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business
business essentials
Business Essentials 9th Canadian Edition Ebert Ronald J, Griffin Ricky W., Starke Frederick A., Dracopoulos George - Solutions
Interview the owner/manager of a sole proprietorship or a general partnership. What characteristics of that business form led the owner to choose it? Does he or she ever plan on changing the form of the business?
There are thousands of mobile applications on the various mobile platforms (you probably use some of them on a weekly or daily basis). Identify an idea for a new application that can serve a consumer need that is currently unmet or can be improved upon.
Consider a new product or service that has recently become available for purchase by consumers. To what extent did this product or service possess the “screening” characteristics that are described in the chapter (adding value, providing competitive advantage, etc.)?
Why might a private corporation choose to remain private? Why might it choose to “go public”?
If you were going to open a new business, what type of business would it be? Why?
After considering the characteristics of entrepreneurs, do you think that you would be a good candidate to start your own business?Why or why not?
Consider the following statement: Because the failure rate of small businesses is high, owners must focus all their energies on trying to survive. Although they can implement some inexpensive green practices that will have a slightly positive effect, they simply do not have the time or the money to
Consider the following statement:“Crowdfunding websites should not be allowed to raise equity funds because con artists will be able to fleece unsophisticated investors.” Do you agree or disagree with the statement? Explain your reasoning.
Go to Kickstarter, or another crowdfunding site, and pick one campaign to analyze.Describe the key benefits that the product offers? Do you think the concept is truly viable? What is the likelihood of success? Would you invest your hard-earned money?
Personal competencies. What are the talents, expertise, skills, track record, contacts, and resources that the entrepreneur brings to the venture? How do they match with what the venture needs to succeed?
The size and scope of the venture. How many people does the venture require? Can people be hired to fill the key roles as they are required?
Look at the latest news on Shopify’s online site or search the company’s press releases. Have they added any new features? Have they built any new major partnerships? What new challenges do they face?
What are Shopify’s primary benefits for merchants who decide to use its services?What obstacles does Shopify help these merchants overcome?
Consider the following statement: Franchisees should not complain about actions that a franchisor takes because franchisees sign an agreement that specifically lays out how the franchise will operate. Franchisees should be grateful to the franchisor, who provides a ready-made opportunity for
Business owners must always analyze the external factors(the economy, government regulations, social trends, etc.) to compete and adjust to new marker realities. From the contents of the case and based on your knowledge of recent developments with Tim Hortons, what are the greatest external threats
What are the greatest differences between starting a business from scratch and joining a franchise system?
How does this case help to demonstrate the challenges of entrepreneurship?
Describe four forms of legal organization for a business and discuss the advantages and disadvantages of each.
Describe some key characteristics of entrepreneurial personalities and explain the entrepreneurial process and describe its key elements.
Describe the role of small and new businesses in the Canadian economy.
Explain the meaning and interrelationship of the terms small business, new venture creation, and entrepreneurship.
In your own words, explain why managers in a respected international company would become involved in such a scheme to fool government regulators and consumers.
Use the three-step model described in this chapter to analyze this situation. In your analysis, consider each of the four ethical norms(utility, rights, justice, and caring). If Volkswagen executives had used this model, do you think it would have helped them to make a better decision? Explain your
From an ethical standpoint, what does your group conclude is the most appropriate choice for the company in this situation?
Appoint someone to record the main points of agreement and disagreement within the group. How do you explain the results? What accounts for any disagreements?
When the group gathers, have each person, in turn, reveal their choices. Next, reveal the ethical issues listed by each member.
From the perspective of your assigned role, and before hearing any of your group’s comments on this situation, decide what the underlying ethical issues are in this situation. Write-down the issues.
From the perspective of your assigned role, and before hearing any of your group’s comments on this situation, decide what Bell-X should do. Write down the reasons for your decision.
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?
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.
What personal, social, and cultural factors do you think contribute to lying in the workplace?
Would you destroy or remove information that could hurt your company if it fell into the wrong hands?
