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Theme 3- Business decisions and strategy Flashcards

1
Q

Define strategy?

What is a business strategy?

A

The medium to long term plans of a business to achieve its corporate objectives and how they plan on meeting it eg through decisions & activities.

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2
Q

What are the different type of strategies ?

A
  • strategies made by senior managers and the top of the hierarchy
  • strategies that require an investment of resources eg time, HR & money
  • strategies once made are difficult to reverse
  • examples =
    market development
    new product development
    Relocating abroad
    Acquisitions and mergers
    Globalisation
    Cost leadership
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3
Q

Define a tactic ?

What is meant by a businesses tactic ?

A

These are the short term action take by a business

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4
Q

What are tactics?

What are the characteristics of a tactic ?

A
  • Made by managers lower down the hierarchy
  • made on a day to day basis
  • decisions can be changed fairly easily
  • examples =
  • small changes to the marketing mix
  • choice of motivational technique
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5
Q

What is a mission statement and what is it used for ?

A

A brief written statement that states - the purpose of a business or organisation. (Provide a common purpose/direction for everyone in the organisation)

They are used for;

  • provide a guidance for the overall direction of the business
  • stating the overall goal
  • help to inform decision making at all levels
  • create a shared focus for all employees, so, it should be communicated
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6
Q

What is Ansoffs matrix ?

A

A model that assesses the degree of risk Vs potential reward for strategic options based on whether the market/product are new or existing

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7
Q

What are the key terms in Ansoffs matrix ? Define them.

A

Market penetration - the lowest risk option/ selling more of an existing product to the existing market
New market development - selling new products to existing markets RISK=unknown nature of market
New product development - new product in existing market RISK=potential failure of new product
Diversification - Highest risk strategy, as selling new product in new markets risk2rd, potential is seen as reward.

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8
Q

What are the possible approaches and danger to the 4 key terms of Ansoffs matrix ?

A

MP - APP increase market share from competitors & changes to the marketing mix, extension strategies DAN - competitions reactions & market may already be saturated, relatively short term only.

MD - APP enter new international market & change promotional tactics, new distribution channels DAN product may not be accepted in markets, business may not understand the market, alienation of current customers.

PD - APP introduce complementary products, new product innovation, improved existing product DAN shorten product life cycle, damage to brand, cannibalisation.

DF - R&D into new products/markets (reasearch), acquisition of other businesses DAN relies on heavy investment, cultural differences may,diluted brand name

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9
Q

What is porters strategic matrix & development of corporate strategy.

(What is his aim)

A

A theory which highlights the potential strategic positions a business can adopt in relation to competitive scope/advantage. < 🔑 profitability

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10
Q

Define cost leadership

A

Cost leadership - strategy, a business aims to be the lowest cost producer in a particular industry. > charge a lower price > gain competitiveness > higher profit margins (price could be similarly to competitors)

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11
Q

Define differentiation

A

Differentiation - strategy, a business that aims to add maximum value through a USP allowing it to charge a premium price.

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12
Q

Define what a product portfolio analysis is ?

A

This is a technique used to analyse the range of products and brands a business has under its control

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13
Q

What are the aims of a portfolio

A

1) Reach a wide audience > through product/market development.
2) spread risk > products at different stages of the life cycle. DIF positions within Boston product matrix > targeted different markets.
3) objective of growth > broadening product range
4) identify and fill gaps in the market
5) Economies of scale > due to increasing the scale of operations

Often aims to have a balance product portfolio eg products at maturity/cash cow can support new products or problem child’s - BOSTON MATRIX

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14
Q

Define distinctive capability

A

This is the combined expertise knowledge and experience of the leaders and founders of a business that create the unique qualities. > they’re difficult to imitate > gives businesses a comp adv

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15
Q

Define and name the 3 attributes

A

Kay’s theory - distinctive capabilities can’t survive without 3 attributes

Architecture - relationship a business had with its stakeholders including employees suppliers and customers

Innovation - the successful introduction of new products or processes

Reputation - ability to build and maintain a good reputation based on customer experiences

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16
Q

What are the 3 effects and tactical decision makings on functional resources?

A

Finance - raising finance to support growth, profit utilisation, R&D expenditure for new product development, and cost of acquisition and location decisions.

