Week 7: Alcohol Industry in Canada

A type of tourism focusing on environmentally conscious travel, supporting conservation efforts and local communities.

Large-scale clearing of forests, impacting the environment and local communities.

Proposed large airport causing concerns about overtourism potentially harming Costa Rica's delicate ecotourism economy.

Ecotourism alone cannot solve issues like poverty, corruption, and authoritarian governments.

The overlooked history of black professionals in management impacting organizational practices.

A set of practices and social norms in organizational spheres that are biased toward certain groups, often harmful toward minority groups.

Lack of representation of particular groups or backgrounds, impacting their opportunities, especially from history.

Management strategies crucial for navigating diverse workplaces and addressing inequalities. Black professionals are one aspect.

A company owning and producing in-house various stages of its supply chain, like production or distribution.

Producing and distributing clothing quickly and cheaply to respond to rapidly changing trends.

Focusing on fast design and retail cycles, minimizing advertising and relying on real-time demand to adjust production.

Producing goods only as needed, minimizing waste and inventory.

The time it takes from designing a product to selling it in stores.

The higher perceived value of a product due to its limited availability.

The market for luxury and exclusive clothing designs, often associated with specific fashion capitals.

The beginning of the luxury fashion industry in India in the mid-1980s.

Laws that set maximum interest rates lenders can charge on loans, protecting borrowers from excessive costs.

Differences in state laws allowed banks to relocate to states with more lenient regulations, like lower interest rate caps.

Citibank moved to South Dakota, which had no usury laws, allowing them to charge higher interest rates nationwide.

The removal of usury laws led to higher interest rates and easier access to credit, causing consumer debt to increase significantly.

The trend of removing regulations in the credit card industry, like usury laws, led to higher interest rates and weakened consumer protections.

The average interest rate on credit cards rose to around 18-20%, trapping many consumers in cycles of debt.

States competing to have the least restrictive financial regulations, leading to higher interest rates and less consumer protection.

The deregulation of the credit card industry left consumers more vulnerable to high interest rates and financial struggles.

A process where a government takes control of a country's natural resources, like oil, from private companies.

Nationalization can be beneficial if done right. It brings money and political power to the government, ensuring the industry's success by making a profit.

Saudi Arabia's government took control of Aramco (a major oil company) swiftly and effectively, avoiding prolonged conflicts seen in Iran.

Iran faced a long challenge to regain control of its oil resources from the British Petroleum Company (BP).

Successful takeovers don't always involve conflict. Constructive negotiations can achieve desired results while maintaining good relationships with stakeholders.

Governments play a crucial role in the oil industry, both through investment (like Britain's BP) and nationalization (like Saudi Arabia's Aramco).

Nations often invest in or nationalize oil resources for strategic reasons, such as securing a reliable energy source or bolstering economic power.

The path to nationalization can vary widely, depending on local strategies, government leverage, and the level of conflict with existing owners.

The idea that the same strategies and practices will work effectively across different markets and cultures, regardless of their unique characteristics.

Walmart's success in the US was based on low prices, large stores, and a specific customer service approach. These factors did not resonate with German consumers and clashed with German cultural norms, regulations, and business practices.

Walmart's confrontational supplier relationship strategy, emphasis on customer service, and work culture clashed with German values, which prioritize good supplier relationships, less emphasis on customer service, and strong labor unions.

German zoning laws and strict store hour limitations created obstacles for Walmart's model, which relied on large stores with extended hours to manage costs.

A business practice where companies hire external providers to handle tasks that would typically be done internally.

The service sector, including retail, plays a crucial role in many economies. Understanding its significance within a country helps businesses make informed decisions.

The importance of cultural alignment and understanding local business practices when sourcing materials and operating internationally.

BP's growth was significantly boosted by the high demand for naval oil during World War I.

In 1972, Saudi Arabia acquired a 51% stake in Aramco, marking a significant step in regaining control over its oil resources.

In 1987, under Margaret Thatcher's government, the remaining shares of BP were sold to the public, marking its privatization.

The shale revolution, driven by hydraulic fracturing and horizontal drilling, drastically changed oil production, leading to greater energy independence and significant changes in international energy dynamics.

The US and Canada, historically energy partners, have adopted different energy policies since 2008. The US prioritizes independence, while Canada faces challenges in production due to environmental concerns.

A technology used in the shale revolution that involves injecting fluid into rock formations to release oil and gas.

A technology used in the shale revolution that allows for drilling sideways to access larger areas of oil and gas deposits.

The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that have significant influence on global oil prices.