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Business Year 13 > Theme 4 > Flashcards

Theme 4 Flashcards

1
Q

What are the indicators of growth

A

GDP per capita
literacy rate
health
Human Developement Index

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2
Q

What Countries are in BIRC

A

Brazil
Russia
India
China

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3
Q

What countries are in MINT

A

Mexico
Indonesia
Nigeria
Turkey

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4
Q

What are the top 5 imports of the UK

A

machinery
manufactures
materials
chemicals
fuels

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5
Q

What are the top 5 exports of the UK

A

machinery and computers
gems/ metals
vehicels
electric machinery
pharmacaticles

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6
Q

GDP

A

gross domestic product
the total monetary or market value of all the finished goods of all the finished goods and services produced within a country

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7
Q

Net exports =

A

total exports - total imports

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8
Q

GNP

A

gross national product
the value of all goods and services produced by a countries citizens in a given financial year, irrespective of their location

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9
Q

Specialization and competitiveness advatnages

A
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10
Q

Greenfield FDI

A

build a completely new factory or business. the best kind as it creates new jobs

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11
Q

brownfield FDI

A

buy an existing business and grow it

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12
Q

FDI benefits to host country

A

brings high paying new jobs
brings new technology
creates new markets
increases exports

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13
Q

what is a traiff

A

taxes on imports/exports

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14
Q

what is a quota

A

amount you are able to export

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15
Q

trade liberisation

A

the porcess of taking down the barier to trade between nations removing quotas abd tariffs

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16
Q

embargo

A

block

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17
Q

what is globilisation

A

the free movement of goods, services, people, capital information and technology enabiling businesses to sell their products anywhere in the world

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18
Q

advantages of trade liberisation

A

can break down monopolies
competitve
bettwer quality
globally scalable business model
improve education
diverse porducts and services

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19
Q

disadvantages of trade liberisation

A

brain drain acn affect economy
increased competition
loosend regulations exploit workers
enviromental damages
increased dependece on import

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20
Q

different aspects of globilisation

A

benefits and drawbacks
competieng inetnationally
exchange rates
imports and exports

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21
Q

enviromental impacts

A

utilises source materials more quickly, increased comosdity prices, increased pollution and global warming

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22
Q

structural employment

A

a large number of primary and secondary sector jobs have been moved to low wage economies creating structural unemployment issues in developed countries

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23
Q

movement of labour

A

alows the best talent to move quickly and easily access borders, creating a ‘brian drain’

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24
Q

what is protectionism

A

when a country takes action to protect its own industries by restricting trade with other

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25
Q

what is dumping

A

over production in developed countries may be released into the markets of developing nations which undercuts domestic prices and domestic producers may be forced to leave the market

26
Q

domestic employment

A

portectionist measures might be to portect domestic jobs if infront industries are allowed to grow or local businesses arent undercut by MNC’S from developed countires

27
Q

tradic bloc

A

a group of countries that come together and make sure agreements to make imports and exports cheaper and easier

28
Q

balance of payments

A

placing restricyions on imports may help to reduce a balance of payments on current account

29
Q

domestic subsidies

A

goverment payments to domestic businessesto help reduce production costs and improve competitiveness

30
Q

what are the three main trading blocs

A

european union
ASEAN
USMCA

31
Q

what are the push factors

A

saturated domestic markets
low growth oppourtunites
end of the product life cycle at home
need to diversfy
need to reduce risk

32
Q

what are the pull factors

A

attractions to new overseas markets in emerging economies
oppourtunity to gain EOS by expanding overseas
oppourtunity to exploit competitve advantages in new markets

33
Q

what is offshoring

A

a business may deciede to reloacte its business overseas this is to take advatage of low labour costs in manufacturing cost efficiencies and supply chains

34
Q

what is outsourcing

A

this is where a business function such as payroll is contracted out to a third party business. this third party business may or may not be located abroad

35
Q

what is infastructure

A

the basic end physical orginisational structures and facilities needed for the operation of a society or business

36
Q

what are natural Resources

A

you may need raw materials from that country if you dont locate you may have to import which could be expensive. This will push up the costs of your production which will reuslt in reduced profits

37
Q

Reasons for global mergers and joint venture

A

spreading risk over different countries
enetring raw materials/trading blocs
acquiring international brand names
sequring resources / supplies
maintaining/increasing global comptetitiveness

38
Q

what is a global merger

A

a global merger is an agreement between two companies from different countries to join forces pernamently

39
Q

what is a joint venture

A

an agreement to work together on a specific prject or region for a specified time such as ten years

40
Q

what is organic growth

A

involves expansion from within a business for example by expanding the [prduct range or number of business units and location organic growth builds on the business own capabiities and resources

41
Q

effects of the exchange rate depends on :

A

inflation: deoreciation can cause inflation and this will lead to uncertainty in business
recession: if there is a weak pound this is great for exports at lwoer prices but if there is a recession in the country buying the goods then demand will still be low.
PED:if goods are price inelsatic then the lower price due to the weak pound wont affect demand
raw materials: affect of appreciation or depreciation depends on how many raw materials the business buys
competition: affects of appreciation or depreciation depends on how competitive the market is that the biusiness trades in

42
Q

competitive advantage

A

low cost leadership
differentiation

43
Q

low cost leadership

A

with this stratergy a business will seek to produce the same quality products as its competitors at a lower price

44
Q

differentiation:

A

a business will produce a unique product or give a unique service. they may have similar products but each will have some attributes which set it aside from the competition

45
Q

skill shortages

A

this is when there is a lack of workers with the right qualifications in the industry
business which follow differentiation are more vunrable to skills shortages as they will require more skilled staff

46
Q

global marketing

A

veiwing the world as a global makret place. creates a global brand. reating products that will suit a world audience

47
Q

with global marketing companies will focus on :

A

product markets
emphasis on the similarities of customers aspirations or tastes
consumer access to the media

48
Q

with global marketing companies will focus on :

A

product markets
emphasis on the similarities of customers aspirations or tastes
consumer access to the media

49
Q

advantages of global marketing

A

EOS in production and distribution
lower average marketing costs
power in the market as your brand is known
consistency in brand image

50
Q

disadvantages of global marketing

A

higher average marketing costs
more international competition
differences in consumer needs and wants
differences in legal enviroments

51
Q

glocalistion

A

used to describe products and services that are both developed and sold to global customers but desgined so that they suit the needs of local markets

52
Q

the international market debate -

A

the decision wether products sold in a new international market should be adpated or standardisedq

53
Q

polycentric

A

adapt to each market to appeal to local customers to maximise profits revenue

54
Q

ethnocentric =

A

strandardise the product for all markets to keep costs low

55
Q

geocentric

A

business can have some of the pros of a standardised approach to get eos but cater for needs of individual markets to maximise sales. focuses on a particular region of the globe

56
Q

4 p’s of the marketing mix

A

product
place
price
promotion

57
Q

market segmentation

A

the process of spliting s business target markrt into different groups. Businesses use these groups to make it easier for them o develope products aimed at a certain group of people and to help then target their marketing

58
Q

exapmples of market segmentation

A

demographic
behavioural
psychological
geographic

59
Q

features of a global niche market

A

very small in each country but the combination og all the countries together
is subset of a global market
high specialized and is characterised by very loyal customers and premium prices

60
Q

what is cultural diversity

A

range of different societies or people of different origins religouns and traditions all living and interacting togetehr

61
Q

what is an mnc

A

sometimes called transnational company is a company that owns or controls production or service facilities

Business Year 13 (6 decks)

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