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Business A Level > 9.1/9.2 > Flashcards

9.1/9.2 Flashcards

1
Q

What is innovation?

A

when a new idea is brought to fruition and turned into a good or service

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2
Q

Pressures of innovation?

A

PEST-C

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3
Q

What is process innovation?

A

improving how to run the business

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4
Q

How to become an innovative organisation?

A
  • Acceptable to fail
  • Funding
  • Sharing ideas
  • Teamwork
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5
Q

Types of protecting innovation?

A 
Copyright
Trademark
Patents
Design Rights
Registered Design
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6
Q

What is disruptive innovation?

A

Innovation that creates a new market

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7
Q

What is price discrimination?

A

when firms with monopoly power charge different groups of consumers different prices for the same product.

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8
Q

Categories of price discrimination

A

First Degree
Second Degree
Third Degree

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9
Q

What is first degree discrimination?

A

Maximum possible price for individual consumers

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10
Q

What is second degree discrimination?

A

Maximum price to different groups of consumers

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11
Q

What is third degree discrimination?

A

Firms identify groups of consumers with similar characteristics

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12
Q

What are the methods of growth?

A

Merger
Takeover
Venture
Franchise

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13
Q

Advantages of selling a franchise?

A

Quick growth

Franchisees may be very motivated

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14
Q

Disadvantages of selling a franchise?

A

Do not gain all profits

Lose complete control

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15
Q

Advantages of buying a franchise?

A

Don’t need to think of new ideas

Provided with training

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16
Q

Disadvantages of buying a franchise?

A

Do not have complete independence

Do not gain all profits

17
Q

Types of integration?

A

Vertical
Horizontal
Conglomerate`

18
Q

Benefits of growth?

A

Economies of Scale
Economies of Scope
Synergy
Experience Curve

19
Q

Problems of growth?

A

Diseconomies of scale

Overtrading

20
Q

Greiner growth model phases?

A 
Phase 1: "Growth through creativity"
Leadership Crisis
Phase 2: "Growth through direction"
Autonomy Crisis
Phase 3: "Growth through delegation"
Control Crisis
Phase 4: "Growth through coordination"
Red Tape Crisis
Phase 5: "Growth through collaboration"
Growth Crisis
Phase 6: "Growth through alliances"
21
Q

What is retrenchment?

A

When a business reduces the scale of its operations

22
Q

Why retrench?

A

Diseconomies of scale

Changes in market conditions

23
Q

Causes of internationalisation?

A

Trade agreements
Improvements in transport
Improvements in communication technology

24
Q

Internationalisation opportunities?

A

Buy from abroad
Sell abroad
Produce abroad

25
Q

Methods of entering international markets?

A

Exporting
Licensing
Alliances/Ventures
Direct investment

26
Q

What makes a market attractive?

A 
Size and growth of market
Costs
Degree of competition
Risk
Culture
27
Q

Why buy from abroad?

A

Lower costs
Quality
Technology
Skills/expertise

28
Q

Why re-shore?

A

Problems maintaining quality
Problems with delivery
Costs

Business A Level (11 decks)

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