influences on business decisions

Question 1

long termism is

Answer 1

focus on sustained growth through lower levels of borrowing, investment in research

Question 2

short termism is

Answer 2

prioritise short term rewards rather than investment in research or staff

Question 3

scientific based decision making is

Answer 3

decisions after analysing evidence

growth of internet means they can react to change quickly

Question 4

subjective decision making is

Answer 4

experience and intuition of owners

more entrpreneurial and risk taking

Question 5

4 features of a strong culture

Answer 5

• confident leader
• low staff turnover
• change is welcome
• strong communication

Question 6

4 features of a weak culture

Answer 6

• mistakes are about blame
• weak communication
• needs of business before customers
• high staff turnover

Question 7

4 types of culture

Answer 7

power
task
role
person

Question 8

power culture is

Answer 8

power held by few individuals that make the rules

employees judged on what the achieve

Question 9

role culture is

Answer 9

based on rules, highly controlled

everyone knows their own role

Question 10

task culture is

Answer 10

creates teams to resolve problems
power shifts between members
flexible but difficult to control

Question 11

person culture is

Answer 11

only their to support and help individuals

highly creative and quick to deal with change

Question 12

4 difficulties when changing culture

Answer 12

loyalty
failure to accept change
low of power
insecurity

Question 13

stakeholder approach is

Answer 13

more long term, sustainable growth

slower decisions, lose competitive advantage

Question 14

shareholder approach is

Answer 14

maximising shareholder returns

increase short term profits

Question 15

ethical recruitment is

Answer 15

fair, free from bias and should follow the law

Question 16

corporate social responsibility is

Answer 16

a business willing to accept responsibility for its actions