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Business Exam Questions > Unit 1 Exam Questions > Flashcards

Unit 1 Exam Questions Flashcards

1
Q

Explain 2 drawbacks of having ethical objectives as priority for Medic?

A

Expenses and explanation and pressure on management team to maintain these standards.

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2
Q

Explain 2 reaosns why car manufacturer would want to form a startegic alliance with PCP

A

Brand image+explination and economies of scale can be enjoyed for cheaper price.

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3
Q

Explain the drawbacks of VF being a small business?

A

No access to economies of scale and explanation and not able to compete with large coemptions explanation

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4
Q

Describe the benefits of Internal growth for OF

A

Benefit would be cheaper and less risky than inorganic growth

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5
Q

State the strategic objectives of TE

A

Profit Maximisation and Protection of shareholder value

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6
Q

State 2 disecncomies of scale due to expansion

A

Lack of control and bueracy.

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7
Q

Pros and cosn of MNC?

A

Job oppurnritnties Cusotmer options threat to doemstic industireis threten govemernt abuse of pwr

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8
Q

What is microfinance?

A

A fiaicial service providded for divrimated groups and women they provide small loans not gramnted by traidtional banks.

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9
Q

Cons of internal growth

A

Slow and discencmcies of scale

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10
Q

What is join venture?

A

2 or more companies share risks costs profits of project by forming new company together.

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11
Q

Factors which allow MNCS to grow?

A

Globalisation and relaxed trade barriers

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12
Q

Identify 2 reasons why asset group might want to discontinue the joint venture?

A

-Disagreements (Culture clash)
-Conflict between stakeholders

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13
Q

Pros of being a small business

A

Consumer relations and Faster decisison making

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14
Q

What is stratgic alliance?

A

2 or more companies share costs operations and marketing but remain independent organizations without creating a separate business entity

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15
Q

What are cons of strategic alliance?

A

Culture clash and challenge of agreement due to size and influence diffrence.

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16
Q

Ansoff matrix tools?

A

Makret penentration same product same market Product devlopment diffrent product smae market Market devlopemnt sma eproduct diffretn market and diversfication

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17
Q

What is ansoff matrix?

A

strwtgaaic planning Tool used to help business devlop growth strgatagies.

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18
Q

How does international trade imapct domestic industries

A

-Access to global market
-EOS

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19
Q

Example of internal eos?

A

Marketing and financial

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20
Q

Factors which imapct a company setting ehtical obejctives

A

Pressure from public and pressure from media

21
Q

Why would a business be small

A

Limited capital and control

22
Q

What is diffrence between internal growth and external growth?

A

Internal Growth (Organic Growth):

Focuses on using existing resources and capabilities to expand the business.
Achieved through strategies like:
Increasing efficiency in operations to produce more or reduce costs.
Investing in research and development (R&D) for new product lines or improvements.
Expanding marketing and sales efforts to reach new customers within existing markets.nvolves acquiring resources and capabilities from outside the company to achieve rapid growth.
Achieved through strategies like:
Mergers and Acquisitions (M&A): Combining with another company to gain access to their market share, resources, or technology.
Strategic alliances or partnerships: Collaborating with other companies for specific projects or market access.
Joint ventures: Creating a new company with another company to share resources and expertise.

23
Q

State 2 limitations of Prv Held Company

A

Limited Fianance small pool of invesotrs and pressure

24
Q

Pro and cons of being PHC

A

Limited liabality lack of control

25
Q

What are the Challenges of starting business?

A

Existing Competion and lack of fianance

26
Q

benefits of havaing clear objectives

A

Motivated employyess and gives clear sense of purpsoe

27
Q

Define Mission statement

A

Declaration of organisations overall puprose form ofundation for all objectives

28
Q

What are disadvaatges of not having clear business objectives

A

Adaptabality issues and lack fo strategic direction

29
Q

What is NGO?

A

Organsataion run by volunteers and situated in the private secotr focus on humananitrian assitnance and adress soical enviromental problems aim to make postive imapct on community.

30
Q

What are the advantages of expanaising?

A

Diversification and sales revenue

31
Q

What is rent?

A

Fixed cost payment for the use fo an asset such as property or [remsies that belongs to someone else.

32
Q

What is taylors theory

A

employees should be assigned to perform one specific task, scientific methods are used to find one best way to perform a task, managers directly supervise employees and employees are paid based on their performance. The main motivation factor for employees is monetary gains.

33
Q

What is wholesaler?

A

Firm buy large quanaity from mnaufturin comopany brekadown resell for smaller untis.

34
Q

What is unique selling point?

A

Any aspect of a product that stands out from other products on market

35
Q

What is zero channel distrubtion

A

direct disturbtion

36
Q

What is batch prodcution?

A

Produce small number of same products in diffrent stages

37
Q

Retailer?

A

Buy from wholesaler and sell products directly to customers

38
Q

What is Maslows law of herarchy needs?

A

Addressing needs of employees through basic neccesties such as water to fianail incentives such as money

39
Q

What is Herzbergs theory

A

Motivators (achievement, recognition, the work itself) that directly lead to job satisfaction, and Hygiene Factors (salary, benefits, company policy) that prevent dissatisfaction but don’t necessarily motivate.

40
Q

What is job porduction?

A

Focus: Creating custom items or small batches for specific customer orders.
Examples: Shipbuilding, architectural projects, custom furniture.
Advantages: High degree of customization, caters to unique needs.
Disadvantages: High cost per unit, time-consuming, less efficient for large

41
Q

What is flow production?

A

Focus: Continuous production of standardized goods on an assembly line.
Examples: Car manufacturing, bottling plants, electronics assembly.
Advantages: Very efficient for high-volume production, low unit costs, consistent quality.
Disadvantages: Requires high initial investment in automation, less product variety, less adaptable to changing demands.

42
Q

What is mass production

A

Focus: Large-scale production of standardized goods using highly automated assembly lines. A more specific type of flow production with very high volume.
Examples: Toy manufacturing, household appliances.
Advantages: Lowest possible unit costs, high efficiency.
Disadvantages: Requires enormous production volume, inflexible to changing demands, high initial investment.

43
Q

What is matrrix strucutre?

A

Focus: Combines functional and divisional structures, creating a grid-like system. Employees report to both functional and divisional managers.
Advantages: Encourages collaboration and information sharing across functions and divisions, good for complex projects requiring expertise from multiple areas.
Disadvantages: Can be complex to manage, potential for conflicts between functional and divisional managers.

44
Q

What is flat strucutre?

A

Focus: Few levels of hierarchy, employees have more autonomy and decision-making power.
Advantages: Faster communication, increased employee motivation and innovation.
Disadvantages: Less clear lines of authority, may not be suitable for large organizations with complex operations.

45
Q

What isjob rotation

A

Swithcing employees between diffrent jobs to avoid boredoem

46
Q

What is KPI?

A

Measurue show success of business htrough business plan

47
Q

What is over trading?

A

Firm grows faster than it’s cashflow psotion can cope with

48
Q

What aee feuauteres of CSR

A

Transpepcycy and enviormental repsosbsiisty

Business Exam Questions (3 decks)

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