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Chapter 11. Define business and profitsBusiness- An organization that provides goods and services to earn profits Profits: The positive difference between revenues and expenses rewards for businesspeople who take the risks2. Distinguish between business and not-for-profit organizations Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. entpraz 事业，项目 Not-for-profit organizations are business like establishments (机构;团体;企业) that have primary objectives other than returning profits to their owners. It operates in both public service and private sector (部门，行业，领域).3. Identify the factors of production. Labor, capital, entrepreneurs (ntrprn:(r) 企业家), physical resources, information resources. 4. Global economic systemsPlanned economy, market economy and mixed economies Planned Economy: An economic system in which the government owns and operates all sources of production Market Economy: An economic system in which buyers and sellers interact (ntrkt 相互作用； 互相影响) based on freedom of choice Mixed Economies: Planned and Market The economies of most countries include both planned and market elements.5. Distinguish between microeconomics and macroeconomics. Microeconomics微观经济学study of small economic units, such as individual consumers, families, and businesses. For example, demand &supply, consumer choices.Macroeconomics宏观经济学study of a nations overall economic issues, such as how an economy maintains and allocates resources and how government policies affect the standards of living of its citizens. For example, GDP.6. Explain the factors that drive demand and supply.(1)Factors Driving Demand 1) Price 2)Customer preferences and income 3) Prices of substitute (sbsttju:t 替代的) and complementary （kmplmentri 互补的）items 4) Number of buyers in the market 5) Consumers optimism about the future.（2）Factors Driving Supply factors of production (Central role in determining the overall supply of goods and services is played by factors of production.) Other factors like taxes and the number of suppliers will also influence the supply.7. Describe each of the four different types of market structures in a private enterprise system.Pure competition，monopolistic mnplistik competition(垄断性竞争)，oligopoly( lgpl 寡头, 求过于供的市场情况) and monopoly ( mnpl 垄断)Pure competition exists when all firms in an industry are small and the number of firms is large. Prices are determined by market forces as supply and demand.In monopolistic competition, many sellers try to make their products at lease seem to be different from those of competitors. Product differentiation gives sellers some control over prices.When an industry has only a handful of sellers, an oligopoly exists. The entry of new competitors is hard. And the prices of comparable products are usually similar.A monopoly exists when an industry or market has only one producer. A sole supplier enjoys nearly complete control over the prices of its products. 8. Identify and describe the four stages of the business cycle. Prosperity, 繁荣； recession 衰退； depression 萧条； recovery 复苏prspert rsen dpren9. Explain how productivity, price-level changes, and employment levels affect the stability of a nations economy.10. Discuss how monetary policy and fiscal policy are used to manage an economys performance. Monetary Policy 货币政策government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers willingness to make loans.Fiscal Policy 财政政策Government influences economy by spending and taxation decisions. Government uses fiscal policy to control inflations (nflen 通货膨胀), reduce unemployment, improve the general welfare of citizens, and encourage economic growth. Chapter 21. Explain the concepts of business ethics and social responsibility.Business ethics are standards of business conduct and moral values by employees on the jobSocial responsibility refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social environments. 2. Describe the factors that influence business ethics, at individual, organizational, legal, societal levelsIndividual: values, work background, family status, personalityOrganizational: Top Level Mgmt. Philosophy, the Firms Reward System, Job DimensionsEnvironmental: Competition, economic conditions, social/cultural institutions3. List the stages in the development of ethical standards. Stage 1: Preconventional Individual is mainly looking out for his or her interest. Rules are followed only out of fear of punishment or hope of reward. Stage 2: Conventional Individual considers the interests and expectations of others in making decisions. Rules are rules are followed because it is a part of belong to the groups.Stage 3: postconventional Individual follows personal principles for resolving ethical dilemmas. He or she considers personal, group and social interests.4. Identify common ethical dilemmas in the workplace.Conflict of interest, honesty and integrity(正直), loyalty VS truth, whistle-blowing(揭发).5. Discuss how organizations shape ethical behavior.6. Summarize the responsibilities of business to the general public, customers, employees and investors.Responsibilities to the General Publica) Public Health Issuesb) Protecting the Environment Green washing: Using advertising to project a green image without substantially altering processes or products Recyclingreprocessing of used materials for reuse c) Developing the Quality of the Workforce d) Corporate Philanthropy (flnrp 慈善事业)Responsibility Toward Customers Consumer Rights, Unfair Pricing, Ethics in AdvertisingResponsibility Toward EmployeesWorkplace Safety; Quality of