DQ1: Ethical Considerations
You're thinking about starting your own chain of upscale, drive-through espresso stands. You have several ideal sites in mind, and you've analyzed the industry and all the important statistics. You have financial backing, and you really understand the coffee market. In fact, you've become a regular at a competitor's operation for over a month. The owner thinks you're his best customer. He even wants to name a sandwich creation after you. But you're not there because you love the espresso. No, you're actually spying. You're learning everything you can about the competition so you can outsmart them. Is this behavior ethical? Explain your answer.
DQ2: A Small Business and Social Media
You are the owner of a small business that provides repair services to various brands of vacuum cleaner units. Your store is independent in that you aren't affiliated with a particular brand of vacuum cleaner. Based on your education and your newly earned undergraduate degree from DeVry University (but, of course), you're considering expanding your marketing efforts by using social media. You wish to grow your business and feel that this is one area that might assist with your expansion ideas. Based on this information, discuss the use of social media in such a fashion. Use the following questions to further the discussion. Of course, add other questions as you see fit. Remember, if you provide information from other sources, be sure to cite your sources using APA style as your style guide.
Midterm Study Guide:
• Define importing and exporting.
• Explain free trade.
• Explain the difference between absolute advantage and comparative advantage.
• Explain business, goods, services, and revenue.
• Define and explain entrepreneurship.
• Explain economics and resource development.
• Summarize Adam Smiths theory.
• Define and explain the various forms of business organization to include partnerships, franchising, and corporations.
• Define and explain international and global marketing.
• Explain the major concepts related to a small business startup to include business plans, venture capitalists, the SBA, the SBIC, and SCORE
• Know the elements of a business plan.
• Explain acquisition, LBO, and LLP.
• Explain corporate policy and corporate responsibility.
• Describe corporate social initiatives.
• Define ethics.
• Define CSR.
• Describe insider trading.
• Explain various interested stakeholders.
• List and explain the steps to be considered when determining the ethics of an action.
• Explain the differences between compliance- and integrity-based ethics codes.
• Define balance of payments and balance of trade.
• Describe common market, countertrading, and devaluation.
• Identify and explain WTO, SWFs, NAFTA, and FDI.
• Describe an embargo.
• Describe and explain trade surplus, deficit, tariffs, a strategic alliance, and a multinational corporation.
• Explain the steps to establish a new business.
• Describe an intrapreneur.
• Explain microloans and the management team.
• Describe and explain GDP, communism, depression, recession, and capitalism.
• Explain some of the reasons for the success and failure of small businesses.
• Describe the forms of business ownership, know how they are used and the advantages and disadvantages of each one.
• Describe a franchise, and know its advantages and disadvantages.
• Define a business merger.
• Describe the purpose of a limited liability company.
• Describe what advantages a small business may have when entering a foreign countrys market.
• Describe what the difference is between privately and publicly owned businesses.
• Describe the reasons why some people become entrepreneurs.
• Explain the steps that should be taken in the buying of a franchise.
• Describe and explain SCORE.
• Describe the aspects of a limited liability company.