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Business > Theories/ Models > Flashcards

Theories/ Models Flashcards

1
Q

Tannenbaum and Schmidt Continuum: management styles

A
  1. Tells
  2. Sells
  3. Consults
  4. Implement
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2
Q

Tannenbaum and Schmidt Continuum: level of authority

A

Use of authority— freedom for subordinates

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3
Q

Stakeholder mapping

A

Stakeholder power (high-low) 1. Keep satisfied 2. Manage closely
Stakeholder interest (low to high) 3. Monitor (minimum effort) 4. Keep informed

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4
Q

Market mapping identifies:

A

How products/ brands are perceived by customers compared to others

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5
Q

Market mapping arrows

A
  1. High price 2. Innovative 4. Low price 4. Conservative (clockwise)
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6
Q

Market mapping criteria used by customers eg

A

Price vs quantity
Narrow product range vs wide
Traditional vs modern
Premium vs basic

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7
Q

PED measures if

A

All other factors stay the same eg weather competition

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8
Q

PED use:

A

Impact of exchange rates eg impact on strong pound depends on sensitivity of exports to higher prices in own currencies and how sensitive imports are to lower uk price

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9
Q

YED +

A

Goes same way

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10
Q

YED - means likely

A

Inferior products eg uk holidays vs holidays abroad

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11
Q

YED Change

A

If YED Is 0.5, a 1% change in income leads to a 0.5% change in quantity demanded

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12
Q

7ps

A
  1. Price
    2.product
    3.Place
    4.Promotion
    5.People (training, skills)
    6.Process (transaction)
    7.physical environment
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13
Q

Boston matrix: steps

A

Dogs: revive/ discard/ sell
Cash cows: less promo, finances other
?: invest to promote and distribute
Stars: some investment to maintain market share

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14
Q

Product life cycle stages

A

Development: high outflows, no inflows
Launch: time for distribution and develop brand
Growth: known, more distribution
Maturity: sale growth slows
Decline: sales fall

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15
Q

Product life cycle; consider

A

Sale falls could be temporary if or in decline

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16
Q

Inventory control chart:

A

Lead time: time it takes to receive stock
Buffer stock: just in case stock
Order quantity: reorder quantity + buffer stock

17
Q

Hackman and Oldham’s job design

A

Skill variety, task identity, task significance lead to meaningfulness of work so high internal work motivation

Autonomy leads to responsibility of outcomes so high quality performance

Feedback leads to knowledge of results from activities so high satisfaction

18
Q

Maslow

A
  1. Self actualisation- achieve something for yourself, delegate giving responsibility
  2. Esteem- work be recognised
  3. Social- groups/ teams/ social occasions
  4. Security
  5. Physiological
19
Q

Taylor

A

Monitor task- find best way
Train if not meeting realistic output per day/ bonus
Money motivates
Piece rate pay

20
Q

SWOT

A

Strengths and weaknesses- internal

Opportunities and threats- external

21
Q

Kaplan and Norton’s balanced scorecard

A

Holistic
Looks through financial, customer, internal business process, learning and growth perspectives
Framework to measure success, create targets

22
Q

Elkington’s triple bottom line

A

Planet: environmental performance
People: social performance
Profit: economic performance
Meet all three = sustainable

23
Q

Carroll’s corporate social responsibility pyramid

A
  1. Philanthropic: actively help society eg quality of employees’ working lives
  2. Ethical
  3. Legal
  4. Economic: be profitable- rewards to owners, pay employees fairly, sell at fair price
24
Q

Porter’s five forces

A

Degree of rivalry
Buyer power
Supplier power
Entry threat
Substitute threat

25
Q

Investment appraisal: payback

A

How long to repay

Adv: easy understand and calculate

Disadv: not looking at overall returns eg if little earned

26
Q

Investment appraisal: ARR

A

Considers total returns of project

Adv: compare with cost of borrowed

Disadv: doesn’t account for when returns occur

27
Q

Investment appraisal: NPV

A

Value expected for future returns

NPV= present value - cost of investment

28
Q

Sensitivity analysis

A

Range of possible values for revenues and cost by calculating different scenarios eg payback, ARR and NPV

Highlights risk

29
Q

Ansoff’s matrix: Existing products
Existing markets

A
  1. Market penetration
    Less risk
    increase marketing to increase sales
    Needs demand
30
Q

Ansoff’s matrix: new products
Existing market

A
  1. Product development :
    Risk- product failure
31
Q

Ansoff’s matrix: existing products
New markets

A
  1. Market development
    Target new customer segments eg demographic, income, behavioural
    Risk: knowledge of segment
32
Q

Ansoff’s matrix: new products
New markets

A
  1. Diversification:
    Risky
    Spreads risk
33
Q

Porter’s strategies

A

Competitive advantage

                Lower cost. Differentiation Competitive target diffeeentiation Broad target differentiation scope

Business (3 decks)

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