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Business > T3ST > Flashcards

T3ST Flashcards

1
Q

Ads delayering

A

Improved communication
Empowers staff
Speeds up decision making

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2
Q

Delayering disads

A

Remaining staff have to take on extra work
Fewer promotion opportunities
Delayering causes redundancies

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3
Q

Role of a manager

A

Making sure plans are carried out
Check and evaluate staffs work

Giving tasks to staff and the responsibility of completing said task

Make sure resources are available

Bringing all staff and resources together at the right time

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4
Q

Profitability ratio

A

Gross Profit% = Gross profit/Sales revenue x 100

Profit for the year% = profit for the Year/Sales revenue x 100

Return on Equity Employed = profit for the year/opening Equity x 100

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5
Q

Liquidity ratios

A

Current Ratio = current Assets/current liabilities
Answer should be expressed as 2.45:1

Acid Test = Current assets - Closing inventory/ current liabilities

Answer should be expressed as 1.45:1

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6
Q

Efficiency ratio

A

Rate of inventory Turnover = costs of sales/ average inventory*
* average inventory = opening + closing inventory/2

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7
Q

Benefits of Lateral Integration

A

Reduced chance of failure

Spread the risk

The firm becomes larger and more secure.

Gain the assets of the firm

The ability to overcome seasonal fluctuations

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8
Q

Political Ad and disad

A

Ad

New/ changed health and safety regulations. This means they have a decrease in staff absence

Dis
New /change in health and safety regulations. This means the business will have an increase in costs as you will have to train staff

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9
Q

Economic ad and disad

A

Ad

There could be a high rate of unemployment in the uk. This means, larger choice for of people who apply therefore you can employ the very best staff

Disad

Increase in interest rates. This means more expensive to borrow money so your business cannot afford to expand

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10
Q

Social ad and disad

A

Ad

Change in trends or fashions. This means, produce products which are high in demand which increases profit levels.

Disad

Change in the demographic of an area/ country. This means businesses will have to open branches in new area which is highly expensive

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11
Q

Technology ad and dis

A

Ad

New technology becomes available. This means, production levels may increase

Dis

Growth of s-commerce. This means, an external dept has to be created so you will have an increase in costs due to newly hired staff

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12
Q

Environmental ad and dis

A

Ad

Increase in pressure to become more environmentally friendly. This means, socially responsible image which will increase your amount of customers

Dis

Natural disaster may occur. This means, your business will have to close down for a period of time.

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13
Q

Competition ads and dis

A

Ad

Competitor introducing a new product. This means, your business has an idea for a new product

Dis

Competitors reducing prices. This means, your business may also have to decrease their prices so you will have a decrease in income.

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14
Q

HRM ICT

A

Create a job description/ personal specification/ applications using word

Email contract of employment or changes in legislation

Website - so employee can download their
application form

Database - store employees records

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15
Q

Maslow

Physiological

A

Basic needs which are for example, food and shelter.

Can be satisfied through basic pay

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16
Q

Maslow

Safety and security needs

A

Job security and safe working environment

Can be satisfied through a permanent contract

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17
Q

Maslow

Social( love and belonging )

A

Needs where most people want to belong to a group.

Can be satisfied by working with colleagues who provide them with support/ team work/ communication

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18
Q

Maslow

Self esteem needs

A

Receiving recognition for a job well done

A promotion might achieves

Praise the employee

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19
Q

Maslow

Self actualisation

A

Self actualisation is when people realise their potential

May be measured by the extent of success and it challenge at work

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20
Q

Retailer (definition and ads)

A

Supermarket - traditionally sell food and drink

Ads

Retailers are often located closer to the customer

They often have an established customer base

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21
Q

E-tailer

A

Shopping online and having the product delivered

Ads

Convenience of buying products from the comfort of your own home 24/7

Inexpensive to set up a website

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22
Q

Convenience retailer

A

Small store that offer a limited amount of products

Retailers pay for the advertising
Products are displayed attractively by the retailer

23
Q

Explain

R&D

A

When market research is conducted and prototypes are produced. Prototype is launched into a small area before going nationwide incase prototypes has problems. This means, the products has no sales, high costs and no profit.

24
Q

Introduction explain

A

When a product is first launched into the market. The product is advertised heavily as this stage. This means there are low levels or profits/ no profits made

25
Q

Growth explain

A

Once the product reaches the growth stage, sales rise rapidly. Customers are more aware of your product. This means profit levels rise

26
Q

Maturity explain

A

Sales peak as the product is well known in the market. Extension strategies are often used. This means the highest profits are achieved

27
Q

Saturation explain

A

Supply of the product over takes the demand. Customers who won’t the product have it. This means profits begin to fall

28
Q

Decline explain

A

Sales fall as new/better versions are on the market. Customers tastes have changed and no longer want the product. This means profits and losses are made

29
Q

Operational decisions

A

Short term decisions( day-to-day)

Decisions are made by staff/ supervisors of the dept

Low risk decisions.

