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business theme 3 > business > Flashcards

business Flashcards

1
Q

mission statement

A

formal values of the aims and values of an organisation-
eg tesco live well for less

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2
Q

limitations of business statement

A
  • written by business so biased
  • not all public know who they are so is unuself
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3
Q

corporate strategies

A

overall scope and direction of a business and way various operations work together

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4
Q

what did ansof do

A

create a table explaining what is risky and what is not so diversify is risky but product or service development is no

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5
Q

what is porters matrix

A

3 strategies for competitive advantage-

  1. cost leadership- making products at low cost
  2. differentiation
  3. focus
  4. establish clear direction for business
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6
Q

strength and weakness of porters matrix

A

not useful for dynmic markets
not useful in crisis
good as identifies whena business in trouble and establishes clear direction

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7
Q

boston matrix

A

cash cow– still have customer lifestyle
dog-decline
?-high growth but low share
star-high share and growth

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8
Q

SWOT

A
  • strengths
  • weakness
  • opp
  • threats
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9
Q

growth

A

whena business wants to expand, sales options to generate more revenue

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10
Q

reasons for growth-achieve economies of scale

A

huge impact on production-more production=more economies of scale-less costs

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11
Q

4 types of economies of scale

A
  1. financisl-attract moe investment
  2. marketing-specalist marketer to make sure goods sell and gain discounts on big suplies
  3. technical-large firms employ labour specialists and improve productibity
  4. managerial-attract high level managers to boost company
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12
Q

problem with expanding

A

diseconomies of scale
overtrading
internal communcation-less face to face comm as business grows meaning mistakes made

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13
Q

merger

A

legal deal to bring 2 businesses together under s director

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14
Q

take over

A

a legal deal where a larger business takes over a smaller one

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15
Q

reason for mergers and takeovers

reason for mergers and takeovers

A

attempt to ensure increased market share
access to new markets
improved distribution
improved suppliers
access to tech and higher knowledge

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16
Q

organic growth eg aldi

A

grow internally through business

17
Q

inorganic growth

A

growth through external factors such as mergers and takeovers

18
Q

methods of organic growth

A
  • new product launches
  • opening new stores
  • forign markets
  • expansion of workforce
19
Q

ad and disad of organic growth

A

ad- avoids risk of merging
-cheaper than merging
disad- very risky-new staff and stores is risky
-new markets and countries is unknown teritiry

20
Q

quantitative sales forcasting

A

uses data to make predictions of future sales

21
Q

use quantative sales forecsting to

A

organise production
organise staff
organies suppliers
organise finances

22
Q

investment appraisal

A

attempt to determine the value of capital expenditure projects to see if long term investments will work

23
Q

investment appraisal influence 3 decision making strategies

A
  1. new premises
  2. new machinery
  3. research
24
Q

decision tree

A

business can not do all options so do a decision tree to find probabilty of what is best option

25
Q

i

limitation if decision tree

A

based on predicted data
all estimates of probabilites
large degre of uncertainty

26
Q

critical path analysis

A

a way for businesses to understand how long aproject will take and recognise what critical (important) tasks are

27
Q

uses of critical path analysis

A
  • schedule a building project
  • order of supplies
28
Q

limitations of critical path analysis

A

is based on estimates and can be inaccurate
time consuming to plan
simple projects dont nneed full diagrams

29
Q

corporate influeneces

A

factors which have a effect on business decisions

30
Q

short termism

A

short goals, eg monthly focus not annually

31
Q

long terminsm

A

whole business approach, investment for future

32
Q

corporate culture

A

norms and values of a company eg ikea have strong culture

33
Q
A

business theme 3 (1 decks)

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