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Theme 1 business > 1.3/1.4/1.5 > Flashcards

1.3/1.4/1.5 Flashcards

1
Q

4 ps

A

Product
Promotion
Pricing
Place

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2
Q

Different ways to advertise

A

Sales promotions
Direct marketing e.g via post
Direct selling
Sponsorship
Public relations

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3
Q

Benefit of strong branding

A

Adds value
Less price elastic
Perceives a higher quality product
Repeated purchases

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4
Q

Factors affecting pricing

A

Set to cover the cost to make the product
Acceptable for consumers
Be in line with business objectives
Level of competition
Strong USP

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5
Q

Price skimming

A

Where new and innovative products are sold at a high price when they first enter the market.

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6
Q

Penetration pricing

A

Launching product at a low price in order to attract custom and gain market share.

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7
Q

Mark up (eq)

A

Unit cost + (unit cost / 100 X mark- up

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8
Q

Predatory pricing

A

Business deliberately lowers prices to force another business out of market.

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9
Q

Competitive pricing

A

When a business monitor their competitors pricing that ensure their prices are equal or lower level.

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10
Q

Channel of distribution

A

Is the route a product takes from a manufacturer or producer to the consumer.

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11
Q

Direct selling (distribution channel)

A

Manufacturer to the consumer

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12
Q

Indirect selling (Distribution channel)

A

Manufacturer to retailer to consumer

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13
Q

Indirect selling (4 stages)

A

Manufacturer to wholesaler to retailer to consumer

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14
Q

Online distribution

A

Is the streaming or downloading of media content

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15
Q

5 stages of product lifecycle

A

Development, introduction, growth, maturity, decline

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16
Q

Development stage of product life cycle

A

R and D
Market research
Costs are high
High failure rate

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17
Q

Introduction

A

Launch of product
Heavy promotion
Initial price may be high to cover development costs

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18
Q

Growth stage of product life cycle

A

New and repeat customers
Competition rises
Product is improved or developed

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19
Q

Maturity stage of product life cycle

A

Peak of sales
Market saturation
Competition fierce sales may fall

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20
Q

Decline stage of product life cycle

A

Product loses appeal
May stay profitable with reduced promotional costs
Product may be withdrawn

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21
Q

Product portfolio

A

Combination of all the product lines a business produces

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22
Q

Question mark

A

Small market share, high market growth
Require heavy marketing

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23
Q

Cash cows

A

high market share, low market growth.
Maturity phase
Low advertising, high sales

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24
Q

Stars

A

High growth and high market share
However will need to spend a lot on advertising as competitors are trying to maximise growth as well.

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25
Q

Dogs

A

Low market share low growth
No longer making profit may consider extension strategies

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26
Q

advantages of seeing staff as an asset

A
  • skills and abilities can add value to the product e.g high quality
    -helps to keep staff motivated and increase productivity
27
Q

wage

A

paid to worker on how much work they have done e.g amount of hours

28
Q

dismissed and redundancy

A

D- breached contract of employment
R- their job is no longer needed

29
Q

ways of staff working

A
  • full or part time more beneficial as have more people to cover absenteeism
    -Zero hour means employees has no minimum hours and don’t have to accept work so can be hard to find workers at busy times
    -permanent or fixed contracts
    -shift work
    -home working
    -flexible working- employees come in at hours that suit them
    -outsourcing
30
Q

benefits and drawbacks of a flexible multi skilled workforce

A

+ can employ fewer workers
+lower recruitment costs
+absent staff easily covered as workers can switch tasks
+increase motivation as more variety to the job
- additional training costs
-expect higher pay

31
Q

recruitment def

A

process of finding and hiring someone for the job role that needs filling

32
Q

ways of assessing candidates

A
  • interviews
    -assessment days
    -in-tray exercises (scenario planning)
33
Q

pros and cons of internal recruitment

A

+ candidates already know the business
+short and cheap
+motivates workers to go for promotion
-leaves a vacancy in another department
-can cause resentment in colleagues who are’t elected

34
Q

pros and cons of external recruitment

A

+new ideas
+experience from rivals/ others
+ larger number of applicants
-long and expensive
-need a longer induction process
- have no knowledge of what candidate will be like to work with

35
Q

pros and cons of on the job training

A

+ easy to organise
+lower costs
+job specific
-not fully productive
-bad practises are passed on
-no new ideas

36
Q

pros and cons of off the job training

A

+ trainers are specialists
+new ideas are brought to the business
+no distractions
-expensive
-no benefit to business whilst training
-not specific

37
Q

tall structures one pro and con

A

long chain of command
- long time to communication through the levels
+ opportunities for promotion

38
Q

flat structures one pro and con

A
  • horizontal communication can be slow due top large numbers of people
    +people given more freedom and responsibility
39
Q

span of control

A

number of people who report directly to the manager

40
Q

pro and cons of delayering

A

+ lower costs
+ improves efficiency and communication
- new staff may have to be re-trained which can cost
-redundancy pay
- managers can become stressed if too much delayering as over worked with huge spans of control

41
Q

centralised and decentralised structures

A

Centralised - decisions made by people at the top
decentralised - decisions made by lower managers or team leaders

42
Q

pros and cons of centralised structure

A

+ leaders have experience in making business decisions
+managers get more of an overview improves consistency of decisions
+ no bias towards a department
-demotivating to exclude lower down employees
-react slower as mangers aren’t so in touch with consumer trends

43
Q

pros and cons of a decentralised structure

A

+ employees involvement in decision making helps motivation
+quick decisions
+ expert knowledge in specific sector
- lack experience
-inconsistent in each sector
- fail to see overal situation

44
Q

matrix structure

A

project based

45
Q

Taylor theory of motivation

A
  • money main motivation
    -pay workers on quantity they produced to increase productivity
    ( lead to a reduction in quality and supervisors needed)
46
Q

Maslow’s hierarchy of needs

A

Basic physical needs- food
Safety- job security
Social needs- friendship/teamwork
self-esteem - achievement
self-actualisation- meeting potential

47
Q

Herzbergs 2 factor theory

A

Hygiene factors: good company policy, supervision, good working conditions, pay, relations. Don’t motivate as much but if aren’t good workers get dissatisfied

Motivating factors: interesting work, personal achievement, recognition- motivating factors

48
Q

Mayo’s human relations theory of motivation

A
  • tests showed that change improved productivity
    -meet social needs of employees to increase motivation
  • e.g social clubs
49
Q

3 methods of non financial motivation

A

job enlargement- greater range of work
job enrichment- more challenging work to give employee more responsibility
job rotation- move from one task to another

50
Q

3 methods of financial incentives

A

piece work- paid per unit
commission- paid for completing tasks, often a bonus on their salary
profit sharing

51
Q

Leader

A

often have a vision, drive that they share with others
think long term on ways to improve and innovate

52
Q

managers

A

make decisions on a day to day running of the business.

53
Q

paternalistic leadership style

A

softer form of autocratic
focus more on employee well being and motivation

54
Q

entrepreneur

A

person who sets up a business
take risks

55
Q

barriers to entrepreneurship

A

lack of money
lack of confidence- fear of failure
lack training/ knowledge
lack ability to seek to grow

56
Q

financial and non financial motives for an entrepreneur

A

financial
-profit maximisation
-profit satisficing- making enough but not maximising
non financial
-independence
-flexibility
- solving social and ethical issues

57
Q

aim

A

broad target, long term

58
Q

objective

A

specific target, short term

59
Q

pros and cons of sole trader

A

+ freedom
+profit
-long hours
-unlimited liability

60
Q

pros and cons of partnership

A

+more capital put into business with 2 people
+shared decision making
+ faster growth
-conflict may arise
-shared profits

61
Q

pros and cons of limited liability

A

+ can sell shares to gain capital
+ financial protection of being limited
-publish accounts
-more owners which means less profit

62
Q

franchise

A

an agreement which allows an entrepreneur to use a business name, logo and reputation of an established business

63
Q

trade off

A

one thing is reduced or given up in order to increase or gain another.

64
Q

opportunity cost

A

the benefit that’s given up in order to do something else

Theme 1 business (2 decks)

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