Week 7
The What
What is Quantitative
This is the process of the world's economies, cultures, and markets becoming more connected through trade, travel, and technology.
What is globalization?
What does POLC stand for?
P-Planning O-Organizing L-Leading C-Controlling
This body of rules is created and enforced by a government to guide behavior and settle disputes, and people face penalties for breaking it.
What is "law"?
What is business ethics?
The study of appropriate business policies and practices regarding potentially controversial subjects (governance, insider trading, bribery, discrimination, CSR).
Product
Price
Place
Promotion
What are the 4 P's of marketing?
McDonald's, Coca-Cola, and Toyota are examples of this type of company, which does business in many different countries.
What is a multinational corporation?
Why is planning important?
Planning is important because it helps a business set goals, prepare for the future, and decide how to achieve success.
The Fifth and Fourteenth Amendments guarantee this. It means the government has to follow fair procedures, like giving notice and a chance to be heard, before taking away someone's life, liberty, or property.
What is "Due Process" of Law?
What is Actions are morally right if they produce the greatest good for the greatest number ("The Greatest Happiness Principle").
Utilitarianism
Cost Based
Customer Value
Competition
What are the 3 pillars of price setting?
When a company hires another business, often in a different country, to handle jobs like customer service or manufacturing, it's doing this
What is outsourcing?
What does organizing mean?
Organizing means arranging employees, resources, and tasks to help a business reach its goals.
A court needs this power over the parties in a case before it can make a binding decision about them. It usually depends on whether the defendant has enough "minimum contacts" with the state.
What is "Personal Jurisdiction"?
What is Actions are intrinsically right or wrong, regardless of the consequences. Morality is driven by duty.
Deonotology
The Why
What is Qualitative
This is a tax a government puts on goods coming in from other countries, which makes imported products more expensive
What is a tariff?
How do managers lead employees?
Managers lead employees by giving directions, motivating them, communicating clearly, and helping them work together.
Congress passed this 2002 law after the Enron and WorldCom scandals. It requires CEOs and CFOs to certify their company's financial reports and set up stronger internal controls.
What is the "Sarbanes-Oxley Act"?
What is Business operates under an implicit social contract with society—granting a "license to operate" in exchange for societal benefits.
Social Contract Theory
Tangible
Intangible
Hybrid
What are the three manifestations of a product?
This rate tells you how much one country's money is worth compared to another's, like how many euros you can get for one U.S. dollar.
What is an exchange rate?
Why is controlling important in business?
Controlling is important because it helps managers check progress, and make sure the business meets it goals.
This is a civil wrong, not based on a contract, that causes harm to another person. Negligence, defamation, and trespass are examples, and the injured person can sue for damages.
What is a "Tort"?
What is the four parts of Carroll’s CSR Pyramid
Philanthropic: Be a good corporate citizen.
Ethical: Do what is right and fair.
Legal: Obey the law.
Economic: Be profitable (foundation).