Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business > business to learn > Flashcards

business to learn Flashcards

1
Q

4 types of non-financial motivation

A
  1. job enlargement
  2. empowerment
  3. team-working
  4. providing facilities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

3 types of job empowerment

A
  1. job enrichment
  2. job rotation
  3. job enlargement
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

4 types of financial motivation

A
  1. piecework
  2. commission
  3. bonuses
  4. performance related pay
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

why should you motivate staff financially / non-financially

A

increases workforce productivity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

list from bottom to top maslows hierarchy of needs

A
  1. basic psychological needs
  2. safety
  3. social needs
  4. self-esteem
  5. self-actualization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

explain the herzberg two factor theory

A

Hygiene : working conditions, pay, relationships to other employees (without this decreases employee satisfaction)

motivating : personal achievement, Job design - recognition, interesting work, personal development) (increase employee satisfaction)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

5 key elements of hackman and oldham

A

jobs need to be designed around people to keep the motivated

  1. Skill variety
  2. task identity
  3. task significance
  4. autonomy
  5. feedback
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

name the 4 categories in Boston matrix

A 
Question mark (high m growth, low m share)
dogs (low m growth, low m share)
rising star (high m share, high m growth)
cash cow (low m growth, high m share)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

name the 4 categories of Blake mouton grid

A 
country club (high people, low production)
team management (high people, high production)
impoverished (low people, low production)
task management (low people, high production)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

7Ps of marketing mix

A 
Product
Price
Promotion
Place
People
Process
Physical environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what does taylor’s scientific management suggest

A

one repetitive task
workers paid per item produced - piece rate
managers should supervise closely

=increased productivity, decreased unit costs, autocratic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

2 benefits and 2 negative of training staff

A
  1. productivity/motivated staff
  2. quality
  3. financial costs
  4. employees may leave
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

3 examples of operational objectives of a business

A
  1. flexibility
  2. speed of response
  3. quality
  4. consistency
  5. quality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

order of objectives of a firm

A

mission statement / corporate aim = corporate objectives = functional objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

to be effective a functional objective must be ____

A 
S - specific
M - measurable
A - agreed
R - realistic 
T - timely
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

6 stages of managerial decision making

A
  1. set objectives
  2. collect data
  3. analyse data
  4. make decision
  5. implement decision
  6. review decision
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

5 factors influencing desiscision making

A
  1. risk/reward
  2. uncertainty
  3. mission
  4. ethics
  5. external environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

7 types of pricing an explanations

A
  1. penetration
  2. skimming
  3. competitive
  4. predatory
  5. loss leading
  6. psychological
  7. discrimination
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

5 stages of product life cycle

A
  1. research and development
  2. introduction
  3. growth - extend
  4. maturity - extend
  5. decline - delay
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

5 extension strategies

A
  1. advertising
  2. price-reduction
  3. adding value
  4. exploring new markets
  5. new packaging
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

4 types of segmentation

A
  1. demographic
  2. income
  3. behavioral
  4. geographic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

3 different types of marketing

A
  1. concentrated = 1 or 2 segments
  2. differentiated marketing = several segments targeted
  3. undifferentiated marketing = segments are ignored
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

explain hard HRM

A
  1. autocratic
  2. minimal communication
  3. little delegation
  4. employees treated as resource
  5. pay - enough
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

explain soft HRM

A
  1. democratic
  2. regular 2-way communication
  3. delegation and responsibility
  4. employees seen as valuable asset
  5. competitive pay structure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

2 benefits and 2 negative of Hard HRM

A
  1. cost-effective
  2. quick-descision making
  3. high staff-turnover
  4. less successful recruitment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

2 benefits and 2 negatives of soft HRM

A
  1. successful recruitment-good reputation
  2. motivated staff productive
  3. high employee costs
  4. sometimes slow decision making
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

explain the 4 types of stakeholder

A
  1. key players - engage directly (h interest and h power)
  2. communicate regularly (h interest l power)
  3. keep satisfied (l interest, h power)
  4. communicate only when necessary (l interest, l power)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

5 key influences in business decision making

A
  1. objectives
  2. ethics
  3. external environment
  4. resource constraints
  5. mission
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