Life Issues.Responsibility Toward InvestorsImproper financial management; Check kiting空头; Insider trading ;Misrepresentation of finances7. Explain different stances in CSR DefensiveStance防卫立场ObstructionistStance阻碍立场bstrknstAccommodativeStance接纳立场kmdetvProactiveStance积极立场LowestHighestActively Avoids ResponsibilityDoes Legal MinimumResponds to RequestsActively Seeks Opportunities to ContributeChapter 31. Identify the industries in which most small firms are establishedServices, retailing(ri:tel 零售业), construction建筑业, wholesaling批发, finance and insurance, manufacturing制造业,transportation.2. Compare the advantages and disadvantages of small businesses.Small firms can often operate with greater flexibility than larger corporations can achieve. This flexibility allows small business to develop innovative products, lower costs, provide superior customer service, and fill isolated niches. asletd 偏远的 ntiz 商机 However, small business also must operate with fewer resources than large corporations can apply. As a result, they must suffer from financial limitations and management shortcomings. Taxes and government regulation can also impose excessive burdens on small business.3. Explain how franchising can provide opportunities for both franchisors and franchisees.（找不到） Franchisees benefit from the parent corporations experience and expertise. The franchiser may pick the store location, negotiate the lease, purchase equipment, and support financing. Franchising offers the benefit of brand recognition, which can make it easier to attract customers and reduce the costs pf advertising as well as increase the likelihood of success. 4. Define the term entrepreneur and distinguish among entrepreneurs, small-business owners, and managers.（找不齐）Entrepreneur:Businessperson who accepts the risks and opportunities of creating, operating and growing a new businessSmall Business Owner:Does not have plans for growth.5. Starting and funding a small business Starting from Scratch skrt 从零开始;从头做起;白手起家 Disadvantage: Higher risk of business failure Advantage: Avoids problems of an existing business Buying an Existing Business Some prefer not to assume the risks of starting a new firmFranchisingv Another less risky way to begin a businessa) Cf. equity financing and debt financing6. Identify three different types of entrepreneurs. 企业家 Classic entrepreneursperson who sees a business opportunity and use resources to tap that market. Intrapreneurperson who develops innovations within a large organization. ntrprni: 内企业家, 内部创业者 Change Agentmanager who tries to revitalize an established firm to keep it competitive. ri:vatlaz vt. 使恢复元气； 使新生； 使复兴7. Identify personality traits that typically characterize successful entrepreneurs. Successful entrepreneurs may have several traits, including vision, high energy level, need to achieve, self-confidence and optimism, tolerance for failure, creativity, tolerance for ambiguity, and international locus of control. 1) Are resourceful and open-minded2) Are concerned about good customer relations3) Desire to be their own boss4) Can deal with uncertainty and risk5) Rely on networks, business plans, and consensus8. Summarize the three basic forms of business ownership and the advantages and disadvantages of each form.1)Sole Proprietorships ( prpratp 所有权) 个人独资企业Disadvantages: Unlimited Liability Limited resources Limited fundraising capability Lack of continuity Advantages: Freedom Simple to form Low start up costs Tax benefits2) Partnerships合伙企业Disadvantages: Unlimited liability Disagreements among partners Lack of continuitykntnju:t 连续性;连贯性 Advantages: More talent and money More fundraising capability fndrez 筹款的 Relatively easy to form Tax benefitsDisadvantages: Double taxation Fluid control flu:d不稳定的 Complicated and expensive to form3) Corporations Advantages: Limited Liability Continuity连贯性 Stronger fundraising capability9. Describe recent trends in mergers合并and acquisitions收购.Mergerunion of two or more firms to form one companyAcquisitionpurchase of one company by anotherChapter 41. Understand significance of globalization (I dont know.)Globalization can make use of international sources of factors of production.Globalization expends international markets.Globalization reduces firmsdependence on the economies of their home nations2. Discuss the relationship of absolute and comparative advantage to international trade. (I dont know.)Absolute Advantage exists when a country can produce something that is cheaper or higher quality than other country.Comparative Advantage exists when a country can produce more efficiently or better than other nations.Both of them translate into competitive advantage.3. Describe how nations measure international trade and the significance of exchange rates. Nations measure international trade by balance of trade, balance of payments and exchange Rates.Exchange Rates Heavily Impact Global Trade When an economys currency is strong: Domestic companies find it harder to export products Foreign companies find it easier to import products Domestic companies may move production to cheaper sites in foreign countries When an economys currency is weak: Domestic companies find it easier to export products Foreign companies find it harder to import products Foreign companies may invest in production facilities4. Identify the major barriers that confront global businesses.1) Social and Cultural Differences, such as different Language, values and Religious Attitudes.2) Economic Differences, such as infrastructure, Currency Conversion and Shifts. nfrstrkt(r) 基础设施； 