Unit 2 - Buisness Leadership Flashcards
What is production?
Production is the process of manufacturing or the making of products and service from raw materials or semi-finished products.
What is the concept of productivity? Explain why it is important to the success of a business.
Productivity is the comparison of the resources used with products and services that result. It is important because an increase in productivity results in an increase in profit.
What makes a product popular and highly desirable by an end consumer?
1) Higher quality
2) Higher grading
3) Cheaper than competitors
4) Meets ISO standards
Why do you buy the products you use? Name 3 reasons and briefly explain.
1) Higher quality - Lululemon, more expensive but lasts years.
2) Higher grading - Certain products are more authentic and graded higher.
3) Popular brand - Due to its popularity.
What are the 4 stages in the production process; list and describe each?
1) Purchasing - Someone is required to purchase the raw materials need to produce a product or service.
2) Processing - All non-service buisnesses convert one item into another through processing.
3) Quality Control - Are standards that ensure that all products reach a certain level of excellence.
4) Grading - Is the act of checking products for size and quality against fixed standards.
How can a business improve productivity?
- Train employees
- Encourage teamwork
- Motivate them
- Provide feedback
What are the 4 main functions of a manager?
1) Planning
2) Organizing
3) Leading
4) Controlling
List the 8 roles of Human Resources.
DLAIJEKDW
1) Determine the need for a new employee
2) Look for the right employee
3) Application process
4) Interview process
5) Job training
6) Employee development
7) Keep good employees
8) Departures, dismisalls, and retirement
What is the difference between internal and external hiring?
1) Internal Hiring - Promoting or transfering an employee who already works at your job to fill the opening.
2) External Hiring - Hiring an entirely new person for the job opening.
Name 3 places where an applicant can find jobs.
1) Advertisements
2) Indeed
3) CareerBuilder
What is a cover letter trying to get you?
A cover letter is trying to get you a job, it’s your chance to explain why you’re a good fit for the job. It’s like a personal introduction, to make your resume stand out, and give a good first impression.
Why do companies even have a HR department or person?
The HR department or person is part of the buisnesses management teams. It is essential for bigger buisnesses to have a HR department as it’s crucial for them to do certain tasks hire new employees, and train them to make the company better.
Why do you think planning is so important in management?
Planning is important in management as it helps to set the right goals. Planning helps to asses those goals and see if its realistic for the company.
How do managers motivate employees?
1) External Motivation - Involves of motivating employees through positive and/or negative methods like encouragement or fear of losing their job.
2) Internal Motivation - Comes from within the person and is often stronger than external like overcoming challenges and earning respect.
What 3 things are part of a brand?
1) Brand name
2) Brand logo/trademark
3) Slogan
Identify the stages of the product life cycle, and one product that belongs in each.
1) Introduction - Product enters the market and you have to let people know that it actually exists. (Synthetic meats.)
2) Growth - The product enters the market, people try it, and sales increase. (Electric vehicles.)
3) Maturity - Growth is flat in this stage. It doesn’t increase or decrease. (Coca-Cola)
4) Decline - Product fails to attract new customers to replace those who have left for new products. (Landlines)
5) Decision Point - Make the decision to reformulate, repackage, or reintroduce. (Cereal)
Choose a product that matches each of the non-traditional product life cycles.
1) Fads - Fidget spinners
2) Niches - High-end hair products.
3) Seasonal - Back to school products
Define the 2 C’s of marketing.
1) Competition - The act of other buisnesses or brands that sell similair products or services to the same target audience.
2) Consumer - The people or groups of people who buy or use a product or service.
Choose one of your favourite products and identify one direct competitor and one indirect competitor.
Adidas - Nike - Subway
Describe the 4 P’s of marketing.
1) Product - The product or service that is being sold.
2) Price - How much the product or service is being sold for.
3) Place - Where and how to purchase the product or service.
4) Promotion - How you tell customers about the product or service.
List the 4 rules for creating good advertising.
AIDA
1) Attract attention
2) Gain interest
3) Build desire
4) Get action
Which 3 types of advertising are you exposed to most? Explain why.
1) Direct to hone
2) Out of home
3) Internet
List and describe the 5 reasons why accounting is important.
1) Accountability - Ensures that buisnesses are accountable for their flow of money.
2) Budgeting - Buisnesses should be budgeting their finances.
3) Taxation - Records must be kept and taken in order to pay taxes.
4) Financial Report - A report that sunmarises the financial position of a buisness.
5) Annual Report - Financial statements and other usefull info that is given to others in the form of a report.
Describe an advertisement that you think is effective. Use the four rules of advertising to explain why you think it is effective.
Apple’s “Get a Mac” ad:
1) Attract Attention - People and humor
2) Gain Interest - Highlights Mac’s advantages in a cool yet relatable way.
3) Build desire - Positions Mac to be cool, easy to use, and part of a desirable lifestyle.
4) Get action - Simple “Get a Mac.”
