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Business > Mocks > Flashcards

Mocks Flashcards

1
Q

What is a SWOT Analysis

A

A management technique that assesses a business in terms of its strengths, weaknesses, opportunities and threats.

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2
Q

McDonald’s - Strengths

A

Successfully rolled out new items like coffees, smoothies
Good reputation and Loyal customers
Well-known prestigious brand name
Multi-nationals

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3
Q

McDonald’s - Weaknesses

A

Harder to find more places for restaurants in the US
Dividend growth rate has been slowing down
Perception of unhealthy food - negative publicity
High Employee Turnover - low paying

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4
Q

McDonald’s - Opportunities

A

Opportunity for new restaurants outside the US
Upgraded menu
Expansion Plans - Refranchise 3500 restaurants by end of 2018

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5
Q

McDonald’s - Threats

A

Health-conscious customers

Other fast food restaurants

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6
Q

Motivation

A

The willingness of people to work hard and contribute their best effort

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7
Q

Autocratic Leadership

A

Do not like sharing their authority with subordinates but prefer to make most of the decisions themselves
Steve Jobs, Hitler

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8
Q

Democratic Leadership

A

Willing to discuss issues with staff and delegate power and responsibility where necessary
Bob Geldof

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9
Q

Risk Management

A

Identifying key business risks, their likely effect on the business, and then putting in place strategies to minimise them occurring
and when they do, to resolve them as quickly as possible

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10
Q

Methods of Risk Reduction

A

Fireproof Materials
Security devices
Health and Safety Programmes to teach workers

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11
Q

Exchange Rate

A

The price of one currency expressed in terms of another currency

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12
Q

Risk of Exchange Rates

A

Euro increases - Irish exports outside EuroZone increases

Unstable exchange rates make business planning harder and reduce business confidence

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13
Q

Chain of Command

A

How decisions flow from the top of an organisation down through the layers to the bottom

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14
Q

Span of Control

A

The number of people directly reporting to a manager

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15
Q

Non-Legislative

A

Does not involve legal process or agencies set up under law

Discussions and negotiations

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16
Q

Legislative

A

Using agencies set up by various Acts to try to resolve the issues regarding the proposed pay cut
Workplace Relations Commissions

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17
Q

Fear of Change

A

Loss of income

Extra burden of work

18
Q

Challenges of Starting a new Business

A

Hiring employees
Time management
Delegating tasks
Marketing Strategy

19
Q

Promotion

A

All the efforts (excluding price) made by the seller
to communicate and influence the target market
to buy a product

20
Q

Sales Promotion

A

Incentives offered to customers to attract their attention
Increase sales and customer loyalty
Special offers, giving out free samples, coupons

21
Q

Public Relations

A

Communicating with the media using news stories to create good publicity or respond to negative publicity
Sponsorship, paying celebs, contacting press

22
Q

Merchandising

A

Point-of-sale promotional displays to attract attention to a product
Window displays, cardboard displays, free samples

23
Q

Functions of a Feasibility Study

A

Determine what legal issues need to be considered

24
Q

Benefits of a Functional Organisational Structure

A

Builds up staff skills and expertise in each functions

Clear promotional paths for staff based on expertise

25
Q

Disadvantages of Functional Structures

A

Employees can focus on their own departmental goals and lose sight of overall business mission
Communications between departments can be slow

26
Q

Ad Hoc Meetings

A

Short notice to deal with a problem that has arisen

27
Q

Board Meetings

A

Meetings of the directors in a company
Monthly
Discuss stragetic plans, review progress, decisions

28
Q

Stock Control

A

Ensures the firm has the right amount of goods at the right time without incurring stockholding costs
Just in Stock

29
Q

Quality Control

A

Ensuring the product and service standards

expected by customers are properly met

30
Q

Benefits of Expansion

A 
Reduce costs - Economies of Scale
Eliminate competition
Empire building
Acquire new products
Reduce risk
31
Q

Primary Picketing

A

Employees and trade union officials walking up and down outside the workplace indicating a strike is in progress

32
Q

Negotiation

A

All parties explain their positions
Understand their differences
Bargain to arrive to a resolution

33
Q

Conciliation

A

Third party selected by the parties seeking a settlement sort out differenced and negotiate

34
Q

Arbitration

A

Third party investigates a dispute and recommends a solution

35
Q

Role of Interest Groups

A

Influence trade unions, Irish government, EU and wider society
Provides advice to members on economic and business matters

36
Q

Business Ethics

A

Moral rules that guide business decision-making

Decide whether a decision is right or wrong, honest and fair, regardless of profitability

37
Q

How to Encourage Business Ethics

A

Use a code of ethics
Encourage whistleblowing
Lead by example
Staff training in business ethics

38
Q

Privatisation - Benefits/Negatives

A

Large lump sum of income for government to re-invest in economy
Reduce waste and inefficiency
Causes redundancies
Important services not protected

39
Q

Extend a Product Life Cycle

A

Change packaging
Decrease price
Increase advertising
Promotion

40
Q

Implications of Operating in a Niche Marget

A

Small market - no competition
High cost-based
Limited goods
Less risk - there is a certain target market

41
Q

Benefits of Business Plan

A

Easier to obtain finance
Acts as a warning system
Sets targets for a business
Reduces risk - predicts profits generated

Business (18 decks)

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