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Business A-level (Edexcel) > Theme 1 - Marketing & People > Flashcards

Theme 1 - Marketing & People Flashcards

1
Q

What is the definition of a mass market

A

A product/ service that is targeted to everyone

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2
Q

What is a niche market

A

A subset of a market that produces products / services targeted to consumer needs and wants

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3
Q

What are dynamic markets

A

Markets that are changing overtime due to changing consumer needs

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4
Q

Give the three ways markets change

A

Size of markets
Nature of markets
New markets

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5
Q

Give two benefits of e-tailing for consumers

A

Convenience 24/7
Wide-range of choices

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6
Q

Benefits of e-tailing for e-tailers

A

Lower cost (no rent)
Can offer goods globally

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7
Q

What is demand

A

How many people are willing and able to purchase a hood at any given price

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8
Q

Name two factors leading to a change in demand

A

Price of substitutes
Price of compliments

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9
Q

What is supply

A

The quantity producers are willing and able to provide the market at any given price

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10
Q

Name two factors leading to change in supply

A

Cost of production
Indirect taxes

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11
Q

What is the equation for Price elasticity of demand

A

PED = % change in quantity demanded / % change in price

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12
Q

What is price elasticity if demand

A

How sensitive demand is to changes in prices (always a minus)

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13
Q

What is the equation for market share

A

Value of no. Of sales for one business / value of no. Of sales for all businesses X100

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14
Q

What are the four entrepreneurial roles of an entrepreneur

A

Idea/ innovating
Organising other factors of production
Decision making
Risk takers / calculated risk takers

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15
Q

Name 3 of the stages of setting up a business

A

Idea
Research
Planning
Financing
Location
Resources
Launch

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16
Q

Name two barriers to entrepreneurship

A

Fear of failure
Lack of confidence
Access to finance

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17
Q

What does SMART stand for

A

Specific
Measurable
Achievable
Realistic
Time-related

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18
Q

Give two examples of uncertainty

A

Political changes
Competition
Legislation changes

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19
Q

Give three business objectives

A

Survival
Sales maximisation
Profit maximisation
Improve cost efficiency
Increase market share
Customer satisfaction

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20
Q

What is currency in terms of market research

A

How up to date data is

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21
Q

What is validity in terms of market research

A

Assessing how valid info is by tracing it back to its original source or only using trusted sources

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22
Q

What is reliability in terms of market research

A

Consistency of a measure

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23
Q

Give two advantages of market research

A

+ reduces risk of bad decision& business failure
+ informs the business of customer needs & wants (to adapt/ make new product ideas)

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24
Q

Give two disadvantages of market research

A
  • expensive
  • time consuming
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25
Q

Give the 5 methods of primary market research

A
  1. Survey
  2. Observation
  3. Interview
  4. Test marketing
  5. Focus group
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26
Q

Give the 3 methods of secondary market research

A
  1. Government sources (e.g. ONS)
  2. Trade organisations
  3. Market Reports (e.g. Mintel - costs a lot)
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27
Q

What is a marketing strategy

A

A set of plans that aim to achieve a specific marketing objective

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28
Q

What is an outbound marketing strategy

A

Directing marketing at potential customers whether they expect it or not (e.g. direct emails, mail, telemarketing)

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29
Q

Give 3 disadvantages of outbound marketing strategies

A
  • people can ignore them, field get them, object
  • persistence can ruin reputation
  • wasting resources
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30
Q

What is an inbound marketing strategy

A

A marketing strategy that attracts potential customers to websites when they ARE looking for suppliers/ solutions (e.g. blogging, social media, targeted emails)

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31
Q

Give 3 disadvantages of inbound marketing

A
  • requires effort & resources to build up enough useful content that works
  • recruitment of experienced inbound marketers
  • tricky to stay up to date
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32
Q

What is a hybrid marketing strategy

A

A mix of both outbound & inbound methods

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33
Q

Give an advantage and disadvantage of hybrid marketing strategies

A

+ reduce costs & create sustainable business growth
- inbound takes a while to be effective

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34
Q

Give two reasons why a business should have a range of products

A
  1. Revenue streams
  2. Spreads risk (for unplanned changes)
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35
Q

What is the Boston Matrix ?

A

An analysis tool which enables businesses to identify where they are in terms of market growth & market share
(Used together with product life cycle in market planning process)

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36
Q

Briefly explain the star, question mark, cash cow and dog of the BM

A

If unsure, check notes
(You better not be unsure you slag )

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37
Q

What is an entrepreneurial characteristic

A

The personal skill/quality/trait of an entrepreneur (could be learnt)

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38
Q

What is an entrepreneurial motive

A

The purpose or what drives a person to start a business

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39
Q

Give three entrepreneurial characteristics

A
  1. Risk taker
  2. Resilient
  3. Hard working
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40
Q

Give 3 entrepreneurial motives

A
  1. Social reasons
  2. More control over working life
  3. Make a profit / increase income
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41
Q

What is a business aim definition

A

What a business wants to achieve in the long term

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42
Q

What is a business objective definition

A

The targets that need to be met in order to achieve an aim

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43
Q

Give 3 reasons why businesses write aims

A
  1. To help generate objectives to achieve aim
  2. Provides focus & motivation for the business
  3. Analyse whether or not this has been achieved & measure success of business
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44
Q

What is a business form

A

The legal structure a business takes

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45
Q

What are unincorporated businesses and give the 2 forms

A

Business & owner are one in eyes of law (unlimited liability)
1. Sole trader
2. Partnership

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46
Q

What are incorporated businesses and give the 2 forms

A

Business & owner are separate in the eyes of the law
1. Private limited company (Ltd)
2. Public limited company (PLC)

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47
Q

Give 2 advantages & disadvantages of a sole trader

A

+ easy to set up
+ 100% control
- unlimited liability
- difficult to raise capital ( risk)

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48
Q

Give 2 advantages & disadvantages of a partnership

A

+ share problems & decisions
+ easier to raise capital
- unlimited liability
- disagreements (deed of partnership is necessary)

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49
Q

Give 2 advantages & disadvantages of a private limited company (Ltd)

A

+ limited liability
+ capital raised by selling shares to F & F
- some business info has to be shared
- pay corporation tax on profits

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50
Q

Give 2 advantages & disadvantages of a Public limited company (PLC)

A

+ Huge amount of capital from sale of shares
+ PLCs can dominate market due to their size (create barrier to entry)
- must have at least £50 000 in share capital to go plc
- loss of control over business to strangers

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51
Q

What is a franchise

A

A franchise is where a person (franchisee) wants to be able to use an already established brand (franchisor) to profit off of

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52
Q

Give 2 advantages & disadvantages of a franchiser

A

+ rapid (international) growth without risking lots of £ & use of mergers/takeovers
+ receives royalty payments
- difficult to control
- huge risk in allowing use of reputation

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53
Q

Give 2 advantages & disadvantages of a franchisee

A

+ low risk investment as already established brand
+ franchisor provides training & advice
- expensive (£ not regained ?)
- cannot use own ideas without permission (limited freedom)

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54
Q

What is a social enterprise

A

An enterprise where their main aim is not to make a profit but rather achieves to help community (still profit making just isn’t their main aim)

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55
Q

Give an advantage & disadvantage of a social enterprise

A

+ rewarding (helping community)
- cannot grow easily

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56
Q

What is a lifestyle business

A

A entrepreneur’s main aim is to live how they want & still run a business that big enough to keep investors happy

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57
Q

What is a leader

A

Someone who inspires & motivates others in a particular direction or towards a vision (a role model)

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58
Q

Give 5 ways an entrepreneur moves to a leader

A
  1. The need for formality
  2. The need for shared ownership
  3. Greater responsibility to others
  4. The need for motivation & inspiration
  5. The need for strategy & vision
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59
Q

Give 2 difficulties of developing from an entrepreneur to a leader & how to overcome them

A
  1. Stress
    - exercise/ balanced diet/ healthy sleep
  2. Adapting the mindset
    - maturity, experience & education
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60
Q

What is market orientation

A

The common need is the most important factor when providing products for the market, the business has a sensitivity to customers’ requirements

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61
Q

Give two advantages of being market orientated

A

+ designed to what consumers want = premium prices and more sales
+ flexible to changing social trends

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62
Q

Give two disadvantages of market orientation

A
  • cost of market research
  • constant changes in planning & production to meet needs of market
  • future trends/fashions can be unpredictable
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63
Q

