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business
business essentials

Questions and Answers of Business Essentials

3. Consider the following statement: " There are so many uncertainties that must be taken into account when trying to predict world oil production that it is irTVJOSsible to have any confidence in
2. After considering the arguments in support of peak oil theory and the arguments against it, draw a graph that shONS your predictions of world oR production from now until the year 2100. Show your
1. Which group-peak oil supporters or their opponents-do you think makes more persuasive arguments about the future of oil production and the demand for oil? Explain your reasoning. Oil is a product
6. Develop a group response to the following question:Can your team identify other solutions that might help satisfy both extreme views? Hotel S is a large hotel in a Maritime city. The hotel is a
5. From an ethical standpoint, what does your group conclude is the most appropriate action that should have been taken by the hotel in this situation? Hotel S is a large hotel in a Maritime city.
4. Appoint someone to record the main points of agreement and disagreement within the group. How do you explain the results? What accounts for any disagreement? Hotel S is a large hotel in a Maritime
3. Gather your group together and reveal, in tum, each member's comments on the best choice of the three options. Next, reveal the ethical issues listed by each member. Hotel S is a large hotel in a
2. Before discussing the situation with your group, and from the perspective of your assigned role, what are the underlying ethical issues, if any, in this situation?Write down the issues. Hotel S is
1. Before discussing the situation with your group, and from the perspective of your assigned role, which of the three options do you think is the best choice?Write down the reasons for your
3. Eventually, what form of competition is likely to characterize the market for internet service? To encourage students to understand how the competitive environment affects a product's
2. Is it always in a company's best interest to feature the lowest prices? To encourage students to understand how the competitive environment affects a product's price.Situation Assume that you own
1. Discuss the role that various inducements other than price might play in affecting demand and supply in the market for internet service. To encourage students to understand how the competitive
10. Go to the library or log on to the internet and research 10 industries. Classify each according to degree of competition.
9. Visit a local shopping mall or shopping area Ust each store that you see and determine what degree of competition it faces in its immediate environment.For example, if there is only one store in
8. Choose a locally owned business. Interview the owner to find out (1) how demand and supply affect the business, and (2) how each factor of production is used in the business.
7. For a product that is not discussed in Chapter 1, find an example where a surplus led to decreased prices. Then find an example where a shortage led to increased prices. What eventually happened
6. Government plays a variety of roles In the Canadian mixed economy (customer, regulator, taxation agent, provider of services, etc.). Consider each of the roles discussed in the text and state your
5. Analyze how the factors of production Qabour, capi tal, entrepreneurs, natural resources, and information)work together for a product or service of your choice.
4. Familiarize yourself with a product or service that is sold under conditions of pure competition. Explain why it Is an example of pure competition and identify the factors that make it so. Then do
3. In your opinion, what industries in Canada should be regulated by the government? Defend your arguments.
2. In recent years, many countries have moved from planned economies to market economies. Why do you think this has occurred? Can you envision a situation that would cause a resurgence of planned
1. On various occasions, government provides financial incentives to business firms. For example, the Canadian government provided export assistance to Bombardier Inc. with its Technology Transfer
2. Consider the following statement: "The high price of commodities like copper is not a concern because we do not need copper to survive, but the high price of food is a concern because it threatens
1. It is obvious that negative outcomes can occur with high prices. Can high prices ever lead to positive outcomes? Explain. Economic theory tells us that when demand for a commodity increases, its
2. What do you think of Facebook's new revenue stream model? Will it work? Not too long ago, people doubted the commercial sales potential of bottled water because a perfectly good substitute was
1. Have you ever purchased a virtual good? If so, describe it. Were you satisfied? If not, what do you think of the prospects for this growing market? Not too long ago, people doubted the commercial
2. What do you think about the company's decision to move some of its operations to Latin America because of a lower cost structure? Wine connoisseurs, also known as oenophiles, have a love of and
1. Discuss the factors of production as they apply to Genuwine Cellars. Wine connoisseurs, also known as oenophiles, have a love of and devotion to wine, and they take just as much care in the
Describe different types of global economic systems according to the means by which they control the factors of production through input and output markets.
Define the nature of Canadian business and Identify Its main goals.
Managers can be found at nearly every level of an organization. As a manager moves up the corporate ladder, their responsibilities increase. If you were a manager in the manufacturing industry, how
What is corporate culture and why is it important? How is corporate culture created? Is it possible to change an organization’s culture? If so, how?
Do you think that Ellison will be successful in rescuing JCPenney, or is it too late?
What do you think were Ron Johnson’s biggest mistakes?
Do you think that Ron Johnson changed the mission of JCPenney or just implemented new strategies? Be sure to support your conclusion.
The text describes a variety of skills that are essential to management. Which two skills do you think will be most important for new CEO Ellison?
As CEOs, both Ullman and Johnson were involved in each of the four management functions. Briefly describe the types of decisions that the CEO of JCPenney must make as they relate to each of the four
How would you describe the corporate culture at Google?
Which management functions are involved in setting goals and measuring performance?
Identify Dream Vacations’ short-term goals. Are shortterm goals more or less important than long-term goals?
What intermediate goals will help Dream Vacations meet their long-term goals and realize their mission? What types of corrective action should Arturo take if the company fails to meet these goals?
Considering Dream Vacations’ mission statement and the information provided in the case, what are the company’s long-term goals? How should Arturo measure these goals?
Working with your group, develop a mission statement for Dream Vacations. Why is developing a mission statement important?
Does your management team need to develop any contingency plans? Why or why not?
