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A level business UK > Paper 1 > Flashcards

Paper 1 Flashcards

1
Q

What are some examples of adding value?

A
  • Bundling
  • Customer service
  • Speed of response to customers
  • Packaging
  • Frequent buyer offers
  • Customisation
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2
Q

What might lead to a change in demand?

A
  • Price of substitutes
  • Prices of compliments
  • Changes in consumer incomes
  • Fashions, tastes, preferences
  • Branding
  • Demographics
  • External shocks
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3
Q

What might lead to a change in supply?

A
  • Changes in costs of production
  • Introduction of new technology
  • Government subsidies
  • External shocks
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4
Q

What affects price elasticity of demand?

A
  • Time
  • Competition for same product
  • Branding
  • Proportion of income product takes up
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5
Q

What are the pricing strategies?

A
  • Cost plus
  • Price skimming
  • Penetration pricing
  • Predatory pricing
  • Competitive pricing
  • Psychological pricing
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6
Q

What are some extension strategies?

A
  • Product adjustments

- Promotion

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7
Q

How do you draw a boston matrix?

A

Y axis market growth low to high

X axis market share high to low

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8
Q

How can you develop customer loyalty?

A
  • Communication
  • Customer service
  • Customer incentives
  • Personalisation
  • Preferential treatment
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9
Q

what are the stages in the recruitment process?

A
  • Identify the position needed
  • Prepare job description and person spec
  • Advertise the job
  • Shortlist applicants
  • Interview shortlist
  • Make appointment with successful applicant
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10
Q

What are the forms of training?

A
  • On the job
  • Off the job
  • Induction
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11
Q

What are some benefits of On the job training?

A
  • output is produced
  • Relevant for employees
  • Cheaper than other forms
  • Easy to organise
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12
Q

What are some drawbacks of on the job training?

A
  • Output could be lost (mistakes)
  • Could be stressful for worker
  • Trainers may get frustrated
  • Could be a danger to others
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13
Q

What are some benefits of off the job training?

A
  • Output not affected by mistakes
  • Learning isn’t distracted by work
  • Can take place outside working hours
  • Customers and others not at risk
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14
Q

What are some drawbacks of off the job training?

A
  • No output
  • Expensive
  • Some aspects can’t be taught off the job
  • Time consuming
  • May not be relevant
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15
Q

What is the span of control?

A

The number of people a person is directly responsible for in a business

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16
Q

What are the four motivational theorists?

A
  • Taylor
  • Mayo
  • Maslow
  • Herzberg
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17
Q

What was Taylor’s theory?

A

Money motivates people

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18
Q

What was Mayo’s theory?

A

Workers affected by conditions, skills and financial incentives

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19
Q

What was maslow’s theory?

A

Hierarchy of needs

20
Q

What are the stages of Maslow’s hierarchy?

A 
Physiological
Safety
Love/belonging
Esteem 
Self actualisation
21
Q

What was Herzberg’s theory?

A
  • Two factor theory:
  • Motivators (Recognition)
  • Hygiene factors
22
Q

What are some financial incentives for staff?

A
  • Piece rate
  • Commission
  • Profit sharing
  • Performance related pay
23
Q

What are some non financial staff incentives?

A
  • Delegation
  • Consultation
  • Empowerment
  • Teamworking
  • Flexible working
  • Job enrichment
  • Job rotation
  • Job enlargement
24
Q

What are the leadership styles?

A
  • Autocratic
  • Paternalistic
  • Democratic
  • Laissez faire
25
Q

What financial motives are there for setting up a business?

A
  • Profit maximising

- Profit satisficing

26
Q

What non-financial motives are there for setting up a business?

A
  • Ethical stance
  • Social enterprise
  • Independence
  • Home working
27
Q

What are some business objectives?

A
  • Survival
  • Profit maximisation
  • Sales maximisation
  • Market share
  • Customer satisfaction
28
Q

What are some types of businesses?

A
  • Sole traders
  • Partnerships
  • Limited partnerships
  • Limited companies
  • Private limited companies
  • Franchise
29
Q

What are the BRIC countries?

A
  • Brazil
  • Russia
  • India
  • China
30
Q

What are the MINT countries?

A
  • Mexico
  • Indonesia
  • Nigeria
  • Turkey
31
Q

What are some key growth indicators?

A
  • GDP
  • GDP per capita
  • Literacy
  • Health
  • HDI
32
Q

What makes up the HDI?

A
  • Life expectancy
  • Mean schooling years
  • GNI per capita
33
Q

What factors have contributed to Globalisation?

A
  • Reduction of trade barriers
  • Political change
  • Reduced transport/communication costs
  • Increased significance of global companies
  • Migration
34
Q

What are some Trade Blocs?

A
  • The EU
  • NAFTA
  • ASEAN
35
Q

What are some factors that prompt trade

A
  • Saturated markets
  • Competition
  • Economies of scale
  • Risk spreading
  • Possibility of off shoring etc.
36
Q

What are some factors to consider before trading in a country?

A
  • Income/disposable income
  • Ease of doing business
  • Infrastructure
  • Political stability
  • Exchange rate
37
Q

What are some factors to consider before producing in a country?

A
  • Costs of production
  • Skills/availability of labour
  • Infrastructure
  • Location in a trade bloc
  • Government incentives
  • Ease of doing business
  • Political stability
  • Natural resources
38
Q

What are some reasons for a Merger?

A
  • spreading risk
  • Entering new markets/trade Blocs
  • Acquiring Brand names/patents
  • Securing resources/supplies
  • Maintaining/increasing competitiveness
39
Q

What are the different marketing approaches?

A
  • Ethnocentric
  • Polycentric
  • Geocentric
40
Q

What is Ethnocentric marketing?

A

Domestic approach to all markets

41
Q

What is Polycentric marketing?

A

Adapted to local markets

42
Q

What is Geocentric marketing

A

Think global act local

43
Q

What are some cultural/social factors in markets?

A
  • Cultural differences
  • Language
  • Tastes
  • Unintended meanings
  • Inappropriate branding
44
Q

What are some impacts of MNC’s locally?

A
  • Local labour/job creation
  • Wages and working conditions
  • Local businesses
  • Local community and environment
45
Q

What are some impacts of MNC’s nationally?

A
  • FDI flows
  • Balance of payments
  • Technology/skills transfer
  • Consumers
  • Business culture
  • Tax revenues
46
Q

How can MNC’s be controlled?

A
  • Political influence
  • Legal control
  • Taxation policy
  • Pressure groups
  • Social media

A level business UK (8 decks)

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