What is product orientation

A

When a business only focuses on the products or the production process when deciding what to make next

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64
Q

Give two advantages of product orientation

A

+ increased economies of scale
+ focused on quality = loyal customers
+ innovative/ creative ideas

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65
Q

Give two disadvantages of product orientation

A
  • can’t / slower to respond to market changes
  • can be copied & likely to be
  • fashion & tastes aren’t considered
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66
Q

Give 2 tools of market orientation

A

• market research
• market testing
• customer focus

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67
Q

Give 2 tools of product orientation

A

• product research
• product focus
• product testing

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68
Q

What is asset led orientation

A

Where approach is both together (product & market orientation), using the business strengths (existing brand) and customer needs

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69
Q

Give one reason for growth in a market

A

Either:
Demographic changes
Economic growth
Innovation
Legislative changes

70
Q

Give a niche marketing strategy

A

Word of mouth

71
Q

Give a mass market marketing strategy

A

TV ads

72
Q

What is market positioning

A

An effort to influence consumer perception of a brand/product relative to the perception of competitors

73
Q

What is market mapping

A

The process of finding the variables which differentiate brands in a market and then plotting them on a map
(Axis can be premium ~> budget and high quality ~> quality)

74
Q

Give two reasons market mapping is used

A

• To identify gaps in the market
•For a brand to look at repositioning (e.g. North Face)
•For a start up to identify what to produce

75
Q

What is a competitive advantage

A

An advantage a business has over its competitors

76
Q

What is Porters Generic Strategies

A

A tool a business can use to gain a competitive advantage, either through cost leadership or differentiation (don’t end up stuck in middle)

77
Q

Give 2 ways a business can get cost leadership

A

• economies of scale
• outsourcing to cheaper location
• increasing efficiency

78
Q

Give 2 ways a business can differentiate

A

•customer service
• convenience
• Quality
• choice
• Branding

79
Q

What is the income elasticity of demand

A

How responsive the change in Quantity demanded is relative to a change in income

80
Q

What is the calculation for YED

A

%change in QD / %change in Y

81
Q

What does a positive YED value signify

A

The product is a Normal Good

82
Q

What are the 2 things a normal good can be classified as

A

Necessities or luxuries

83
Q

What does a negative YED value signify

A

The product is an inferior good

84
Q

What is the difference between a luxury and necessity good

A

Both + YED values but
0-1 = necessity (demand not very responsive)
>1 = luxury (demand is responsive)

85
Q

Give 2 ways YED is significant for businesses

A

Product planning
Production planning

86
Q

What is ‘adding value’

A

Offering a variety of extra features that go beyond their customers expectations

87
Q

What is the design mix

A

The three aspects of design that companies need to consider when developing a product
• Aesthetic
• Function
• Economic manufacture
(Businesses should also consider social trends)

88
Q

What is a Brand

A

A name/ symbol that distinguishes one product from another

89
Q

What are the 3 types of brand

A

Manufacturer brands
Own label brands
Generic brands (only contain name of product, e.g. Paracetamol)

90
Q

What is promotion

A

The use of marketing tools to bring a product/service to the attention of potential buyers

91
Q

What are the 4 levels in the AIDA model

A

Attention (top)
Interest
Desire
Action (bottom)

92
Q

Give 2 examples of above the line advertising

A

TV ads
Billboards

93
Q

Give 2 examples of below the line advertising

A

Leaflets/ flyers
Local newspaper

94
Q

Give an advantage and disadvantage of above the line advertising

A

+ reached a large audience
- very expensive and can be skipped

95
Q

Give an advantage and disadvantage of below the line advertising

A

+ more targeted/ segmented advertising

96
Q

Give 3 forms of sales promotion

A

BOGOF
Samples / Giveaways
Special events
Money off coupons

97
Q

Give one other marketing strategy

A

Public relations
Sponsorship
Direct marketing (email, postage)

98
Q

Give two characteristics of a flat organisational structure

A

Wider span of control
More centralised
Quicker communication
Shorter chain of command
Less layers of management

99
Q

Give an advantage of a flat organisational structure

A

+ communication is fast
+ decisions are easier to make

100
Q

Give a disadvantage of a flat organisational structure

A
  • less supervision of subordinates (trouble with maintaining quality)
  • fewer promotional opps
  • over worked staff
101
Q