For your venture, is there a difference between your corporate and business strategies?
What are the specific business goals of your new venture?
What basic management skills will be most important to your business? Will these change over time?
What areas of management will be most important in your business? Will these change over time?
What differences might you expect to find in the corporate cultures of a 100-year-old manufacturing firm based in the Northeast and a 1-year-old e-commerce firm based in Silicon Valley?APPLICATIOn
What specific types of contingency plans would a company need to develop in an area where hurricanes are common?
How might the role of a middle manager differ from that of a first-line manager?
How can you distinguish between strategic and tactical plan? What is it about the two different types of planning that makes them different, both in form and order as well as detail?
How can an organization go through the process of changing their corporate culture?QueSTIOnS fOr AnALySIS
Identify and explain the three basic forms of strategy.
What are the key features of long- goals in an organization?
Describe the roles and responsibilities of operations managers.
Describe the development and explain the importance of corporate culture.
Explain the importance of strategic management and effective goal setting in organizational success.
Describe the basic roles and skills required of managers.
Identify different types of managers likely to be found in an organization by level and area.
Describe the nature of management and identify the four basic functions that constitute the management process.
A company that wishes to expand internationally must choose the most appropriate organizational structure. Describe each of the options and when they are most appropriate.
Some countries have more national competitive advantages than others. Based on the four conditions described to create national competitive advantage, what are some national competitive advantage
Will you sell your product in another country? If so, what countries and why? What challenges will you face?Hint: To help you consider issues of global business, refer to Chapter 4. Consider how you
A business shows social responsibility by respecting all of its stakeholders. What steps will you take to create a socially responsible business?Hint: Refer to the discussion of social responsibility
All businesses have to deal with ethical issues. One way to address these issues is to create a code of ethics. List three core principles your business will follow.Hint: To help you consider the
Why will customers choose to buy from your business instead of your competition?Hint: In this section, describe what will be unique about your business. For example, is the product special or will
Briefly describe your ideal customer. What are they like in terms of age, income level, and so on?Hint: You don’t have to give too much detail in this part of the plan; you’ll provide more
What form of business ownership (sole proprietorship, partnership, or corporation) will your business take?Why did you choose this form?Hint: For more information on types of business ownership,
What will your business do?Hint: Imagine that you are explaining your idea to a family member or a friend. Keep your description to 30 words or fewer.
What is the name of your business?Hint: When you think of the name of your business, make sure that it captures the spirit of the business you’re creating.
How will expansion in the ready-to-drink market help or hinder sales in their Starbucks stores?
How has Starbucks adapted to Chinese culture?
How might Greek and Turkish businesses prepare themselves for a rapid increase in trade between the two countries?
Cyprus remains a major problem for Greece and Turkey.Neither side seemed to be able to accept and accommodate the others perspective on the issue. North Cyprus is not recognized as a legal entity by
How would a more normal relationship between Greece and Turkey be beneficial in terms of trade, tourism, and development? What would be the immediate advantages and improvements for the two countries?
As a group consider the impact on the farm and what needs to be done in order to rectify and mitigate as appropriate.
In similar fashion, have each member of the team suggest the key stakeholders in the situation and their likely reactions and demands.
Gather your group together and reveal, in turn, each member’s lists of actions. Create a definitive list of actions that will be necessary in order to deal with the situation.
Have each member of the team create a series of actions that will be required in order to deal with the situation.Consider the possible facts: who has been affected and the probable causes.
To what extent, if any, will your new venture be affected by social and cultural differences, economic differences, and/or legal and political differences across cultures?
Are there likely to be any export opportunities for your products or services? Why or why not? If you are able to export your product, will it need to be adapted to sell in foreign markets?
Are you likely to acquire any of your materials, products,or services from abroad? Why or why not?
Do you think that a firm operating internationally is better advised to adopt a single standard of ethical conduct or to adapt to local conditions? Under what kinds of conditions might each approach
Why might cultural factors sometimes represent an insignificant challenge to a manager and other times a major one?
Although it is impossible to predict how different cultures might react, outline the meaning of social, power,uncertainty, goal, and time orientation as identified by Geert Hofstede and how they help
Why might a business enter a strategic alliance?QUESTIONS FOr ANAlySIS
What is the role of an independent agent in an international organization?
What distinguishes an international business from a multi-national business?
What are the World Bank’s four classifications of countries based on per capita income?
Describe some of the ways in which economic, legal, and political differences among nations affect international business.
Explain the role and importance of the cultural environment in international business.
Discuss the factors involved in deciding to do business internationally and in selecting the appropriate levels of international involvement and international organizational structure.
Discuss the rise of international business and describe the major world marketplaces, trade agreements, and alliances.
What are the three primary forms of business ownership? Provide a description of each as well as the most significant advantages and disadvantages. When is each form most appropriate or desirable?
Research suggests that certain characteristics are common for most entrepreneurs. Pick three and explain why they are important for an entrepreneurial mind-set. Compare and contrast how some might be
How would you research a franchise purchase before making the decision to invest?
While franchise owners must have at least $125,000 of cash available, average start-up costs are more than double this amount. What are the most likely sources of funding for a franchise?
What are the disadvantages of buying a Cold Stone Creamery franchise?
What would be the advantages of buying a Cold Stone Creamery franchise as opposed to starting a business from scratch?

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