30
Q

Strategic decisons

A

These decisions are long term ones

These decisions are made by senior managers.

High risk decisons

31
Q

Tactical decisons

A

Medium term decisions

Made by middle managers

32
Q

Market skimming ads and dis

A

Ad
Gives the product an exclusive image

Dis
Can only be used as a short term pricing strategy

Development

Few or no competitors in the market

33
Q

Premium pricing

A

When a business permanently sells its products at a high price

Gives the business a high quality image

Dis

Company misses out on a whole market segment

34
Q

Price discrimination

A

When a business charges a high price when demand is high

Holiday companies tend to do this in the holidays of summer and Christmas

Customers demand is high so they will pay the inflated price

35
Q

Competitive pricing

A

When a business charges the same price or lower than competitors

Increased sales/ market share

Disadvantage- small profit margins are made

36
Q

Desk research and field distinguish

A

Field research is reliable as the source is known. However, desk research is not reliable as source is unknown

Field is relevant as it’s gathered for a specific purpose. However, desk might not be relevant as info can be out of date.

Desk is easier to obtain however, field is harder due to the time it takes to gather the info

37
Q

Employment legislation

A

National minimum wage act 1998. Increase in costs as wages increase

Equality act 2010

People must be treated the same regardless of gender, race, religion, disability etc. This means the business has to install a lift for people in a wheel chair

Employment rights act 1996
Cannot be forced to work on a Sunday unless it is in your contract of unemployment. Businesses may have to close down therefore production levels decrease

38
Q

Cash flow problems

A

Offer discounts and promotions to increase sales and reduce your stock levels

Reduce/ lower/ limit the credit you allow your customers

Reducing the operating cycle - time between buying raw materials and making sales - just in time

Arrange credit from suppliers.

39
Q

Non current assets

A

Items that your business will own for more than one year

40
Q

Working equity

A

Current assets minus current liabilities. Shows the ability for your business to pay off its debts with the assets you own

41
Q

Non current liabilities

A

Debts that your business will take longer than a year to pay off. Eg mortgage

42
Q

Reasons why gross profit is improving

A

Found a cheaper supplier. This means, a decrease in costs

A reduction in theft or wastage. This means, more products can be created, therefore increase sales

An increase in your selling price. This means, the businesses profit margins increase.

43
Q

Benefits of ensuring quality

A

Proves the product has been met an agreed level of quality

Can be used as a marketing tool to gain a competitive advantage

Will give customers confidence when purchasing the product

Increase sales/ repeat sales

Higher prices can be charged

44
Q

Ads of MNC

A

Can allow orgs to increase their profits/sales

An org may be given grants from gov’ts to locate in that country and the grants will not require to be paid back

Orgs can become larger which may result in them being safer from take overs

Avoidance of tarries/ quotas imposed by governments

Take advantage of economies of scale and reduce unit costs of products

45
Q

Dis ads of MNC

A

Legislation may be different in the other countries which may require the organisation to alter its product/service

Legislation may exist on how a product/ service is marketed and may result in some marketing techniques having to be changed

Cultural difference will mean that organisations have to be sensitive to different cultures

Different languages will exist and this may mean that organisation have to employ specialist linguist to work with the organisation.

46
Q

One to one

A

A regular review of an employees job performance by your line manager

This review takes place every year or 6 months( depends on businesses)

47
Q

Peer to peer

A

When you’re appraised by another member of staff who works at the same level as you.

Managers are excluded from this type of appraisal

48
Q

360 degree

A

A review of an employees job performance with feedback coming from your subordinates, peers, supervisors and the employees themselves

Allows for a variety of view points from colleagues

49
Q

Ads VLE

A

Staff can access 24/7

Can be easily amended to add in new course material eg notes and tasks

50
Q

Dis VLE

A

Relies heavily on learners accessing materials and completing tasks on time

IT issues can stop training from taking place

51
Q

Labour intensive advantages

A

Employees can use their initiative

No initial capital outlay

Each product is unique

52
Q

Labour intensive disadvantages

A

High wages for skilled staff

Training costs

Same product cannot be made every time

Increased error and wastage

53
Q

Computerised inventory control

A

EPOS is used to control inventory electronically

Inventory is scanned out when received

Inventory is scanned when sold

Epos can re-order inventory automatically when the re-order level is reached by sending out an email

Goods can be ordered off the internet

54
Q

Re order quantity

A

The amount ordered at re order level

This should arrive when the min level is reached

This amount will take your inventory levels back up to max level

Business (7 decks)

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