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Digital business and finance > Final exam q's > Flashcards

Final exam q's Flashcards

1
Q

What is the value chain?

A

Evaluation of all the competitive advantages belonging to a firm. It is the basis of developing strategy, showing all activities taken to sell a product. It shows the elements that create value within an organisation.

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2
Q

What are the primary activities within the value chain?

A

Service
Marketing and sales
Outbound logistics
Operations
Inbound logistics

  • Inbound logistics: involves the receipt, storing and handling of materials acquired by the organisation in their raw state.
  • Operations: involves the processes used to transform these basic inputs into finished products.
  • Outbound logistics: involves the warehousing and distribution of finished goods.
  • Marketing and sales: involves the identification of customer needs and facilitating the sale of finished goods.
  • Service: occurs after sales have been made (e.g. installation, support and repairs, etc.).
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3
Q

What is core competencies?

A

A group of skills and technologies that enable organisations to provide a benefit to customers, they deliver competitive advantage to organisations, e.g. value chain.

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4
Q

What are reasons to outsource?

A
  • reduce and control operating costs (wages, management, training
    , taxes)
  • improve company focus (can focus on core competencies)
  • gain access to exceptional capabilities (higher ROI when going through an expert with specialist training)
  • free internal resources for other purposes
  • resources may not be available internally
  • maximise restructuring benefits (remove non-core business)
  • may be difficult to manage/ out of control
  • can allocate capital funds and spread these throughout the business
  • reduces risk
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5
Q

What is outsourcing?

A

Hiring a party outside/ separate to a company to perform services or create goods traditionally performed in-house.

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6
Q

What are the risks of outsourcing?

A
  • not easy (high level of info needed within firms, vendors must be capable and competent)
  • loss of control
  • data loss/ security
  • employee morale (job loss)
  • exit barriers
  • legal issues (gives increased liability)
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7
Q

What are the rewards of outsourcing?

A
  • technology leadership (competitive advantage arising from core competency from vendor)
  • cost savings
  • high quality staff
  • flexibility (vendors have high no. of resources available)
  • job security and burnout reduction
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8
Q

What is the marketing mix?

A

The set of tools a firm uses to pursue marketing objectives in the target market.
Product
Price
Place
Promotion

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9
Q

What is product within the marketing mix?

A

Anything that can be offered to a market for attention, acquisition or use that may satisfy a want or need.

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10
Q

What is price within the marketing mix?

A

Amount of money charged for a product/ service.

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11
Q

What are the pricing strategies?

A

Skimming
Penetration
Prestige
Discriminatory

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12
Q

What are the advantages or price skimming?

A

Segmenting the market can test theories to give feedback and create further demand.
High ROI
Maintain brain image
Only when product is inelastic
Attracts competitors and potentially created elasticity

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13
Q

What is place within the marketing mix?

A

How a business gets products to customers.

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14
Q

What is promotion within the marketing mix?

A

Communicating with customers.
Above the line = broadcast to large audiences
Below the line = targeted incentives to purchase

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15
Q

What are the 8 p’s in the marketing mix?

A

Product
Place
Promotion
Price
People
Physical evidence
Process
Productivity (performance)

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16
Q

What is positioning in marketing?

A

A set of actions and processes that are designed to improve the image and visibility of a brand/ company.
e.g. Toyota is a brand of modern vehicle that reduces carbon emissions because of innovative new technologies, this benefits them as gives positive attributes.

16
Q

What are the 5 stages in making a rational purchasing decision?

A
  1. Identify a need/ want/ solution
  2. Search for information
  3. Evaluate alternatives
  4. Make purchasing decision
  5. Post purchase evaluation
16
Q

What is a performance appraisal?

A

Getting better results by managing performance within an agree framework of goals, standards and competence requirements.

16
Q

What are the benefits of appraisals?

A

-setting of objectives
- timescales est.
- compares past performance against standard
- basis for PRP
- promote candidates
- seek areas of improvement
- communication improved
- basis for HR planning

16
Q

What are the barriers in appraisals?

A
  • confrontation
  • judgement
  • chat
  • bureaucracy (protocols)
  • unfinished business
  • annual event
16
Q

What are the reasons for outsourcing ?

A
  • reduce/ control costs
  • improve focus
  • access new capabilities
  • free up internal resources
  • reduce risk
16
Q

What are the benefits to outsourcing?

A
  • technology leadership
  • cost savings
  • high quality staff
  • flexibility
  • job security and burnout reduction for regular staff
16
Q

What are the benefits of JIT?

A
  • total elimination of waste
  • only have equipment and people on hand required
  • market/ sales led pull
  • increases productivity, work performance and product quality
  • saves cost
  • utilises TQC and gives quality at every stage of manufacture
17
Q

Why are good supplier relationships important?

A

If you are dependent on a few suppliers you need to manage them carefully.
Active management can influence deals you get (price, credit terms, bult discounts)
Gain competitive advantage - if rivals are not managing suppliers
Improve and maintain quality of goods supplied
Consistency and continuity of supply

18
Q

Why is branding important?

A
  • gets recognition
  • increases business value
  • generates new customers
  • improves employee pride and satisfaction
  • creates trust within marketplace
  • supports advertising
19
Q

What are reasons for high staff turnover?

A
  • ineffective management
  • poor promotion and career opportunities
  • uncompetitive rates of pay
  • inadequate training
  • poor morale
  • badly designed jobs
  • negative culture
  • poor appraisal systems
  • poor induction/ mentoring process
20
Q

Why would you use assessment centres to recruit?

A
  • reliable, fair, valid
  • focus on competencies
  • reduces chances of faulty selection (multiple assessors)
  • insight into candidates suitability
  • good candidates get opportunity to shine
  • improves decision making
  • improves collaboration
  • cost effective
  • improved retention
  • candidates get greater insight into company
  • candidates get useful feedback
21
Q

What are benefits of good appraisal systems?

A
  • helps with performance management
  • provides individual employees with feedback
  • identifies training needs
  • motivates employees
  • basis of reward system
  • helps focus on objectives
  • can identify talent within organisation
  • develops relationships
  • employees can voice concerns
  • employees receive feedback
22
Q

Why might employees be critical of performance appraisals?

A
  • outdated system
  • poorly designed
  • not appropriate for organisation
  • poor implementation
  • lack of support from top management
  • failure to address identified needs
  • promotion policy not linked to system
  • inadequate rewards
  • inadequate training
  • ineffective appraiser
  • inappropriate timing or bad choice of appraiser
  • inappropriate target setting
23
Q

What are the challenges of remote working?

A
  • different types of management required
  • keeping employees motivated and instilling right attitude, breeding and maintaining trust
  • maintaining communication
  • collaborating remotely
  • est. performance expectations
  • overcoming lack of personal contact
24
Q

What are the advantages of remote working?

A
  • reduced travel time
  • reduced stress
  • work life balance
  • control
  • opportunities for those unable to access workplace
  • flexibility
25
Q

What are the disadvantages of remote working?

A
  • erosion of work and own time
  • homes may be unsuitable for remote working
  • loss of social interaction
  • distractions
  • loss of learning from human contact
26
Q

What are the disadvantages of JIT?

A
  • Over reliance on suppliers.
  • Vulnerability to outside factors.
  • Staff and system readiness.
  • Additional investment.
  • Disruption.
  • Cultural upheaval

Digital business and finance (1 decks)

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