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A-level Business > Models > Flashcards

Models Flashcards

1
Q

What does the Tannenbaum Schmidt model show?

A

It highlights the range of different management styles that may be adopted ranging from a ’tell’ approach to one that involves delegation. It shows there is a continuum rather than either authoritarian or democratic.

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2
Q

What are the Severn levels of control in the tannenbaum schmidt leadership continuum?

A
  1. Leader tells
  2. Leader sells
  3. Leader suggests
  4. Leader consults
  5. Leader joins
  6. Leader delegates
  7. Leader abdicates
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3
Q

What are the advantages of the Tannenbaum Schmidt model?

A

Gives you a wide range of ways to involve and interact with your team.
Allows you to understand how your approach should change over time as the situation changes.
Allows experimentation.

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4
Q

What are the disadvantages of the Tannenbaum Schmidt model?

A

Only examines the process of giving a task to your team, not what happens next.
Ignores soft factors.
Doesn’t provide a mechanism for determining the right approach for your team.

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5
Q

What is the Blake Mouton Grid?

A

It highlights that there are different management styles- some managers focus on the tasks, some on the people in their team, some are not interested in either task or team and some gain the commitment of people to the task.

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6
Q

What is a country club leader on the Banke Mouton grid?

A

High concern for people and Low concern for the task

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7
Q

What is a Team leader leader on the Banke Mouton grid?

A

High concern for people and High concern for the task

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8
Q

What is a Impoverished leader on the Banke Mouton grid?

A

Low concern for people and Low concern for the task.

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9
Q

What is a productive or perish leader on the Banke Mouton grid?

A

Low concern fr people High concern for the task.

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10
Q

What is the scientific decision making model?

A

A logical and rational approach to decision making with a series of stages that follow on from one another.

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11
Q

What are the steps in the Scientific decision making?

A
  1. Set objectives
  2. Gather data
  3. Analyse data
  4. Select
  5. Implement
  6. Review
    and repeat…..
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12
Q

What are the benefits of the scientific decision making model?

A
  1. Reduces the risk of making mistakes as decision is based on data.
  2. Provides guidance for managers who lack experience
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13
Q

What are the disadvantages of the scientific decision making model?

A
  1. Significant amount of time to complete
  2. Suitable for small firms only
  3. Influences the feeling of pressure
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14
Q

What are decision trees?

A

A model that provides an example of scientific decision making

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15
Q

What is the expected value in a decision tree?

A

It shows the waited average of a given choice
Probability of each outcome X it’s expected value and then add them together

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16
Q

What is the net gain in a decision tree?

A

Expected value - initial cost of a given choice

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17
Q

What is the decision based on in a decision tree?

A

Based on the choice with the highest net gain

18
Q

What are the benefits of decision trees?

A
  1. Choices are set out in a logical way
  2. Options are compared
  3. The use of probabilities enables risk to be factored in
  4. Likely cost are considered as well as potential benefits
  5. Easy to understand and tangible results
19
Q

What are the drawbacks of decision trees?

A
  1. Probability’s are just estimates
  2. Only quantitive data
  3. Probability’s and expected values prone to bias
  4. Doesn’t necessarily reduce the amount of risk
20
Q

What is the stakeholder mapping model?

A

A model that categorises stakeholders in terms of their relative power and interest. It highlights that not all stakeholders are equal- they vary in terms of power and influence. This may affect the way a business communicates with different groups and how much attention is paid to their views.

21
Q

How is the stakeholder mapping model laid out?

A

Y axis = stakeholder power
X axis = stakeholder interest

22
Q

What are the four types of stakeholders in the stakeholder mapping model?

A

Keep satisfied = high power and low interest
Manage closely = high power and high interest
Monitor = low power and low interest
Keep informed = low power and high interest

23
Q

What is market mapping?

A

It identifies how products/ brands are perceived by customers relative to other products/ brands in the market. It highlights that there are various crises used by customers to judge products. The appropriate criteria will depend on the market and how customers assess these products.

24
Q

What is price elasticity of demand?

A

It measures the responsiveness of a product/ services demand to a change in price.

25
Q

Why is the value of price elasticity of interest to demands?

A
  1. It influences pricing decisions
  2. It provides useful information on the quantity demanded of price changes. This is important for deciding staffing, inventory controls and for planning cash flow and estimating profit and loss.
26
Q

What happens if a product/ service is price elastic?

A

If demand is price elastic this means it is sensitive to a change in price. A fall in price leads to a bigger increase in quantity demanded; although the price of one unit is less, the increase in sales means the total revenue earned is more.

27
Q

What happens if a product/ service is inelastic?

A

This means that it is insensitive to price changes. A price increase will increase revenue.

28
Q

What are the problems with using the price elasticity of demand?

A

Doesn’t take into account other factors such as income, weather, prices of other products etc…
Therefore it is more of an estimate

29
Q

What may cause demand to be inelastic?

A
  1. A heavily branded product
  2. If there are few substitutes
  3. In the short term it may be hard to find substitutes
  4. If a relatively small proportion of income is spent on that product
30
Q

What is income elasticity of demand?

A

This measures the sensitivity of demand to changes in income.

31
Q

What do the answers to a calculation mean?

A

If more than 1 it is classed as a luxury- as incomes grows more is spent on luxuries
Less than 1 but more than 0 is a necessity- as income grows proportionately less is spent on necessities.
Less than 0- an inferior good which means that as income rises demand actually falls.

32
Q

What is the STP model?

A

It stands for segmentation, targeting and positioning.
It outlines the marketing process.

33
Q

What is market segmentation (STP model)?

A

It involves identifying different parts of the market where customers share similar needs and wants.
It enables businesses to focus their marketing efforts more accurately and develop products tailored to specific customer segments.

34
Q

What is targeting (STP model)?

A

Targeting strategies such as mass marketing, differentiated targeting and niche or concentrated marketing.

35
Q

What is market positioning (STP model)?

A

Involves determining how to compete effectively in the target market.
A positioning map help visualise different product positions in the market based on selected dimensions.

36
Q

What are the 7P’s of the marketing mix?

A

Product
Place
Price
Promotion
People
Process
Physical environment

37
Q

What is the Boston matrix?

A

It assesses how products are performing in relation to market share and market growth.
It is segmented into dogs, cash cows, problem child and stars.

38
Q

What are dogs (Boston matrix)?

A

Low market share and low market growth
Managers must either revive these or stop production

39
Q

What are cash cows (Boston Matrix)?

A

High market share Low market growth
Well established products that don’t need investment in promotion

40
Q

What is a problem child (Boston matrix)?

A

Low market share High market growth
Attractive growing market but not established product
Investment in promotion and distribution of these products

41
Q

What are stars (Boston matrix)?

A

High market share High market growth
Successful in fast growing markets
May need investment to maintain market share- these funds may come from cash cows

42
Q

What are the stages of the Product Life Cycle model?

A

Development
Lunch
Growth
Maturit
Decline

A-level Business (2 decks)

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