基础建设3) Political and Legal Differences, such as political climate, legal environment and international regulations.5. Explain how international trade organizations and economic communities reduce barriers to international trade. （不确定） Many international trade organizations promote International Trade to reduce barriers, such as World Trade Organization (WTO), World Bank, and International Monetary Fund Economic communities create partnerships, found free trade area, customs area and common market to reduce barriers. Such as European Union and North American Free Trade Agreement (NAFTA).6. Compare the different levels of involvement used by businesses when entering global markets. Exporters and Importers International FirmsMultinational Firms 跨国的7. Distinguish between a global business strategy and a multi-domestic business strategy. Global Business Strategies (Standardization) Offering a standardized, worldwide product and selling it in essentially the same manner throughout a firms domestic and foreign markets. Multi-domestic Business Strategy (Adaptation) Developing and marketing products to serve different needs and tastes of separate national markets. Chapter 51. Summarize the major benefits of planning and distinguish among strategic planning, tactical planning, and operational planning.Planning helps a company to turn vision into action, take advantage of opportunities, and avoid costly mistakes.Strategic Plans Steps needed to meet strategic goals; resource allocations; focus on company prioritiesTactical Plans Shorter-term plans for implementing specific aspects of the companys strategic plansOperational Plans Short-term targets for daily, weekly, or monthly performance2. Explain the importance of setting goals and formulating strategies.Goal Setting: Provides direction and guidance for managers at all levels Helps firms allocate resources Helps to define corporate culture Helps managers assess performanceFormulating strategies describe an organizations intentions, outline how to meet the goals, and include the responsiveness to new challenges and new needs. 3. Process of strategic planning.Step 1:Setting Strategic Goals Strategic goals are derived from a firms mission statementStep 2:Analyzing the Organization and the Environment: SWOT Analysis Assessing internal strengths and weaknesses and external opportunities and threats Environmental analysis Organizational analysisStep 3:Matching the Organization and Its Environment Matching environmental threats and opportunities against corporate strengths and weaknesses4. Discuss conditions that encourage opportunities for entrepreneurs.5. Identify types of managers by level and area.(见另一份)by level：top managers, middle managers, supervisory managers(first-line managers)by area: human resources managers, operation managers, marketing managers, information managers, financial managers and other managers.6. Describe the basic management skills. Technical skillsability to understand and apply the techniques, knowledge, and tools and equipment of a specific discipline or department Human skillsinterpersonal skills that enable a manager to work effectively with and through people Conceptual skills knseptul adj. 观念的，概念的ability to see the organization as a unified whole and to understand how each part of the overall organization interacts with other partsDecision-Making SkillsTime-Management Skills7. Describe 3 types of leadership styles and how to choose the proper one Transactional leadership 交易型领导 Transformational leadership变革型领导 Charismatic leadership 魅力型领导8. Explain the development and importance of corporate culture. Corporate Culture Shared experiences, stories, beliefs, and norms that characterize an organization Defines the work and business climate in an organization Culture takes time and effort to form and once formed, it is relatively stableis It is typically shaped by the firms founder and perpetuated through formal programs such as training, rituals, and ceremonies, as well as through informal discussions among employees. What Elements Influence Organizational Structure?Purpose Mission Strategy SizeTechnology External EnvironmentChapter 6 Elements of Organizational structureKey Elements:1. Work specialization2. Departmentalization3. Chain of command4. Span of control5. Centralization and decentralization6. Formalization Specialization and departmentalizationSpecialization is the process if identifying the specific jobs that need to be done and designating the people who will perform them.Departmentalizationprocess of dividing work activities into units within the organization(Departmentalization allows the firm to treat each department as aprofit center.Departmentalization may occur along product, process, functional, customer, or geographic lines. di:rfk adj. 地理学的，地理的) Responsibility, authority, delegation, and accountabilityResponsibility-duty to perform assigned task Authority-power to make the decisions necessary to complete a taskDelegation is the process through which a manager allocates work to subordinates. sb:dinits 下级 Accountability-the obligation employees have for the successful completion of a task. Chain of command & span of controlChain of commandset of relationships that indicates who directs which activities and who reports to whomspan of control-number of people supervised by one manager Line and staff structure P93 Functional, divisional, matrix, and international organizational structuresP94 Virtual organization and outsourcing Outsourcing ats:s n. 外购； 外部采办16
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