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Business > Mock December > Flashcards

Mock December Flashcards

1
Q

Hard hrm

A

Focuses on maximum productivity and efficiency in production
- delegate tasks and prioritise tasks getting done

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2
Q

Advantages of hard hrm is

A

Cost effectiveness and efficiency

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3
Q

Disadvantages of hard hrm

A

Low employe morale and turnover as well as less staff engagement

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4
Q

Soft hrm

A

Strategic approach that focuses on grating employees as valuable assets and prioritising their needs and well being

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5
Q

Soft hrm adv

A

Employee satisfaction
Employee retention- more likely to stay as feel valued
Reducing turnover
Productivity
Word of mouth marketing

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6
Q

Soft hrm disadv

A

Cost
Accountability- for poor performance if focus is on how treated
Lack of focus on corporate goals

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7
Q

Capacity utilization

A

Actual output/potential output ×100

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8
Q

Advantages of capacity utilisation

A

Improves efficiency
Increases competitiveness
Better resource allocation
Improved forecasting

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9
Q

Disadvantages of capacity utilization

A

Lack of flexibility
Quality issues
Staff issues
Machine issues
Black of time for maintenance

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10
Q

Investment appraisal

A

Trying to minimise the risk and to help inform decision making

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11
Q

Gearing

A

Investment that is related with loans

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12
Q

Sensitivity anaylsis

A

Process of systematically changing variables. To calculate a range of possible outcomes

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13
Q

Examples of sensitivity anaylsis

A

Discount factors
Expected inflows and cash outflow
Number of years of profit

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14
Q

Core competencee

A

Combination of skills, knowledge and abilities thay distinguish a person or business from its competitors

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15
Q

Core competences

A

Combination of skills, knowledge and abilities that distinguish a persin/business from its competitors

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16
Q

Example of strategic decision making

A

Swot anaylsis

17
Q

What us swot anaylsis influenced by

A

Corporate objectives
Core competence
Competitive environment
Leaders attituded to risk

18
Q

Igor Ansoff matrix

A

A strategic planning tool that provides a framework ti help executives, senior manager and marketers devise strategies for future business growth

19
Q

The four strategies of ansoff matrix

A

Market penetrative
Product development
Market development
Diversification

20
Q

Market penetration

A

The successful selling of a product or service in a specific market

21
Q

Potential approaches for market penetration

A

Gain share from competitors
Encourage customers to buy/ consume more
Changes to marketing mix
Extension strategies e.g dicsounts

22
Q

Market development potential approaches

A

Attract new customers by existing products
Possible approaches
Enter a new international market
Change promotional tactics
New distribution channels

23
Q

Market penetration potential dangers

A

Competitors reactions
Relatively short term only
Market may already be saturated

24
Q

Potential dangers marker development

A

Product may not be accepted, desired or understood in a new marker
Business may not understand new market
Alienation of current customers

25
Q

Product development

A

Selling new and better products to existing customers

26
Q

Possible approaches product development

A

Launch substantially improved version of existing products
Introduce complementary products
New product innovations

27
Q

Potential dangers product development

A

Risk of cannibalistic
May shorten product life cycle of existing products
Damage to brand

28
Q

Diversification

A

Selling mew products to new markets
High risk but also greatest potential for reward

29
Q

Possible approaches diversification

A

Research and development into new products and marker research into new markets
Acquisition of other businesses

30
Q

Potential dangers diversification

A

Relies on heavy statement
Cultural differences may exist

31
Q

Example of market penetration

A

A busines already operating internationally has wider potential
Existence in a segment of a market may help market penetration

32
Q

Example ot product development

A

May tap into expertise for research and development
Identify countries leading in product development

33
Q

Market development example

A

Identify rising star countries
Easier if new areas have similiar expectations and cultures

34
Q

Diversification example

A

Continues to be highest risk strategy especially in an international context

35
Q

Example of soft hrm

A

Offering competitive salary and bonus packages for attract and retain talented individuals

36
Q

Example of hard hrm

A

Employee appraisal systems that examine negative and positive performance

Business (8 decks)

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