Would you keep silent if you knew that the official minutes of a corporate meeting had been changed?
Would you say that you witnessed a signature when you did not if you were acting in the role of a notary?
Would you inflate sales and revenue data on official company accounting statements to increase stock value?
Would you lie about who was responsible for a business decision that cost your company thousands of dollars to protect your own or your supervisor’s job?
Would you lie about your supervisor’s whereabouts to someone on the phone?
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 and identify at least three ethical issues that could potentially arise.
Using newspapers, magazines, and other business references, identify a company that illustrates the obstruction approach. Then find one company that illustrates each of the other three approaches(defensive, accommodative, and proactive). For each company, briefly explain the actions it took that
Interview the owner of a local small business. Ask the owner to (a)describe the kinds of socially responsible activities the company is currently involved in, and (b) identify the factors that facilitate and inhibit socially responsible behaviour in small businesses.
What role should the government play in social responsibility?Should government create more regulations to encourage businesses to uphold their responsibility to stakeholders? Or should government take a laissez-faire approach and allow businesses to be as socially responsible as they choose?
Choose a product or service and explain the social responsibility concerns that are likely to be evident in terms of the environment, customers, employees, and investors.
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.
Describe your personal code of ethics. Include what you think constitutes right and wrong, as well as your ethical framework for making decisions. Do you think your personal code of ethics might clash with the practices of some companies? If so, how might you resolve these differences?
In your opinion, which area of social responsibility is most important to you? Why? Are there areas other than those noted in this chapter that you consider important as well? Describe those areas and indicate why they are important.
What kind of company wrongdoing would most likely prompt you to be a whistle-blower? What kind of wrongdoing would be least likely? Explain the difference.
Write a one-paragraph description of an ethical dilemma you faced recently (including the outcome). Analyze the situation using the ideas presented in this chapter. Make particular reference to the ethical norms of utility, rights, justice, and caring in terms of how they impacted the situation.
Do you prefer an electric vehicle or a gaspowered car? Explain your reasoning.
All things considered, are electric cars more environmentally friendly than traditional gaspowered cars? Explain your reasoning.
What are the arguments for and against granting leniency to whistle-blowers who have reported illegal or unethical activities but have themselves been involved in those illegal or unethical activities?
In your own words, state the pros and cons of paying whistle-blowers for the information they provide. In your opinion, do the pros or the cons have more weight?
How do you feel about these practices?Do you believe retailers are crossing ethical lines with some of this modern technology? Is this an invasion of privacy? Do you think they have gone too far? If not, where do you set the limits? Justify your answers.
Use the three-step model presented in the chapter to analyze the issue of whether the use of marijuana, alcohol, and cigarettes is ethical. In your analysis, indicate what each of the four common ethical norms (utility, rights, justice, and caring)would imply about the use of the three drugs. After
Consider the following statement: Legalizing the recreational use of marijuana is a good idea because the majority of Canadians think it should be legal. If consumers are allowed to legally buy the product, this will also reduce the involvement of organized crime in the marijuana business.Do you
Distinguish ethics from social responsibility and identify organizational stakeholders.
What are the main challenges for suppliers as the industry continues to consolidate?
The three main players in the Canadian grocery market each operate under various brands. Why do you think they still use all those different brand names? Why don’t they just rebrand all their stores?
How do the external factors other than competition (economy, technology, socio-cultural, and political–legal) impact the grocery business?
How would you categorize the threat from online retailers such as Amazon (which recently bought Whole Foods)?
What are the biggest challenges to long-term success and profitability for Loblaws, Sobeys, and Metro?
What would you do if you were faced with this situation?
Are unfavourable natural weather patterns more dangerous for major retailers like Rona or for small businesses? Provide at least one argument on each side before making a choice.
How could Rona better prepare for and handle negative weather patterns?
What kinds of plans, if any, should each organization develop in the event of similar future events?
Describe the most logical organizational response to these effects for each company.
For each company that you identify, describe the specific effects on each business.
Describe the importance of research and development in launching your new product or service. Also describe the importance of ongoing research to develop new features.
