized primarily to provide goods and services, as well as jobs
o their success depends on operating efficiently and competitively
There are 2 schools of thought
1. Law and ethics govern two different realms, law prevails in public life, whereas ethics is a
private matter
2. Law embodies the ethics of business, ethical rules that apply to business have been enacted
by legislators into laws
The law is not enough, it does not regulate certain aspects of business activities
o New production procedure places unreasonable demands on employees
o Making promises that you don’t keep
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o Ensuring benefits accrue to organizations, individuals and society (simultaneously)
o New innovations and their long-term effects
o Stealing someone else’s work
Ethics begins where the law ends
**midterm 2- Wednesday Nov. 30 in class
45 multiple choice questions chapters 3,8 – 12 plus lecture notes (marketing and ethical decisions)
Pencil and calculator (to calculate ratio’s)
** Case competition
Prep. Read chapters 1,2,8 “How Good People Make Tough Decisions”
Get ethical dilemma on Nov. 30th @5:30 pm.. you have 34 and a half hours before submission.
Submit to drop-box presentation by 8am Friday Dec.2nd
10 min presentation – schedule to follow
Winners reception 4-5pm
Panel: Russ Abell - sr. exec.
Tips:
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Provide agenda/process
Put forth number 1 recommendations 1st
Provide rationale/process of elimination of other alternative – good logic
Look at the problem from all players perspective
Look at the solutions for Economic, Legal and Moral point of view
Minimize words on the slides, use pictures
Primacy and regency are critical (hit hard in the beginning and end)
Everyone presents
Practice timing
Enthusiasm in ideas
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