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business management/accounting by J.Salazar > bus man booklet 2 > Flashcards

bus man booklet 2 Flashcards

1
Q

What is the definition of marketing mix?

A

The elements of a firm’s approach to marketing that enable it to satisfy and delight its customers.

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2
Q

What is the marketing mix commonly described as?

A

The 4 P’s

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3
Q

What are the 4 P’s?

A

Price, place, product and promotion

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4
Q

Why are the 4 P’s manipulated?

A

To maximize sales and profit, create a brand, develop customer loyalty and to create a unique selling point/proposition

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5
Q

Define product

A

This includes the physical features and specifications of the product, (i.e. what it looks like, how reliable it is, quality of product, etc.)

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6
Q

What do businesses have to ensure when making a product?

A

Have to ensure that it considers its intended customer when designing/developing products to ensure that it meets their needs.

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7
Q

What are the key features a product should posses?
(ensure it appeals to the needs of target market)

A

Functionality, Reliability, Durability, Suitable packaging, fashionable and keeping in with social trends

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8
Q

Define price

A

This refers to the way the product is priced and the rationale behind it.

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9
Q

What factors must be taken into account when deciding how to price products?

A

Cost of production, Needs and wants of customers, Supply and demand, Competitor prices, profit

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10
Q

What are the 2 pricing strategies?

A

Price skimming and Penetration pricing

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11
Q

What is price skimming?

A

A firm charges the highest initial price that customers will pay then lowers it over time.

As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment of the population

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12
Q

What is penetration pricing?

A

A pricing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering.

The lower price helps a new product or service penetrate into the market and attract new customers away from competitors.

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13
Q

Define place

A

This refers to where the product will be sold and how it will be distributed.

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14
Q

What are some conditions when it comes to place?

A

Where will people be looking for your product?
Will they need to hold it in their hands/try it on?
Will you use third party sellers or not?

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15
Q

Why is it important to consider your target audience when deciding where to retail your product?

A

To create easier access to business for customers

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16
Q

Define promotion

A

This refers to how the product will be advertised.

Its part of the marketing mix that public notices the most, this is therefore essential that the business selects the most appropriate of promotion for its target audiences.

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17
Q

What is the aim of promotion?

A
  1. Inform the customer e.g. prices, location, product features
  2. Build a brand image
  3. Create customer loyalty, encourage customer to buy again
  4. Persuade the customer to purchase the product for the first time or more regularly
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18
Q

What are methods of promotion?

A

Advertising, Sponsorship, Sales promotions

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19
Q

Define advertising

A

Paying for a message to be shown through various media, such as television, radio, magazines, newspapers, social media etc. it can be expensive

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20
Q

Define Sponsorship

A

Providing financial assistance to an individual, event or organization in return for exposure and advertising

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21
Q

Define Sales Promotion

A

Short-term sales initiatives to boost sales, for example, various offers such as ‘buy one, get one free’ (BPGPF), competitions, collect the tokens, loyalty cards, credit terms and coupons

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22
Q

Examples of Promotion

A

Television and print advertising.
content marketing, coupons
scheduled discounts
social media advertising
email marketing
display ads

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23
Q

What is SWOT Analysis?

A

SWOT is a study/ analysis/ planning tool undertaken by an organization to identify its natural strengths and weaknesses, as well as its external opportunities and threats.

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24
Q

Examples of SWOT

A

Internal strengths e.g. innovative staff, products unique selling point
Internal weakness e.g. high wastage, high staff turnover
External opportunities e.g. move into foreign markets
External threats e.g. increased competition, the need to keep up with changing technology

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25
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

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26
Q

What are the benefits of SWOT?

A

It analysis of the effectiveness of the company’s operation and internal factors that influence its success

Shows current and potential future position

highlights strengths and weaknesses against competitors

used to help the company meet customer needs and keep up with competition

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27
Q

What are the drawbacks of SWOT?

