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BUS MAN/ ACCOUNTING SEM 2 > UNIT 2 BUS MAN > Flashcards

UNIT 2 BUS MAN Flashcards

1
Q

What is marketing mix?

A

the elements of a firm’s approach to marketing that enable it to satisfy and delight it’s customers

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2
Q

What are the 4 P’s

A

price, promotion, product, place

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3
Q

What are the 4 P’s manipulated by?

A

Maximise saes and profit
create a brand
develop customer loyalty
create a UNIQUE SELLING POINT/ PROPOSTION

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4
Q

What must a product include for it to appeal to customers ?

A

the physical features and specifications of the product
quality/ reliable/ looks/ meets customer need

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5
Q

What key features must a product ensure it appeals to the market?

A

functionlaity
reliability
durability
suitable packaging
fashionable and keeping up with social trends

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6
Q

Why is it important to consider your target market when developing your product?

A

Must suit the customer needs and expectations in order for the business success by creating higher sales

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7
Q

What key features does the price need for market mixing?

A

the way that the product is priced and the rationale behind it
competition
wants and needs
profit
costs demand

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8
Q

What is price skimming?

A

a firm charges the highest initial price that customers will pay and then lowers it over time. Once the demand of the first customers is satisfied and competition enters the market, the price is then lowered again
Once lowered to the businesses minimum then the product can be taken off the market

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9
Q

What is penetration pricing?

A

is a pricing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors

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10
Q

Why is it important when selecting pricing for your business?

A

customers will factor this in when buying it - if the price isn’t sufficient then the business will not receive funds

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11
Q

What does the place mean in the 4 P’s

A

Refers to where the product will be sold and how it will be distributed

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12
Q

How does the market research help with the PLACE?

A

The research done on your product and price decisions will inform the placements, which is beyond physical locations

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13
Q

What are some considerations when it comes to place?

A

Where will people be looking for your product?
Will they need to hold it in their hand/try it on?
Will you use third party sellers or not?

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14
Q

If the wrong place or method is chosen this could???

A

Mean that the business loses out on sales as it is not available in the place where the customer need/ would expect

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15
Q

what does PROMOTION mean in the 4 P’s

A

how the product will be advertised
= part of the marketing mix that the public notices most

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16
Q

What types of promotion include

A

television, print advertising, content marketing or schedule discounts, social media advertising, email, display ads

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17
Q

What is the 4 aims of promotion

A
  1. Inform the customer (prices, location, product features)
  2. Build a brand image
  3. Create customer loyalty (encourage customers to buy again)
  4. Persuade the customer (to purchase the product for the first or more regularly)
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18
Q

Define the methods of promotion

A

Advertising - paying for a message to be shown through media, TV, socials, mags etc

Sponsorship - providing financial assistance to an individual, event or organization in exposure of advertising

Sales promotion - short term sales initiatives to boost sales eg “buy one and get one free”

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19
Q

What is SWOT analysis

A

is a study (business planning tool) undertaken by an organisation to identify its internal strengths and weaknesses, as well as its external opportunities and threats

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20
Q

What does SWOT gain an understanding of?

