Discuss the role and changing trends of Canadian business in the Canadian and global economic systems.

Assignment Brief

BAM101 Introduction to Business Administration

Subject Description 
This course is designed to provide students with an introduction to the Canadian business environment, business issues and functions, and the major forces at work in the global economy. It provides students with a perspective of business firms as integrated organizations composed of a number of specialized functions.

Learning Outcomes: BAM101 Introduction to Business Administration
Upon successful completion of this subject the student will be able to:

1. Discuss the role and changing trends of Canadian business in the Canadian and global economic systems.
2. Identify and describe the political, economic, social, technological and international/geographic environments within which business operates.
3. Compare the various forms of business ownership, identify the importance of entrepreneurs, and explain the appropriate structures for setting up business in Canada, including the basic elements of a business plan.
4. Describe the basic management functions of planning, organizing, leading and controlling as they pertain to all areas of business.
5. Describe the elements of Human Resource Management within an organization and the importance of leading and motivating employees.
6. Discuss ethical issues and social responsibility, and how they affect the major business stakeholders such as employees, customers, investors, the community and environment.
7. Describe the importance of trade for Canadian business including the opportunities and challenges of conducting business in the global economy.
8. Explain financial management as it relates to the Canadian money and banking systems, risk management, securities markets and investment functions.

Sample Answer

BAM101 – Introduction to Business Administration

Introduction

Business is a major part of every economy. In Canada, businesses play a key role in creating jobs, providing goods and services, and contributing to economic growth. This essay aims to provide a clear overview of how Canadian businesses operate in both national and global contexts. It also explores key areas like business ownership, management functions, human resources, ethics, finance, and international trade. Each section will help explain how businesses work and why they are important to society.

1. The Role and Changing Trends of Canadian Business

Canadian businesses are essential to the country’s economic development. Over time, business trends have shifted due to technology, globalisation, and changing consumer needs. For example, many businesses have moved online, and there is a growing focus on sustainability and ethical practices.

The COVID-19 pandemic further changed how businesses operate, encouraging remote work and digital transformation. Canadian businesses now often use data and technology to stay competitive both at home and globally. Industries like clean energy, tech, and healthcare are also growing fast.

2. The Business Environment

Every business operates within several environments. The main ones are:

• Political: Government laws, tax policies, and trade agreements (like NAFTA/USMCA) affect businesses.

• Economic: Interest rates, inflation, and unemployment can impact consumer spending and business profits.

• Social: Changes in demographics, lifestyles, and values affect what consumers want.

• Technological: Innovations such as automation, AI, and e-commerce shape how businesses work.

• International/Geographic: Canada`s location and trade connections help businesses export goods globally.

Understanding these environments helps businesses make better decisions and prepare for changes.

3. Forms of Business Ownership and Entrepreneurship

There are several ways to own a business in Canada:

• Sole Proprietorship – One person owns the business.

• Partnership – Two or more people share ownership.

• Corporation – A separate legal entity owned by shareholders.

• Co-operatives – Owned by members with shared goals.

Entrepreneurs play a vital role in starting new businesses and creating innovation. They take risks and bring new ideas to the market. To start a business in Canada, one needs to choose a legal structure, register the business, and often write a business plan. This plan includes a summary of the idea, target market, competition, marketing strategy, and financial projections.

4. Management Functions

Managers use four main functions to keep a business running smoothly:

• Planning – Setting goals and deciding how to achieve them.

• Organising – Arranging resources like staff and equipment.

• Leading – Motivating and guiding employees.

• Controlling – Checking progress and making improvements.

For example, in a retail store, planning involves forecasting sales, organising staff shifts, leading includes giving feedback, and controlling is done by checking monthly sales performance.

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