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Business from the book > bizconesh > Flashcards

bizconesh Flashcards

1
Q

buffer stock

A

minimum stock the business intends to hold

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2
Q

lean production

A

reducing waste

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3
Q

quality control

A

final test if good or service meets a certain level of quality

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4
Q

quality assurance

A

systems that are used to prvent defects from occurring

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5
Q

gross profit

A

sales revenue - costs of sales

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6
Q

operating gross profit

A

gross profit - operating expenses

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7
Q

total contribution

A

TR -VC

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8
Q

3 short term sources of finance

A
  • trade credit
  • over draft
  • debt factoring
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9
Q

5 long term sources of income

A
  • venture capital
  • bank loan
  • selling fixed assets
  • new shares issued
  • retained profits
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10
Q

soft HRM

A

view their employees as a strategic asset

associated with delegation and democratic managing styles

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11
Q

hard HRM

A

business treats employees as tactical resource

associated with authoritarian and centralised structures

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12
Q

hertzberg 2 factor theories

A
  • hygiene factors
  • motivating factors
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13
Q

hygiene factors

A

if present prevent workers from being disatisfied

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14
Q

motivating factors

A

aspects that motivate workers

Order goes:
- hygiene factors first
- then motivating factors

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15
Q

maslows hierarchy of needs

A

5) self actualisation, upskilling in new areas
4) esteem needs, recognition (maybe promotion)
3) social needs, social gatherings
2) safety needs, job security
1) physiological need, wage to exist

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16
Q

Hackamn and Oldham

A

the better a job is designed the more motivating potential there is

17
Q

tannenbaum and schmidt

A

how autocratic a manager is
- theory x
- theory y

18
Q

theory x
tannenbaum and schmidt

A

no freedom to subordinates in decision making

e.g tells - no input in decision making

19
Q

theory y
tannenbaum and schmidt

A

some freedom to subordinates in decision making

e.g sells - selling decisions to workers and then they feel more involved and managers have some concern for them

20
Q

price penetration

A

initially charging a low price then over time up the price

21
Q

price skimming

A

initially charging a higher price then over time lowering the price

22
Q

marketing mix

A

aims to increase sales

23
Q

4 marketing mix

A
  • product
  • price
  • place
  • promotion
24
Q

marketing mix product

A

meeting customers needs and wants

25
Q

marketing mix price

A

how much customers pay
(price skimming and penetrating)

26
Q

marketing mix place

A

how the product gets to the consumer (online, delivered or in retail)

27
Q

marketing mix promotion

A

how you communicate with potential customers

28
Q

market segmentation

A

when potential customers are divided into different groups

29
Q

targeting

A

which segment is most profitable

30
Q

positioning

A

whats the businesses competitive advantage
- if its the price (supply cheaply)
- price links from marketing mix, use price penetration

31
Q

2 types of lean production

A
  • just in time
  • kaizen
32
Q

pros of just in time

A
  • reduced waste (stock)
  • greater productivity, no left over stock so once order is made by customer there is added time pressure, and more responsibility on workers increasing productivity and motivation
33
Q

cons of just in time

A
  • higher avg unit cost (no purchasing economies of scale)
  • very reliant on supplier
  • could fail to meet sudden demand
34
Q

lead time equation

A

time the delivery comes - time of reordering

5 days - 3 days = 2 days
lead time = 2 days

35
Q

for analyses questions dont evaluate

use meliba

A

Make the point
Explain the point
Link the point to the case study
Impacts on the business
Impacts on the business area

36
Q

what is the link of analyses and evaluate

A
  • analyses is theory
  • evaluation is how likely the theory will happen
37
Q

what are 4 demographics of market segmentation

A
  • gender
  • income
  • lifestyle
  • location

Business from the book (10 decks)

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