bizconesh

Question 1

buffer stock

Answer 1

minimum stock the business intends to hold

Question 2

lean production

Answer 2

reducing waste

Question 3

quality control

Answer 3

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

Question 4

quality assurance

Answer 4

systems that are used to prvent defects from occurring

Question 5

gross profit

Answer 5

sales revenue - costs of sales

Question 6

operating gross profit

Answer 6

gross profit - operating expenses

Question 7

total contribution

Answer 7

TR -VC

Question 8

3 short term sources of finance

Answer 8

• trade credit
• over draft
• debt factoring

Question 9

5 long term sources of income

Answer 9

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

Question 10

soft HRM

Answer 10

view their employees as a strategic asset

associated with delegation and democratic managing styles

Question 11

hard HRM

Answer 11

business treats employees as tactical resource

associated with authoritarian and centralised structures

Question 12

hertzberg 2 factor theories

Answer 12

• hygiene factors
• motivating factors

Question 13

hygiene factors

Answer 13

if present prevent workers from being disatisfied

Question 14

motivating factors

Answer 14

aspects that motivate workers

Order goes:
- hygiene factors first
- then motivating factors

Question 15

maslows hierarchy of needs

Answer 15

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

Question 16

Hackamn and Oldham

Answer 16

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

Question 17

tannenbaum and schmidt

Answer 17

how autocratic a manager is
- theory x
- theory y

Question 18

theory x
tannenbaum and schmidt

Answer 18

no freedom to subordinates in decision making

e.g tells - no input in decision making

Question 19

theory y
tannenbaum and schmidt

Answer 19

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

Question 20

price penetration

Answer 20

initially charging a low price then over time up the price

Question 21

price skimming

Answer 21

initially charging a higher price then over time lowering the price

Question 22

marketing mix

Answer 22

aims to increase sales

Question 23

4 marketing mix

Answer 23

• product
• price
• place
• promotion

Question 24

marketing mix product

Answer 24

meeting customers needs and wants

Question 25

marketing mix price

Answer 25

how much customers pay (price skimming and penetrating)

Question 26

marketing mix place

Answer 26

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

Question 27

marketing mix promotion

Answer 27

how you communicate with potential customers

Question 28

market segmentation

Answer 28

when potential customers are divided into different groups

Question 29

targeting

Answer 29

which segment is most profitable

Question 30

positioning

Answer 30

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

Question 31

2 types of lean production

Answer 31

- just in time - kaizen

Question 32

pros of just in time

Answer 32

- 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

Question 33

cons of just in time

Answer 33

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

Question 34

lead time equation

Answer 34

time the delivery comes - time of reordering 5 days - 3 days = 2 days lead time = 2 days

Question 35

for analyses questions dont evaluate use meliba

Answer 35

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

Question 36

what is the link of analyses and evaluate

Answer 36

- analyses is theory - evaluation is how likely the theory will happen

Question 37

what are 4 demographics of market segmentation

Answer 37

- gender - income - lifestyle - location