Give 2 characteristics of a tall organisational structure

A

More management layers
Slower communication
Longer chain of command
Narrower span of control

102
Q

Give 2 advantages of a tall organisational structure

A

+ lots of promo opps
+ subordinates can be closely supervised and trained

103
Q

Give 2 disadvantages of a tall organisational structure

A
  • slow communication
  • inflexible and expensive with managers
104
Q

What is a matrix structure

A

Where team members from different departments and regions work together (cross functional teams working together on a project) at usually a high skill level

105
Q

What is centralisation

A

Where key decision-making at the top of the business

106
Q

What is decentralisation

A

Distributing decision-making and passing authority from head office down to branch store managers

107
Q

Give an advantage and disadvantage of de layering

A

+ reduction in costs
- upset morale with redundancies

108
Q

Give 2 reasons why employee motivation is important

A

•Increased productivity
•More reliable & loyal staff (staff retention)

109
Q

Who are the 4 motivation theorists

A
  1. Taylor (financial)
  2. Mayo (human relations)
  3. Maslow (hierarchy of needs)
  4. Herzberg (two factor)
110
Q

What is Taylor’s financial management theory

A

Fair days pay for a fair days work
Piece rates rewarded

111
Q

What is Mayo human relations theory

A

Employees motivation increased with break times, working in teams & other non financial incentives

112
Q

What is Maslow’s hierarchy of needs

A

A pyramid with needs at bottom and self actualisation at the top
(Simple and easy to understand)

113
Q

What is Herzberg’s 2 factor theory

A

There’s motivators (extras) and Hygiene (can de motivate but not motivate)

114
Q

Give 3 financial motivators

A

Piece work
Commission
Bonus or performance related pay
Bonus

115
Q

Give 3 non financial motivators

A

Delegation
Job rotation
Consultation (part of decisions)
Team working
Jon enrichment or enlargement
Flexible working

116
Q

What is leadership

A

A relationship through one person influenced the behaviour or actions of other people

117
Q

What is management

A

To supervise, oversee and maintain control over a resource

118
Q

Give 2 characteristics of a good leader

A

Inspiring
Dedicated

119
Q

What are the 4 leadership styles

A
  1. Autocratic
  2. Democratic
  3. Paternalistic
  4. Laissez faire
120
Q

Give an advantage and disadvantage of autocratic leadership style

A

+ effective for quick decisions
- very little innovation & demoralises

121
Q

Give an advantage and disadvantage of democratic leadership style

A

+ increased morale & performance as employees feel valued
- longer decision-making time

122
Q

Give an advantage and disadvantage of Paternalistic leadership style

A

+ high loyalty and low turnover rate
- over reliance on manager

123
Q

Give an advantage and disadvantage of laissez faire leadership style

A

+ decisions made quickly
+ increased innovation & quality
- leader can appear uninterested and demoralise

124
Q

What is unlimited liability

A

Debts of the business are debts of the owner

125
Q

What is limited liability

A

Debts of the business are not debts of the owner

126
Q

What are the 6 pricing strategies

A
  1. Cost plus
  2. Price skimming
  3. Psychological
  4. Predatory
  5. Competitive
  6. Penetration
127
Q

What is cost plus pricing strategy

A

Cost of production plus business desired profit margin

128
Q

What is price skimming pricing strategy

A

When a business sets a high initial price then gradually lower it

129
Q

What is penetration pricing

A

When a business sets a low initial price then gradually increase the price

130
Q

What is predatory pricing

A

When a business sets prices so low that it drives out competitors from the market

131
Q

What is competitive pricing

A

A Business setting their prices based on competitors prices

132
Q

What is psychological pricing

A

When a business takes into account the customer’s emotions, beliefs, and attitudes towards the product/service

133
Q

Give 2 factors businesses should consider when choosing a pricing strategy

A

• no. Of USPs / amount differentiation
• PED
• competition
•brand strength
• stage in product life cycle
• costs & desired profit

134
Q

How have social trends changed pricing strategies

A

• online sales
• price comparison websites
Resulting in businesses adapting to remain competitive

135
Q

What are distribution channels

A

The various intermediaries through which goods/ services move from manufacturer to the end customer

