unit 3 gcse business Flashcards
What are the 4 parts of marketing mix?
product price place promotion
What are the 4 stages of the product life cycle?
introduction, growth, maturity and decline
What does it mean if aa product is in decline?
it means that its sales are dropping
What does it mean if a product is in its introduction stage?
sales are low as it has just been launchedbut growing, it may not be generating a profit for the company.
What are the four squares in the Boston Matrix?
Question mark, dog, cash cow and star
What square would have low sales and low growth on the Boston Matrix?
Dog- you should consider removing this product from the market.
What square would have high sales and high growth on the Boston Matrix?
Star- this is a rising product
What square would have high sales and low growth on the Boston Matrix?
Cash cow- these products generate a lot of income
What square on the Boston Matrix would have low sales but high growth?
Question mark- this product may be high risk.
What is branding?
creating a unique name and image for customers to recognise.
What is minimum stock level in stock control?
it is the lowest point stock should get to.
What is lead time in stock control?
it is the time delay between ordering stock and it arriving
What are the costs of holding lots of stock?
costs of storage, costs of buying the stock, opportunity cost of not being able to buy something else, stock migh be perishable.
On a stock control diagram what is the reorder level?
the number of units at which you should order more stock to avoid running out.
What is a flat organisational structure?
it is a company structure that has a short chain of command, few layers
What is a tall organisational structure?
a company structure that has lots of layers and a long chain of command.
What is a Span of control?
it is the number of people under a managers direct control?
What is delegation?
it is where you give responsibility for doing a job to someone else?
What is a line of authority?
in a company structure it is the way that power flows from the top to the bottom
What is a centralised organisation?
Where the authhority to make decisions is kept at Head Office
What is a decentralised organisation?
Where the authority to make decisions is not held at head office, the company may not have a head office
What is an example of verbal communication?
telephone conversation, meeting, interview, face to face discussion
What is an example of non verbal communication?
body language, facial expressions, hand gestures
What is an example of written communication?
Letters, faxes, texts, email, newspaper adverts, posters
GIve an example of a formal method of communication
letter, interview, meeting
Give an example of a informal type of communication.
memo, text
What is a barrier to communication?
anything that stops information from getting through to someone for example background noise, complexity of information
What would be an appropriate method of communication to let someone know they were being fired?
Letter or meeting