A

Weaknesses and strengths are often a matter of perception rather than fact

May be advised to employ outside company to carry out regular audit of the business

Open to interpretation (no 2 opinions are the same)

Information is never perfect and future is always changing

28
Q

Which of the SWOT are internal (can be controlled) to the business?

A

Strengths and weaknesses

29
Q

Which of the SWOT are external (cannot be controlled) to the business?

A

Opportunities and threats

30
Q

What are strengths in SWOT?

A

Factors that are positive relative to competitors.
(currently achieving and can be controlled by the business)

It provides an analysis of a firm’s advantage over its competitors

31
Q

What are weaknesses in SWOT?

A

Factors which are negative relative to competitors.
(these can be controlled)
Identifies areas where the firm is at a competitive disadvantage

32
Q

What are the uses of SWOT Analysis?

A

To set objectives and highlight areas that require special questions.

33
Q

What are opportunities in SWOT?

A

Factors in the external environment (cannot be controlled) that can be beneficial to the organization.
(future)

34
Q

What are threats in SWOT?

A

Factors in the external environment that can be detrimental to the organization.

35
Q

What is management style?

A

behavior and attitude of the manager

36
Q

What are the 4 factors that influence the management style?

A

Nature of the task- is the task dangerous, creative, straighforward
Time- is there any time pressure? what time frame is involved?
Experienced of employees- experts? high or low skilled? new? motivated?
Manger preference- personality align with?

37
Q

What are the 3 management styles?

A

Autocratic (tells)
Consultative (asks)
Laissez Faire (lets do)

38
Q

What are the characteristics of Autocratic?

A

“do it the way I tell you”
- central decision making by manager with no staff input
- communication from the top down. Employees told what to do
-importance on completing task efficiently and effectively (degree of uniformity)
-high level of contol

39
Q

When is an autocratic style appropriate?

A

-High risk or crisis situation, large groups of employees working on simple task
-Time is limited
-employees lack skills/knowledge
-prefers to maintain control/lack faith in staff

40
Q

Advantages of autocaratic style?

A

High levels of clarity= clearly defined procedures=consistency in outcome

Employees’ roles and expectations set out plainly= performance can be monitored and staff held accountable

Decisions made quickly= highly responsive in time of crisis

41
Q

Disadvantages of autocratic style?

A

Doesn’t allow the manager to access staff knowledge/ideas= potential that best decision is not made

Employees= no power= no chance to develop skills + feel undervalued= decreased morale= low job satisfaction = higher staff turnover

an ‘us and them’ mentality = lack of employee pride= meet expectations but not improve= lower overall business performance

42
Q

What are the characterisitcs of Consultative style?

A

Decisions made by management (centralized) after discussion with employees to obtain their opinion

two way communication

obtaining information from staff to improve decision making but management still responsible for final decision= accountability

manager maintains ultimate control, however importance is on employee involvement and some control over info. flower passed over during decision making

43
Q

When is a Consultative style appropriate?

A

more complex/ creative tasks, when elements of tasks employees have more knowledge over/ wider variety of considerations to be taken into account

limited time pressure

higher levels of experience and skills

likes to include employees and values input however still makes final decision

44
Q

Advantages of consultative style?

A

Greater variety of ideas= improved decisions= improved bus performance

employees have some ownership= increased motivatin and commitment

employee development/ learning= allows management to identify high pot staff= increased employee development

45
Q

Disadvantages of Consultative style?

A

slow due to time constrants

Some employees may not want to be consulted or some may not have knowledge to be able to communicate meaningfully

conflict or resentment b/c some ideas ignored

sensitive can become common knowledge b4 decision= oncreased fear amongst employees

46
Q

What are the characteristics of Laissez Faire?

A

Decentralised- authority to make decisions is handed to employees

two way communication- management sets objectives and time constraints but employees report back to management on process

automomy= main importance= allow staff to select their own way to get outcome

manager hands control over to employees and monitors progress towards objectives

47
Q

When is Laissez Faire style appropriate?

