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Business > Business April Mock > Flashcards

Business April Mock Flashcards

1
Q

What is a trustee?

A

Takes responsibility for managing money and assets that have been set aside in a trust for the benefit of someone else
Usually board of directors /charities

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2
Q

Taylor

A

Main focus on efficiency
Workers are motivated for money workers should be minimum amount of work if left alone
Small repetitive
peace rate pay
productivity meant fewer workers needed however reduction in quality

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3
Q

Maslow’s hierarchy of needs

A
  1. Self actualisation.
  2. Self esteem./Achievement.
  3. Social needs/friends.
  4. Safety/job security.
  5. Physical needs such as food water.
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4
Q

What is Herberg hygiene factors?

A

Good company policy which does not motivate workers but satisfies them

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5
Q

Herberg motivating factors

A

Interesting Work positively motivate workers into working better

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6
Q

Public sector

A

Organisations owned and run by the government to provide services to public gravity making a profit such as NHS and police force and its funded by the tax system

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7
Q

Private sector

A

Owned and run by the private individuals range from sale traders to huge organisations such as Asda John Lewis and they aim to make a profit
Charities are part of the sector such as nonprofit

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8
Q

Nonprofit

A

Charities that make money from donations and business activities money used to fund activities tax reductions due to nonprofit structure

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9
Q

Limited liability

A

Owners aren’t responsible for debts of business

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10
Q

Unlimited liability

A

Own are responsible for debts of business

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11
Q

Mutual organisations

A

Like building societies aim to offer best possible value for customers and product
Profits reinvested in order to reduce prices
Offers higher saving rates and lower loan rates and banks and don’t have to pay any profits to shareholders

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12
Q

Pros of sole trader

A

Freedom where own boss complete control of decisions
Profit takes all the profit
Savings on fees as as no legal cost

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13
Q

Cons of sole traders

A

Risky
Long working hours
Limited skills and expertise In area
Finances limited
Owner can get ill so no work will be done
Unlimited liability

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14
Q

Private limited companies

A

Cannot sell shares to public
Don’t have share prices quoted on stock exchange
Small family businesses often
No minimum share capital requirements

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15
Q

Difference between small and large private limited companies

A

In small, directors of the shareholders
Enlarge, directors are elected to the board by shareholders

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16
Q

Market capitalisation

A

Total value of ordinary shares issued
Market value = number of shares issued multiplied by current share price

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17
Q

Main roles of shareholders

A

To provide funds
Attend annual general meetings where she does have the right to vote

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18
Q

What do shareholders invest for?

A

Capital gains
Dividend pay
Involved to running firm
Want to see succeeded or to help survive and grow the firm

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19
Q

Factors influencing demand and supply shares

A

Performance of company
Speculation of new products launched
Current share price
Interest rates
Economy

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20
Q

What is break even?

A

Number of sales needed to cover its cost

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21
Q

Break even output formula

A

Fix cost divided by contribution per unit

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22
Q

Margin of safety

A

Amount between actual output and breakeven

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23
Q

Pros of break even

A

Easy to do and quick this set up
Helps persuade the bank to give them a loan
Influences decisions, whether new products or launch products or not
Helps forecast variations of sales

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24
Q

Cons of breakeven

A

Assume variable costs always rise steadily but businesses can get discounts
Simply for a single product
If data is wrong, results are wrong
Asume business sells more all the products
Only units to break even amount you will sell

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25
Q

Promotional mix

A

Depends on product, market, competitivity, product life cycle and budget available

Expensive and complex products more likely to be promoted by personal selling conveniency by advertising

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26
Q

Financial rewards

A

Increase revenue profit and reduce costs

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27
Q

Financial motivators

A

Increase pay
Training to increase product
Peace rate pay
Commission
Time rate pay
Fringe benefits
Performance relate pay in bonuses
Flexible working hours

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28
Q

Profitability

A

Measures total profit against resources used in making profit

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29
Q

How to work out margins

A

Profit over revenue

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30
Q

What do margin show?

A

How profitable a businesses can be used to make comparisons over period of time or compare with other competitors
Gross profit can be improved with higher prices and lower cost of sales
Operating can be improved via increased prices and lower costs
Prof of the year is a high margin is attractive to shareholders

31
Q

 concentrated market

A

Good for small fans or limited resources where you only target get a couple segments

32
Q

Differentiated marketing

A

Several segments being targeted

33
Q

Undifferentiated market

A

Segments are ignored and goes for entire market

34
Q

7 ps

A

Product
Place
Price
Promotion
Physical environment
People
Process

35
Q

Factors that influence marketing mix

A

Location
Competitors
Product life-cycle
Target market segment
Corporate objectives

36
Q

How to improve competitiveness

A

Pricing strategies
Technological advances
Social factors

37
Q

Convenience product

A

Inexpensive and brought regularly

38
Q

Shopping products

A

Close competitors, etc brought less regularly

39
Q

Speciality product

A

Unique and exact brand

40
Q

What is the Boston matrix?