2 stages in marketing

A
  1. choose which customers to serve
    segmentation - parts of market
    targeting - segments to enter
  2. how to serve these customers
    product differentiation - how it is different
    marketing position - how customers perceive the product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

3 types of training

A
  1. on the job
  2. off the job
  3. induction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

relationship between mission and objectives (5 STEPS)

A
  1. Mission statement
  2. corporate aims
  3. corporate objectives
  4. corporate strategy
  5. business tactics
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

role of managers (5)

A
  1. setting objectives
  2. analyzing
  3. leading
  4. making decisions
  5. reviewing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

7 levels of delegation (tannenbaum and Schmidt)

A
  1. manager makes and announces decision
  2. manager sells decision
  3. manager presents decision with ideas and invites questions
  4. manager suggests provisional decisions and invites discussion
  5. manager presents situation, gets feedback and then decides
  6. manager explains, defines parameters, asks team to decide
  7. manager allows team to develop options and decide action based within managers options
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

influences on decision making (5)

A
  1. mission
  2. objectives (corporate and functional)
  3. ethics
  4. external environment
  5. resource constraints
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

factors influencing relationship with stakeholders (4)

A
  1. leadership style
  2. mission and objectives
  3. market conditions
  4. externals influences eg legislation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

value of setting marketing objectives (4)

A
  1. quantifiable targets
  2. sense of direction
  3. focuses management
  4. inform marketing decisions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

marketing objectives (5)

A
  1. sales volume
  2. sales value
  3. market share
  4. brand loyalty
  5. market and sales growth
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

factors influecning PED (6)

A
  1. availability of substitutes
  2. price of competitors
  3. branding
  4. consumer incomes
  5. nature of product
  6. time
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

pricing will depend on a number of factors including: (5)

A
  1. variable costs
  2. nature of product
  3. level of demand
  4. degree of competition
  5. PED
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

factors influencing income elasticity of demand (4)

A
  1. good a necessity or a luxury?
  2. level of income of a consumer
  3. standards of living
  4. the economic cycle
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

types of market segmentation: (4)

A
  1. demographic
  2. geographical
  3. behavioral
  4. income
42
Q

targeting influenced by (5)

A
  1. mission and objectives
  2. perceived level of demand
  3. degree of competition
  4. nature of product
  5. understanding of needs and wants of specific segment
43
Q

positioning influenced by (4)

A
  1. internal constraints eg budgets
  2. internal strengths eg creativity and innovation
  3. market conditions eg degree of competition
  4. external environment eg state of economy
44
Q

influences on the design of marketing mix influenced by :(6)

A
  1. the market
  2. market research
  3. finance
  4. people
  5. new technology
  6. state of the economy
45
Q

influences on new product development (3)

A
  1. technology
  2. competitors actions)
  3. entrepreneurial skills of managers and owners
46
Q

product life cycle

A
  1. R and D
  2. Introduction
  3. growth
  4. maturity
  5. decline (extension strategy?)
47
Q

types of pricing strategy (5)

A
  1. cost plus
  2. price skimming
  3. price penetration
  4. dynamic pricing
  5. predatory pricing
48
Q

factors that influence the most appropriate print strategy for a situation (6)

A
  1. no of USPs
  2. PED
  3. level of competition
  4. strength of brand
  5. stage in the product life cycle
  6. costs and the need to make profit
49
Q

types of promotion (7)

A
  1. public relations
  2. branding
  3. merchandising
  4. brand
  5. advertising
  6. direct selling
  7. sales promotion
50
Q

aims of advertising

A
  1. informative
  2. persuasive
  3. generate awareness
  4. generate desire
51
Q

strong brand is built on… (3Cs)

A
  1. credibility
  2. consistency
  3. clarity
52
Q

benefits of strong branding (3)

A
  1. added value
  2. ability to charge premium prices
  3. reduced PED
53
Q

Traditional distribution Chanel

A
  1. manufacturer
  2. wholesaler
  3. retailer
  4. consumer
54
Q

factors affecting choice of distribution method (6)

