MGMT1001: Foundations of Management

Test #1 Study Guideline

Winter 2018

1. Definition and characteristics of business and management.

2. Interactive Business Model: (lecture notes):

 Characteristics and purpose
 Indicators of Business Success
 Stakeholders

3. The Canadian Business System (Chapter #1):

 The Idea of Business and Profit
 Economic Systems Around the World
o Factors of Production
o Types of Economic Systems
 Interactions Between Business and Government
o Roles of Government
 Laws of Supply and Demand
 Degrees of Competition

4. The Environment of Business (Chapter #2):

 The Economic Environment
o Economic Growth
o Economic Stability
o The Business Environment
o The Industry Environment
 The Technological Environment
 The Political- Legal Environment
 The Socio-cultural Environment
 Emerging Challenges and Opportunities in the Business Environment

3. Conducting Business Ethically and Responsibly: (Chapter #3)

 Definitions: ethics, business ethics, individual ethics
 Managerial ethics
 Assessing Ethical Behaviour
 Corporate Social Responsibility (CSR):
o Stakeholder Model of Responsibility
 Implementing CSR programs:
o Approaches to CSR
4. Entrepreneurship (Chapter #4):
 Definition and Major Elements
 Role in Canadian economy and reasons for its growth
 Reasons for failure
 Entrepreneurial process:
o Steps in the process
o Identifying opportunities
o Accessing resources
o Assessing the ‘fit’

5. Forms of Business Ownership: (Chapter #4)

 Characteristics, advantages and disadvantages of:
o Sole proprietorship
o Partnership
o Corporations
 Public vs Private