Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 4 P’s

A

price, promotion, product, place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What types of promotion include

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does SWOT gain an understanding of?

A

internal strengths
internal weaknesses
external opportunities
external threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What could be an internal strength

A

innovative staff, product unique selling point

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what could be an internal weakness

A

high wastage, high staff turnover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
Q

What does SWOT help for a business to achieve

A

will help to set objectives and highlight areas that require special attention

26
Q

What are the benefits of SWOT

A

-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
Q

What are the disadvantages of SWOT

A
  • weaknesses and strengths are often a matter of perception than fact
  • open to interpretation
  • information is never perfect and future always changes
28
Q

What does SWOT stand for

A

Strengths
Weaknesses
Opportunities
Threats

29
Q

What is management style/ summary

A

behaviour and attitude of the manager

30
Q

What factors influence the management style?

A

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
Q

What management styles are there?

A
  1. Autocratic
  2. Consultative
  3. Laissez Faire
32
Q

AUTOCRATIC
Decision making
Communication
Importance placed on
Control

A
  • 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
Q

When might the AUTOCRATIC style be appropriate?
Nature of task
Time
Experience
Manager preference

A

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
Q

Advantages of AUTOCRATIC management

A

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
Q

Disadvantages of AUTOCRATIC

A

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
Q

CONSULTATIVE
Decision making
Communication
Importance placed on
Control

A
  • 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
Q

When might the CONAULTATIVE style be appropriate?
Nature of task
Time
Experience
Manager preference

A
  • 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
Q

CONSULATIVE ADVANTAGES

A

-Greater variety of ideas and improved management = improved business
-Employees have some ownership with an increased motivation and commitment
Increase in employee development

39
Q

DISADVANTAGES OF CONSULATIVE

A

-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
Q

LAISSEZ FAIRE
Decision making
Communication
Importance placed on
Control

A

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
Q

When might the LAISSEZ FAIRE style be appropriate?
Nature of task
Time
Experience
Manager preference

A
  • 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
Q

ADVANTAGES LAISSEZ FAIRE

A
  • 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
Q

DISADVANTGES LAISSEZ FAIRE

A

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
Q

What is quality?

A

the degree of excellence in a good or service and it’s ability to satisfy the customer

45
Q

Describe what a proactive strategy is

A

quality management prevents defects t/f decrease waste, decrease cost and increase efficiency

46
Q

Describe what a reactive strategy is

A

strategies that try to fix errors after they have already occurred

47
Q

What is quality control?

A

process of checking the quality standards of work done or quality of raw material or component parts
done @ different stages

48
Q

What type of strategy is QUALITY CONTROL

A

Reactive strategy b/c it defects and eliminates defects AFTER they occur - decides if they fix the problem or becomes waste

49
Q

Example of Quality control

A

Batch Testing - random sample after batch is done
Secret Shopper - pretend customer
Safety checks - every output checked

50
Q

How does QUALITY CONTROL link to business objectives

A

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
Q

Advantages & Disadvantages of
QUALITY CONTROL

A

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
Q

What is Quality Assurance

A

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
Q

What strategy is QUALITY ASSURANCE

A

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
Q

Advantages and disadvantages of QUALITY ASSURANCE

A

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
Q

What is Total Quality Management?

A

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
Q

What are the 3 principles of TQM

A

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
Q

Advantages and Disadvantages of TOTAL QUALITY MANAGMENT

A

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)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions