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business exam corrections > 2018 > Flashcards

2018 Flashcards

1
Q

market research

A

finding out information about the market in which a business operates.
it involves collecting, presenting and analyzing info about customers, competitors and market trends

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2
Q

impact of trade disputes on investors

A

investors in a company benefit from the company’s good public image a& higher share prices. poor ir can damage company performance owing to poor morale and also can generate bad publicity which may negatively affect the share price
eg- workers undertake a work to rule, may not be as productive as usual, reducing the company’s output and potential profits for shareholders

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3
Q

impact of trade disputes on consumer

A

consumers buy the goods. if stores are closed or factories aren’t open to produce the goods, then there might not be enough stock to meet demand
eg- when the ifa were protesting about beef prices there were shortages of steak in supermarket shelves so consumers couldn’t buy the beef products

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4
Q

impact of trade disputes suppliers

A

suppliers provide raw materials and finished products or partly finished stock to businesses. if a company is involved in a trade dispute then this may have knock on effects for the company’s suppliers
eg- if production is disrupted or stopped because of trade disputes, the business may have to order fewer suppliers than usual. this reduces sales and profits for the company’s suppliers

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5
Q

fair dismissal

A

•not qualified
•incompetent
•incapable of doing job
•misconduct
•redundancy

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6
Q

not qualified
(fair dismissal)

A

employee misled employer about qualifications needed ie if continued employment was conditional on employee obtaining further qualifications & employee hasn’t done so

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7
Q

incompetent
(fair dismissal)

A

constantly failing to meet standards, performance unsatisfactory eg football manager losing every match

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8
Q

incapable of doing job
(fair dismissal)

A

physically not able to do job due to persistent lateness or absenteeism

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9
Q

misconduct
(fair dismissal)

A

behaving in an unacceptable manner. gross misconduct is instant dismissal
eg- under the influence at work, stealing

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10
Q

redundancy
(fair dismissal)

A

job no longer required (business closing, suffering financially ), sacked employee can’t be replaced by someone else

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11
Q

co op

A

•aim to help each other
•owned & controlled by members
•operated for benefit of members
•at least 7 members
•run by management committee
•limited liability
•apply to registrar of FS
•registrar-cert of registration
•can’t sell started to public

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12
Q

co op examples

A

•worker co op- owned & controlled by workers eg. greencaps dublin airport
•produce co op- producers set up business (eg farmers). sell their products to public eg. Kerry Co-op
•financial co op- eg Credit Union, similar to bank, members living in same area (common interest), over 3M in CUs, offers members place to save money, interest on savings, loans

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13
Q

advs of co op

A

•one member one vote-democratic, no one person dominant
•pay less tax on profits- more dividend & more profit to post for future expansion
•limited liability
•no limit on owners, large capital

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14
Q

disadvs of co ops

A

•complicated to set up- permission from registrar of FS
•yearly report to registrar
•publish accounts- anyone can see financial position
•no incentive to members to put in more capital- equal say irrespective of no. of shares

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15
Q

advs of employment

A

•increased standard of living
•increased aggregate demand
•increased investment
•increased gov tax rev
•less social welfare

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16
Q

increased standard of living
(employment adv)

A

higher wages than unemployed benefit, increase quantity and quality of goods/services they purchase

17
Q

increased aggregate demand
(employment adv)

A

more people find work, more demand, causes economic growth

18
Q

increased investment
(employment adv)

A

expectations of business people regarding future profit increases, more investments, more economic growth

19
Q

increased gov tax revenue
(employment adv)

A

incomes rise, spend more and gov collects more vat, collects more direct tax

20
Q

reduced gov social welfare bill
(employment adv)

A

more people find work and come off social benefits, gov can to spend less money on sw, more disposable income

21
Q

disadvs of employment

A

•labor shortage
•wage rate
•inflation
•imports
•deterioration of service

22
Q

labour shortages
(employment disadv)

A

demand for labor increase bring available amount of labor, employees may not be able to easily increase production

23
Q

wage rate
(employment disadv)

A

labor shortage problem persists, employers might be forced to post increased wage making their products less competitive in foreign markets as costs have increased

24
Q

inflation
(employment disadv)

A

result of labor shortages and increase in average wage rate, costs of firm will rise which they pass onto the consumer in form of higher prices

25
Q

imports
(employment disadvs)

A

inflation cause foreign imports become more competitive causing the marginal propensity to import to increase

26
Q

deterioration of services
(employment disadvs)

A

demand for labor high, firms in low paying industries may find hard to attract workers, forcing them to employ workers with low skills who might not be about to maintain a certain standard of service

27
Q

advs of mncs

A

•well paid quality jobs
•bring new tech/skills/products/management skills/ideas- eg Paypal knowledge based economy
•bring competition- lower prices, better choice eg- Lidl&Aldi&grocery market
•tax revenue- CT/VAT/PRSI/USC of workers
•source raw mats locally helping irish firms

28
Q

disadvs of mncs

A

•take grants, low taxes then close- eg fruit of the loom
•mncs huge r&d resources-benefit from bulk buying, etc, irish firms can’t compete
•repatriation of profits- wealth leaves ireland
•take adv of tax laws- we don’t benefit as much as we could
•reliance on mncs- vulnerable economy

29
Q

strategic plan

A

•long term planning for major objectives of business
•prepped by snr management to ensure long term profitability and ultimate existence of business
•turn mission statement into long term plans

30
Q

strategic plan example for ryan air

A

•purchase of new fuel efficient airplanes
•moved from regional airline to national or international airline
•expansion/merger

31
Q

tactical plan

A

•strategic broken into short term plans
•prepped by middle mgt
•these plans achieve operations which make overall strategic goals possible

32
Q

tactical plan example for ryan air

A

•moving to checking in online in airports
•new routes
•increasing number of flights to particular destinations during busy periods

33
Q

manpower planning example for ryan air

A

•ryan air didn’t have good manpower plan as they ran short on pilot hours because of the pilot holiday arrangements
•poor planning in relation to no. of pilots and cabin crew req for busy period

34
Q

limitations of maslows hierarchy of needs

A

•needs may not occur in the strict order specified
•not all employees are motivated by the same sets of needs
•employees may be driven by different needs at different tones
•needs may not be all of equal value to employees

35
Q

implications of functional —> matrix

A

•training/staff development
•duplication of duties
•greater complexity in chain of command
•increased intrepreneurship/innovation
•better staff relations

36
Q

training/staff development
matrix

A

•Training costs for manager and staff which takes time to complete/ •Productivity decline in the short term/
•Staff development result as emplovees have greater knowledge & learn how the whole business operates/
•Multi-skilled staff.

37
Q

duplication of duties
functional

A

•may exist across several teams. Several teams may have a marketing
manager, production manager •essential that each of these managers communicate to avoid conflicting approaches to projects.

business exam corrections (25 decks)

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