Physical - relocating production abroad = cost minimisation or new marker/product development,
Outsourcing = low cost operations, or use expertise leading to highly differentiated products,
Reshoring to reduced lead times.

Human - Retrenchment or cost minimisation requires delayering/rationalisation of the workforce.
Skills required now and in the future ie workforce planning. Technical skills > newProDm or language skills > NewMarkDm
Structure of the workforce, Hard of soft he strategies.

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17
Q

What is the purposes of tactical decision makings on functional resources?

A

..

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18
Q

What is meant by SWOT analysis?

A

A diagnostic tool used to identify the internal strengths and weaknesses and the external opportunities and threats to a business

Helps to inform decision making

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19
Q

What are its values ?

A

Structured approach to analysing a business
Considers both internal and external issues
Includes both qualitative and quantitative factors
Can encourage a large number of people from different level in the hierarchy to contribute
A BUSINESS CAN LOOK INTO:
- maximise strengths
- minimise weaknesses
- take advantage of opportunities
- avoid threats or turn them into opportunities

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20
Q

What are the internal strengths and weaknesses to a business ?

A

Financial performance > profitability, liquidity, gearing etc
Resource management > quality, stock control, relationship with suppliers, lean production
HR management > employed/employee relationships, workforce performance, recruitment and training
Marketing > product portfolio, brand recognition, elasticity of demand
Culture of the business
Corporate social responsibilities and ethics

IMPACT = THE WAY BUSINESSES OPERATE (staff retention/cash flow and the way the business is perceived by stakeholders eg community/customers)

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21
Q

What are the external opportunities and threats to a business?

A

Economic environment > position in the business cycle, interest rates, exchange rates, consumer/business confidence

Political and legal environment > uk leaving the eu, gov spending and taxation

Degree of competition in the market

Technological change > proxy and process innovation, e-commerce, availability of information

Consumer trends > busing habits, social media

Demographics > ageing population in uk, net migration, urbanisation.

BUSINESS NEEDS TO RESPOND TO THESE TO STAY COMPETITIVE IN THE MARKET.

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22
Q

Define PESTLE-C

A 
POLITICAL 
ECONOMIC 
SOCIAL 
TECHNOLOGICAL 
LEGAL
ENVIRONMENTAL 
COMPETITORS (competitive environment)
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23
Q

What is meant by the political environment?

A

The government actions that influence the behaviour of businesses and their consumers.

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24
Q

What are some of the governments actions ?

A

> Providing grants for specific purposes eg relocation to area of high unemployment

> training for start-up businesses to encourage enterprises in a variety of areas eg

Financial eg small business accounts
Marketing eg how to target market segments
Operations managements eg advice on location
People eg how to recruit a suitable workforce