A

internal strengths
internal weaknesses
external opportunities
external threats

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21
Q

What could be an internal strength

A

innovative staff, product unique selling point

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22
Q

what could be an internal weakness

A

high wastage, high staff turnover

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23
Q

what could be an external opportunity

A

move into foreign markets

24
Q

what could be an external threat

A

increased competition, the need to keep up with technology

25
What does SWOT help for a business to achieve
will help to set objectives and highlight areas that require special attention
26
What are the benefits of SWOT
-monitor the businesses effectiveness -shows the current and potential future position of a company -highlights the company's strengths and weaknesses against competitors - to help the company to achieve the customers wants ad needs
27
What are the disadvantages of SWOT
- weaknesses and strengths are often a matter of perception than fact - open to interpretation - information is never perfect and future always changes
28
What does SWOT stand for
Strengths Weaknesses Opportunities Threats
29
What is management style/ summary
behaviour and attitude of the manager
30
What factors influence the management style?
Nature of task - Is it dangerous, creative, straightforward? Time - Pressure? Experience of employees - Are the employees experts? Manager preference - What does their personality align with?
31
What management styles are there?
1. Autocratic 2. Consultative 3. Laissez Faire
32
AUTOCRATIC Decision making Communication Importance placed on Control
- Centralized with the manager making the decisions -Communication is very clear instructions with employees told what to do -Importance placed on completing the task efficiently and effectively - High level of control
33
When might the AUTOCRATIC style be appropriate? Nature of task Time Experience Manager preference
Nature of task - high risk or crisis situation, large groups of employees working on a task simple in nature TIME LIMITED EXPERIENCE - lack of skills, knowledge and experience to complete the task
34
Advantages of AUTOCRATIC management
Advantages - High level of clarity with clearly defined procedures with a consistent outcome Decisions made quicker with employees roles and expectations set out plainly Clear directions and decision making is quick to ensure action in a timely manner
35
Disadvantages of AUTOCRATIC
DISADVANTAGE doesn't allow the manager to access staff knowledge or ideas - best decision x made Employees have no power = feel undervalued or develop skils -> low job satisfaction = high staff turnover due to low morale High "us and them" with a lack of employee pride in performance, meeting expectations but x go above
36
CONSULTATIVE Decision making Communication Importance placed on Control
- decisions made by management after discussion with employees to obtain their opinion - two way communication - management still responsible of tasks but gives a chance to improve - manager still has ULTIMATE control however greater importance is placed on employee involvement
37
When might the CONAULTATIVE style be appropriate? Nature of task Time Experience Manager preference
- More complex tasks when there are elements of the task where employees have more knowledge than the manager with a variety of decisions taken into account - LIMITED TIME PRESSURE - TIME TO CONSULT EMPLOYEES - Higher levels of experience and skills with the employees having a detailed knowledge of elements to help the business howver don't know the 'big picture' - likes to include employees but still makes final decisions
38
CONSULATIVE ADVANTAGES
-Greater variety of ideas and improved management = improved business -Employees have some ownership with an increased motivation and commitment Increase in employee development
39
DISADVANTAGES OF CONSULATIVE
-Slow due to time to consult -Some employees may not want to be consulted on decisions or some employees may not want to have knowledge and skills to be able to contribute - Conflict due to ideas ignored - Sensitive info might make employees fear
40
LAISSEZ FAIRE Decision making Communication Importance placed on Control
decentralized authority to make decisions handed to employees - two way with the manager makes the objectives and time constraints clear with the team reporting on progress - Autonomy - allowing staff to select their own way to achieve a outcome - manger hands control over to the employees and monitors progress
41
When might the LAISSEZ FAIRE style be appropriate? Nature of task Time Experience Manager preference
- simple with no requirement for uniformity with no need for supervision with it highly dependent on employee skills where the solution may not be known - EXTENDED TIME - High level of expertise with higher than management - prefers to delegate to employees with a hands off approach wit sometimes a lack of personal responsibility and high degree of trust
42
ADVANTAGES LAISSEZ FAIRE
- Employees feel sense of ownership which can promote good results - continual encouragemnt - employees can respond quickly to issues with not needing to run by management - delegation enables management on other elements for the business
43
DISADVANTGES LAISSEZ FAIRE
complete loss of control by management can lead to disconnected in management - misuse organizations resources - can breed conflicts with individuals don't cooperate - lack of direction for the staff so lowers motivation
44
What is quality?
the degree of excellence in a good or service and it's ability to satisfy the customer
45
Describe what a proactive strategy is
quality management prevents defects t/f decrease waste, decrease cost and increase efficiency
46
Describe what a reactive strategy is
strategies that try to fix errors after they have already occurred
47
What is quality control?
process of checking the quality standards of work done or quality of raw material or component parts done @ different stages
48
What type of strategy is QUALITY CONTROL
Reactive strategy b/c it defects and eliminates defects AFTER they occur - decides if they fix the problem or becomes waste
49
Example of Quality control
Batch Testing - random sample after batch is done Secret Shopper - pretend customer Safety checks - every output checked
50
How does QUALITY CONTROL link to business objectives
defects can be detected early -> reduces waste of time if original input was bad or error was made early Prevents defect products = increase quality of what customer receives = increases loyalty and profit
51
Advantages & Disadvantages of QUALITY CONTROL
AD - customers do not receive faulty goods or services = improved rep - reduces need for refunds - inexpensive strategy DIS - creates waste = high costs and enviro impact - inferior goods may still reach customer as not every product checked - time consuming
52
What is Quality Assurance
When the organization achieves certification of quality in its production from an independent body after being assessed NEED TO MEET STANDARDS FOR INDUSTRY e.g ( training of staff; customer satisfaction; documentation; corrective action)
53
What strategy is QUALITY ASSURANCE
Proactive b/c it seeks to sue best practice to prevent errors from occurring but still includes checking mechanisms if they don't work
54
Advantages and disadvantages of QUALITY ASSURANCE
AD Reduces waste from errors = lower cost and envio impact EXTERNAL CERTIFICATION = increases customer confidence Reduces errors increases productivity DIS Employees may need to be trained to comply w new processes Time consuming due to documentation Expensive to organise external body to assess
55
What is Total Quality Management?
whole organisation approach to achieving quality based on continuous improvement. Part of a culture with ALL employees having a role to play -> internal customers able to give feedback to others
56
What are the 3 principles of TQM
Continuous improvement - standards keep getting raised as quality can always be improved Employee empowerment - direct responsibility through quality circles - proposals put to management Customer focus - review thru lens of customer needs and expectations
57
Advantages and Disadvantages of TOTAL QUALITY MANAGMENT
AD High adaptable to specific bus requirements Reduces errors = low cost and enviro Increases motivation - employees empowered and establishes culture of quality DIS Time consuming Require shift in culture Employees require training to imporve quality

BUS MAN/ ACCOUNTING SEM 2 (5 decks)

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