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Business studies > Unit 9 > Flashcards

Unit 9 Flashcards

1
Q

Products of growth?

A
  • Economies of scales
  • Economies of scope
  • Diseconomies of scale
  • Experience curve
  • Synergy
  • Overtrading
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2
Q

Reasons for change?

A
  • To meet objectives
  • Respond to external forces
  • Respond to internal forces
  • Gain competitive advantage
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3
Q

What are the types of growth

A
  • Organic
  • External
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4
Q

What is Economies of scale?

A

As you get bigger it leads to an advantage of its current operations to fall in unit price.

  • Technical
  • Purchasing
  • Managerial
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5
Q

What is economies of scope?

A

The advantage that a business gets as it increases its scale from being able to expand the range of activities.

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6
Q

What Diseconomies of scale?

A

The disadvantage suffered from an increase in scale which causes a rise in unit cost.

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7
Q

What is the experience curve?

A

The advantage enjoyed by a business by having managers and employees who know how to run the business.

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8
Q

What is the Pros from the experience curve?

A
  • Greater specialism increasing efficiency.
  • Confidence when dealing with stakeholders
  • Less mistakes
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9
Q

What is synergy?

A

Two businesses joined together being able to achieve more than the sum of the two businesses operating separately.

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10
Q

What is overtrading?

A

When a business gets big too quickly.

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11
Q

What is the first stage and first crisis called?

A

Stage = Creativity
Crisis = Leadership

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12
Q

What is the second stage and second crisis called?

A

Stage = Direction
Crisis = Autonomy

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13
Q

What is the third stage and third crisis called?

A

Stage = Delegation
Crisis = Control

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14
Q

What is fourth stage and fourth crisis called?

A

Stage = Coordination
Crisis = Red tape

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15
Q

What the the fifth stage and fifth crisis?

A

Stage = Collaboration
Crisis = Future crisis

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16
Q

Benefits of being a franchiser?

A
  • Rapid expansion
  • Motivation - franchisee has their own capital in the business
  • Economies of scale
17
Q

Pitfalls of being a franchiser?

A
  • Loss of control
  • Managing growth
  • Litigation
18
Q

Benefits of franchisee

A
  • Lower risk
  • Established product
  • Experienced business
  • Brand awareness
  • Proven operation
  • Assistance
19
Q

Pitfalls of franchisee?

A
  • Lack of control
  • Higher start up costs
20
Q

What is product innovation?

A

Changing a product that already exists or developing an invention into a brand new product.

21
Q

What is process innovation?

A

Changing a process of production that already exists or putting into practise a brand new process.

22
Q

What is the pros of innovation?

A
  • Creates a USP for the product
  • Less competition due to patent
  • More efficient and cost effective production process
  • Likely to be premium product
23
Q

What is the cons of innovation?

A
  • Can be very costly in R & D stage and therefore a drain on resources
  • For all innovations there is an opportunity cost
  • Few innovations see the light of day.
24
Q

Ways of becoming a innovative organsation?

A
  • Kaizen
  • R&D
  • Intrapreneurship
  • Bench-marking
25
Q

Reasons for off shoring?

A
  • Lower costs
  • Higher productivity
  • Enter new markets
  • Overcome domestic regulations
  • Talent pool
26
Q

Reasons for re-shoring?

A
  • Cost saving no longer significant
  • Quality issues
  • Infringement to intellectual property
  • Shorter lead times
  • Government incentives
27
Q

In Bartlett and Ghoshal’s theory what is a business that has low local responsiveness pressure and high cost pressure?

A

Global

28
Q

In Bartlett and Ghoshal’s theory what is a business that has high local responsiveness pressure and high cost pressure?

A

Transnational

29
Q

In Bartlett and Ghoshal’s theory what is a business that has low local responsiveness pressure and low cost pressure?

A

International

30
Q

In Bartlett and Ghoshal’s theory what is a business that has high local responsiveness pressure and low cost pressure?

A

Multi-domestic

31
Q

What are the different uses of technology?

A
  • E-commerce
  • Big data
  • Data mining
  • Enterprise resource planning (ERP)

Business studies (11 decks)

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