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Business > 9. Decision making to improve marketing performance > Flashcards

9. Decision making to improve marketing performance Flashcards

1
Q

benefits of growth

A

economies of scale
economies of scope
experience curve
synergies

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2
Q

what is retrenchment

A

a strategy used by a business to reduce its overall size or diversity of operations

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3
Q

5 internal economies of scale

A 
purchasing
managerial 
technical
financial
marketing
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4
Q

what is the experience curve

A

the idea that the more experience a business has in producing a particular product, the lower it costs

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5
Q

what is a synergy

A

the idea that the value and performance of two businesses combined will be greater than the sum of the two parts

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6
Q

what is overtrading

A

the situation where a business grows too quickly, undertaking more business than its working capital can cope with

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7
Q

5 phases of greiner’s model of growth

A 
creativity 
direction
delegation
coordination
collaboration
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8
Q

5 crisis of greiners growth model

A 
leadership
autonomy
control
red tape
growth
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9
Q

4 reasons why growth is an important objective

A
  • increased profit
  • survival
  • reduce risk: move into new markets
  • increase market share
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10
Q

what is economies of scope

A

the reduction of unit costs because of producing a wider variety of goods and services

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11
Q

what is diseconomies of scale

A

when a business grows too large that costs per unit increase

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12
Q

3 reasons why diseconomies of scale may occur

A
  • poor communication
  • lack of control and coordination
  • alienation of the workforce
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13
Q

what is vertical integration

A

when a business merges with or takes over another business in the same production chain but at a different stage (earlier stage - backward - suppliers) or (later stage - forward - pub chain)

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14
Q

what is horizontal integration

A

when a business merges with or takes over another business in the same stage of the production chain (another brewery)

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15
Q

what is a conglomerate

A

when a business merges with or takes over a firm in a total unrelated business area

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16
Q

what is a joint venture

A

where two or more businesses agree to pool their resources for the accomplishment of a specific task

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17
Q

what is franchising

A

a method of growth when an existing business (franchisor) grants another party (franchisee) the right to use its trade name and sell its products and services.

18
Q

benefits for the franchisor of franchising

A
  • relatively quick
  • finance is provided by the franchisee
  • franchisee is likely to be highly motivated
  • organisational structure is less complex
19
Q

what is innovation

A

when a new product or process is launched to make a profit

20
Q

what is product innovation

A

launching a new or improved product or service

21
Q

what is process innovation

A

developing more efficient production methods or ways of delivering of service

22
Q

value of innovation 3

A
  • competitive advantage
  • aligned to strategic positioning
  • stakeholder value
23
Q

3 benefits of product innovation

A
  • opportunity to build early customer loyalty and benefit from “first mover advantage”
  • premium or skimming pricing strategy (high profit margin)
  • publicity
24
Q

7 benefits of process innovation

A
  • greater efficiency
  • improved quality
  • faster production time
  • reduction in unit cost
  • enables mass customisation
  • greater flexibility
  • better customer service
25
Q

4 ways of promoting innovation are

A

research and development
intrapreneurship
kaizen
benchmarking

26
Q

what is research and development

A

R&D is about developing new products and processes

27
Q

2 influences on the level of investment in r&d depends on

A
  • finances available

- the strategy of the business: differentiation or cost leadership

28
Q

what is an IPP or IP

A

intellectual property protection or IPP or IP is a legal document proving that someone is the owner of an invention

29
Q

what is a patent

A

a government licence that gives the holder exclusive rights to a process, design or new invention

30
Q

what is a trademark

A

a trademark is a recognisable name, logo, slogan or design that denotes a specific product or service and legally differentiates it from others

31
Q

what is a copyright

A

the legal protection provided for the work of authors, composers and artists

32
Q

what is intrapreneurship

A

enabling staff to behave like entrepreneurs in their work to the benefit of the business. individuals who are prepared to take the risk of developing their own ideas as a business

33
Q

what is kaizen

A

‘continous improvement’ or small steps to innovation

assumes employees are the best people to identify innovative ideas

34
Q

3 benefits of kaizen

A
  • small changes can result in innovation
  • ideas come from staff’s own experience and understanign of the way product is made - more likely to succeed
  • kaizen should lead to a constant search for innovation
35
Q

what is benchmarking

A

compares the business’ performance with industry best practice to identify areas and means of performance improvement

36
Q

impact of innovation on HR 6

A
  • recruitment of talented staff
  • use of ‘soft HR’
  • reward innovation
  • productivity
  • quality
  • motivation
37
Q

impact of innovation on marketing 3

A
  • enables product life extensions
  • can shorten product life cycle
  • use of digital tech in market research
38
Q

impact of innovation on finances 2

A
  • large R&D budget needed - sources of finance, equity or debt
  • can increase some costs and reduce others
39
Q

impact of innovation on operations 4

A
  • customisation
  • lowers unit costs
  • capacity coulf increase
  • role of digital tech and robotics
40
Q

benefits of greiner’s growth model

A
  • warns leaders that growth strategy is difficult
  • highlights potential signs of ‘crisis’
  • suggest methods to overcome these crisis
41
Q

cons of greiner’s growth model

A
  • too simplistic model?
  • not all businesses will suffer crisis as they grow
  • model doesn’t account of other external factors e.g. PESTLE + C

Business (14 decks)

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