year 1 topics

Question 1

transfomation process

Answer 1

transfomation of inputs and outputs

Question 2

added value

Answer 2

is amount added to value if inputs

Question 3

key inputs needed by business :

Answer 3

land , labour , capital , enterprise

Question 4

transfomation chain

Answer 4

raw materials –>manufacturing –>distribrution –>retailer –> consumer

Question 5

primary sector
secondary sector
tertiary sector

Answer 5

raw materials
manufacturing
distribrution and retailer

Question 6

mission statement

Answer 6

statement of business long term vision

Question 7

profit satisfying

Answer 7

making enough to profit to keep owners comfortable

Question 8

social

Answer 8

providing service to public

Question 9

break even formula

Answer 9

fixed costs /(sp-vc)

Question 10

market capitilisation

Answer 10

current share price x no. of shares

Question 11

PESTLE+C

Answer 11

poltical, economic , social , technological , legal , environmental , competition

Question 12

leaders

Answer 12

those who set direction and strategy for business

Question 13

autocratic leadership

Answer 13

makes decisions without consulting staff

Question 14

paternalistic leadership

Answer 14

gives attention to social needs and views of workers

Question 15

democratic leadership

Answer 15

involves staff in decision making

Question 16

laissez faire

Answer 16

lets staff make decisions

Question 17

stakeholder mapping

Answer 17

mapping stakeholders in terms of level of power and interest

Question 18

marketing objectives :

Answer 18

market share , sales growth , sales value , brand loyalty , sales volume , market size

Question 19

qualitive

Answer 19

research into attitudes and opinions of customers

Question 20

quantative

Answer 20

can be analysed statistically

Question 21

random sampling

Answer 21

chosen at random

Question 22

stratified sampling

Answer 22

seperated into subsegments then randomly chosen

Question 23

quota

Answer 23

segmented into subsegments before a judgement is made

Question 24

confidence interval

Answer 24

probability that research findings are correct

Question 25

extrapolation

Answer 25

uses past data to extend an identified trend into future

Question 26

price elasticity of demand

Answer 26

below -1 elastic between -1 and 0 inelastic

Question 27

market mapping

Answer 27

mapping products based on quality and price

Question 28

income elasticty of demand

Answer 28

below -1 elastic between -1 and 1 inelastic above 1 elastic below 0 = inferior good between 0 and 1 = normal above 1 = luxury

Question 29

product development chain

Answer 29

idea -> prototype ->development ->modfication _>launch

Question 30

boston matrix

Answer 30

mapping products based on market growth and market share

Question 31

pricing strategies dynamic skimming penetration cost plus

Answer 31

flexible prices based on demand initially high price then lowering it initial low price adding based on cost

Question 32

distribrution channells

Answer 32

direct - producer - consumer traditional - producer - wholesaler - retailer - consumer modern - producer - retailer consumer

Question 33

operations

Answer 33

production of good and services

Question 34

operations management

Answer 34

reduced unit costs , quality targets , ethical objectives , added value , speed of response and flexibilty

Question 35

labour productuvuty

Answer 35

total output / no. of employees

Question 36

unit cost

Answer 36

total costs / total output

Question 37

capacity utilisation

Answer 37

actual output/ max output x 100

Question 38

econmies of scale

Answer 38

bulk buying to reduce unit cost technical - investing in machinery specialisation - splitting up production marketing - spreading marketing budget over large output

Question 39

lean production

Answer 39

reduces waste

Question 40

time based management

Answer 40

recognises importance of time

Question 41

cell production

Answer 41

processes are split into cells or teams

Question 42

kaizen

Answer 42

concept of continous improvment to increase efficiency

Question 43

gross profit

Answer 43

revenue - vc

Question 44

operating profit

Answer 44

gross profit - mixed costs

Question 45

profit for the year

Answer 45

operating profit - othercosts + tax

Question 46

liquididty

Answer 46

a measure of how much cash a business has

Question 47

ROI

Answer 47

profit made /costs of investment x 100

Question 48

favourable variance

Answer 48

outcome is better than expected

Question 49

adverse

Answer 49

outcome is worse than expected

Question 50

debt factoring

Answer 50

when a business sells a unpaid invoice to a company

Question 51

contribrution per unit

Answer 51

price - vc

Question 52

hard hr

Answer 52

treats emloyees as asset or resource

Question 53

soft hr

Answer 53

treats employees as valuable asset

Question 54

employee costs as percentage of turnover

Answer 54

employee costs/ sales turnover x 100

Question 55

redeployment

Answer 55

moving emplyees to different job

Question 56

taylors motivation

Answer 56

money is the only true motivater

Question 57

maslow

Answer 57

hierarchy of needs

Question 58

herzberg

Answer 58

some elements are rwquired ( hygiene factors )

Question 59

financial methods of motivation

Answer 59

bonus , wages , piece rate , commision , fringe beneit

Question 60

non financial methods of motivation

Answer 60

delegation , praise , promotion , empowerment