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business > prelim two > Flashcards

prelim two Flashcards

1
Q

political external factors (7)

A
  • corporation tax
  • NMW
  • VAT
  • disposable income and income tax
  • environmental laws
  • changes to fiscal monetary policy
  • public spending
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2
Q

competition policies external factor (2)

A
  • blocks merges
  • blocks methods of competition such as low prices
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3
Q

economic external factors (7)

A
  • fiscal
  • monetary
  • exchange rates
  • interest rates
  • inflation
  • recession
  • Brexit
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4
Q

social external factors (8)

A
  • demographics
  • characteristics
  • population
  • retirement
  • women in work
  • fashion trends
  • flexible working
  • ethical consideration
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5
Q

technology external factors (3)

A
  • cloud computing
  • social media
  • wi fi
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6
Q

environmental external factors (4)

A
  • weather
  • recycling
  • carbon footprint
  • renewable
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7
Q

competition external factor (6)

A
  • more choice for customers
  • prices are kept low
  • benefits the market
  • profits are reduced
  • customers may be lost
  • money spent in research and development
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8
Q

conflict between employees and owners

A

owners may want to maxamise profits of the company whereas employees may want a pay rise

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9
Q

conflict between customers and owners

A

owners may want to maximise profits whereas customers may want the product to be cheaper

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10
Q

conflict between suppliers and owners

A

suppliers want to be paid asap whereas owners prefer to trade credit (pay later)

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11
Q

conflict between government and owners

A

the government may want to increase the NMW or introduce new legislation which the owner may disagree on as it will have a negative impact on their business

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12
Q

tall structure (6)

A
  • more levels of authority
  • high chain of command
  • slower communication times
  • slower at responding to external factors
  • higher chance of promotion
  • fewer staff to share ideas with
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13
Q

flat structure (7)

A
  • fewer levels of management
  • short chain of command
  • communication is quick
  • fast response to external factors
  • staff can make decisions themselves
  • fewer promotion opportunities
  • more pressure for staff
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14
Q

centralised structure (3)

A
  • top management makes decisions
  • subordinated have less responsibility
  • slow reaction to external factors
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15
Q

decentralised structure (6)

A
  • quick reaction to external change
  • decisions are made outside of management
  • subordinates have more power
  • senior management is relieved from all decision making
  • different branches may operate differently
  • additional training needed
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16
Q

matrix structure (5)

A
  • skilled workers put in teams to carry out a specific task
  • complex issues can be solved
  • higher job satisfaction and motivation
  • high wage costs
  • duplication of resources
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17
Q

Entrepreneurial structure (6)

A
  • small businesses where owner makes all decisions
  • decisions are made fast and well
  • no confusion
  • heavy workload
  • if owner is busy decisions cannot be made
  • staff has no responsibility
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18
Q

internet market research technique (3)

A
  • cheaper than carrying out field research which can help the company reduce costs
  • quicker than carrying out face to face interviews which allows for quicker decision making.
  • A wide variety of sources are available via the internet which means the company can gather lots of views.
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19
Q

competitors websites

A

using competitors information allows the company to plan ahead, develop a marketing strategy for what they will do in the future

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20
Q

government websites

A

this information should be factual, allowing the company to understand the market and make decisions regarding their target audience.

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21
Q

newpapers

A

this information is likely to be up to date reflecting the current position of the economy for example, can help the company plan for the future

22
Q

mystery shopper (4)

A
  • clear sample for what customers may experience
  • fast and less expensive than other methods used
  • information relates to one persons experience
  • assess customer service
23
Q

personal interviews

A
  • face to face meaning 100% response rate. interviewer can give detailed responses and questions can be explained. more questions can be asked. bias and expensive
24
Q

telephone surveys

A
  • cheaper than interviews. wide range of geographical area can be sampled. only short questions can be asked. 100% response rate
25
Q

postal survey

A
  • no interview bias. can cover a wide geographical area. must be made clear as questions cannot be asked. response rate may be poor
26
Q

benefits of a product portfolio (4)

A
  • can meet the demand of many different areas of the market
  • spread the risk over different markets which reduces the chance of failure
  • brand awareness increases
  • new products can replace those at the end of their life cycle
27
Q

disadvantages of having a varied product portfolio (3)

A
  • high costs involve in research and development
  • if a product fails and gains a bad reputation it may affect the rest of the portfolio
  • high costs to promote each product
28
Q

cost plus

A

price is raised to the business makes an overall profit
- total cost covered and profit made
- doesn’t take external factors into consideration

29
Q

Competitive

A

price is set based on competitors prices
- improves the market as a whole
- other areas of the product have to be better to ensure sales

30
Q

skimming

A

price is set high and the reduces over time
- lack of competition allows high price to be charged
- high price may put customers off

31
Q

penetration

A

price is set low and raised over time
- gain customer loyalty
- little profit may be made when price is low

32
Q

destroyer

A

price is set very low temporarily
- forces competitors out of the market
- large profit is lost

