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business
business essentials
Business Essentials 11th Global Edition Ronald J. Ebert, Ricky W. Griffin - Solutions
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 more important than others given different situations.Are there situations where these
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?
Suppose Reed Hastings asked you for advice on how to make Netflix better. What would you tell him?
What threats might derail Netflix’s success? What steps might the firm take today to thwart those threats?
Netflix is a corporation. Why do you think the firm uses this form of ownership?
What are some of the primary reasons Netflix has been successful?
What form of business ownership would be most appropriate for your new restaurant and why?
What form of ownership will your group use? What are the advantages and disadvantages of this approach?
What factors will most likely contribute to your success?What factors might cause your business to fail? Is there a way to minimize or eliminate these risk factors?
For the specific business you are starting (in this exercise), does it make more sense to start from scratch, to buy an existing business, or to buy a franchise? Why?
Why might a closely held corporation choose to remain private? Why might it choose to be publicly traded?APPLICAtIOn ExErCISES
What is the relative significance of the four major reasons due to which businesses fail?
How does today’s view of the entrepreneur differ from that the accepted view of yesterday’s entrepreneur?
What is sole proprietorship business ownership? What are the key advantages and disadvantages?
What is a niche market and why is it attractive to small businesses?
What is the most significant reason for the large numbers of small business start-ups and successes?
Identify six areas where small businesses are significant in most economies.
Describe distinctive competence, the business plan, and the start-up decisions made by small businesses and identify sources of financial aid available to such enterprises.
Businesses may evaluate their social responsibility in terms of legal compliance, ethical compliance, and philanthropic giving. Why is each critical to the organization’s longterm success? Of the three, which is most important?
In a capitalist economy, we assume that the market plays a major role in monitoring and regulating the business environment. Businesses that act irresponsibly often lose customers and are unprofitable. However, government regulations can require businesses to act in a socially responsible manner,
What is the appropriate role of government in the event of a natural disaster?
Do you think that domestic businesses have a greater responsibility to support rebuilding in their own countries or overseas? Defend your answer.
How would you characterize Marks & Spencer’s approach to social responsibility? Be sure to support your conclusion.
Do you think that social responsibility is good for business? What would motivate a profit-seeking company to incur the expense running initiatives like Shwopping?
Why might it be the case that corporations are perhaps better suited to provide direct aid in the event of natural disasters? Why might it be counter-productive to work via charities?
Do you pay attention to fair-trade products in your own purchasing behavior? For what kinds of products might you be willing to pay a premium price to help those who produce the ingredients?
How would you describe Divine Chocolate’s approach to social responsibility? How do they balance their responsibilities to their stakeholders?
While Divine Chocolate has embraced the concept of fair trade, their products are not organic. On their website, they argue that purely organic production methods could result in greater instability in production because cocoa is very disease prone. Do you think that Divine has an ethical
How could the government encourage companies to commercialize “orphan” drugs that treat or cure rare conditions but are not economically desirable? If you were a member of Congress, would you support government intervention in this situation?
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 someone you know.
Does it make sense for a new business to develop a formal social responsibility program? Why or why not?
Should your venture have a formal statement of company practices and business ethics or simply rely on your own individual ethical standards? What are the pros and cons of each approach?
Thinking about your business venture, identify at least three ethical issues that could potentially arise.
Using newspapers, magazines, and other business references, identify at least one company that takes each of the four stances to social responsibility: obstructionist, defensive, accommodative, and proactive. For each company, highlight its actions that support your conclusion.
The Foreign Corrupt Practices Act makes it illegal for U.S. firms to bribe government officials in other countries. What challenges could this create for a company doing business abroad?APPLICAtIon ExErCISES
In the context of organizations, what is ethical compliance and in which type of organization are you most likely to find it?
What does a lobbyist do and what is their value?QUEStIonS for AnALySIS
Describe the obstructionist approach to social responsibility with an example.
What are the five key elements that a business needs to address in order to claim that they have green marketing credentials?
What are organizational stakeholders as opposed to the more generalized definition of stakeholders?
What are the three ways in which you can classify managerial ethics?
Discuss how businesses manage social responsibility in terms of both formal and informal dimensions and how organizations can evaluate their social responsibility.
Explain the role of government in social responsibility in terms of how governments and businesses influence each other.
Identify four general approaches to social responsibility and note the role of social responsibility in small business.
Successful business leaders say that any business’s success depends on the matchup(or compatibility) between its operations capabilities and its overall business strategy.That is, major competitive weaknesses exist when operations capabilities are not consistent with or conflict with company
What is operations management? Define the term “utility” and describe how operations creates various forms of utility, providing an example of each. How is operations management more complex when providing services?
What steps will you take to ensure that the quality of the product or service stays at a high level? Who will be responsible for maintaining quality standards?Hint: Refer to the discussion of quality improvement and TQM in this chapter for information to get you started.Note: Once you have answered
Explain what types of raw materials and supplies you will need to run your business. How will you produce your good or service? What equipment do you need?What hours will you operate?Hint: Refer to the discussion of operations in this chapter for information to get you started.
Create a floor plan of the business. What does it look like when you walk through the door?Hint: When sketching your floor plan, consider where equipment, supplies, and furniture will be located.
Show how the “team” fits together by creating a simple organizational chart for your business. Your chart should indicate who will work for each manager as well as each person’s job title.Hint: As you create your organizational chart, consider the different tasks involved in the business.
Who will manage the business? Hint: Refer to the discussion of managers in Chapter 5. Think about how many levels of management as well as what kinds of managers your business needs.
Perform a basic SWOT analysis for your business, listing its main strengths, weaknesses, opportunities, and threats.Hint: We explained previously what factors you should consider in your basic SWOT analysis. Look around at your world, talk to classmates, or talk to your instructor for other ideas
Consider the goals for your business. What are three of your business goals for the first year? What are two intermediate to long-term goals?Hint: Refer to the discussion of goal setting in Chapter 5. Be as specific and realistic as possible with the goals you set. For example, if you plan on
Provide a brief mission statement for your business.Hint: Refer to the discussion of mission statements in Chapter 5. Be sure to include the name of your business, how you will stand out from your competition, and why a customer will buy from you.
In general, how would you measure a service-provider’s quality and productivity? Recommend specific measures that will enable you to track changes in quality and productivity with the passage of time.
Consider businesses such as hotels, television broadcasting, or others that provide services products to consumers.Suppose you want to improve the quality of such a service(choose one or two services). To do so, suppose you are considering allowing telecommuting by some employees, but requiring
Go to Yahoo’s career website (https://careers.yahoo.com) and look at the kinds of jobs available at Yahoo.From these, identify two job descriptions that you recommend as appropriate for telecommuting. Identify two others that are appropriate for office-based employment.Explain the reasons for
How would you define quality for Yahoo’s situation in this case? Explain why.
Using the same airline, identify common customer complaints and the causes for the quality issues. Make at least five sensible suggestions as to how you would improve the customer experience without increasing overall costs.
Identify a local or regional airline and suggest the major factors that need to be considered in terms of their operations planning. What needs to be addressed?
To what extent do you agree with the notion that airlines are a high-contact system? What are the implications of this for airlines?
Many reviews of airlines are not objective in any way.Often reviews are tainted by previous experience, popular myths, and issues that are actually beyond the control of the airline. In using these potentially biased reviews, it is important to ascertain which issues is the fault of the airline and
Ryanair as an airline that provides a service has to focus on intangible value. How might an airline achieve this goal?
How might Ruth’s boss, the Vice President for Operations, view the situation differently than Ruth?
If you were a customer, what would you hope that the company would do? Would your answer be different if you were an investor or stockholder?
Discuss how your team is going to identify the key operations characteristics that best provide support for accomplishing your business strategy. Based on the discussion, what are the key characteristics that seem to be most prominent at this stage of development of your business?
Explain what must be done to ensure that your operations capabilities are consistent with your business strategy.
In what ways is your business connected with service operations? Identify the ways it is connected with goods production. Which of these, service operations or goods production, is more important to your business? Why?
Interview the manager of a local service business, such as a restaurant or hair salon. Identify the major decisions involved in planning that business’s service operations.
Think of an everyday activity, either personal or professional, that you would like to streamline for faster performance or more convenience. It could be something like gassing up your car, going to work or school, enrolling in classes at school, or any other activity that involves several stages
If you were a member of a quality improvement team at your college, what would be five specific high-impact recommendations that you would support?APPlICATIOn ExERCISES
What is the value of a Gantt chart? How can it help to manage complex projects?
In some cases, production needs to be carried out using a fixed-position layout. What does this mean and what are the implications?
What are the five areas that compose materials management?QuESTIOnS FOR AnAlySIS
Production adds value by providing utility. Name the three utility factors.
In most developed nations, what is the most significant sector in terms of employment and national income?
Describe service and goods operations or production.
Discuss the information contained in four kinds of operations schedules—the master operations schedule, detailed schedule, staff schedule, and project schedule.
Identify the three kinds of utility created by operations and the characteristics that distinguish service operations from goods production.
Explain the meaning of operations and discuss the growth in the services and goods sectors of the U.S. economy.
How does an organization chart reflect the formal structure of an organization? Why is this important to managers and employees? Does organizational structure change over time? How does the informal organization differ from the formal structure? Which is more important and why?
Each organization’s structure is unique, but most structures can be grouped into four basic forms. There are advantages and disadvantages to each form of organization structure. Which of the four basic forms of organizational structure would you rather work in? Write an essay: (a) Explaining your
Consider the following situation: You are the HR manager at a medium-sized business and the company’s executives have decided that they must cut the workforce by 5%. You don’t want to layoff anyone, so you“leak” information to a few people in the company that layoffs are imminent, hoping
Many companies encourage their employees to form social relationships outside of work to build a sense of camaraderie. How would these informal groups feed or limit the grapevine?
Do you think that the grapevine would be more or less active in a matrix organization? Why?
Does a flat organization encourage or discourage office gossip? What leads you to this conclusion?
Thinking about your office or college, what types of information are conveyed through the grapevine? How often is the information accurate?
What aspects, if any, of virtual and learning organization structure do you see at South African Airways?
If South African Airways wanted to change its structure, what structure would you suggest?
In what ways does its structure help and hurt South African Airways?
Identify as many examples that are closely related to organization structure as possible in this case.
What would you do in this situation?
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