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25
Define SME’s | And it’s impact on businesses
The government with take action to encourage entrepreneurs and SME’s (small to medium enterprises) for many reasons. IMPACT ON BUSINESSES Create competition ( helps provide choice for customers and drives pieces down) Supply goods and services to other businesses and customers ( & small businesses supply to specialist services or components to larger businesses) Offer specialism and expertise ( operating in niche markets ?) Buy goods and services
26
What are smes impact on the economy? (Small to medium enterprises)
- Provide employment for the economy - pay taxes - social benefits eg (sense of achievement, local community involvement & role models) - may be the big businesses of the future
27
Define regulation and it’s characteristic/arguments for etc
Regulation are the creation of rules and sanctions in an industry In order to modify the behaviour/ this is also undertake by the government to create competitive markets. - protecting consumers against the abuse of monopoly power that would lead to higher prices, supernormal profits and inefficiency - to creamy an environment that will encourage businesses to strive for efficiency - to ensure quality and choice are maintained
28
Define de-regulation and it’s characteristics/arguments for etc
The opening up of markets to new competition through the removal of rules and regulations that created barriers to entry. ARGUMENTS FOR - the creations of competitive markets will lead to great efficiency . Businesses strive to reduce costs to compete efficiency . Businesses drive to meet customer demands by reducing price and provide information a greater range of products . Less government interventions allow businesses to product to the need of the market
29
How will the government make the Uk good for businesses ?
They will try and make the business look attractive through ; - transport network: improves the ease and speed of connections (Rails Roads & Air ETC) - provision of utilities: ensuring electricity, gas and water are adequately supplied - Provision of information: ensuring fast access to information (broadband)
30
Define the economic policy
Actions taken by the government to stimulate or control the economic activity.
31
Define the monetary policy
Government policy to control the demand for money in the economy, mainly through interest rates & the supply of money. ( used to control inflation)
32
Define the fiscal policy
Government policy’s taxation expenditure and borrowing to control the economy. ( pay for supply of goods and services from the statue eg education and health etc )
33
Define inflation and its affects on the business.
Inflation - the price of money. Ie the cost of boring or the reward for saving money. AFFECTS ON THE BUSINESS - gearing (firms with high gearing are sensitive to changes in interest rates) - supply ( if the cost of borrowing increases > investing in capital equipment becomes more expensive > business to business transactions will fall as firms buy less capital goods > THEREFORE: less capacity in the economy. - demand ( higher interest rates > consumers will have disposable income) - exchange rates ( higher interest rates > foreign investors will invest in UK banks for higher returns & > increase in the demand for the £ > the value will appreciates > so exports will be dearer.
34
What are the reasons for an objective of - growth in the business.
- to achieve economised of scale - increased market power over customers and suppliers - increased market share and brand recognition - increased profitability - increase the scale of its operations
35
Define economies of scale
The advantages employed by a business when unit costs Fall as it increases the scale of its existing production or there is a growth in the industry.
36
Define the difference between internal and external economies of scale
Internal economies of scale are the benefits enjoined by a business due to an increase in the scale of its operations leading to a fall in the unit costs WHEREAS External economies of scale, are the benefits enjoined by a business due to an increase in the scale of production within the industry in which it operates leading to lower unit costs.
37
Define factors of internal economies of scale. Define and explain, purchasing , technical and managerial.
Technical - the benefits enjoyed when a business is able to spend more on larger/efficient machinery>leading to fall in costs Purchasing - benefits enjoyed by a business when it’s about to negotiate great discounts with suppliers for bulk buying > leading to a fall in average costs. Managerial - benefits when a business can employ specialist personnel leading to a fall in average costs
38
Define the factors of external economies of scale, expertise, co operation & support service.
Expertise - benefits when a region or country becomes renowned for a particular industry leading to more highly skilled workers improved training and greater talent pool leading to a fall in unit costs. Co-operations - greater cooperation between businesses within the same industry and region resulting in greater efficiencies Support services - the benefits when ancillary services that specialise in a particular industry locate close to the industry
39
Define the different ways to increase market power over customers and suppliers
- Brand loyalty as a relit of being a widely recognised brand and a heavy presence in the market - Barriers to entry so it’s difficult for businesses to compete - Stronger negotiating powers with suppliers - Securing raw materials or outlets through vertical integration.
40
Define the different ways to increase market share and brand recognition
- dominant business with a reputation as market leader - saturate the market leader to have a wide geographical spread and balanced product portfolio - strong physical and promotional presence making the brand T the forefront of consumers awareness
41
Define the different ways to increase profitability
- Lower costs through ecos allowing high profit margins assuming revenues remain unchanged - ability to charge higher prices due to brand loyalty and less competition lowering the price of elasticity of demand ``` - increase productivity and efficiency from technical and managerial economies of scale. C/B problems from growth : Diseconomies of scale Internal communication Overtrading ```
42
Define diseconomies of scale
Diseconomies of scale - The disadvantages suffered as a result of a business increasing the scale of its operations that lead to a rise in unit costs
43
What are the Different factors impacting diseconomies of scale and explain them.
Communications - as a business grows in size it becomes more difficult to communicate effectively with all employees and external stakeholders. Coordination - it is difficult to coordinate the increased number of employees, customers and suppliers. This can lead to mistakes being made that are costly to correct. Additional procedures may need to be implemented. Alienation - as the size of the workforce grows, employees may experience a lack of personal recognition. They feel as if they are known as “a number not a name” leading to demotivation.
