Need to know this

Question 1

What is the market share equation?

Answer 1

sales of business over total sales of market x100.

Question 2

how can you increase productivity?

Answer 2

any of the cell productions (TQM, cell production, JIT or kaizen.

Question 3

In an imperfect market what is most likely to occur?

Answer 3

product differentiation.

Question 4

what is structural change?

Answer 4

occurs when the economy changes over time. Patterns in demand change. e.g. new technologies.

Question 5

how can you increase market share?

Answer 5

take overs, mergers, creating new products or the pricing strategies.

Question 6

why would you want to operate in a niche?

Answer 6

small demand 
can set premium pricing
meet local/customer needs
brand loyality
...cannot benefit from economies of scale.
... high start up costs.

Question 7

what is the knowledge economy?

Answer 7

where the centre of economics is becoming the usage of intellectual skills and knowledge.

Question 8

what is empowerment?

Answer 8

giving someone more responsibility without consulting you.

Question 9

what is consultation?

Answer 9

where discussions and decision making are involved with staff, gives them a sign of responsibility.

Question 10

what is a hierarchy?

Answer 10

shows the layers of management in an organisation.

Question 11

How can you increase productivity?

Answer 11

Empowerment
Delegation
Any of the cell productions

Question 12

What are the marketing strategies?

Answer 12

The 4 p’s

Question 13

Why are businesses dynamic?

Answer 13

Because they are constantly changing. E.g. If new firms enter the market, they may set a Lower price therefore your demand may fall as there substitute brand is cheaper