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Business Management / Accounting > Busman Book 2 > Flashcards

Busman Book 2 Flashcards

1
Q

what is market research?

A

market research is the process of finding and analysing information about customer wants and needs and the nature od the market.

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2
Q

why is market research conducted?

A

to help business make decisions that will appeal to customers and allow them to compete.

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3
Q

How is market research conducted?

A
  • Allows business to gain insight into an industry and assess the potenital success of the concept
  • Aims to provide qualitative and quantitative data
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4
Q

what are the two types of market research?

A

primary and secondary

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5
Q

what areas are market reasearch used for?

A
  1. Identify new opportunites
  2. To assess the feasibility of different plans/ideas (feasibility study)
  3. To review the success of the plans/ideas once implented.
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6
Q

what is primary research?

A

the collection of information first-hand by a business for a specific purpose

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7
Q

what are the pros for primary research?

A
  • data is accurate and up ti date
  • fully specific to the purpose or cause
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8
Q

what are the cons of primary research?

A
  • time consuming + $$$
  • May be biased if the business is inexperienced in carrying out research
  • May lack validity if the research was not conducted amongst a large and relevant audience
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9
Q

how is primary researched collected

A

surveys, questionnaires, interviews, observations

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10
Q

what is secondary research?

A

The use of information that has already been collected previoulsy.

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11
Q

what are PROS of secondary research?

A
  • often cheaper than conducting primary research
  • Quicker as the information is already available
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12
Q

what are CONS of secondary research?

A
  • not completley applicable to specific requirements of the business
  • Business is not aware of the conditions under the research has been conducted.
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13
Q

how are secondary research collected?

A

newspapers, reports, websites (internet), journals, statistics.

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14
Q

what is Qualitative data?

A

non-numerical data including opinions or written responses

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15
Q

what is Quantative data

A

numerical data, such as figures and statistics that can be more easily analysed

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16
Q

what is 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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17
Q

What are the 4 P’s

A

Place, Product, Price, Promotion

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18
Q

what does the product do

A

should possess key features that ensure it appeals to the need of its target market.

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19
Q

what does the price do?

A

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

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20
Q

what are the 2 pricing strategies

A
  1. Price skimming
  2. Penetration pricing
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21
Q

what is place?

A

refers to whether the product will be sold and how it will distrubuted.

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22
Q

what are considerations when to comes to place?

A
  • where will people be looking for your product?
  • will they need to hold it in their hands/try on it?
  • will you use thrid party sellers or not?
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23
Q

what is promotion?

A

refers to how the product will be advertised.

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24
Q

what is the aim of promotion?

A
  1. Inform the consumer, e.g prices, loaction, product features
  2. build a brand image
  3. Create customer loyalty, encourage customers to buy again
  4. Persuade the customer to purchase the prodcut for the first time or more regulary
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25
Q

what are the 3 methods of promotion

A

advertising, sponsorship and sales promotions

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26
Q

what is the method 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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27
Q

what is the method sponsorship?

A

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

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28
Q

what is the method of sales promotion?

A

short-term sales initiatives to boost sales, for example, various offers such as “buy one, get one free” (BOGOF), competitions, collect the tokens, loyalty cards, credit terms and coupons

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29
Q

what is a SWOT analysis

A

a study undertaken by an organistaion to identify its internal strengths and weaknesses, as well as its external opportunites and threats

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30
Q

what does SWOT help gain an understanding of?

A

-internal strengths e.g innovative staff, products unique selling point
- internal weaknesses e.g high staff turnover
- external opportunities e.g move into forigen markets
- external threats emg increased competition

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31
Q

what does a SWOT analysis include?

A

strengths, weaknesses, opportunities, threats

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32
Q

what are the benefits of SWOT

A
  • it shows current and potential future position of a company
  • highlights company strengths and weakness against competitors
  • used to help the company meet consumer needs and keep up with competitors
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33
Q

drawbacks of SWOT

A
  • weaknesses and strengths are often a matter of perception rather than fact(often though consumer research)
  • may be advisable to employ an outside company to carry out regular audit of the business
  • open to interpretation + info is never perfect and future always changes
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34
Q

what is management style?

A

the behaviour and attitude of the manager

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35
Q

what are factors that influence the management style?

A

1.Nature of task
2.Time
3. Experience of employees
5. Manager perference

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36
Q

what are situational variables?

A

are the factors which influence/change the way the manager acts in any given situation

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37
Q

what does the nature of the task mean?

A

is the task dangerous, creative or straightforward?

38
Q

what does time mean?

A

is there any time pressure on the task? What time fram is involved in the decision making process?

39
Q

what does the experience of employees mean?

A

Are the employees expert? Are the employees high skilled or low skilled? Are they completley new to the situation and lack experience? Are they highly motivated?

40
Q

What does manager preference mean?

A

what does their personality align with?

41
Q

what are the 3 different management styles?

A
  1. Autocratic (Tells)
  2. Consultative (Asks)
  3. Laissez Faire (Lets)
42
Q

What is the decision making like in the Autocratic Management style?

A

Centralised- manger makes the decisions with no staff input

43
Q

what is the communication like in the Autocratic Management style?

A

One way–> clear directions are given and employees are told what to do.

44
Q

how much control do managers have when having an autocratic management style?

A

High control

45
Q

when is the autocratic style be appropraite to use?

A

-nature of task = high risk or crisis situation, large group of employees working on a task simple in nature.
-Time= limited
-experience of employess= Lack of skill + knowledge to experience to do the task
-manager perference = maintain control

46
Q

what are advantages of an autocratic management style?

A
  • High level of clarity= clearly defined procedures= consistency in outcome
  • employees’ role and expectations set out plainly= performance can be monitored + staff held accountable
    -Decisions made quickly=highly responsive in time of crisis
47
Q

what are disvantages of autocratic management style?

A
  • doesn’t allow the manager to access staff knowledge/ideas= potential that best decisions are not made
  • Employees=no power= no chance to develop skills + feel undervalues= derease morale–> low job satisfaction–>high staff turnover
  • and “us and them” mentality may develop= lack of employee pride in performance–> may lower overall business performance
48
Q

what is the decision making in the consulative managemnt style?

A
  • decision making= made by management (centralised) after discussion with employees to obtain their opinion
49
Q

what type of communication is there in the Consulative Management type?

A

2 way communication

50
Q

what is the control like in the Consulative Management type?

A

manager maintain ultimate control, h/w greater imporatnce is placed on employees involvement + some control over info flow is passed over during decision making process

51
Q

what should the nature of the task be like when having a consulative style?

A

More complex/creative tasks, when there are elements of the task where employees have more knowledge than the manager, when there are a wide variety of considerations to be taken into account

52
Q

what is the time like in a consulative type?

A

limited time pressure-it takes time to consult employees

53
Q

what is the experience of employees like in consulative type?

A

Higher levels of experience and skills- employees may have very detailed knowledge of elements of area decision being made about but not knowledge of the “big picture”

54
Q

what is the manager prefernce like in consulative style?

A

likes to include employees and values input, h/w still make the final decision.

55
Q

what are the advantages of consulative type?

A
  • Greater variety of ideas= improved–>management of decisions=improved business performance

-employess have some ownership=increased motivation and commitment

-employee development/learning through consultation process + through consultation process + enables management to identify high portential staff based on input= increase employee development.

56
Q

what are some disadvantages of consulative type

A
  • slow due to time to consult
  • some employees may not want to be consulted on decisions OR some employees may not have knowledge and skills to be able to contribute meaningfully

-Conflict or resentment b/c some ideas have to be ignored

57
Q

What is Laissez Faire decision making like?

A

Decentralised- Authority to make decisions is handed over to employees

58
Q

what is the commuication like in Laissez Faire?

A

Two way- the manager makes the objectives and time constraints clear, then the employee team reports the progress.

59
Q

how is the control like in Laissez Faire?

A

manger hands control over to employees and monitors progress towards objectives.

60
Q

what should the nature of the task look like when having a Laissez faire management style

A

simple and no requirements for uniformity- where employees don’t need supervision
complex- highly dependent on employee skills- where solution may not be known

61
Q

what should the time look like when having a laissez faire look like?

A

extend time period to make decisions

62
Q

what should the experiencing of employees look like when having laissez faire?

A

high level of expertise/experience- employees may havemore experience than management in specifics of the task at hand (as a whole)

63
Q

what is the manager prefernce when having a laissez faire style?

A

prefers to delegate to employees, comfortable with a hands off approach, sometimes lacks sense of personal responsiblituy

64
Q

what are the adavantages of Laissez faire?

A
  • employees feel a sense of ownership, which can promote outstanding results
    -continual encouragement for creativity
  • delegation enables management to focus on other elements of organistaion.
65
Q

what are the disadvantages of Laissez faire?

A
  • complete loss of control by management–> can lead to management becoming disconnected; t/f, lack ability to intervence when required
  • can lead to a sense of lack of direction for staff- not clear what is wanted or expected for them=lowers motivations
66
Q

what does quality mean?

A

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

67
Q

what are the two quality strategies?

A

Proactive and Reactive

68
Q

What is the proactive strategy?

A

quality management prevents defects t/f decreases waste, coste and increase efficiency

69
Q

what is the reactive strategy?

A

strategies to try to fix errors after they already occured.

70
Q

What is quality control?

A

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

71
Q

what strategy is quality control?

A

Reactive

72
Q

why is the quality control a reactive strategy?

A

b/c it detects and eliminates post-production errors= prevents low quality products being sold to customers.

73
Q

what is the quality control process?

A
  1. Benchmarks
  2. Inspections conducted
  3. Comparisons between product and benchmark made
  4. Corrective action in the event quality is deemed to be below benchmark
74
Q

what are some examples of quality control?

A
  • Batch testing
  • Safety checks
75
Q

how does quality control link to business objectives?

A
  • prevents defect products or detects poor service- t/f increase quality of what customer receives
  • defects can be detected early- reduces waste of time if og input was bad or error was made early
76
Q

Quality control PROS

A
  • customers do not recieve faulty goods or services = improved reputation
  • Reduces need for refunds
  • Relatively inexpensive strategy to implement
77
Q

Quality control CONS

A

-create waste= cost+environmental impact
- Unless every product is inspected, inferior goods may still reach the customer= impact on rep
-Time consuming

78
Q

What is Quality Assurance

A

organisation achieves certification of quality in its production from an independant boy after being assessed

79
Q

what type of strategy is quality assurance

A

proactive

80
Q

how is quality of assurance a proactive strategy?

A

b/c it seeks to use best practice to prevent errors from occuring BUT still includes checking mechanisms in case these do not work.

81
Q

what are the pros in quality assurance?

A
  • reduces waste from erros= lower cost + environmental impact
  • reduces errors increases productivity- more smooth
82
Q

what are the cons in quality assurance?

A
  • employees may need to be trained to comply with new processes
  • documentation can be time consuming
83
Q

what is total quality management?

A

whole organisation approach to achieving quality based on continuous improvement. Part of cultuture with all employees having a role to play –> “internal customers” able to give feedback to others within the org.

84
Q

what strategy is total quality management?

A

proactive b/c seeks to prevent defects from occuring.

85
Q

what are the 3 principles of total quality management?

A
  1. continuous improvement
  2. employee empowerment
  3. Customer focus
86
Q

what does continous improvement mean?

A

standards keeps getting raised b/c quality can always be improved=incremental improvement

87
Q

what does employee empowerment mean?

A

employees given direct responsibility through quality circles - small groups meet together to discuss ways of improving quality processes –> proposals put to management.

88
Q

what is customer focus?

A

review through the lens of customer needs and expectations

89
Q

what are pros of total quality management?

A

-highly adaptable to specific business requirements
- reduces erros t/f waste t/f costs + environmental impact
- increase motivation

90
Q

cons of total quality management?

A
  • time consuming
  • requires shift in culture
  • employees require training to be able to indentify methods to improve quality
91
Q

purpose of market research?

A
  • more detailed understanding of industry and customer tastes –> make more informed decisions about the business + allows business to adapt to what customer wants.

Business Management / Accounting (5 decks)

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