136
Q

What does 4 stage distribution contain

A

Producer
Wholesaler
Retailer
Consumer

137
Q

What 3 stage distribution contain

A

Producer
Retailer
Consumer

138
Q

What does 2 stage distribution contain

A

Producer
Consumer

139
Q

Give 2 ways social trends have impacted distribution

A

Growth of e-commerce
Shift from product to services

140
Q

What is the product life cycle

A

A diagram that describes the different stages a product goes through from its conception to decline

141
Q

What the 5 stages in a product life cycle

A

Development
Introduction
Growth
Maturity
Decline

142
Q

What are extension strategies

A

The techniques used by businesses go extend the life of a product behind its natural life cycle

143
Q

What are the 2 types of extension strategies

A

• Product-related extension strategies (changing product)
• Promotion-related extension strategies (changing marketing & promo)

144
Q

What is the Boston Matrix

A

A tool used by businesses to analyse their product portfolio & make strategic decisions about each product

145
Q

What does the Boston Matrix include

A

Ranks products based on market share & market growth rate
• cash cow
• question mark
• star
• dog

146
Q

Give 2 examples of methods used to build customer loyalty

A

Customer service
Loyalty cards
Saver schemes

147
Q

Why is customer loyalty beneficial to a business

A

Repeat purchases, which means less marketing costs

148
Q

Why is effective human resource management important

A

Ensures the right people, in the right roles, with the right support, and opps
= high productivity = higher profits and a positive work environment

149
Q

Give 2 reasons why staff are an asset

A

• bring knowledge
• bring skills
• can increase innovation
• can enhance customer service
• can build a positive brand reputation

150
Q

What are 2 costs of staff

A

• hiring & training
• salaries, wages
• redundancy payments
• managers to manage staff

151
Q

What is flexible working

A

The development of a culture where workers are equipped to do different roles or where they work in a range of employment patterns

152
Q

Give 2 ways of developing a flexible workforce

A

• multi skilling
• part time & temporary contracts
• flexible hours & home working
• outsourcing

153
Q

What is multi skilling

A

The process of training workers to fulfil multiple job roles

154
Q

Give an advantage and disadvantage of multi-skilling

A

+ businesses use workforce more efficiently, reduces costs & increased productivity
- investment in training & development

155
Q

Give an advantage and disadvantage of part time & temporary working

A

+ improve productivity as staff work during productive hours
- communication and monitoring challenges

156
Q

Give an advantage and disadvantage of outsourcing

A

+ access to specialised skills
- ethical concerns, depending on country outsourcing to human right standards

157
Q

What is a dismissal

A

The termination of employment by an employer against the will of the employee (due to misconduct & poor performance )

158
Q

What is a redundancy

A

When the employer ends the termination due to reducing the size of workforce and not needing that job role any longer

159
Q

What is recruitment

A

The process of attracting and identifying job candidates who are suitable for a particular role

160
Q

What is selection in terms of recruiting

A

The process of choosing the best candidate

161
Q

Give one way a business can recruit

A

Job advertising
Job fairs
Social media
Referrals

162
Q

What does selecting employees often involve

A

Reviewing CVs and conducting interviews or assessment tasks

163
Q

How is a job role defined

A

Job description and specification

164
Q

What are recruitment costs and give an example

A

The expenses incurred in the process of hiring
E.g. advertising, high labour turnover rates can increase these costs

165
Q

What are training costs and give an example

A

The expenses incurred in the process of providing training to new or existing employees
E.g trainers, training materials, facilities, re training if not effective originally

166
Q

What are selection costs and give an example

A

The expenses incurred in the process of selecting candidates for employment
E.g. background checks, visa costs, high turnover rates can increase these

167
Q

What are the 3 types of training provided by a business

A

Induction training
On the job training
Off the job training

168
Q

Give an advantage and disadvantage of induction training

A

+ reduces time taken for new employees to become productive
- time consuming & expensive to organise
- may not be effective

169
Q

Give an advantage and disadvantage of on the job training

A

+ training more practical and relevant
- can be disruptive to work place as required trainer to devote time

170
Q

Give an advantage and disadvantage of off the job training

A

+ learn new skills & knowledge to bring fresh ideas to work place
- employees may miss work & expensive

171
Q

What is opportunity cost

A

The loss of the next best alternative when making a decision

172
Q

What is a trade off

A

When having one thing means losing another thing

Business A-level (Edexcel) (5 decks)

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