A
  1. nature of product
  2. target market
  3. marketing mix
  4. geographical location
  5. cost
  6. competition
55
Q

role of people in th marketing mix will include (4)

A
  1. priding information
  2. supporting the customer in decision making
  3. resolving problems
  4. completing the transcation
56
Q

why is integrate marketing mix important? (4)

A
  1. clears message to target market
  2. produce effectively
  3. promote brand promise
  4. achieve marketing objective
57
Q

an integrated Marketing mix will be influenced by (9)

A
  1. position in the life cycle
  2. boston matrix
  3. type of product
  4. marketing objectives
  5. target market
  6. competition
  7. positioning
  8. digital marketing
  9. e-commerce
58
Q

operational objectives defintion

A

targets a business sets in order to produce goods or services in the most efficient way in a given time period

59
Q

smart environmental objective example…

A

reduce carbon emissions by 20% by 2020

60
Q

added value definition

A

the value of the output is higher than the sum of the value of all inputs

61
Q

types of operational data (4)

A
  1. labour productivity
  2. unit costs
  3. capacity
  4. capacity utilisation
62
Q

negative effects of increasing labour productivity (2)

A
  1. quality and customer satisfaction

2. employees may feel exploited

63
Q

2 advantages and 2 disadvantages of high capacity utilization (4)

A
  1. lower unit cost
  2. improved profitability
  3. lack of flexibility
  4. loss of opportunity
64
Q

3 examples of internal communication

A
  1. interdepartmental
  2. order processing
  3. quality data
65
Q

3 examples of external communication

A
  1. working with suppliers
  2. sourcing suppliers
  3. tracking of supply chain
66
Q

distinguish between productivity and efficiency

A

productivity - measure of output per unit of input in a given period of time

efficiency - maximizing the output achieved from given inputs including machinery, materials and people in a given period of time. Allows a business to produce at minimum average cost

67
Q

mass customization definition

A

The ability to tailor goods made in bulk to meet the requirements of individual consumers

68
Q

financial objectives definition

A

monetary targets a business wants to achieve within a set period of time. These will be derived from corporate objectives and inform financial decisions

69
Q

gross profit definition and how to calculate it

A

profit after cost of sales has been deducted and before expenses, sales revenue - cost of sales

70
Q

operating profit definition and how to calculate it

A

business’ profit after all other expenses have been deducted, gross profit - expenses

71
Q

profit of the year definition

A

profit after tax and interest has been deducted and allowances made for exceptional items but before the payment of dividends

72
Q

distinguish between cash and profit

A

cash is money that exists in a business at a point in times, available for immediate use and crucial for short term

profit is the surplus of money made by a business and is important for long term success.

A profitable business can fail because of a lack of cash

73
Q

3 internal and 4 external influences on financial objectives

A
  1. corporate and functional objectives
  2. characteristics of the business
  3. relationship between owners and directors
  4. competitiors
  5. consumers
  6. economic conditions
  7. external environment
74
Q

3 internal and 4 external influences on financial objectives

A
  1. corporate and functional objectives
  2. characteristics of the business
  3. relationship between owners and directors
  4. competitors
  5. consumers
  6. economic conditions
  7. external environment
75
Q

one strength and weakness of break-even analysis

A

strength: allows business to calculate the minimum number of sales needed before starting to make a profit
weakness: based on assumption that costs and revenues will be static

76
Q

contribution definition

A

for each item a business sells it must first cover the variable costs. What is left is used to contribute to fixed costs and then, after these are all paid for, to contribute to profit

77
Q

break even analysis definition

A

numerical technique used by businesses to identify the numbers of units necessary to achieve an equilibrium where vital costs it equal to total revenue

78
Q

break even definition

A

the level of output at which business is making neither a profit nor a loss. It is breaking even because total cost is equal to total revenue

79
Q

3 measures of profit

A
  1. gross profit margin
  2. operations profit
  3. profit of the year margin
80
Q

2 ways profit margins can be compared

A
  1. historically

2. against other businesses

81
Q

how to calculate profit margins (Operating, of the year, gross)

A

(gross, operating, of the year) / sales revenue X 100

82
Q

methods of improving cash flow (6)

