Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

IB HL business > 4.6-5.3 > Flashcards

4.6-5.3 Flashcards

1
Q

What is a form of external growth where one company purchases another company with permission of the board of directors?

A

Acquisition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Which of the following is a potential threat that faces a company entering into an international market?

A

Legal factors

Political factors

Sociocultural factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Which of the following international marketing strategies takes advantage of economies of scale?

A

Standardization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which of the following international marketing strategies is most common?

A

Adaptation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Which of the following international marketing strategies is most efficient?

A

Standardization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Which of the following is typically a hostile form of international expansion?

A

Takeover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In a franchising arrangement, which party retains a high degree of control over the marketing of its products?

A

Franchisor only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Which type of exporting involves products being sold internationally?

A

Both direct and indirect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the lowest risk and simplest form of international expansion?

A

Exporting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A business owner who sells the right to use the name and business model of an enterprise.

A

Franchisor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A business owner who pays for the right to use the name and business model of an enterprise.

A

Franchisee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What type of production method is used by the custom shoe making industry?

A

Labor intensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What type of production method is used by the auto industry?

A

Capital intensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How would an Operations decision to implement an improved quality assurance program affect the other business functions?

A

Finance might see improved profit due to the higher sales from improved quality

Marketing would find it easier to promote the product if the quality was higher

Finance might see reduced profit due to the cost of the quality assurance program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How would an Operations decision to conduct research and development on a new product affect the Marketing function?

A

Marketing would need to conduct market research to ensure the new product would be purchased

Marketing would need to develop promotional strategies to sell the new product

Marketing would need to determine the ideal distribution channels for the new product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How would an Operations decision to purchase a new computer system affect the Finance function?

A

The business would need to identify financing to pay for the computer system

The business might have higher profit due to the added efficiency of the computer system

The business might have lower profit due to the added cost of the computer system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How would an Operations decision to relocate its production facilities to another city affect the HR function?

A

New employees might need to be hired

Employees might need to be relocated

Some employees might need to be terminated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Which other business function would be affected by an Operations decision to implement lean production in order to improve cost control?

A

Finance

Marketing

HR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the four business functions?

A

HR, finance, marketing, operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the four elements of Input in a business system?

A

Physical, financial, human, enterprise

21
Q

Operations management involves close coordination with which other business function?

A

Marketing

HR

Finance

22
Q

What is an advantage of batch production?

A

Economies of scale.

23
Q

What is an advantage of job production?

A

Flexibility and choice.

24
Q

What type of production method does an automobile manufacturer typically use?

A

Mass customization

25
Q

What type of production method does a consumer electronics manufacturer typically use?

A

Mass/flow production

26
Q

What type of production method does a bakery typically use?

A

Batch production

27
Q

What type of production method does a hair salon typically use?

A

Job production

28
Q

What type of production method involves the production of large quantities of goods that can be adjusted to customer specifications?

A

Mass customization

29
Q

What type of production method involves the production of large amounts of standardised products on an assembly line?

A

Mass/flow production

30
Q

What type of production method involves producing similar items in groups?

A

Batch production

31
Q

What type of production method is producing unique items that are tailor made to meet the needs of individual customers?

A

Job production

32
Q

Strategy to prevent defects before they happen

A

Quality assurance

33
Q

Strategy to find defects and remove them

A

Quality control

34
Q

What is a Gantt chart?

A

A business management tool that is a visual representation of a project plan, at a minimum including tasks and the time involved for each task.

35
Q

What is benchmarking?

A

The process of a business comparing itself with industry leaders on certain criteria, to learn from other’s techniques.

36
Q

What is total quality management (TQM)?

A

A quality management strategy where every employee is jointly responsible for maintaining the overall quality of the final product.

37
Q

What is quality assurance?

A

Strategies to prevent defects and improve products.

38
Q

What is quality control?

A

The inspection of a product to find defects and remove them before they are delivered to retailers or customers.

39
Q

What is cradle-to-cradle design and manufacturing?

A

A design and production process that aims to work more like nature, by designing systems that feed back outputs as inputs, and by designing out waste from the start; akin to circular business models and production.

40
Q

What is just-in-time production?

A

An operations management strategy where raw materials or other inputs are ordered and delivered immediately before their use, so that stock (inventory) can be minimized.

41
Q

What is quality management?

A

A set of strategies to ensure that products meet or exceed customers’ expectations.

42
Q

What is lean production?

A

A set of strategies to reduce waste in the production process.

43
Q

What is the critical path?

A

The minimum amount of time needed to complete the entire project

The path through each task that has zero total float

44
Q

What is: LFT (current task) - EST (current task) - duration (current task)?

A

Total float

45
Q

What is: EST (next task) - EST (current task) - duration (current task)?

A

Free float

46
Q

What is the name of the amount of time than an activity can overrun its time estimate, but not delay the whole project?

A

Total float

47
Q

What is the name of the amount of time than an activity can overrun its time estimate, but not delay the next activity?

A

Free float

48
Q

The latest finish time (LFT) refers to which task?

A

The task to the left of the node

49
Q

The earliest start time (EST) refers to which task?

A

The task to the right of the node

IB HL business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions