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Business Paper 2 > Specification Areas > Flashcards

Specification Areas Flashcards

1
Q

market growth

A

(difference/old or original) x100

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2
Q

5 key marketing objectives

A
  • sales growth
  • launching new products
  • entering new markets
  • brand loyalty
  • market share
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3
Q

4 primary research examples

A
  • surveys/questionnaire
  • observations
  • focus groups
  • test marketing
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4
Q

5 secondary research methods

A
  • published reports
  • newspapers
  • internet
  • government
  • market research reports
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5
Q

What is the purpose of market mapping

A

To spot gaps in the market

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6
Q

What is sampling

A

Choosing a small amount of people from the target population

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7
Q

What is extrapolation

A

Identifying future trends from historical data

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8
Q

Product life cycle stages

A
  • R and D
  • Introduction
  • Growth
  • Maturity
  • Decline
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9
Q

5 Product life extension strategies

A
  • product redesign
  • price reduction
  • new packaging
  • increase promotions
  • new markets and segments
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10
Q

Dynamic pricing

A

When pricing changes based on the level of demand

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11
Q

6 Key promotional methods

A
  • advertising
  • sales promotion
  • direct selling
  • personal selling
  • sponsorship
  • merchandising
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12
Q

7 P’s of the marketing mix

A
  • price
  • product
  • promotion
  • place
  • people
  • process
  • physical environment
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13
Q

Taylor’s theory

A

Staff are motivated by money

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14
Q

Maslows theory

A
  • staff are motivated by having their needs met
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15
Q

Maslows hierarchy of needs

A
  • self-actualisation
  • esteem
  • social needs
  • safety needs
  • physiological needs
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16
Q

Herzbergs theories

A
  • Two-factor theory

- Hygiene factor

17
Q

5 Financial rewards

A
  • salaries
  • wages
  • piece rate
  • bonuses
  • performance related pay
18
Q

4 Non financial rewards

A
  • promotion
  • empowerment and delegation
  • praise
  • consultation
19
Q

Key phases of the business cycle (GDP Measure)

A
  • boom
  • recession
  • slump
  • recovery
20
Q

Exchange rates

A

Value of currency represented as another

21
Q

What do exporters prefer the pound to be?

A

Weak

22
Q

What do importers prefer the pound to be?

A

Strong

23
Q

Inflation

A

Measures the change of the average price of goods and services as a %

24
Q

Why are protectionism policies introduced?

A

To protect domestic business from overseas competition - strengthens economy

25
Q

5 Organic methods of growth

A
  • open new branches
  • invest in tech and new facilities
  • increase capacity
  • develop new products
  • enter new markets
26
Q

2 Inorganic/external methods of growth

A
  • takeover

- merger

27
Q

4 benefits of organic growth

A
  • lower risk
  • easier to manage
  • less debts
  • not interference from CMA
28
Q

3 drawbacks of organic growth

A
  • less competitive
  • no synergy
  • loss of image
29
Q

7 drivers of retrenchment

A
  • high costs
  • poor return on investment
  • financial difficulties
  • failed takeover or merger
  • economic downturn
  • saturated market
  • change of ownership
30
Q

4 Internal causes of failure

A
  • wrong strategic decisions
  • poor execution of strategy
  • poor leadership
  • financial difficulties
31
Q

Emergent strategy

A

develops over time as the strategic plan is implemented

32
Q

3 ways that a business can improve flexibility

A
  • spare capacity
  • offer varied order sizes
  • offer flexible lead times
33
Q

3 ways to improve speed of response

A
  • flexible workforce
  • JIT production
  • digital technologies - monitor stocks and organise shipping
34
Q

‘Push’

A
  • Produce to stock

- Produce first and then try to sell stock

35
Q

‘Pull’

A
  • Produce to order

- Produce only if there is an order

36
Q

3 ways to increase supply

A
  • hire temporary staff
  • outsource
  • JIT production
37
Q

Criteria for choosing a supplier (9)

A
  • price
  • quality
  • reliability
  • flexibility
  • capacity
  • payment terms
  • location
  • ethics and reputation
  • returns policy
38
Q

4 benefits of having multiple suppliers

A
  • ensure back-up incase of failure
  • increase size order
  • compare suppliers quality, prices etc.
  • prevent being dependent on one supplier

Business Paper 2 (2 decks)

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