Definitions

Question 1

What is organic growth?

Answer 1

Growth achieved by increasing sales

Question 2

What is a merger?

Answer 2

Two companies joining to create a larger company

Question 3

What is an acquisition?

Answer 3

One company taking control of another company by buying all of its shares

Question 4

What is a joint venture?

Answer 4

Two or more businesses working together on a particular project

Question 5

What are a businesses main stakeholders?

Answer 5

Employees 
Shareholders/owners
Customers
Lenders
Suppliers
Local community
Competition 
Government

Question 6

What is a stakeholder?

Answer 6

A person or party with an interest in the success of a business

Question 7

What are key stakeholders?

Answer 7

Ones with large influence on the business, will often effect the decision making process

Question 8

What is a market?

Answer 8

Any situation where buyers and sellers are in contact in order to establish a price

Question 9

What are barriers to entry?

Answer 9

The factors that could prevent a business from entering and competing in a market

Question 10

What are barriers to exit?

Answer 10

The factors that could prevent a business from leaving a market, even if it would like to

Question 11

What is equilibrium in terms of supply and demand?

Answer 11

The situation in a market when demand is equal to supply

Question 12

What is a substitute good?

Answer 12

An alternative product that serves the same purpose

Question 13

What is a complementary product?

Answer 13

A product that is used, and therefore bought, in conjunction with another product

Question 14

What is a subsidy?

Answer 14

A payment from the government to encourage a business to increase supply

Question 15

What is free trade?

Answer 15

Trade without tariffs or quotas being imposed when products are trades

Question 16

What is a single market?

Answer 16

A market in which there is a single set of laws or regulations to the movement of products, people and money. All businesses in the single market must abide by these

Question 17

What is globalisation?

Answer 17

Growth in the world to the point where businesses can trade the same in the global market as they can in a domestic market

Question 18

What is workforce planning?

Answer 18

The process used to plan the number and quality of employees that will be required, both short and long term

Question 19

What is outsourcing?

Answer 19

The usage of external labour to undertake a specific job or contract

Question 20

What are the different types of primary research?

Answer 20

Interviews 
Surveys/questionnaires 
Observation 
Consumer panels
Focus groups 
Trial marketing

Question 21

What are the secondary research sources? (Internal sources)

Answer 21

Sales data/figures
Previous survey results
Customer information
Company reports

Question 22

What are the secondary research sources? (External sources)

Answer 22

Market research companies 
The internet 
Trade publications 
Newspapers and magazines 
Competitors
Government statistics and reports

Question 23

List all sampling methods

Answer 23

Simple random sampling 
Systematic sampling 
Quota sampling 
Convenience sampling 
Proportionate stratified sampling 
Disproportionate stratified sampling 
Cluster or multi stage sampling