A

simple no requirements for uniformity- employees not need supervision// complex- highly dependent on employee skill- where solution may not be known

extended time period to make decisions

high level of expertise- employees may have more exp than management or certain tasks

managers prefer to delegate to employees, comfortable with hands off approach, sometimes lack sense of personal responsibility

48
Q

Advantages of Laissez Faire

A

employees feels a sense of ownership= promote outstanding results

continual encouragement for creativity

management able to focus on other elements or organisation

employees able to respond quickly to issues that arise= empowered to make decisions= no need to run pass management

49
Q

Disadvantages of Laissez Faire

A

complete loss of control by management= can lead to management being disconnected t4 lack ability to intervene when required

potential for misuse of organization resources

can breed personal conflicts whereby individuals do not cooperate and management is not there to direct or negotiate

can lead to sense of lack of direction for staff- not clear what is wanted or expected of them= lowers motivation

50
Q

Define Quality

A

the degree of excellence in a good or service and its ability to satisfy the customer

51
Q

What do quality management strategies aim to do?

A

Aim to minimize waste and defect rates in production, obtain consistently high standards of product and service, achieve set benchmarks

52
Q

What are the 2 types of management strategies?

A

Proactive quality management- Prevents defects therefore decrease waste, decrease costs, and increase efficiency

Reactive strategies try to fix errors after they have already occurred.

53
Q

State the 3 control…

A

Quality control
Quality assurance
Total Quality Management

54
Q

Define Quality control

A

the process of checking the quality standards of work done or quality of raw materials or component parts

-done at different stages, checks against designated standards-eliminates post-production errors=prevents low quality products being sold to customers

A reactive strategy bc it detects and eliminates defects after the occur

55
Q

Quality control process

A

1.Benchmarks set e/g/ 2% variance in measurements is
acceptable
2. inspections conducted
3. comparisons between product and benchmark made
4. corrective action in the event quality is deemed to be below benchmark

56
Q

Examples of quality control

A

Batch testing- random sample from batch checked rather than every input/output

Secret shopper- used in service organizations (retail, restaurants, banks)- pretend customer assess quality of customer service + wait times, sales, cleanliness

Safety checks- where every output is checked- e.g. cars every car will undergo some tests before being delivered to customers

57
Q

Pros of quality control

A

customers do not receive faulty goods or services=improved reputation
reduces need for refunds
relatively inexpensive strategy to implement

58
Q

Cons of quality control

A

Creates waste=cost+enviromental impact
unless every product is inspected, inferior goods may still reach the customer= impact on reputation
time consuming

59
Q

Define quality assurance

A

organization achieve certification of quality in its products from an independent body after being assessed

need to meet set standards for industry

Proactive because it seeks to use best practice to prevent errors from occurring but still includes checking mechanisms in case these do not work

60
Q

Pros of quality assurance

A

reduces waste from errors=lowers cost + enviromental impact
external certification= improves competitiveness as increase customer confidence
reduced errors increases productivity

61
Q

Disadvantages of quality assurance

A

Employees may need to be trained
documentations can be time consuming
expensive to organize external body to assess operations systems

62
Q

Define total quality management

A

whole organization approach to achieving quality based on continuous improvement. part of culture with all employees having a role to play= internal customers able to give feedback to others within the organization

TQM=proactive- seeks to prevent defects from occurring

63
Q

3 principles of TQM

A

continuous improvement- standards keep getting raised bc quality can always be improved= incremental improvement

Employee empowerment- employees are given direct responsibility through quality circles- small groups meet tougher to discuss ways of improving the quality process= proposals put to management

Customer focus- review through lens of customer needs and expectations but there are internal customers- those who use what your work group provides as well as external customer- the person who purchases your product. PPL, t4 view their work as one step in a continuous process rather than in isolation

64
Q

Pros of TQM

A

highly adaptable to specific business requirements
reduces errors t/4 waste= cost and environmental impacts reduced
increases motivation- employees empowered + establishes a culture of quality

65
Q

Cons of TQM

A

time consuming
requires a shift in culture
Employees require training to be able to identify methods to improve quality

business management/accounting by J.Salazar (5 decks)

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