Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business terms > Business Paper 1 > Flashcards

Business Paper 1 Flashcards

1
Q

Product orientation

A

A business and marketing strategy that focuses above all else on creating the best possible product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Market orientation

A

An approach to marketing that focuses on customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Limitations of market research?

A

Sample Size
Bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Market segmentation

A

Helps businesses to better understand their customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Purpose of product differentiation

A

To try to create a USP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Changes in the elements of the design mix to reflect social trends.

A
  • Minimisation
    -Re use and recycling
    -Ethical sourcing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Extension strategies

A

Product
Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Flexible workforce

A

Multi tasking
Part time and temporary
Flexible hours and home working
Outsourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Difference between temporary and part time

A

Part time is less hours than a full time.
Temporary is full hours just for a temporary time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Matrix Structure

A

Team members report to multiple leaders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Autocratic Leadership

A

Strict

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Paternalistic Leadership

A

Dominant authority figure that acts like a farther

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Democratic Leadership

A

Letting multiple people participate in the decision-making process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Laissez-fair Leadership

A

Employees can do whatever they want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Business Specialisation

A

A business being specialised in a specific area.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Structural Change

A

Major change within the organisation where the capital, information, authority and responsibility flows.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

ASEAN

A

Association of Southeast Asian Nations

18
Q

NAFTA

A

North american free trade agreement

19
Q

Push Factors

A

-Saturated markets
-Competition

20
Q

Saturated Markets

A

When the volume of a product or service in a marketplace has been maximised.

21
Q

Pull factors

A

-EOS
-Risk Spreading

22
Q

Reasons for global mergers or joint ventures

A

Spreading risk
Entering new markets
Acquiring national brand names
Securing resources
Maintaining global competitiveness

23
Q

Ethnocentric approach

A

A business making little or no attempt to adapt their products for the local market

24
Q

Geocentric approach

A

Using a combination of an ethnocentric and polycentric approach.

25
Q

Polycentric approach

A

An attitude that advocates adapting products, strategies management practices to each individual market or host country.

26
Q

FDI flows

A

MNCs often bring substantial Foreign Direct Investment (FDI) into the country, contributing to capital formation and economic growth.

27
Q

Balance of payments

A

Summarises all transactions between residents of a nation and non national in a period.

28
Q

Tax revenues and transfer pricing

A

MNCs try to minimise taxes. A strategy is called transfer pricing.
The strategy is selling goods to a foreign subsidiary with smaller tax rate. Then the product is sold at market price.

29
Q

Controlling MNCs Factors

A

Political influence
Legal control
Pressure group

30
Q

Offshoring

A

Relocation of business activities overseas.

31
Q

Outsourcing

A

Hiring a third party company to perform services or create goods.

32
Q

Job Enlargement

A

Job enlargement involves the addition of extra, similar, tasks to a job.

33
Q

Value for elastic goods?

A

PED > 1

34
Q

Value for inelastic goods?

A

PED < 1

35
Q

Formula for quantity of demand formula

A

% Change of Quantity/ & Change of Price

36
Q

Formula for income elasticity formula

A

% Change of Quantity/ % Change of Income

37
Q

SPICED

A

Strong Pound = Imports Cheaper & Exports Dearer

38
Q

YED value for inferior good

A

YED < 0

39
Q

YED value for Neccessity good

A

0 < YED < 1
(Basically 0-1)

40
Q

YED value for Luxury good

A

YED > 1

Business terms (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions