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business > year 1 topics > Flashcards

year 1 topics Flashcards

1
Q

transfomation process

A

transfomation of inputs and outputs

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2
Q

added value

A

is amount added to value if inputs

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3
Q

key inputs needed by business :

A

land , labour , capital , enterprise

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4
Q

transfomation chain

A

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

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5
Q

primary sector
secondary sector
tertiary sector

A

raw materials
manufacturing
distribrution and retailer

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6
Q

mission statement

A

statement of business long term vision

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7
Q

profit satisfying

A

making enough to profit to keep owners comfortable

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8
Q

social

A

providing service to public

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9
Q

break even formula

A

fixed costs /(sp-vc)

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10
Q

market capitilisation

A

current share price x no. of shares

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11
Q

PESTLE+C

A

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

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12
Q

leaders

A

those who set direction and strategy for business

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13
Q

autocratic leadership

A

makes decisions without consulting staff

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14
Q

paternalistic leadership

A

gives attention to social needs and views of workers

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15
Q

democratic leadership

A

involves staff in decision making

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16
Q

laissez faire

A

lets staff make decisions

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17
Q

stakeholder mapping

A

mapping stakeholders in terms of level of power and interest

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18
Q

marketing objectives :

A

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

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19
Q

qualitive

A

research into attitudes and opinions of customers

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20
Q

quantative

A

can be analysed statistically

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21
Q

random sampling

A

chosen at random

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22
Q

stratified sampling

A

seperated into subsegments then randomly chosen

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23
Q

quota

A

segmented into subsegments before a judgement is made

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24
Q

confidence interval

A

probability that research findings are correct

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25
Q

extrapolation

A

uses past data to extend an identified trend into future

26
Q

price elasticity of demand

A

below -1 elastic
between -1 and 0 inelastic

27
Q

market mapping

A

mapping products based on quality and price

28
Q

income elasticty of demand

A

below -1 elastic
between -1 and 1 inelastic
above 1 elastic

below 0 = inferior good
between 0 and 1 = normal
above 1 = luxury

29
Q

product development chain

A

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

30
Q

boston matrix

A

mapping products based on market growth and market share

31
Q

pricing strategies
dynamic
skimming
penetration
cost plus

A

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

32
Q

distribrution channells

A

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

33
Q

operations

A

production of good and services

34
Q

operations management

A

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

35
Q

labour productuvuty

A

total output / no. of employees

36
Q

unit cost

A

total costs / total output

37
Q

capacity utilisation

A

actual output/ max output x 100

38
Q

econmies of scale

A

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

39
Q

lean production

A

reduces waste

40
Q

time based management

A

recognises importance of time

41
Q

cell production

A

processes are split into cells or teams

42
Q

kaizen

A

concept of continous improvment to increase efficiency

43
Q

gross profit

A

revenue - vc

44
Q

operating profit

A

gross profit - mixed costs

45
Q

profit for the year

A

operating profit - othercosts + tax

46
Q

liquididty

A

a measure of how much cash a business has

47
Q

ROI

A

profit made /costs of investment x 100

48
Q

favourable variance

A

outcome is better than expected

49
Q

adverse

A

outcome is worse than expected

50
Q

debt factoring

A

when a business sells a unpaid invoice to a company

51
Q

contribrution per unit

A

price - vc

52
Q

hard hr

A

treats emloyees as asset or resource

53
Q

soft hr

A

treats employees as valuable asset

54
Q

employee costs as percentage of turnover

A

employee costs/ sales turnover x 100

55
Q

redeployment

A

moving emplyees to different job

56
Q

taylors motivation

A

money is the only true motivater

57
Q

maslow

A

hierarchy of needs

58
Q

herzberg

A

some elements are rwquired ( hygiene factors )

59
Q

financial methods of motivation

A

bonus , wages , piece rate , commision , fringe beneit

60
Q

non financial methods of motivation

A

delegation , praise , promotion , empowerment

business (5 decks)

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