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Theme 1 Lines Of Analysis Flashcards

1
Q

Mass Markets Benefit

A
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2
Q

Mass Market Drawback

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3
Q

Niche Markets Benefit

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4
Q

Niche Markets Drawback

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5
Q

Online Retail Benefit

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6
Q

Online Retail Drawback

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7
Q

Dynamic Benefit

A
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8
Q

Dynamic Drawback

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9
Q

Product Orientation Benefit

A
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10
Q

Product Orientation Drawback

A
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11
Q

Market orientation Benefit

A
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12
Q

Market orientation Drawback

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13
Q

Primary Research Benefit

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14
Q

Primary Research Drawback

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15
Q

Secondary Research Benefit

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16
Q

Secondary Research Drawback

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17
Q

Quantitative Data Benefit

A
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18
Q

Quantitative Data Drawback

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19
Q

Qualitative Data Benefit

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20
Q

Qualitative Data Drawback

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21
Q

Market Segmentation Benefit

A
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22
Q

Market Segmentation Drawback

A
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23
Q

Factors leading to change in supply

A

The amount of a product that firms are willing and able to produce at a particular price during a specific
time period.
 Changes in the cost of production (raw materials, legislation, wages etc.)
 Introduction of technology
 Indirect taxes (additional cost to pay)
 Government subsidies (money given to cover some costs of production)

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24
Q

Line of analysis for reduced costs of production in relation to a factor affecting supply

A
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25
Q

Line of analysis for external factors in relation to a factor affecting supply

A
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26
Q

Decrease in Supply diagram

A
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27
Q

Increase in Supply diagram

A
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28
Q

Decrease in Price DIagram

A
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29
Q

Increase in Price Diagram

A
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30
Q

Benefit of using a market map

A
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31
Q

Drawback of using a market map

A
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32
Q

Importance of design mix – aesthetic/function

A
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33
Q

Drawback of prioritising element of the design mix – aesthetic/function

A
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34
Q

Importance of design mix – economic manufacture

A
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35
Q

Drawback of prioritising economic manufacture

A
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36
Q

Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from
extract - Benefit

A
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37
Q

Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from
extract - Drawback

A
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38
Q

Concern over resource depletion: designing for waste minimisation, re-use and recycling, ethical sourcing

A
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39
Q

Types of promotion – Above the line

A
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40
Q

Drawback of above the Line

A
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41
Q

Ways to build a brand – USP through language NOT product

A
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42
Q

Ways to build a brand – Advertising

A
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43
Q

Ways to build a brand – Sponsorship

A
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44
Q

Changes in Brading and promotion to reflect social trends

A
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45
Q

Emotional branding

A
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46
Q

Price Skimming Benefit

A
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47
Q

Price Skimming Drawback

A
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48
Q

Penetration Pricing Benefit

A
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49
Q

Penetration Pricing Drawback

A
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50
Q

Cost Plus Pricing Benefit

A
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51
Q

Cost Plus Pricing Drawback

A
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52
Q

Predatory pricing Benefit

A
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53
Q

Predatory pricing Drawback

A
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54
Q

Psychological Benefit

A
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55
Q

Psychological Drawback

A
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56
Q

Competitive Pricing Benefit

A
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57
Q

Competitive pricing Drawback

58
Q

The product life cycle - Development/Introduction stage

59
Q

Growth stage

60
Q

Maturity stage

61
Q

Decline stage

62
Q

However, in the decline stage

63
Q

Extension strategy

64
Q

However Extension strategy

65
Q

Question Marks

66
Q

Stars

68
Q

Dogs However

69
Q

Dog products as a source of finance

70
Q

Cash Cow

71
Q

Product life cycle, Boston Matrix and a balanced product portfolio

72
Q

Product life cycle, Boston Matrix and a balanced product portfolio- However

73
Q

Marketing strategies for b2b businesses - benefit

74
Q

Marketing strategies for b2b businesses – drawback

75
Q

Marketing strategies for b2c businesses - benefit

76
Q

Marketing strategies for b2c businesses - Drawback

77
Q

Treating staff as an asset – benefit

78
Q

Treating staff as an asset - drawback

79
Q

Viewing staff as a cost – benefit

80
Q

Viewing staff as a cost – drawback

81
Q

Flexible workforce – benefit

82
Q

Flexible workforce – drawback (if task culture not suitable to business, link to weak culture)

83
Q

Collective bargaining - benefit

84
Q

Collective bargaining - drawback

85
Q

Benefit of internal recruitment

86
Q

Drawback of internal recruitment

87
Q

Benefit of external recruitment

88
Q

Drawback of external recruitment

89
Q

Benefit of on-the-job

90
Q

Drawback of on-the-job

91
Q

Benefit of off-the-job

92
Q

Drawback of off-the-job

93
Q

Centralised organisational structure - benefit

94
Q

Centralisation - drawback

95
Q

De -centralisation Benefit

96
Q

De -centralisation Drawback

97
Q

Tall structure benefit

98
Q

Tall structure drawback

99
Q

Flat structure benefit

100
Q

Flat structure drawback

101
Q

Matrix structure benefit

102
Q

Matrix structure drawback

103
Q

Entrepreneurial Motives and Characteristics - example paragraph creativity

104
Q

Entrepreneurial Motives and Characteristics

105
Q

Survival

106
Q

Profit maximisation

107
Q

Profit maximisation

108
Q

Social objectives

109
Q

Market share

110
Q

Cost efficiency

111
Q

Employee welfare

112
Q

Customer satisfaction

113
Q

Sole Trader Benefit

A
  1. Sole trader are Only owners of a Business
  2. Therefore they can maintain full control over day to day running
  3. Able to establish a strong power culture
  4. Maintain consistency throughout Business
  5. Build strong Brand
  6. Differentiate from competitors
  7. Price Inelastic
  8. Increase price without sign fall in demand
  9. Increase Revenue
  10. Increase Gross profit margin
  11. Increase Retained profit to reinvest in…
114
Q

Sole Trader Drawback

A
  1. Unlimited Liability
  2. Increased Risk of Investment
  3. If Business debt Exceeds Buisness Assets
  4. May need to sell personal Assets
  5. Increased Risk makes it less attractive for Investment
  6. Reduced Investment
  7. Less Capital
  8. Reduced Asset
115
Q

Partnership - Benefit

A
  • Knowledge + Experience from Partners
  • Look in case + input knowledge + experience
  • Improved Innovation
  • Differentiation ( specifiy how)
  • Price InElastic
  • Increase Price
  • Without SiG Fall in Demand
  • Increased Gross profit
  • Increased Operating Profit

MUST ADAPT TO THE CASE

116
Q

Partnership - Drawback

A
  • Unlimited Liability
  • Increased Risk of Investment
  • If Business debt Exceeds Buisness Assets
  • May need to sell personal Assets
  • Increased Risk makes it less attractive for Investment
  • Reduced Investment
  • Less Capital
  • Reduced Asset
117
Q

Private Limited Company (Ltd) Benefit

A
  1. LTD comapnies can choose their Own Shareholders
  2. Choose people who match their objective e.g. Passion for Innovation
  3. Means Less focus on Short term results as they share goals on R&D + Long term Investment
  4. Can Reinvest more capital into R&D / Growth rather than being Pressured to pay Dividends
  5. Able to Innovate + Pursue Objectives
  6. Differentaite from Competitors in Long term
118
Q

Private Limited Company (Ltd) Drawback

A

LTD unable to sell shares on Stock Market
Makes it Difficult to raise large amount of Capital
Business may find it Difficult to build Scale
Limit amount of R&D
Less innovation
Less Differentiated product

119
Q

Benefit of Franchisor

A
  1. Franchisor means allowing Independant businesses to use your Brand name
  2. Means Franchisee provides Capital to open new Branches / Stores
  3. Reducing Capital required for Expansion
  4. Franchisor being able to Expand much Quicker
  5. Able to Benefit from Marketing EOS
  6. Fixed costs of Advertising spread over More units
  7. Lower Fixed cost per units = Advertising More Affordable
  8. Able to Increase Marketing Budget + Advertise More
  9. Build Stronger Brand
120
Q

Drawback Franchisor

A
  1. Franschisor Risk at damaging Brand Reputation
  2. As Franchisor not responsible for day to day running of outlet
  3. Franchisee may fail to uphold High level of Customer Service
  4. Due to lack of Supervison from Franchisor
  5. Poor Customer Service in 1 outlet affects Reuptation of others
  6. Customers may Switch to Rival Businesses
  7. Reducing Sales Revenue
  8. Reducing Gross Profit
121
Q

Benefit of Franchisee

A
  1. Franchisee means paying to use another Businesses Brand
  2. Means they already have access to well known brand
  3. Meaning there are already customers who have Brand Loyalty
  4. Business More Price InElastic
  5. Franchisee can charge Higher prices than independant Businesses as customer willing to pay them
  6. Increased Revenue + Profit Margins
  7. More Retained Profit to Reinvest to open furhter Franchises
122
Q

Drawback Franchisee

A
  1. Franchisee means paying to use another Businesses Brand name
  2. Leads to Higher Costs as Fees and Royalties will need to be Paid
  3. Leading to Increased Cash outflows
  4. Lower Net Cash Flow
  5. Reducing Cash Reserves
  6. Lower Liquidity ( Acid test Ratio)
  7. Unable to pay day to day bills such as rent / suppliers
  8. Forced to sell Non current assets in order to pay bills
  9. Unable to Operate
123
Q

Opportunity costs

124
Q

Choices and potential trade-offs

125
Q

Marketing strategies for b2c businesses - Drawback

126
Q

Entrepreneurial Motives and Characteristics - example paragraph creativity

127
Q

Public Limited Company (PLC) Benefit

A
  1. Have gone through Stock Market Flotation
  2. Therefore their shares are advertised to and
    accessible to the Public
  3. Due to this they can Sell large Volume of Shares =
    Sig Amount of capital being Generated
  4. Increased Cash Available to Invest in Non Current
    Assets so Business can Build Scale
128
Q

