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B&M Case Study Flashcards

0
Q

Diversify

A

A company produces a new good or service, buys up another company, or produces in a new market in order to spread risk and loosen dependence

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1
Q

Upskilling

A

increasing the skills of certain employees or a company’s labour force as a whole

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2
Q

market opportunity

A

an opportunity that a company can legally exploit in order to increase sales

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3
Q

internal recruitment

A

recruiting personell to posts from within the company

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4
Q

Staff retention rate

A

The percentage of staff who remain employed by a business over a given time period, usually one year. It is calculated by deducting the number of leavers from the total number of employees in a year, expressed as a percentage of the workforce that has remained within the business

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5
Q

external recruitment

A

filling vacant posts with applicants rom outside company

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6
Q

social

A

refers to changing demographics, e.g. population gerowth, lifesytels and cultural values

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7
Q

political

A

refers to government behaviour, tax changes, privatization or nationalization

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8
Q

economic

A

refers to peoples income, unemployment, inflation and economic growth

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9
Q

market trends

A

the direction in which a market goes in

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10
Q

strategic alliance

A

a collaborative agreement between two or more firms to pursue a set of agreed goals

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11
Q

market trends

A

Changing demands for goods and services within a market

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12
Q

workforce planning

A

establishing the number and skills of the workforce required by the business in the future

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13
Q

fixed cost

A

the costs a business has to pay for its fixed assets and that do not vary with the level of output in the short run

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14
Q

high growth potential

A

a product or market etc. that is very likely to experience an increase in sales in the future

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15
Q

Demand

A

The willingness and ability of customers to buy a certain product at a certain price

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16
Q

Target market

A

The market segment that a particular product is aimed at

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17
Q

Strategic plan

A

Medium to long-term plans on ways of achieving specific objectives (goals, targets and corporate objectives)

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19
Q

Workforce

A

The people employed by a business

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20
Q

Vision

A

Where the business aspires to be in the future; the long term aims of a business

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20
Q

Relaunch

A

Extension strategy when a product has reached the decline phase of its product life cycle

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21
Q

Market research

A

The process of collecting, recording and analysing data about customers, competitors and the market

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22
Q

Product life cycle

A

Different stages that a product passes through during its lifetime

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23
Q

Brand name

A

A brand name is a name given to a firm’s products, which usually represents the image of the business

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24
Q

Investment

A

Shares held in other businesses are called investments on the balance sheets. Investments could also be medium to Long-term financial assets that a business might hold which generate short-term income for the business such as dividend or interest

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25
Q

Product life cycle phases

A

The phases are: R&D, introduction, growth, maturity, saturation, decline

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26
Q

Decline phase

A

The final stage of a product life cycle where sales decline

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28
Q

Reposition

A

The change in perception of a business so it can achieve its objectives (e.g: change in brand image)

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28
Q

Strategic decisions

A

Decisions that set the future direction of a firm

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29
Q

Strategic decisions

A

Decisions in order to achieve the firms objective that set the future direction of a firm and are part of a business’ long term plan

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30
Q

Responsibility

A

With authority comes responsibility which means to be accountable for what one does

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31
Q

Employee representatives

A

An organisation of working people with the objective of improving the pay and working conditions and provide the mebers with support and legal services

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32
Q

Collective action

A

The negotiations between employees’ representatives and employers and their representatives on issues of common interest (pay, working conditions)

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33
Q

Conflict

A

Any kind of disagreement between two stakeholders

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34
Q

Sense of solidarity

A

If a group of people with common interests come together to support one another

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35
Q

Industrial action

A

Measures taken by the workforce or trade union to put pressure on management to settle an industrial dispute in favour of employees

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36
Q

Negotiations

A

A bargaining process between two or more parties to resolve a conflict

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38
Q

Target profits

A

A target of a profit to be achieved within one year to satisfy the shareholders.

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38
Q

Absenteeism

A

When an employee is off work, e.g. because of illness

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39
Q

Strike

A

An extreme form of industrial action in which employees totally withdraw their labour for a period of time

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40
Q

Training

A

Work-related education to increase workfore skills and efficiency

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41
Q

Benchmarking

A

Comparing the performance -including quality- of a business with performance standards throughout the industry

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42
Q

International standards

A

Certain quality standards to assure customers of the quality

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43
Q

High quality

A

If a product is of superior quality to other goods and therefore usually priced higher

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45
Q

Dismissal

A

When an employee is removed or “sacked” from a job due to incompetence or breach of discipline

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45
Q

Informal communication

A

Unofficial channels of communication that exist between informal groups within an organisation

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46
Q

Appraisal

A

Assessing and judging an employees performance and effectiveness through observation and interview

48
Q

Autocratic

A

A leadership style that keeps all decision making at the center of the organisation and is very task-oriented. (No delegation or empowerment)

49
Q

Laissez-faire style

A

A leadership style that leaves much of the decision making to the workforce (hands-off approach) so that the leader only makes the major decisions and set the overall objectives

49
Q

Scientific decision making approach

A

A decision is made based on research and quantitative data

50
Q

Empowerment

A

Employees are delegated authority to carry out a task and empowered to do some decision making about it

51
Q

Bureaucracy

A

An organisation with a rigid organisational strucutre, many levels of authority and standardized procedures and rules

52
Q

Delegation

A

Passing authority down the organisational structure to (now accountable subordinates). The ultimate responsibility remains with the line manager

53
Q

Chain of command

A

The formal line of authority through which orders are passed in an organisation as presented in an organisational chart

54
Q

Leadership style

A

The way a person adopty to motivate a group of people towards achieving a common objective

55
Q

Task-oriented

A

A leadership style with the focus on completing the task without considering the needs of the team completing the task with strict systems and procedures and no encourage for creativity

57
Q

Competitive position

A

The position of a company in a market relative to its competitors. ==> Porter’s Five Forces Analysis

58
Q

Discrimination

A

Unfair or unjust treatment of other because of gender, race, age etc. Most countries have law against this

59
Q

Non-profit organisation

A

Organisation that reinvests all its profits and has other goals than profit (usually to benefit the society)

59
Q

Balance sheet

A

A financial statement of a business that links all the assets, debts and investments as of a specific date together

60
Q

Motivation

A

The extrinstic and instrinstic factors that stimulate people to take actions that lead to achieving a goal

61
Q

Human resources

A
  1. The employees of an organisation
  2. A department that looks after all the internal requirements of company’s labour force (recruitment, training, promotion and dismissal)
62
Q

Final accounts

A

Made up of PLA, balance sheet and cash flow statement and used by mangement and other stakeholders

63
Q

Accountability

A

The obligation of an individual or organisation to account for its activities and to disclose results in a transparent way

64
Q

Profit and loss accounts

A

(income statement:) records the revenue, cost and profit (or loss) of a business over a given time period that is found in a business final account

66
Q

Profit centers

A

A department or a unit of a business that incurs both costs and revenues and hence maintains its own profit and loss account. It allows a business to identify the areas that generate the most and those that generate the least revenue

67
Q

Working capital

A

The capital needed for raw materials, day-to-day running cost and credit offered to customers; working capital = current assets - current liabilities

67
Q

Secondary market data

A

Existing published information about a market that a company can use for its own market researchr

68
Q

Position map

A

A visual aid used to show customers perceptions about the product or brand in relation to others in the market, against variables such a price and quality

69
Q

Market share

A

The percentage of all sales in an industry that a company holds

70
Q

Marketing audit

A

A systematic examination and review of the current position of a firm’s marketing in terms of its strengths and weknesses as well as where a firm stands in its relationship with customers and competitors

71
Q

Performance related pay

A

The payment of employees is adjusted to their performance and how they met set targets

72
Q

Budget

A

A detailed financial plan for the future including a cash flow forecast

73
Q

Salary

A

Fixed regular payments by an organisation to an employee in exchange for his work

74
Q

Employees

A

A worker that works for a company and gets a salary in return

75
Q

Liquidity problems

A

If a company is unable to pay its short term debts e.g. due to overtrading, external changes or overborrowing

76
Q

Recruiting

A

The process of investigating the need for a new employee, defining the job that needs to be filled and the person needed to fill it, attracting suitable candidates and selecting the best one

77
Q

Promotion

A

The advancement of an employee in the company hierarchy leading to improved status, more responsibility and possibly increased salary

