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IB BUSINESS HL > SVT CASE STUDY PAPER 1 > Flashcards

SVT CASE STUDY PAPER 1 Flashcards

1
Q

What is a vision statement?

A

A general statement on where the business wishes to be in the future and the values it holds; What it wants to become and what it wants to achieve.

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2
Q

What are business sectors?

A

Are four broad types of business activity:
1. Primary: extracting natural resources.
2. Secondary: Manufacture of products
3. Tertiary: commercial services
4. Quaternary: IT businesses.

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3
Q

What is a monopoly?

A

Total control over a market.

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4
Q

What is profit?

A

The money the company has left after paying for all expenses.

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5
Q

What are the leadership styles?

A

A leader’s methods and behaviours when directing, motivating, and managing others.

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6
Q

What is situational leadership style?

A

Leaders that adapt its leadership style to the situation (best kind).

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7
Q

What is the autocratic leadership style?

A

Leadership style where leader takes decisions independently and strict

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8
Q

What is a cultural clash?

A

When two cultures are incompatible/induce conflicts

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9
Q

What is labor productivity?

A

Ratio of output in certain time period per workers employed

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10
Q

What are external factors?

A

Factors that impact a business but that it has no control over (STEEPLE)

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11
Q

What are internal growth strategies?

A

Increased profit achieved by the use of the company’s own resoruces (ex.: improve products, better marketing, invest in R&D, improve workforce training, expand # of offices) → relatively inexpensive due to use of retained profits

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12
Q

What are external growth strategies?

A

Growth through:
-Mergers and acquisitions (M&As)
-Joint ventures
-Strategic alliances
-Franchising

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13
Q

What is Acquisition/M&A/Takeover?

A

Two firms becoming one larger business due to one firm buying the other in a voluntary or hostile takeover

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14
Q

What are income stream?

A

The various sources from which a business earns money from the sale of goods or the provision of services

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15
Q

What is a public limited company?

A

Trades shares on the stock market (+ limited liability, easy access to finance/more funds, EOS; - must publish financial reports, less control, potential bureaucracy)

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16
Q

What is the product range?

A

Are all the types of products that a company sells

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17
Q

What is a family-owned business?

A

The commercial organization in which decision-making is influenced by multiple generations of a family

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18
Q

What are the methods of motivation?

A

Motivational Theories (Pink, Adams, Maslow, Taylor, Herzberg), Financial Rewards (Pay, Wages, Commissions, Fringe Benefits, etc.), Non-financial rewards (Job rotation/ enlargement/enrichment)

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19
Q

What are economies of scale?

A

Reductions in a firm’s unit (average) costs of production that result from an increase in the scale of operations

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20
Q

What is incentive payment?

A

a type of payment that is made to employees in addition to their normal salaries

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21
Q

What is a flexible working contract?

A

Temporary and part time contracts

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22
Q

What is recruitment?

A

the process of identifying the need for a new employee, defining the job to be filled and the type of person needed to fill it, attracting suitable candidates for the job and selecting the best one

23
Q

What is induction training?

A

To familiarise new recruits with the systems used in the business and the layout of the business site; usually done before the official first day of work

24
Q

What is Labor turnover?

A

measure the rate at which employees are leaving an organisation.

25
Q

What is offshoring?

A

the relocation of a business process done in one country to the same or another company in another country

26
Q

What are dividends?

A

the share of the profits paid to shareholders as a return for investing in the company

27
Q

What is a Market share?

A

the percentage of the total sales in a market that a company’s business makes up

28
Q

What is a brand leader?

A

Product with the highest market share

29
Q

What is CSR – Corporate Social Responsibility?

A

Management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders

30
Q

What are LEDCs?

A

Less economically developed countries

31
Q

What is the marketing budget?

A

An outline of the costs that a company will spend to market its product or service

32
Q

What is the salary?

A

Annual income that is usually paid on a monthly basis.

33
Q

What are Non-governmental organizations (NGOs)?

A

not-for-proft group, independent from government, which is organised on a local, national or international level to tackle issues that support the public good

34
Q

What is the board of directors?

A

A group of people who control the management and decision-making of the business

35
Q

What are entrepreneurs?

A

Someone who takes the financial risk of starting and managing a new venture with their own finance.

36
Q

What is a pricing strategy?

A

The methods that companies employ to determine the pricing.

37
Q

What are subsidies?

A

Financial benefits given by the government to a business to reduce costs and encourage increased production.

38
Q

What are stakeholders?

A

Individuals, groups or organizations directly involved with, or indirectly affected by, a project, product, service or enterprise

39
Q

What are distribution channels?

A

Network of organizations involved in getting a product/service from the producer to customer

40
Q

Secondary Market Research?

A

A type of research that has already been gathered, or published by others

41
Q

Who is Yannick Pedersen?

A

Role: The director of Fresh of Waater Division.
Vested interest: updating the water treayment plants.
Potential issue: Ariadne’s priorities and autocratic leadership style

42
Q

Who is Ariadne Johansen?

A

The director of Engineering division

43
Q

What is Geng PLC?

A

A business acquired by SVT - water supplier in UK

44
Q

What is H4 PLC?

A

Rival engineering company; Taken over by SVT; manufactures steam and gas turbines in the UK

45
Q

Who is Jayne Dees?

A

Giving LEDCs access to potable water/creating a cheap, easy usable and high quality water purifier.

46
Q

Who is James azuki?

A

University student from Tanzania who designed the WF15 (water purifier that filters viruses and bacteria

47
Q

What happened in the 1980s?

A

Expansion into other business sectors (desalination & water filters)

48
Q

What happened between 2005 and 2010?

A
  • Consumer Products Division making increasing contributions to overall profits
  • SVT’s share price rising by 65 % and annual profits doubling
49
Q

What happened in 2010?

A

Taking over small water filter manufacturers in EU and USA.

50
Q

What happened in 2015?

A

Takeover of H4 PLC and modernization/ reorganisation programme

51
Q

What happened in 2016?

A

Completation of modernization porgramme

52
Q

What happened in 2018?

A

Approval of substantial 5-year marketing budget for Consumer Products Division

53
Q

What happened in 2019?

A

Jayne Dees spending 3 months in Sudan.

54
Q

What happened in 2022?

A
  • Smallest of the former H4 factories manufactured SVT’s first wind turbine.
  • Engineering Division began production of the WF15.

IB BUSINESS HL (6 decks)

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