Short Answer Questions?

Question 1

Leadership Styles?

Answer 1

Democratic Leadership
Employees contribute to the workplace
Most useful:
- To make employees feel appreciated and increase team spirit/morale
- Employees work harder/ more productively.
Drawbacks: It takes longer to make decisions

Autocratic Leadership
Most useful:
- By taking control of the situation
- It doesn’t allow participation in decision-making
- Quick decisions
- The input of others doesn’t matter
- Unpopular decisions need to be made.
Drawbacks: This leads to more misunderstanding and discontentment, and employees can rebel.

Laissez-faire Leadership
Just get the job done right
Most useful: The employee group is mature and has high levels of experience in the workforce.
Drawbacks:
- All employees need direction, guidance, motivation and feedback from time to time,
- Employees need to believe their input is valued
- Not effective if there are new employees on the job

Question 2

Marketing Strategies?

Answer 2

Celebrity marketing
Uses prominent individuals who have substantial influence over a group of people in the hope of sending a message to a group
EXAMPLE: A famous athlete promoting a sports drink

Database marketing
Targets specific customers
Uses massive databases and analytics to a target specific consumers, some whom may not been asked to be solicited
EXAMPLE: The endless stream of unsolicited emails, phone, texts, etc.

Viral marketing
Encouraging people to pass along favourable marketing messages to friends, colleagues and contacts.
Viral marketing is the principle that underlies much of social media and internet advertising
EXAMPLE: Nikes Just Do It campaign

Green marketing
Promoting and highlighting features of products that respond to the growing ecological concerns in our society today, particularly among young customers
EXAMPLE: Advertising meatless burgers

Jingle marketing
Involves coming up with a catchy word or jingle that instantly strikes a chord with the right people at the right time
EXAMPLE: Mcdonalds “Im lovin it”

Guerrilla marketing (unconventional)
Describes unconventional marketing techniques that are intended to make a splash
EXAMPLE: Microsoft draped banners from Toronto’s CN tower to prompte its Windows 95 release.

Social media marketing
Way of promoting products by creating and sharing content on the internet
EXAMPLE: Using Youtube, Facebook, Internet X

Question 3

BALANCE SHEET AND INCOME STATEMENTS

Answer 3

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Question 4

Characteristics of Entrepreneurs?

Answer 4

Being a team leader, Efficiency and Effectiveness, risk management, Satisfying Customers Wants and Needs, Creativity and Innovation.