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Functions of a Business test review. Includes, marketing, branding CSR, ect.
CSR definition
Corporate Social Responsibility
Why CSR is important
Improves brand image and encourages loyalty
CSR Principles
Provide safe and healthy work environment
adopting fair labor polices
protecting the environment
being truthful in advertising
avoiding price discrimination
donating to charity
Duty to report (who it applies to)
corporations and their employees
Duty to report (Definition)
they must disclose all important information to shareholder, partners, consumers, etc..
6 laws that govern corporate ethics
workplace safety
Antidiscrimination issues
Harassment
Accessibility issues for people with disabilities
Environmental Responsibility
Labor practices
Ethics (Def.)
rules that help us understand the difference between right and wrong. They encourage us to do the right thing
Ethical behavior
individual beliefs and social standards about what is right and wrong
Values (def.)
tells us what is important and helps us to decide about right and wrong
Morals (def.)
rules we use to decide what is good or bad
values (ex.)
loyalty, honesty, respect
morals (ex.)
laws - don’t steal, lying, cheating
values (learnt from)
media, teachers, friends
morals (learnt from)
parents, media, idols
utilitarian view
greatest good to greatest number of people
individualism view
primary commitment to one’s long-term self-interests
Moral-rights view
respect the fundamental rights of all people
Justice view
fair and impartial treatment of people according to rules and stanards
hammurabi’s code
harsh punishments for not following the law
cultural relativism
ethical behavior is always determined by cultural context
ethical imperialism
behavior that is unacceptable in ones home country should not be acceptable anywhere else
code of ethics
a document that explains how employees should respond in certain situations
ethical dilemma
moral problem with a choice between potential right and wrong
whistle-blowing
when a employee informs officials or the public about an illegal or ethical violation
Fraud
crime of lying or pretending
accounting scandals
occurs when accountants or senior executives alter accounting records for personal benefit
embezzlement
a type of account fraud when accountants or senior executives creates false accounts to redirect money for personal gain
insider trading
buying or selling shares based on confidential information
workplace safety (3 basic rights)
the right to know
the right to refuse
the right to participate
antidiscrimination issues
denying a qualified person based on discrimination
gender discrimination
treating an employee differently based on their sex
Glass ceiling
invisible barriers that may affect career path of senior leaders in corporate positions
Harassment (def.)
behavior that is threatening or makes others feel uncomfortable
harassment (ex.)
threats, assault
accessibility
employers have a duty to accommodate
duty to accommodate
an employers liability to ensure accessibility
environmental responsibility
duty to protect to environment
labor practices (ex.)
work hours, overtime pay, equal pay
pay equity
equal pay between both sexes
privacy laws
explains what information they need from someone and why
Production
when an individual, business or organization makes a product, provides a service or generates an idea or concept
the 6 factors of production
natural resources
raw materials
labor
capital
information
management
6 types of natural resources provided by primary industries
agriculture
fishing and trapping
mining
water
fuel and energy
logging and forestry
extractive resources
when primary industries take something out of the earth or sea
raw materials (def.)
any good used in the manufacturing of another good
2 types of raw materials
Ingredients
supplies
ingredients
raw materials combined or converted to become apart of a finished product
supplies
raw materials that do not become a part of the final product but are used in the production process
labor (def.)
all types of physical and mental work used to make a product
outsourcing
hiring of another company to preform tasks for the company
capital (monetary)
the money invested into the business
capital (liquid)
money used to run the business (Ie. a new truck)
capital (non-liquid)
apart of business operation but cannot be converted to liquid capital easy
intellectual property
the ideas or the talent of a business’s workforce - it is non-tangible
information
information on customers, competition, political conditions and sources of supply to produce goods/services in a competitive global market
Management
management allocates company resources’ and makes choices that affect day to day and long-term operations.
purchasing considerations (within a business)
quality of raw materials
price of raw materials
any additional costs
processing (conversion processing)
all non-service businesses covert one item to another through processing
quality control
standards to ensure all produced products are within prescribed levels of excellence
conversion processing (ex.)
sugar cane into sugar
wheat into flour
Grading
the act of checking products for size and quality against fixed standards
increased productivity factors
maintaining quality while increasing speed
increasing quality while maintaining speed
increasing both quality and speed
what maintaining and increasing productivity are often defendant on
training
capital investment
investment in tech
new inventory systems
training (def.)
training helps to develop a persons knowledge and experiences
4 major types of training
initial training
ongoing training
retraining
specialized training
initial training
initial training to grasp knowledge and skills to work productively and safely
ongoing training
continuous learning to help expand knowledge over time
retraining
redoing training to expand knowledge due to change in circumstances or qualifications
specialized training
focused training based on one specialized field
capital investment (def.)
investing capital into things to increase productivity
capital investment (ex.)
computers, machinery, buildings
investment in tech
using up to date tech to improve productivity
New inventory systems (de
JIT systems allowing businesses to coordinate suppliers and keep track of factory production
New inventory systems (benefit)
saves time, money space, reduces waste
Marketing (def.)
all activities involved in getting goods and services from the businesses that produce them to the consumer.
Marketing (fundamental roles)
to sell what a business makes and to manage the brand
Marketing (activities)
research
development
sales
distribution
advertising
promotion
Branding
creating an image for products and services with a brand name, logo or trademark, and a slogan
Marketing (major concepts)
the product concept and the market concept
the product concept (4 P’s)
product
place
price
promotion
product and services (sectors)
quality, design, features, and benefits
quality (benefit)
Improvements made to the quality of a product attracts more customers
design (why)
Consumers will often buy one product over another because of the way it looks
features (ex.)
materials, scent, size, taste
benefits (why)
to make consumers aware of the advantages of a product to be motivated to buy it
product-service mix
(mix of product and service company) can increase sales to existing customers and attract new ones
price
Businesses need to be price sensitive and look at their competitors’ prices for the same products to ensure success
place
the channels of distribution
Channels of distribution
paths of ownership that goods follow as they pass from the producer or manufacturer to the consumer
the 3 channels of distribution
direct
indirect
specialty
direct channels
connect the consumers to the producers of the goods or services
B2C
indirect channels
have one or more intermediaries who import products, wholesale goods, or retail products
B2B
intermediaries
person who acts as a link between people in order to try to bring about an agreement
Specialty Channels
an indirect way to distribute products by using vending machines, telemarketing, catalogue sales, etc.
Promotion
is an attempt to sell a product by some hype
Sales promotion
encourages consumers to buy products by getting up to 100% off a product or service
2 C’s of marketing
competitive market
consumer market
competitive market
refers to the sellers of a specific product
market share
the percentage of the market that a company or brand has
market segment
a part of the overall market with similar characteristics
Note
Flashcard