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Business studies > Business Studies Topic 2 > Flashcards

Business Studies Topic 2 Flashcards

1
Q

4 features of effective management

A

Planning, organising, leading and controlling

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2
Q

List management skills

A

Interpersonal skills
Communication
Strategic thinking
Vision
Problem solving
Decision making
Flexibility & adaptability to change

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3
Q

What three parts comprise the triple bottom line

A

Economic, social and environmental

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4
Q

Describe two strategies that could be used to reconcile conflicting interests between shareholders and employees

A

Share acquisition schemes and training and development

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5
Q

4 benefits of having goals

A

Serving as targets
Measuring sticks
Motivation
Commitment

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6
Q

6 business goals

A

Profits
Market share
Growth
Share price
Social
Environmental

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7
Q

3 main social goals of a business

A

Community service
Provision of employment
Social justice

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8
Q

10 tips for motivating staff

A

Lead by example
Encourage suggestions
Implement conflict resolution strategies
Delegate responsibility
Take an interest in employees development
Provide a safe work environment
Establishment joint objectives through negotiation
Make clear expectations
Give recognition and appreciation
Communicate regularly with staff

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9
Q

What is the main goal of training staff

A

The main goal when training staff is to improve their productivity. By improving their productivity this will mean they offer more to the business.

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10
Q

Functions of classical approach

A

Planning
Organising
Controlling

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11
Q

What leadership style is associated with the classical approach

A

Autocratic

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12
Q

Functions of behavioural approach

A

Leading
Motivating
Communicating

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13
Q

What leadership style is associated with behavioural approach

A

Democratic

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14
Q

What is the contingency approach

A

There is no best way of managing and analyses the situation before picking which approach.

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15
Q

4 key business functions

A

Operations, marketing, finance and HR

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16
Q

Describe production process

A

The process of turning a businesses resources into goods and services

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17
Q

What is quality control

A

How a business measures product quality

18
Q

What is quality assurance

A

Determining whether a product meets a certain requirement

19
Q

What is total quality management

A

A commitment to excellence that emphasises continuous improvements in all aspects of a business

20
Q

What is the role of marketing

A

The role of marketing is to plan, price, promote and distribute products to present and potential customers.

21
Q

4 types of market segmentation

A

Demographic, geographic, psychographic and behavioural

22
Q

Define behavioural

A

Purchase occasion
Benefits sought
Loyalty
Socioeconomic group
Use rate
Price sensitivity

23
Q

Define psychographic

A

Lifestyle
Personality
Motives
Socioeconomic group
Consumer opinions
Interest

24
Q

Define geographic

A

Urban
Suburban
Rural
Regional
City size
Climate
Landforms

25
Q

Define demographic

A

Age
Gender
Family size
Education
Income
Occupation
Social class
Religion
Ethnicity

26
Q

What are the 4 P’s of marketing

A

Product, price, promotion and place

27
Q

What does a cashflow statement show

A

A cash flow statement indicates the movement of cash receipts and cash payments resulting from transactions over a period of time.

28
Q

What is the purpose of an income statement

A

The purpose of an income statement is to summarise the income earned and the expenses incurred over a period of trading. An income statement measures how much money has come into the business as revenue, how much has gone out as expenditure and how much has been derived as profits.

29
Q

What is COGS formula

A

Opening stock + purchases - closing stock = COGS

30
Q

What is gross profit equation

A

Gross Profit = Revenue - COGS

31
Q

What is net profit equation

A

Net Profit = Gross profit - expenses

32
Q

What is balance sheets equation

A

Assets = liabilities + owners equity

33
Q

Elements of HR cycle

A

Acquisition
Development
Maintenance
Separation

34
Q

Whats apart of acquisition in the HR cycle

A

Identifying staff needs
Recruitment
Selection

35
Q

Whats apart of the development in the HR cycle

A

Training
Development

36
Q

Whats apart of the maintenance in the HR cycle

A

Monetary benefits: rewarding employees efforts through financial compensation
Non-monetary benefits: rewards such as conditions

37
Q

Whats apart of the separation in the HR cycle

A

Voluntary: employees leaving on their own accord, eg. retire
Involuntary: employees being asked to leave, eg. being fired

38
Q

What are the types of separation

A

Retirement
Voluntary/involuntary redundancy
Resignation
Dismissal
Retrenchment

39
Q

2 internal influences on a business

A

Managers
Employees

40
Q

4 external influences

A

Competition
Legislation
Social
Technology

41
Q

2 strategies used to manage resistance to change

A

Creating a culture of change (encouraging teamwork)
Providing positive leadership (sharing the vision)

Business studies (2 decks)

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