A

Valuable way of showing where business products opposition in the market
Marked decisions will depend on products position
Can’t predict exactly what will happen if a product levels may be different from what matrix suggest

41
Q

What is capacity utilisation

A

How much capacity a business is using

42
Q

Capacity depends on

A

Number of employees and skills
Technology and machinery available
Production process kind
Amount of investment

43
Q

Why do you not want 100% capacity utilisation

A

Quality may not be constantly good

May have to turn away potential customers as it can’t increase anymore output
If machines break , output delays

Can’t temporary increase output for seasonal demand

44
Q

Increasing capacity

A

Using facilities more of the working week
But more machines
Increase staff levels
Increased productivity +motivation

Use outsourcing (increase workforce)

45
Q

Why is under utilisation bad

A

Inefficient and increases unit cost spreads
Causes fixed costs to be spread over fewer output

46
Q

How to deal with under utilisation

A

Change promotion, price and distribution
Outsourcing work for other firms
Reduce capacity(downsizing )
Reduce capacity short term via cutting overtime
Not replacing staff and making redundant

47
Q

Short term changes in capacity utilisation will provide what and long term

A

Short term flexibility
Long term lower unit costs

48
Q

Internal stakeholders

A

Owners , employees and shareholders

49
Q

External stakeholders

A

Customers
Suppliers
Local community
Government
Creditors

50
Q

Manage closely

A

High power high interest
Shareholders

51
Q

Keep satisfied

A

High power low interest
Council and media

52
Q

Monitor

A

Low power low interest
Local community

53
Q

Keep informed

A

High interest low power
Customer
Employee
Supplier

54
Q

Factors influencing pricing

A

Promotion
Costs
Price of elasticity of demand
Product life cycle
Competitors

55
Q

Price skimming

A

New innovative products sold at higher prices the dropped
Long term strat to keep brands more exclusive
Customers may be put off for high prices and mad they dropped after they bought

56
Q

Penetration pricing

A

Low price at initial release to attract customers and gain market share
Effective for price sensitive markets
Only works if cost are low
Customers expect price to stay low
Extension strategy to lengthen product life cycle

57
Q

Predatory pricing

A

Deliberately lowers price to force competitors out the market

58
Q

Competitive pricing

A

Monitor competitors prices

59
Q

Loss leaders

A

Product sold below cost price
Can make profit indirectly

60
Q

Dynamic pricing

A

Responds to change in demand
Aims to increase revenue by changing prices depending on competitors price and demand
If demand rises so do prices

61
Q

Cash cows

A

High market share but low market growth
Maturity phase
Bring plenty of money

62
Q

Stars

A

High market growth and market share
Growth phase
Spend lot of money on promotion

63
Q

Dogs

A

Low market share and market growth
Lost cause entering decline stage

64
Q

Question marks /problem child

A

New products entering market
Require heavy marketing

65
Q

What is personal relations PR?

A

Gets a business or product good publicity public relations involves liaising with retail answering questions, et cetera
And they write brochures, newsletters, and leaflets and deals with product launches

66
Q

Direct selling

A

From manufacturer to consumer
Internet made it user to shop and can be done through door-to-door sales

67
Q

Indirect selling

A

Manufacturer to retailer to consumer
Large supermarkets by convenience and shopping goods in bulk direct from manufacturer

68
Q

Direct direct selling via agent

A

Sales rep not employed by company and gets commission

69
Q

Multi channel distribution

A

Sell through more than one method gives flexibility for customers and wise market coverages 

70
Q

Short channels

A

Industrial products, fewer customers, expensive products bulky and frequently
Services 

71
Q

Long channels

A

Small products, goods, many customers frequent cells not bulky cheap

72
Q

What is a trustee?

A

Board of directors/members of the board of a charity they are pointed and elected for collective responsibility for managing money and assets

73
Q

Difference in unincorporated and incorporated

A

Incorporated is the owner is the business. There’s no legal difference and has unlimited liability such a soul traders
Unincorporated have limited liability and there is legal difference such plc and ltd

Business (7 decks)

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