First-year courses · Business
Introduction to business and management
Intro business and management flashcards: management functions, structure, strategy, SWOT, the marketing mix, HR, operations, entrepreneurship and CSR.
41 cards7 topicsAbout 15 minutes a roundTypical first-year Introduction to Business or Principles of Management
About this deck
This deck gives you the vocabulary of a first-year business or management course. It starts with what managers do (planning, organizing, leading and controlling) and how organizations are structured, then moves to strategy tools such as SWOT and Porter's five forces, the marketing mix, human resources, operations, entrepreneurship and corporate social responsibility.
No prior business knowledge is needed. The concepts are intuitive, but exams usually ask you to apply them to short cases, so knowing a definition is only half the job. For each card, name a real Canadian organization you know, such as a grocery chain, an airline or a local small business, and explain how the idea shows up there.
A useful study routine is to pick one company and run it through the whole deck: write its SWOT, describe its structure, outline its marketing mix and note one CSR initiative. That single worked case will tie the topics together far better than memorizing lists.
Common mistakes include putting external factors (opportunities and threats) in the internal boxes of a SWOT, treating marketing as only advertising when promotion is just one of the four Ps, and confusing efficiency (doing things with few resources) with effectiveness (achieving the right goals). Also remember that a mission statement describes present purpose, while a vision describes a desired future.
Before you start: None.
All 41 cards
Cover the definitions with a sheet of paper and test yourself, or use the study modes above.
Management functions
- Planning
- Management function of setting goals and deciding in advance the actions and resources needed to reach them.Example: A store manager sets a sales target and a staffing schedule for the holiday season.
- Organizing
- Management function of arranging people, tasks and resources into a structure that can carry out plans.Example: Creating teams and assigning who handles online orders.
- Leading
- Management function of motivating, communicating with and guiding people toward goals.Example: A supervisor coaching new staff during their first week.
- Controlling
- Management function of monitoring performance, comparing it with goals and taking corrective action.Example: Reviewing weekly sales against budget and adjusting promotions.
- Mintzberg's managerial roles
- Henry Mintzberg's ten roles grouped as interpersonal, informational and decisional, based on observing what managers actually do.Example: A manager acting as spokesperson when talking to local media.
- Efficiency versus effectiveness
- The first means using minimal resources for a given output; the second means achieving the right goals.Example: A fast assembly line making a product nobody buys is efficient but not effective.
Organizations
- Organizational structure
- The formal arrangement of jobs, reporting lines and coordination within an organization.Example: Often shown as an org chart.
- Span of control
- The number of employees who report directly to one manager.Example: A wide span of 15 workers per supervisor creates a flatter organization.
- Chain of command
- The unbroken line of authority running from the top of an organization to the lowest level, clarifying who reports to whom.Example: A cashier reports to a shift lead, who reports to the store manager.
- Centralization
- Degree to which decision-making authority is concentrated at the top of an organization.Example: A franchise head office sets all menu prices nationally.
- Functional structure
- Grouping employees by specialized activities such as marketing, finance and operations.Example: Common in small and mid-sized firms with one main product line.
- Divisional structure
- Grouping activities by product, customer or geographic region, each with its own functions.Example: A bank with separate divisions for personal, commercial and wealth services.
- Matrix structure
- Design in which employees report to both a functional manager and a project or product manager.Example: An engineer reports to the engineering head and to a project lead.
- Organizational culture
- The shared values, beliefs and norms that shape how people in an organization behave.Example: A company known for informal dress and open-plan collaboration.
Strategy
- Mission statement
- A brief statement of an organization's present purpose, who it serves and what it does.Example: A food bank's purpose of reducing hunger in its city.
- Vision statement
- A description of the future an organization hopes to achieve over the long term.Example: To be the most trusted outdoor gear retailer in Canada.
- SWOT analysis
- Planning tool listing internal strengths and weaknesses and external opportunities and threats.Example: A local bakery notes strong reviews (strength) and a new chain opening nearby (threat).
- Porter's five forces
- Framework for judging industry attractiveness: rivalry, threat of new entrants, threat of substitutes, buyer power and supplier power.Example: Ride-hailing apps increased substitute pressure on taxi companies.
- Cost leadership
- Competitive strategy of becoming the lowest-cost producer in an industry so the firm can price aggressively.Example: A discount grocery banner with limited selection and low prices.
- Differentiation strategy
- Competing by offering unique features or quality that customers will pay more for.Example: A premium outerwear brand known for extreme cold performance.
- SMART goals
- Objectives that are specific, measurable, achievable, relevant and time-bound.Example: Increase online sales by 15% by December 31.
Marketing
- Marketing mix
- The four controllable elements used to reach a target market: product, price, place and promotion.Example: A craft brewery choosing its beer styles, pricing, store listings and social media ads.
- Market segmentation
- Dividing a broad market into groups of buyers with similar needs or characteristics.Example: Segmenting by age, region, income or lifestyle.
- Target market
- The specific segment a business chooses to serve with its offering.Example: A meal-kit company focusing on busy young professionals in large cities.
- Positioning
- Shaping how a product is perceived relative to competitors in the minds of target customers.Example: Presenting a car as the safest family vehicle in its class.
- Product life cycle
- The stages a product moves through: introduction, growth, maturity and decline.Example: DVD players are well into decline.
Human resources
- Human resource management
- Activities that attract, develop and retain a workforce, including hiring, training, pay and performance review.Example: Running onboarding for new hires.
- Recruitment
- Attracting a pool of qualified candidates to apply for open positions.Example: Posting a role on Job Bank and at campus career fairs.
- Performance appraisal
- A formal evaluation of an employee's work against expectations, used for feedback, development and pay decisions.Example: An annual review with goals for the next year.
- Herzberg's two-factor theory
- Idea that hygiene factors like pay and conditions prevent dissatisfaction, while motivators like achievement and recognition create satisfaction.Example: A raise may stop complaints but recognition drives extra effort.
- Transformational leadership
- Style that inspires followers to exceed expectations through a compelling vision, personal attention and intellectual challenge.Example: A CEO who rallies staff around a bold sustainability goal.
Operations
- Operations management
- Designing and controlling the processes that turn inputs into goods and services.Example: Scheduling production at a food processing plant.
- Supply chain
- The network of organizations and activities involved in moving a product from raw materials to the end customer.Example: Prairie wheat to a mill, then a bakery, then a grocery shelf.
- Just-in-time inventory
- Approach that brings in materials only as they are needed for production to reduce holding costs.Example: Auto plants receiving parts hours before assembly.
- Total quality management
- Organization-wide commitment to continuous improvement and customer satisfaction, with every employee responsible for quality.Example: Staff suggest small process fixes each week.
Entrepreneurship and CSR
- Entrepreneur
- A person who identifies an opportunity and organizes resources to start a venture while taking on financial risk.Example: A student who launches a campus laundry pickup service.
- Business plan
- A written document describing a venture's goals, market, operations, management and financial projections.Example: Needed when applying for a small business loan.
- Small business in Canada
- Generally defined by Innovation, Science and Economic Development Canada as a firm with 1 to 99 paid employees.Example: Such firms make up the vast majority of Canadian employer businesses.
- Corporate social responsibility
- A company's voluntary commitment to act ethically and consider its social and environmental impacts, beyond what law requires.Example: A retailer funding local youth sports and cutting packaging waste.
- Stakeholder
- Any person or group affected by, or able to affect, an organization's actions.Example: Employees, customers, suppliers, communities and investors.
- Triple bottom line
- Approach that measures performance by social, environmental and financial results together.Example: Reporting on carbon emissions and community impact alongside profit.