78
Q

Retired

A

When a person has passed a poinbt at which he stops employment completely, e.g. when out of working age

79
Q

Multicultural society

A

A society with different ethnic or cultural groups

81
Q

Margin of safety

A

The difference between a firms actual level of output and the break-even level of output

81
Q

Profits

A

The positive difference between a firms total sales revenue and total cost of production

82
Q

Dividends

A

The share of the net profits that a company distributes to shareholders

83
Q

Operations

A

Concerned with the design of products and the management of processes and supply chains
==> The acquisition, development and utilisation of the required resources

84
Q

Manager

A

A person that is responsible for running a business or part of it

85
Q

Hands off

A

No day-to-day involvement by shareholders in the running of a company

86
Q

Shareholder

A

People or organisations that own a share of a private or public limited company and get dividens as a return for their investment

87
Q

Subsidiary

A

A company that is owned by more than 50% by another business

88
Q

Globalisation

A

The trend towards free international trade and free movement of capital between countries resulting in the closer integration of the goods, services, capital and knowledge of the world’s economies

89
Q

Private limited company

A

A company that can hold and sell shares to a certain group of people, has limited liability for its owners and a separate legal identity

90
Q

Investor

A

People or organisations that contribute funds to an organisation in return for shares of the company

91
Q

Corporate image

A

The way in which a firm is viewed by its customers and other stakeholders

92
Q

Sole trader

A

A private profit-making organisation with unlimited liability that is owned by one person but may employ others

93
Q

Liquidity management

A

The effective management of a firms cash flow in order for the firm to pay its short debts

94
Q

Cash flow management

A

The effective management of a company’s cash in- and outflows / of the firms working capital

95
Q

Primary sector

A

First stage of production concerned with agriculture or extraction of raw materials

96
Q

Break even quantity

A

The level of output where the total revenue is equal to the total cost

97
Q

Renovations

A

Large scale changes or redecorations to enhance a buildings or structures overall image

98
Q

Needs

A

Refers to Maslow’s hierachy of needs: physical needs, safety needs, social needs, esteem needs, self-actualisation

99
Q

Marketing challenge

A

Challenges arising from changes in the tarket market or from the emergence of new competitors leading to issues of market share or product perceptions

100
Q

Short-term

A

The period of time were all factors of production except land are variable and were all production takes place

101
Q

Long-term

A

The period of time were all factors of production are variable and were all the planning takes place

102
Q

Stock

A

(Inventories:) Physical materials and goods that a business holds for further production or sale. They appear as current assets on the balance sheet.

103
Q

Closing stock values

A

Refers to methods used by a business to place a value on stocks. (LIFO or FIFO) Stock valuation is influenced by date and cost of purchase

104
Q

Selection

A

When an employee is chosen from a pool of candidates, during the recruitment process, for a position within an organisation

105
Q

Change management

A

Planning, implementing, controlling and reviewing the movement of an organisation from its current state to a new one

106
Q

Marketing

A

The management that links the business to its customers by identifying and meeting the needs of customers profitably - it includes product, price, promotion, place, packaging, physical environment, process and people

107
Q

Customer

A

An individual or organisation which purchases a good or service from a business

108
Q

Product

A

The output of a production process: a good or service. In the case of The Imperial it is the hotel itself and the offered services

109
Q

Seasonal fluctuations

A

Seasonal fluctuations in sales revenue occur when the income derived from sales varies throughout the year

110
Q

Fixed cost of The Imperial

A

e.g.: Advertising, insurance, management and loan repayments

111
Q

Variable cost of The Imperial

A

e.g: Electricity, cleaning materials, food and gas

112
Q

Networks

A

An interconnected system of individuals and businesses through which communication occurs and ideas are exchanged

113
Q

Cost center

A

A department or unit of a business which doest not generate any revenue yet to which specific cost can be clearly attributed and allocated. It is used as a control tool to make different departments conscious of their costs and to encourage them to operate within their budgets

114
Q

Financial performance

A

Refers to how well a business is performing financially as reflected in its Balance Sheet, PLA and ration analysis

115
Q

Strategy

A

The direction and scope of an organization over the long term: which achieves advantage for the organisation through its configuration of resources within a challening environment, to meet the needs of the market and to fulfil stakeholder expectations

Business (3 decks)

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