Analyze how technological, socio-cultural, global, and general business issues might impact your business.
How might political and legal issues impact your business? For example, are there any existing or proposed new laws that might either help or hurt your new product?
Describe how the state of the economy might help or hurt your chances of success in launching this new product? How sensitive do you think this product is to economic shocks?
Interview two business owners or managers. Ask them to answer the following questions: (a) What business functions, if any, do they outsource? (b) Are they focusing more attention on business process management now than in the past? and (c) How have internet applications and the growth of social
Select a technology product, such as the Samsung Galaxy smartphone or Fitbit, and research how the various environments of business (economic, technological, socio-cultural, global, political–legal, and general business) are currently affecting the sales possibilities of the product or service.
What is the current climate in Canada regarding the regulation of business? How might it affect you if you were a manager today?
Explain how current economic indicators such as inflation and unemployment affect you personally. Explain how they affect managers.
Assume you are the owner of an internet pharmacy that sells prescription drugs to U.S. citizens. Analyze the factors in the external environment (economic, technological, political–legal, and sociocultural) that might facilitate your company’s activities. Analyze the factors in the external
Select two businesses you are familiar with. Identify the major elements of their external environments that are most likely to affect them in important and meaningful ways.
What are the benefits and risks of outsourcing? What, if anything, should be done about the problem of Canadian companies outsourcing jobs to foreign countries? Defend your answer.
It has been argued that inflation is both good and bad. Explain. Are government efforts to control inflation well advised? Explain.
Debate the following. Should Doug continue to uphold the spirit of the game, or should he create a sub-line for those recreational curlers who want that extra edge?Who is it hurting after all? Choose a side and debate with your classmates.
How important is the physical environment compared to the other “environments of business” that are discussed in this chapter? Explain your reasoning.
Consider the following statement: “Giving money to consumers so they will be motivated to purchase an electric car is a bad idea. In a democratic, free-market society, it is much better to let consumers consider the various costs and benefits of each type of car and make their own decisions about
Form a group of four to six people and divide them into two groups. One group will provide arguments in favour of international expansion. The other group will prepare opposing arguments. Debate the main points.
How do the external factors other than competition(economy, technology, socio-cultural, and political–legal)impact Dollarama?
What are the biggest competitive challenges to long-term success and profitability for Dollarama?
Understand recent trends in the redrawing of corporate boundaries.
Identify emerging challenges and opportunities in the business environment.
What role do governments play in the day-to-day operations of a company like Alphabet? Describe some of the ways governments can help this global organization as well as ways that governments may hurt this organization.
Describe the factors of production as they relate to Alphabet. How does this example demonstrate the foundations of free market economies?
What are the secrets to Google’s success? What role, if any, did luck play?
What would you do if you were faced with this situation?
Discuss the role that various inducements other than price might play in affecting demand and supply in the market.
Who is your competition for this product, either direct competition or substitute products? Is competition a good sign for your business?
Identify a product, either a good or a service, that will allow your team to take advantage of this opportunity. Although you will refine this throughout the semester, write a four- to six-sentence description of your product and how it will spark buyer interest.
Have each team member work individually to identify at least three trends that will create business opportunities. Come together as a group and create a master list of trends.
Interview a business owner or senior manager. Ask this individual to describe for you the following things: (1) how demand and supply affect the business, (2) what essential factors of production are most central to the firm’s operations, and (3) how fluctuations in economic indicators affect his
Government plays a variety of roles in the Canadian mixed economy(customer, regulator, taxation agent, provider of services, and so on).Consider each of the roles discussed in this chapter and state your view as to whether government involvement in each role is excessive, insufficient, or about
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 the same for a product in each of the other three competitive situations described in the chapter
Visit a local shopping mall or shopping area. List 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 the mall that sells shoes, that store represents a monopoly. Note those businesses with direct
The Canadian government has provided export assistance to Bombardier Inc. with its Technology Transfer Program. Is this consistent with the principles of a free market system? Explain how this might distort the system.
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