44
Define internal communications and how do you can do this effectively ( name 2 ways )
The transferring of information between interested parties within an organisations. To be effective - must be to the right people - on time and In an understandable format - important to maintaining good employer/employee relations. - as a business grows communications becomes more complex and more difficult leading to diseconomies of scale. Communication takes place between functions, subsidiaries, headquarters and branches.
45
Define overtrading
Operating at a level beyond its resources leading to potential liquidity problems & can also refer to a business where supply is exceeding demand as a result of growth.
46
Define inorganic growth
When a business expands the scale of operations through external means ( through integration and acquisition )
47
Define mergers
A form of external growth where two or more businesses agree to become integrated to form one business under one management.
48
Define takeovers. | What are the 2 types of takeovers (explain)
A form of external growth when one business gains control over another and becomes the owner IT CAN BE Hostile - where the management of the company does not wish to be taken over Friendly - management are happy to be taken over, sometimes through a ‘white knight’ that will save the firm from financial ruin
49
What are the reasons for takeovers and mergers
TO CUT OUT INTERMEDIARIES IN THE SUPPLY CHAIN - secure supplier of raw materials - secure outlet - reduce the supply of raw materials and the range of outlets available of competitors — Gain market share to increase dominance in the market — benefit from the expertise of the other business — brand recognition through increase market share or through buying recognising brands — synergistic advantages which are enjoyed when 2 businesses join together and get more than the sum of the 2 businesses operating separately (EG 2 + 2 = 5 ) — achieve a corporate objective of growth — reduce risk when moving into new markets eg global markets
50
Define a horizontal integration. | What are its causes and effects
A form of external growth when two or more businesses that operate at the same stage of the production process join together through either a matter or takeover (eg the merger of two car manufacturers) Where: — large businesses can exploit economies of scale although they may also suffer diseconomies — a business can increase its control of a market by reducing competition. This reduces the buying power of the customer.
51
Define a vertical integration. | What are its causes and effects
A form of external growth when two or more businesses that operate at different stages of production process join together. — backwards vertical integration occurs when two or more businesses integrate with a supplier eg car manufacturer merging with a supplier of rubber — forward vertical integration occurs when a business integrates with a buyer ( eg a car manufacturer merging with a car dealership)
52
Define conglomerate
The integration of two or more unrelated businesses
53
Draw and leaves the causes of change & change in organisational size graph
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54
Label a few of the financial risks
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55
Leave a few of the financial rewards
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56
What are some Of the problems with rapid growth
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57
Define inorganic and organic growth
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58
What are they and how can they be achieved ?
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59
What are the methods of organic growth and explain them
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60
Name 3 advantages and 3 disadvantages to organic growth
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61
What are the different ways size can be interpreted
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62
How can a small business stay competitive in a market
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63
What are reasons for staying small ?
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64
Define quantitative sales forecasting
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65
What will sales forecasting be used for ?
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66
Define time series analysis
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67
What is time series analysis used for ?
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68
Define moving averages
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69
How do you implement moving averages ?
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70
Define scatter graphs
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71
What is a line of best fit and how do you plot it on a graph
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72
Define correlation, what does it mean for it to be negative or positive & zero
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73
Define extrapolation (What is the C/B)
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74
What are some of the limitations of quantitative sales forecasting
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75
Define investment appraisal
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76
Define payback/ARR/NPV
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77
What is payback/ARR/NPV used for
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78
What are the techniques and calculations for each payback arr and NPV
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79
Define an investment criteria
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80
How man an investment criteria relate to current/forecasts interests rates and the culture of a business
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81
Define investment appraisal
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82
What are the key considerations in assessing degree of risk/uncertainty.
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83
Define each gearing/opportunity costs/ predictions/ corporate objectives/ competitors reactions
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84
What is the top tip evaluation ?
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85
Explain some of the limitations to investment appraisal
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86
What is a decision tree and what are they used for ?
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87
How can a decision tree be useful to a business ?
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88
Define a decision node/ a chance node/ a line | Attempt a DT question & label it
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89
What are the uses and values of a decision tree ?
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90
What are the limitations to a decision tree ?
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91
What should a business consider when doing a decision tree
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92
Define a critical path analysis
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93
Define a critical path
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94
What does it mean by EAT and LFT
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95
Draw and label a critical path
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96
Define total float (formula)
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97
What are the values of a CPA
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98
What are the limitations of CPA
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99
Define corporate influence
Factors that leaders take into account when making strategic decisions.
100
Define short-terminism and long-terminism
ST - pressure on a business to perform in the short term (maximise profit & shareholder returns (dividends)) LT - decisions making is focused on achieving the long term vision and objectives of the business.
101
How would short-terminism impact a business
Pressure - from financial markets Profits - used to issue dividend instead of being re-invested into the business Lack of investment into R&D (research and development) Lack of investing in training or adopt a hard hr strategy
102
How would long-termism impact a business
Characteristics; - heavy investment into R&D For product and process innovation - soft Hr strategy you n order to recruit and retain top talent - build long term relationships with suppliers and other stakeholders
103
Define evidence based decisions making and it’s factors
``` Ebdm - scientific decisions that are backed by research and are therefore objective ; - Outcomes can be stimulated or tested - reduces not doesn’t eliminate risks - techniques include; Quantitative sales forecasting Investment appraisal Decision trees ```
104
Define subjective decision making
Sdm - decisions made that are base on gut instincts rather than scientifically: - Allows for quicker decisions to be made - An experienced manager may understand the market and base decisions based on ‘hunch’ rather than data - dominant leaders may push decisions forward - may be necessary in a fast moving environment or to avoid missing opportunities
105
How does subjective decision making impact a business ?
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106
Define corporate culture
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107
How does corporate culture impact a business ?
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108
Define a strong culture and what this will do to as business ?
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109
Define a weak culture and what this will do to a business ?
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110
How can power impact a businesses culture ?
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111
How can roles impact a businesses culture
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112
How can tasks impact a businesses culture
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113
How can person/people impact a businesses culture ?
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114
How are corporate cultures formed ?
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115
What are some of the difficulties in changing and establishing culture ?
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116
Who are stakeholders, name them ?
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117
What impact do stakeholders have on a business ?
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118
What is the difference between internal and external stakeholders ?
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119
How can there be conflict between stakeholder give an example?
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120
Define shareholders and their role in a business ?
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121
What are some of the shareholder concepts ?
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122
What are some of the stakeholder concepts ?
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123
Define stakeholder conflict ?
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124
What are some of the examples between stakeholder & shareholder conflict ?
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125
Define business ethics
Morality in decision making. Inferring doing what is ‘right’.
126
Define the ethical code of practise? | What are some examples ?
This is where large businesses would make an ETHCOP which will detail steps that a firm will take to be ethical and uphold the firms social responsibilities. SUCH AS; > taking responsibility for the stakeholders of the business > to be environmentally friendly whenever possible > promote products with integrity and honesty and accuracy > to compete within legal and moral guidelines
127
What are some of the ethics in strategic decisions making
> location decisions eg) taking advantage of the ability to exploit workers in another country or considering the impact on the environment > mergers takeovers and retrenchment eg) taking into account the impact on workers or the ability to exploit customers or control suppliers > corruption - common in certainty countries eg) when dealing with authorities 85 exploiting power over suppliers or customers > working with suppliers throughout the supply chain eg) ethical sourcing and fair payment terms
128
Define trade-offs. | How do trade offs come between profit and ethics?
- when on decision results in the life of an alternative outcome. Behaving unethically = increase costs - by paying a fair rate to suppliers = so your profit decreases HOWEVER COULD BE COMPLEMENTARY Business behaves ethically = charge higher price - fair trade chocolate = higher profits
129
What are some examples of ethics aiding profit ?
- behaving ethically = motivated workforce = low unit costs & labour turnover = reducing recruitment & training costs - behaving ethically = brand loyalty = product to be price in elastic = firm can charge higher prices
130
Define pay and reward ? | Define remuneration?
Pay = governed by living wage = people get a certain pay for certain age HOWEVER some businesses may behave unethically and illegally by not obeying this other businesses would pay higher as it’s the right thing to do Renumeration - pay and reward leaders being seen as unethical if considered too higher and disproportional to the success of the business or treatment of workers. Too much reward can lead to unethical behaviour
131
Define corporate and social responsibility? | What are some of its characteristics ?
This is when a business makes a decision to accept the responsibility of its stakeholders for its social, environmental, and ethical actions. 1 measure = a businesses willingness to accept responsibility above and beyond its legal duty A corporate social report is made to set targets that will be used to meets its social responsibilities and to assess how far it has met previous targets. Can provide a comp adv
132
What are the CSR factors responsibilities towards the business (the 4) Carols CSR pyramid theory.
_ Economic responsibility- society believes businesses have an obligation to survive. In doing so they have to pay a fair rate to suppliers while rewarding investors - legal responsibilities- to act in a way that means that the business is law abiding - ethical responsibilities- to behave in a way that is seen to be morally correct - philanthropic responsibilities- to do good ie) be a good citizen. Often shown through charitable acts
133
What are the benefits to CSR ( name them? How are they beneficial ?
Financial benefits > ability to attract investments > avoidance of fines and environmental taxes > mistakes and bad PR are expensive HR benefits > recruitment and retention of staff attract a wider pool of talent and skills ``` Marketing benefits > greater customer loyalty > differentiation > CSR as a usp > positive PR > recognition from external bodies ``` Operational benefits > lower production costs through efficient procedures and recycling > positive relationships with suppliers
134
What are the costs to CSR in a business
Financial costs > Looking after employees eg) training pay and working conditions > ethical suppliers (direct and through the supply chain ) > environmentally friendly practices throughout the business operations > appointing a director to be responsible for CSR Not meeting corporate objectives > short term shareholders returns > missed growth opportunities eg) not entering new markets Opportunity costs > time spent on CSR, policies, reports and monitoring > day to day functions
135
What is a financial statement? What is its purpose ? What are the 2 types ?
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136
What is a statement of comprehensive income ?
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137
Name stakeholders and why the would want any interest in STMOFCOMPHINC
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138
Define ratio analysis
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139
What are the different types of ratio analysis
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140
Name some of the inter/intra business comparisons
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141
# Define gearing ratios Calculation ?
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142
Define what it is meant by return on capital employed (calculation?)
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143
Where does the money from capital employed be invested from ?
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144
Define lines of analysis ?
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145
What are the values of ratio analysis ?
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146
What are the limits of ratio analysis ?
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147
Define what it is meant by Human Resources?
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148
Define human resource data
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149
Define labour productivity. Calculation ? Expressed as ?
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150
How will the business use Human Resources strategies?
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151
Define financial reward
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152
What are some of the financial incentives to improve employees performances. (Explain them )
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153
Define employees share ownership? | Explain its impact on the business.
. I
154
Define consultation strategies and it’s impact on businesses
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155
Define empowerment startegies and its impact on businesses
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156
Define managing change ?
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157
What are some of the cause of change ?
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158
What it was s meant by change in organisational size. | How does this impact a business ?
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159
Businesses can grow & contract in size but still have a growth objective, how ? (Examples)
:
160
Businesses objective of cost minimisation, so the business will contract. How will the business meet its objective ?
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161
Define poor business performance
B
162
What actions would shareholders take ?
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163
What are the cause of PBP?
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164
Define new ownership
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165
What are the reasons for this of change NOWN
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166
Define transformational leadership ?
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167
What characteristics does transformational leadership include ?
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168
What are the 4 components of TFLDSH.
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169
Define PESTLE-C (explain them each)
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170
Name the positive and negative effects on competitiveness ?
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171
Name the positive and the negative effects on productivity
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172
Name the positive and negative on financial performance
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173
What are the positive and negatives on stakeholders
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174
What are the key factors in change ? | Name all 4
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175
Explain how each factor of change contributes within the business ?
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176
Define inscramental change
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177
Define scenario planning
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178
How would this impact a business ? (Scenario planning)
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179
What are the stages of scenario planning ?
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180
Define risk assessments
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181
Name the risks. | Explain how these risks would impact a business
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182
Define risk mitigation | How does this help the business ?
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183
What is a contingency plan ?
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184
What are the values of a contingency plan ?
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185
What are the limitations of a contingency plan ?
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186
Define succession planning
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187
As part of the workforce planning, what does this include (leading to) ?
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188
If succession planning is vital to the business what may this be the result of ?
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Business (3 decks)

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