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Business > Litle Parts > Flashcards

Litle Parts Flashcards

1
Q

What is capital intensive

A

Firms that produce using machines and robots. Very high fixed assets

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2
Q

Current ratio formula

A

Current assets/ current liabilities

Ignore brackets

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3
Q

Niche marketing

A

Promoting or selling a product to a specific specialised segment of a market

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4
Q

Mass marketing

A

Strategy to reach as many people as possible( entire market)

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5
Q

Influences on the marketing mix

A

Demographic factors
Enovironmental factors
Economic factors
Political factors

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6
Q

Inventory held influences

A

Lead time
Re order quantities
Buffer level of inventory

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7
Q

Ways of matching supply to demand

A

Outsourcing
Temporary employees
Producing to order

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8
Q

Gross profit

A

Cost of making the good

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9
Q

Operating profit

A

All overheads and costs taken into account

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10
Q

Net profit

A

Takes into account total costs

Revenue-TC

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11
Q

Equity

A

Liquidity of a business

Total assets - total liabilities

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12
Q

ROCE

A

Operating profit/capital employed x100

Capital employed= total assets-current liabilities

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13
Q

Hr objective

A

Diversity
Employee engagement
Talent development

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14
Q

Financial methods of motivation

A

Bonuses
Commissions
ProMotion

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15
Q

Strategy

A

Long term goals of organisation

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16
Q

Tactics

A

Specific actions to achieve the strategy

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17
Q

Ways to improve cash flow

A

Reduce costs
Reduce waste (lean production)
Improve planning

18
Q

Primary market research

A

Businesses will directly find their data

E.g questionares, surveys

19
Q

Secondary market reseearch

A

Using existing data within the market

E.g- analyst reports and published market studies

20
Q

Market mapping

A

Catorgrising the market into the catorgries of

High and low cost
Low and high quality

21
Q

Multi channel distribution

A

Selling through two or more channels

E.g online and stores

22
Q

Sources of finance

A

Debt factoring
Loans
Share capital
Overdrafts
Venture capital
Retained profits

23
Q

Three types of protectionism that can affect a business

A

Quota
Tariffs
Subsidies

24
Q

Extension strategies in product life cycle

A

Differentiation
Market development
Product development

25
Q

Capacity

A

Max output that a business can produce in a given period

26
Q

Span of control

A

Wide span of control- one manager oversees a large number of employees

Narrow span of control- one manager only oversees and manages small section of employees

27
Q

Organisational design

A

Authority
Span
Hierarchy
Delegation
De and centralisation

28
Q

Human resource flow

A

Explains the path in which an employee takes in an organisation

Recruitment
Training
Redundancy
Redeployment- employee moving from one role to another in an organisation

29
Q

Factors within political and legal environment can affect strategic decision making

A

Employee laws- retraining

Product laws- investing in new products

New restrictions- tarrifs quotas- new production methods

30
Q

What is SWOT analysis

A

Framework used to identify a companies strengths, weaknesses , opportunities and threats

Cons of this framework

Analysis is subjective
Resource consuming to gather data

31
Q

Mission

A

A short sentence describing why a business exists and it’s main goal

32
Q

Coorperate objectives

A

Objectives that relate to a business as a whole

33
Q

Functional business objectives

A

Relate to an objective specific to a functional area of the business

HR,Finance,operations,marketing

34
Q

Examples of social and demographic changes

A

Urbanisation and migration
Changes in consumer lifestyle
Growth of online businesses

35
Q

Congolomerate intergration

A

Type of merger that sees two firms merge making different products

E.g Walt Disney and broadcasting company merger

36
Q

Intrapeneurship

A

Way in which businesses encourage members of staff to act as entrepreneurs and develop new ideas

37
Q

Benchmarking

A

Copying different effective and innovative processes to implement into own businesses

38
Q

Patents and copyrights

A

Copyright - protection is automatic , lasts for 70 years

Patent - has to be new and genuinely innovative , certain inventions like artistic creations can’t be protected

39
Q

Flexible working options

A

Part time
Work from home
Career breaks
Job sharing
Shift swapping
Zero hour
Flexitime

40
Q

Delayering

A

Removing a layer of management

To streamline decision making
Greater communication

Business (14 decks)

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