33
Q

loss leader

A

price of some products are set at a loss in hopes that customers willi also buy the normal priced products
- customers may buy normal priced products
- some customers will only buy lost leaders

34
Q

premium

A

price is set high and stays high
- gives a sense of quality
- may put customers off

35
Q

what is PR

A

public relations controls the image of the business. aim is to improve image of the organisation

36
Q

press conference

A

media is invited to a business presentation
Advantages
- business is in control of what is reported
- can get the media on their side
- ability to ask question
disadvantages
- under preparation
- put on the spot when asked difficult questions
- may makes their situation worse

37
Q

donations to charities

A

advantages
- promotes CSR making the company more ethical improving their image
disadvantages
- shareholders may prefer money being spent in a different way

38
Q

sponsorship

A

when a company pays to sponsor and event or team
advantages
- if the event is a success the company will benefit
- business can become popular with those who support or watch the sponsored event
disadvantages
- cost a lot to sponsor a large event
- if even tor team suffer the business willi be associated with this

39
Q

celebrity endorsement

A

a company pays a celebrity to promote their product
advantages
- individuals who like the celebrity may be encouraged to buy product
- anytime the celebrity uses the product it is free advertisement
- high prices can be charge as product is exclusive
disadvantages
- very expensive to pay celebrity’s
- some individuals who dislike the celebrity may be put off the brand
- poor performance by celebrities will reduce sales of the product they endorse

40
Q

people marketing mix (4)

A
  • train staff well to deal with customers so staff is informed on how to behave
  • update staff on products/service developments which willi ensure that staff are knowledgable and can assist customers
  • monitor staff by recording customer service ensuring business is represented appropriately
  • provide a good after sales service for customers which will increase customer loyalty
41
Q

process marketing mix (4)

A
  • ensure outlets and call centres are well staffed which avoids customer having to waste time in queues
  • offer customer support which avoids further waiting
  • assess process to understand where issues lie.
  • introduce latest technology which works faster and will speed up processes
42
Q

physical evidence marketing mix (3)

A
  • premises must be modern and clean ensuring customers opinion is not ruined by dirty or old fashioned shops
  • feedback from customers should be encouraged and promoted giving new customers reference materials and trust beforehand
  • layout and design of website should be considered so customers understand the type of business it is and can appeal to the target markek
43
Q

overstock consequence (5)

A
  • supplies may go out of date
  • supplies may go out of fashion before they are used
  • risk of theft by staff, customers and thieves
  • payments must be made to have the space to keep these materials
  • opportunity cost of money being tied up on the overstock instead of being spent elsewhere in the business
44
Q

understock consequences (4)

A
  • business may run out of product which means they have nothing to sell reducing their sales and profit overall
  • business may not benefit from bulk buy discounts as it makes may small orders
  • no goods to sell result in bad reputation
  • increase delivery costs as many small orders are made
45
Q

what is just in time production

A

ordering supplies when required for production or when an order is placed

46
Q

advantages of just in time production (3)

A
  • no waste as all storage is used for production
  • no money is stuck in the inventory improving the cash flow
  • no warehouse is required saving costs
47
Q

disadvantages of just in time production (4)

A
  • if deliveries are late it may face negative consequences of under stocking
  • must have good relations with supplier which can take time to develop
  • relies on good infrastructure between business and supplier
  • no room for error in the production process
48
Q

Advantages of using capital intensive production (6)

A
  • product is manufactured consistently at the same quality making sure no customer receives a product thats has lots of errors
  • machinery can work 24/7 without the need of breaks
  • machinery can do more dangerous jobs
  • few mistakes are made
  • fewer employees are needed reducing wage costs
  • speed up production
49
Q

quality control

A

inspecting raw materials or finished product
advantages
- ensures faulty goods are not sent to customers
- limits potential for bad reputation due to faulty products
disadvantages
- creates a lot of waste as quality of goods are not checked until until the end of production
- costs business a lot as products have to be reworked from scratch

50
Q

quality assurance

A

Products are checked through each stage of production
advantages
- less waste decreasing costs spent on discarded materials
- easy to find faults in the production line
Disadvantages
- production may be slowed as process are inspected
- can increase the cost of production such as paying for mangers wage

51
Q

ways to improve sustainability of an organisations operations (4)

A
  • carbon footprint
  • sustainable raw materials
  • reduction in waste
  • sustainable packaging
52
Q

Explain the ways an operation department can achieve the ethical and environmental considerations of a positive corporate social responsibility (CSR) policy. 4 marks

A

a company can increase the use of sustainable materials, this could improve the quality of the product leading to a greater levels of customer satisfaction.

A company may consider using renewable energy which could help reduce their production costs (1)

Another method which could be sued to reduce waste, this could involve using less materials in packaging which could reduce storage costs (1)

Reducing their carbon footprint is another method which could be used, this could enhance their reputation as well as reduce transportation costs. (1)

business (7 decks)

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