Paternalistic Leadership - Drawback

A
  1. Means Leaders will consider Employee welfare
    when Making Decisions
  2. Employee input may be listened to but decision
    making still controlled by Leader
  3. May mean that ideas ( be specific) suggested by
    Subordinates Ignored by Leader
  4. Reduction in Innovation
  5. Product less Differentiated
  6. Loss of Competitive Advantage
  7. Explain Drawback
128
Q

Public Limited Company (PLC) Drawback

A
  1. PLC companies shares Sold to the Public
  2. Therefore, there is More pressure From
    Shareholders for Short Term Profits
  3. So Business may neglect Long Term Objectives for
    Short term Returns
  4. To satisfy shareholders by using Profits to pay
    regular Dividends
  5. Neglecting Investment into R&D to develop
    innovative Products
  6. Product becomes less Differentiated in Long Term
128
Q

Autocratic Leadership - Benefit

A
  1. Autocratic leadership means that all decisions
    made by Leader
  2. No delegation or Consultation
  3. Ensures Quick Decision Making
  4. Business able to quickly adapt to changes in Trend
  5. Identify Example
  6. Increased Differentiation / Low Costs - Explain how this links to Business
128
Q

Paternalistic Leadership - Benefit

A
  1. Means Leaders will consider Employee welfare
    when Making Decisions
  2. Whilst still maintaining full control of Decision
    making Process
  3. Employees Esteems needs Met ( Maslow)
  4. As their Welfare is Important to Leader, employees
    will feel valued by organisation
  5. Increased Employee Motivation
  6. Explain Importance of Motivated Work Force
  7. Link to Relevant Benefit to Business
128
Q

Autocratic Leadership - Drawback

A
  1. Autocratic leadership means that all decisions
    made by Leader
  2. No delegation or Consultation
  3. Employees don’t feel valued by Organisation
  4. As they are not included in Decision making Process
  5. Esteem needs not Met ( Maslow)
  6. May become Demotivated
  7. Explain Drawback of Demotivated Workforce,
    reference Case
129
Q

Democratic Leadership - Benefit

A
  1. Means that leader involves Employees in decision
    making Process
  2. Means employees will have Greater level of
    Responsibility and Authority
  3. Increased responsibility will Means employees fell
    recognised By leader
  4. Meeting Esteem Needs Maslow
  5. Increased Motivation
  6. Explain Importance of this
  7. Link to Benefit of Business
130
Q

Democratic Leadership - Drawback

A
  1. Means that leader involves Employees in decision
    making Process
  2. May delay Decision Making Process
  3. Business fails to adapt to changing trends
  4. Loss of First mover Advantage
  5. Product Less differentiated
  6. Loss of Competitive Advantage
  7. Explain Drawback of this
131
Q

Laissez Faire Leadership - Benefit

A
  1. Delegates full responsibility for decision Making to
    employees
  2. Means employees will have Greater Level of
    Responsibility + Authority
  3. Increased Responsibility will mean employee’s feel
    recognized by leader
  4. Meeting Esteem Needs ( Maslow)
  5. Increasing Employee Motivation
  6. Explain importance of Motivated Workforce
132
Q

Laissez Faire Leadership - Drawback

A
  1. Delegates full responsibility for decision Making to
    employees
  2. Means employees will have Greater Level of
    Responsibility + Authority
  3. To ensure effective Decision Making Employees
    must Posses Necessary Skills
  4. If not Employees may feel overwhelmed with lack of direction
  5. Hygiene Factors not Present ( Herzberg)
  6. Employees become Demotivated
  7. Explain Drawback of Demotivated Workforce
133
Q

Ethnocentric

A
  • Believing your approach will carry over into any Marker
  • Often case in UK businesses for companies who have brands built around “being British” e.g. Burberry
134
Q

Polycentric

A
  • Adapting your marketing strategy for every Market
  • Case for Less differentiation therefore less unique selling point = need to adapt to be competitive
135
Q

Geocentric

A

Mixed approach that takes advantage of transferable marketing approach, also adapting certain parts of Marketing mix where appropriate
E.g Apple make changes + coco cola changing size of packaging

136
Q

Ansoff

A
  1. Market Penetration – The concept of increasing sales of existing products into an existing market
    1. Least risky
    2. Increasing marketing efforts or streamlining
      distribution processes
    3. Decreasing prices to attract new customers
      within the market segment
    4. Acquiring a competitor in the same market
  2. Market Development – Focuses on selling existing products into new markets
    1. 2nd least risky
    2. Catering to a different customer segment or
      target demographic
    3. Entering a new domestic market (regional
      expansion)
    4. Entering into a foreign market (international
      expansion)
  3. Product Development – Focuses on introducing new products to an existing market
    1. Investing in R&D to develop an altogether new
      product(s).
    2. Acquiring the rights to produce and sell another
      firm’s product(s).
    3. Creating a new offering by branding a white-label
      product that’s actually produced by a third party.
  4. Diversification – The concept of entering a new market with altogether new products
    1. Highest risk endeavor
    2. Both product development and market
      development are required

AQA Business (11 decks)

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