intro to buisness

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intro to buisness

Credit unions – owned and run by the members who bank there. They

Chequing accounts – for money that you plan to use for a day to day spending or to pay bills

your money readily accessible.

build funds for your education – while keeping

for emergencies, save for a large purchase or

Saving accounts – allow you to set money aside

Savings and chequing accounts are safe places

to put money you plan to spend soon:

Chequing and Savings

Deciding on which financial institution and which type of account you need is based on the services you want to have available to you and the amount of money you are willing to pay in fees or interest in order to have those services.

Credit

Mortgages

loans

chequing and savings accounts,

Saving bonds

Safety deposit box rental

Each of the three has its own unique features and services but they all provide regular banking services including:

may charge a refundable membership fee to join.

Banks and trust companies – make money for the people who own their

shares.

You can open an account at any of these financial institutions. They provide the same kinds of banking services for chequing and savings accounts, but they are run differently:

Where to Open an Account

Retirement

Pay for your kids to go to school

Buy a house

Buy a car

Emergency funds

FINANCIAL SECURITY

Reasons to Save?

compare personal banking needs with commercial banking needs.

identify trends in Canadian banking and financial services (e.g., online banking, ATMs, non-bank financial services);

evaluate the products and services offered by major Canadian financial institutions;

identify the major financial institutions in Canada (i.e., Schedule I and II banks, trust companies, credit unions, insurance companies);

Saving and Banking

brand name: a word, or group of words, to distinguish a

logo / trademark: a business combines their name with a

Technology advancements

Product improvements

Increased productivity

Better prices

Alternative Choices – i.e. bad service

Increased Selection

need to be given to the unit cost price, marketing costs and distribution expenses.

When establishing price, considerations

Gift wrapping

Carry outs

Advice

Alterations

Extended warranties

Installation

Delivery

Retail stores provide value to the products they sell

Promotion

Price

Place

Product

The Marketing Mix- 4 P’s

special symbol

businesses product from its competitors)

Marketing is the process that connects suppliers with end users

goods or services to satisfy consumer needs and wants

makerting

This process is known as evaluation

- if the company fails to meet goals

- Management’s role is to determine why?

- if the company meets its goals (profit)

- Management’s role is to duplicate it

- profit is the ultimate measure of performance

-ensuring company goals and objectives are met

controlling

One style typically becomes the dominant one

most leaders use all three (3) styles

Leaders vary their styles

Motivating people

implementing plans

Providing direction

Leadership style is the manner and approach of:

lieu time off

Raises bonuses

acknowledgement

Development opportunities

independence

Positive leaders use rewards to motivate employees:

Leaders’ goals are to motivate others to accomplish work (or class tasks) and to feel as though they are contributing to their own professionalism (education).

Laissez-faire delegative

Democratic participative

autocratic

Three Leadership Styles:

leadership