A
  1. using financial institutions eg banks
  2. factoring
  3. speeding up payments from customers (credit control/credit terms)
  4. delaying payment to suppliers
  5. inventory management
  6. reduce overhead spending
83
Q

good source of evaluation to improving profitability through cost reduction or price changes

A

recognize that each course of action has a knock on implication - eg changing suppliers could lead to lower quality

84
Q

human resource objectives (5)

A
  1. employee engagement and involvement
  2. talent development
  3. Training
  4. alignment of values
  5. matching workforce skills, size and location to business needs
85
Q

define soft HRM and 5 characteristics

A

the workforce treated as an asset to the business that can contribute and help business to achieve its objectives. There will be opportunities for staff development through training and internal promotion.

  1. empowerment
  2. consultation
  3. greater autonomy and responsibility
  4. flatter organisational structure
  5. Maslow’s higher level of needs
86
Q

define hard hrm and 3 characteristics

A

the workforce is treated as a resource that must be managed in order for the business to control costs and output

  1. control mechanisms
  2. centralized decision making
  3. a tall organisational structure
87
Q

define human resource objective and give 3 examples

A

HR objective - the targets that the function of a business responsible for all employee related issue want to achieve in a given period of time

  1. employee engagement and involvement
  2. talent development
  3. training
  4. diversity
  5. alignment of values
88
Q

5 types of human resource data

A
  1. labour turnover
  2. retention rates
  3. labour productivity
  4. employee costs as a percentage of turnover
  5. labour cost per unit
89
Q

3 methods of improving job design

A
  1. job enrichment
  2. job enlargement
  3. job rotation
90
Q

3 influences on job design

A
  1. organisational factors
  2. environmental factors
  3. behavioral factors
91
Q

benefits of engaged employees (4)

A
  1. high internal work motivation
  2. high quality work performance
  3. high satisfaction with the work
  4. low absenteeism and turnover
92
Q

differ between tall + thin structure and wide + flat organizational structures

A

tall and thin - superior is responsible for a few subordinates. This allows for closer supervision and communication between the two levels

wide and flat - occur where each superior is responsible for a large number of subordinates. This requires greater delegation but fewer levels allowing for quicker communication through the business

93
Q

3 selection activities after short listing candidates for job

A
  1. interviews
  2. assessment centres
  3. selection tests
94
Q

define and advantage and disadvantage of ‘on-the-job-training’

A

takes place within the workplace

costs effective/specific to business needs

opportunity costs of trainer/bad habits may be passed on/quality maybe worse than off the job training

95
Q

define and advantage and disadvantage of ‘off-the-job-training’

A

takes place away from the workplace

delivered by specialist trainers/may lead to qualifications which will improve motivation/one employee can feedback their external training to internal of the business

can be expensive/potential loss of productivity/might not be specific enough to the requirements of the business

96
Q

define and advantage and disadvantage of induction training

A

introductory training for employees new to organization

helps new employees to settle in/improves understanding of their position

monetary and time costs/less personal than training from immediate supervisors

97
Q

distinguish between organizational design and organizational structure

A

organizational design - process of structuring an organization so that it is in a format that enables it to deliver its objectives in both the short and long term. The process also structures the organization to enable change to be managed effectively

organizational structure - the way in which the workforce within a business is organized, including job roles and communication flows.

98
Q

motivation definition

A

the reasons why people behave in the manner that they do. Motivation can aka eat form of financial incentives eg bonuses and non financial incentives eg increased responsibility

99
Q

3 motivational theories

A
  1. Taylors scientific management
  2. maslows hierarchy off needs
  3. Herzberg’s dual factor theory
100
Q

5 examples of financial incentives

A
  1. piece rate
  2. commission
  3. bonus
  4. salary schemes
  5. performance related pay
101
Q

5 examples of non-financial incentives

A
  1. delegation
  2. consultation
  3. empowerment
  4. team working
  5. flexible working
102
Q

what is porters generic strategy? draw the diagram

A

theory that highlights the potential strategic positions a business can adopt in relation to competitive stop and competitive advantage. A sustainable competitive advantage is key to a business maintaining profitability above the industry average

  1. cost leadership
  2. differentiation

business (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions