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business
business essentials

Questions and Answers of Business Essentials

2. Before discussing the situation with your group, and from the perspective of your assigned role, identify the underlying ethical issues in this situation. Write down the issues. The Situation
3. Gather your group together and reveal, in tum, each member's comments on their choices. Next, reveal the ethical issues listed by each member. The Situation Managers often find it necessary to
4 . Appoint someone to record main points of agreement and disagreement within the group. How do you explain the results? What accounts for any disagreement? The Situation Managers often find it
5. From an ethical standpoint, what does your group conclude is the most appropriate choice for the company In this situation? Why? The Situation Managers often find it necessary to fllld the right
1. Based on your own observations in the marketplace, do you believe we are In an Inflationary or deflationary period? Between 2008 and 2010, there was great fear and confusion in financial markets.
2. Go to the Bank of Canada website and find the latest Inflation figures. Based on the latest statistics, is inflation or deflation a bigger problem today? Between 2008 and 2010, there was great
3. What do you think of Phil Green's contention that the CPI has become a deceptive tool? Do you believe that governments are purposefully massaging the numbers? If so, explain why. Between 2008 and
Explain how individuals develop their personal codes of ethics and why ethics are important In the workplace.
Distinguish social responsibility from ethics, identify organizational stakeholders, and characterize social consciousness today.
Explain how issues of social responsibility and ethics affect small businesses.
Identify four general approaches to social responsibility and describe the four steps a firm must take to Implement a social responsibility program
1. Which of the two major views about business"managerial capitalism" or the "variety of stakeholders"idea-would most likely be held by MEG's shareholders? Why?
2. What are the arguments for and against "managerial capitalism" and the "variety of stakeholders" idea?
3. Consider the following statement: "Businesses should not give money to charity because(a) business executives do not have any training that would help them decide which charities to give money to,
1. Do you think the benefits of counterfeit products exceed the costs, or vice-versa? Defend your answer.Counterfeit goods are a problem in many product lines, including perfume, luggage, handbags,
2. Consider the following statement: "eBay should not be responsible for monitoring the authenticity of products that are sold through its online business.The responsibility for that lies with the
1. How has Arthur's Fresh addressed the various areas of social responsibility? Ahh . . . the delicious taste of a fresh wild blueberry juice smoothie! What could be better to quench your thirst? The
2. What further actions might the company take? Ahh . . . the delicious taste of a fresh wild blueberry juice smoothie! What could be better to quench your thirst? The super juices offered by
1 . In what ways do you think your personal code of ethics might clash with the practices of some companies?How might you resolve these differences?
2. What kind of company wrongdoing would most likely prompt you to be a whistleblower? What kind of wrongdoing would be least likely? Explain the difference.
3. In your opinion, which area of social responsibility is most important? Why? Are there areas other than those noted In the chapter that you consider i mportant?Describe these areas, and indicate
4. Identify some specific social responsibility issues that might be faced by small-business managers and employees in each of the following areas: environment, customers, employees, and investors.
5. Choose a product or service and explain the social responsibility concems that are likely to be evident in terms of the environment, customers, employees, and investors.
6. Arlalyze the forces that are at work from both a company's perspective and from a whistleblower's perspective. Given these forces, what characteristics would a law to protect whlstleblowers have
7. Write a one-paragraph description of an ethical dilemma you faced recently Qncludlng the outcome).Arlatyze the situation using the ideas presented in the chapter. Make particular reference to the
8. Pick a product or service that demonstrates the defensive approach to social responsibility. What has been the i mpact of that stance on the company that is using it? Now pick a product or service
9. Develop a list of the major stakeholders of your college or university. HCMI are these stakeholders prioritized by the school's administration? Do you agree or disagree with this prioritization?
10. Interview the owner of a local small business. Ask the owner to (1) give his or her views on the importance of social responsibility for small businesses,(2) explain the kinds of socially
1. What personal, social, and cultural factors do you think contribute to lying in the workplace? Method Step 1 Working with four other students, discuss ways in which you would respond to the
2. Do you agree or disagree with the following statement?"The term business ethics is an oxymoron."Support your answer with examples from your own work experience or that of a family member. Method
3. If you were your company's director of human resources, how would you make your code of ethics a " living document"? Method Step 1 Working with four other students, discuss ways in which you would
4. If you were faced with any of the ethical dilemmas described in Step 1, how would you handle them?How far would you go to maintain your personal ethical standards? Method Step 1 Working with four
1. Before hearing any of your group's comments on this situation, and from the perspective of your assigned role, decide which of the three options you think is the best choice. Write down the
2. Before hearing any of your group's comments on this situation, and from the perspective of your assigned role, decide what the underlying ethical issues are in this situation. Write down the
3. Gather the group together and reveal, in tum, each member's comments on the best choice of the two options. Next, reveal the ethical issues listed by each member. The Situation Managers must often
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? The Situation Managers must often make
5. From an ethical standpoint, what does your group conclude is the most appropriate action that should be taken by the company? (You may f1nd the concepts of utility, rights , justice, and caring
1. What are the major legal issues in this case? What are the major ethical Issues? A study by the International Council on Clean Transportation provides some interesting statistics on the global
2. Aside from personal greed, what factors might lead a cruise line to illegally dump waste into the ocean?What factors might cause cargo ships to use lo.vgrade fuel? A study by the International
3. Are the approaches to social responsibility by the cargo and cruise lines similar or different? Explain. A study by the International Council on Clean Transportation provides some interesting
4 . Distinguish between ethical issues and social responsibility issues as they apply to this problem. A study by the International Council on Clean Transportation provides some interesting
Explain the meaning and Interrelationship of the terms small business, new venture creation, and entrepreneurship.
Describe the role of small and new businesses in the Canadian economy.
Explain the entrepreneurial process and describe its three key elements.
Describe three alternative strategies for becoming a business owner-starting from scratch, buying an existing business, and buying a franchise.
Describe four forms of legal organization for a business and discuss the advantages and disadvantages of each.
Identify four key reasons for success in small businesses and four key reasons for failure
1. Find a small business In your local area that is committed to being eco-friendly. Why did the owner decide to commit to having an eco-friendly business? Small business owners have plenty of
2. Consider the following statement: "It is unrealistic to expect small business owners to spend much time thinking about or implementing green practices.The failure rate of small businesses is high,
1. What is the difference between small business and entrepreneurship? Are mompreneurs entrepreneurs?Explain. An increasing number of Canadian women have decided to be stay-at-home entrepreneurs
2. Interview a mompreneur and ask the following questions: (a) Why did you start your business?(b) What are the advantages and disadvantages of being a mompreneur? An increasing number of Canadian
1. Are you in favour of promoted tweets? Debate Twitter's decision to implement this model. Entrepreneurs have effective new promotion tools thanks to social media sites. But what about the
2. Why are new ventures the main source of job creation and new producVservice ideas?
3. Do you think that you would be a successful entrepreneur?Why or why not?
5. Using the product or service you described in Question 4, analyze the extent to which there is a good "fit" between the various elements in the entrepreneurial process.
6. Why might a private corporation choose to remain private? Why might it choose to "go public"?
7. Identify three trends-whether in fashion, lifestyle, or something else--and describe at least five ideas for capitalizing on one of them.
8. Find a newspaper or magazine article that describes someone who is an entrepreneur. Use the information provided to explain what makes this person an entrepreneur.
9. Spend some time watching what people do and how they do it, and then (a) identify two ways to make what they do easier, and (b) describe two problems you observed and identify strategies for
10. Interview the owners of several small businesses in your local area. Ask them what they have done to make their businesses more environmentally friendly.If they have not done anything, ask them
1. Do you think your business would be successful on the internet? Why or why not? Goal To encourage students to define opportunities and problems for small companies doing business on the
2. Based on your analysis, how will extended internet applications affect your current business practices?What specific changes are you likely to make? Goal To encourage students to define
3. Do you think that operating a virtual storefront will be harder or easier than doing business in your local community? Explain your answer Goal To encourage students to define opportunities and
1. Before discussing the situation with your group, and from the perspective of your assigned role, decide which option you think is best. Write down the reasons for your position. The Situation The
2. Before discussing the situation with your group, and from the perspective of your assigned role, identify the underlying ethical issues, if any, in this situation.Write down the issues. The
3. Gather your group together and reveal each member's comments on the situation. Next, reveal the ethical issues listed by each member. The Situation The Thomas Corporation is a very well-financed
4. Appoint someone to record the main points of agreement and disagreement. How do you explain the results? What accounts for any disagreement? The Situation The Thomas Corporation is a very
5. From an ethical standpoint, what is the most appropriate action that should be taken by the Thomas Corporation in this situation? The Situation The Thomas Corporation is a very well-financed
6. Develop a group response to the following question:What do you think most people would do in this situation? The Situation The Thomas Corporation is a very well-financed private corporation with a
1. How is running a family business different from creating a business from scratch? What are the advantages? What are the disadvantages? Family businesses are a prominent feature in many countries
2. It seems as though the Antinori family has found a way to ensure that the entrepreneurial spirit is transferred from generation to generation in a positive manner. But this contrasts heavily with
3. How does financing a fami ly business differ from f&nancing a franchise or a new start-up? Outline the Lllique challenges in each of these situations. Family businesses are a prominent feature in
Why do you think it is so hard to predict changes in stock price on a day-to-day basis?
Do an online search to find a case involving insider trading. Who was accused of insider trading and what was their relationship to the company? Were they convicted of insider trading, and if so,
Contact a stock broker for information about setting up a personal account for trading securities. Prepare a report on the broker's requirements for placing buy/sell orders, credit terms, cash
Crowdfunding means raising money online through the use of social media, usually by getting a small amount of money form a large number of investors. Various aspects of crowdfunding are discussed in
This insert describes the practical impact of a practice called short selling. A research firm called Muddy Waters released a report questioning whether Sino-Forest actually owned the timber assets
This insert describes the development of mobile investing platforms that allow consumers to buy and sell stock from devices like iPhones. Investing this way is convenient, and it is growing rapidly,
This insert describes the concept of “green bonds,” which are much like regular bonds except that the funds generated by them are directed toward projects that are environmentally-friendly. The
The opening case describes the large amount of cash that businesses have been holding, and the concerns that have been expressed about that by various commentators. The case reviews the arguments
1. Identify and explain two of the fundamental warnings about credit cards that are contained in this case.2. Do you believe the typical consumer understands the full extent of the so-called
Consider the old joke about economists that goes like this: When there are four economists in a room analyzing current economic conditions, there are at least eight different opinions. Based on your
What role will online communications play for this theme park: a) Before the launch, b) During the launch, andc) On an ongoing basis?
The digital revolution continues. This insert describes new technology developments that make it easier and faster for retail customers to pay for their purchases without necessarily waiting in
As you developed your list of new products, which wants and needs of the target market were most important?
Interview the manager of a local manufacturing firm. Identify the company’s different products according to their positions in the product life cycle.
Choose a product that could benefit from word-of-mouth buzz marketing. Then create a marketing campaign kit for participants to spread the word about this product.
Select a product made by a foreign company and sold in Canada. What is the product’s target market? What is the basis on which the target market is segmented? Do you think that this basis is
Select a good or service that you have purchased recently. Try to retrace the relevant steps in the buyer decision process as you experienced it. Which steps were most important to you? Which steps
More and more companies are responding to consumer concerns about the environment by developing and marketing products and services that are environmentally friendly. This insert gives multiple
Assume for a moment that you agree with the argument that increased efficiency means more consumption rather than less. If you wanted to decrease consumption, give a specific example of the actions
Think of an everyday activity—either personal or professional—that you would like to do more efficiently (for example, going to work or school, enrolling in classes, or filling up your car at the
Choose a product that you regularly use and trace its supply chain. Can you see areas where improvements might be made?
Interview the manager of a local service business, such as a restaurant or hair salon. Identify the major decisions that are involved in planning the business’s service operations. Determine how
Pick three services (not physical products) that you regularly use. Explain what customization, unstorability, and intangibility mean for each of the services. How do these factors influence the way
Comment on the traits, characteristics, and skills in the above list. Do you agree or disagree that these would differentiate between those who are both managers and leaders versus those who are
Because this is an entry-level position, it is likely that you will receive a large number of applications. How will you screen the applications and decide who to interview? What knowledge, skills,
Consider the following statement: In a union shop, newly hired employees must join the union within 30 days of starting work. Forcing workers to join a union in order to keep their job is
Why do you think the unionization rate in the public sector is so much higher than in the private sector? Do you think this will change in the foreseeable future? Explain your reasoning.
Obtain a copy of an employment application. Examine it carefully and determine how useful it might be in making a hiring decision.

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