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Buisness > Paper 3 > Flashcards

Paper 3 Flashcards

1
Q

have prices for new cars incraesed/ decreased since 2004

A

increased by 2% each year

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2
Q

why have prices for new cars ^

A

-costs ^

-supply, labour costs
-USP

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3
Q

when did sales for cars peak and when and why did they drop

A

peak - 2016 - 3 mill

dropped 2017-2020 -> brexit, exchange rates

dropped 2020 - 2022 -> covid

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4
Q

most popular car colour?

A

grey

but rarer colours ^ -> links to design mix, aetshetics are taken into consideration majorly when buying car

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5
Q

why have electric cars grown

A

prompt of environmental concern (PESTLE analysis - environmental pressures -> ^ CO2, ff

-transport accounts for 23% global emissions

-2030 - ban on new petrol, diesel cars

-> ^ demand for EVs

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6
Q

what factors impact whether ppl buy evs

A

cost -> expensive up front, cheaper in long run

ethically minded -> more likely to buy

income -> ^ in income -> ^ demand

infrastructure -> charging point avaliability

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7
Q

what do critics argue about evs

A

production of evs & batteries create ^ emissions than making petrol car

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8
Q

porters 5 forces

A

-rivarly among existing competitors

-threat of new entrants

-threat of subsititutes

-buyer bargaining power

-supplier bargaining power

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9
Q

Describe: rivarly among existing competitors

in porters 5 forces

A

^ in last 40 years

-> market has become ^ globalised

-> ease of travel, comms -> ^ foreign cars to europe -> lower costs abroad -> ^ competition for domestic businesses

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10
Q

Describe: threat of new entrants

in porters 5 forces

A

-expensive to start up in car market

-> ^ capital investment req for production, distribution

-> quality, reliability -> hard to establish

but

-existing tech companies = big threat - e.g. google, apple -> self-driving cars

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11
Q

Describe: threat of subsititutes

in porters 5 forces

A

-public transport = cheaper

-esp as car costs ^

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12
Q

Describe: buyer bargaining power

in porters 5 forces

A

buyers have ^ power due to wide range of choice
(dealerships)

-can shop around, say they found cheaper deals to decrease price

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13
Q

Describe: supplier bargaining power

in porters 5 forces

A

manufacturers rely heavily on suppliers for parts

-lack of supply for parts ^
-^ sales quantities
-uniqueness of suppliers product

= ^ supply power

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14
Q

what barriers of entry could be used to make it harder for entrants to the car market

A

-patents

-strong brand identities

-customer loyalty

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15
Q

explain the market & competitive envrionment in terms of car manufacturers

A

-large MNCs

-they benefit from economies of scale

-many mncs own several brands (e.g. bmw own bmw, mini, rolls royce)

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16
Q

explain the market competitive envrionment in terms of car dealers

A

-often franchises

-theres an importance of customer loyalty, repeat customers

17
Q

what is a franchise

A

license to use another businesses name & business model in return for payment

18
Q

what is a franchisee

A

entrepeneur/ company that buys license to use another business’s name

19
Q

what is a franchisor

A

business that sells the right to use its name, logo

20
Q

benefits of franchise

A

-advice & training on all busines functions

-guaranteed local monopoly

-access to tried & tested formula for business success

21
Q

negatives of franchise

A

decisions dictated by franchisor

initial expensive cost

22
Q

explain the market & competitive envrionment in terms of car servicing

A

-independently owned usually

-small businesses

-local competition

-strong relationship with customers

23
Q

why is objective monitoring of employee performance important

A

as staff costs are large proportion of business costs

24
Q

Name 3 elements of hr management

A

-designing the job -> need to be well designed -> ensure job is motivating & enjoyable -> ^ productivity -> decreased labour turnover

-designing, implementing rewards system - staff being content, motivated e.g. comission, bonuses, salary

-developing communication systems that work - channels, media, meetings -> prevents mistakes

25
Q

name 2 corporate objectives & how they link with HR

A

-growth -> so HR must recruit right number of ppl, with right skills

cost reduction -> redundancy, combining jobs -> decreased costs

26
Q

labour turnover formula

A

no. of staff leaving in a year
/ av. no of staff during year

x100

27
Q

name 4 human resource strategies to ^ employee performance

A

-financial rewards (^ pay rates, bonueses, comission, performance related pay) p> Herzberg, Taylor
-> ^ commitment -> ^ output
but
-> herzberg said -> money to motivate only creates temporary ^ in performance

-offering employees shares in the company -> aligns goals of business with staff -> staff work harder -> if busines is ^ successful -> them getting ^ money
-but works better with smaller businesses where workers have more of an impact

-consultation -> gathering employees views ->^ motivation -> workers feel ^ valued -> ^ engagement, performance

-empowerment -> delegating responsibility -> maslow, herzberg -> ^ motivation -> ^ performance
but
-workers must be well skilled/ trained

28
Q

How are resources managed in the car industry & what culture is usually reinforced

A

-stock control
-just-in-time -> no buffer stock, relies on freq small deliveries of stock -> elimates costs &
-> -waste minimisation -> less stock held, cash not tied up in stock

-lean production -> range of techniques designed to decrease waste

29
Q

What are issues with JIT

A

-suppliers must be willing to deliver freq

-deliveries must be reliable

30
Q

Explain toyotas production system

A

based on decreasing waste, ^ efficency

-jidoka -> when problem occurs production stops immediately, issue is fixed -> avoids defects being sold & prevents waste

-jit

31
Q

explain the most common production used in car manufacturing

A

-cell production -> organising workers into small groups, produce range of diff products quickly

+allows diff ideas -> improvements -> promotes kaizen
+worker specialisation
-labour intensive production -> ^ costs

32
Q

explain quality management in terms of the car industry

A

-quality control -> checking quality at end of production

-quality assurance -> checking quality throughout production

-TQM -> improving quality is embedded into culture

-kazien -> continous improvement attitude

e.g. toyota

33
Q

where are staff mostly required in the car industry

A

-dealerships -> sales depend on good cust service, customer loyalty, retention, post-sales service
-> most agents encourage sales

-servicing -> good customer service, quality production
-> usually independent, small businesses so depend on positive relationships between staff & cust

manufacturing -> mostly capital intensive

34
Q

what motivators are used in the car industry

A

financial -> comission (dealerships), perfromance-related pay (servicing)

non financial -> job enrichment, job rotation, empowerment

35
Q

what leadership could be used in the car industry

A

autocratic -> leader in charge, makes all decisions (most common)

democratic - leader makes decisions but consults staff (servicing)

paternalism - decisions made with employee benefits

laissez faire - more hands off, leave staff to do what they want (dealerships)

36
Q

name the problems with business expansion

A

-over-estimating demand

-not recruiting enough/ right people

37
Q

what is intrapeneurship

A

encouragement of entrpeneurial behaviour within larger business

38
Q

name 5 characteristics that make a successful entrepeneur

A

-cope with risk

-resilience

-passion

-determination

-understand market

39
Q

name 4 common business objectives

A

-profit maximisation

-market share

-customer satisfaction

-cost efficiency

Buisness (22 decks)

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