Mock December

Question 1

Hard hrm

Answer 1

Focuses on maximum productivity and efficiency in production
- delegate tasks and prioritise tasks getting done

Question 2

Advantages of hard hrm is

Answer 2

Cost effectiveness and efficiency

Question 3

Disadvantages of hard hrm

Answer 3

Low employe morale and turnover as well as less staff engagement

Question 4

Soft hrm

Answer 4

Strategic approach that focuses on grating employees as valuable assets and prioritising their needs and well being

Question 5

Soft hrm adv

Answer 5

Employee satisfaction
Employee retention- more likely to stay as feel valued
Reducing turnover
Productivity
Word of mouth marketing

Question 6

Soft hrm disadv

Answer 6

Cost
Accountability- for poor performance if focus is on how treated
Lack of focus on corporate goals

Question 7

Capacity utilization

Answer 7

Actual output/potential output ×100

Question 8

Advantages of capacity utilisation

Answer 8

Improves efficiency
Increases competitiveness
Better resource allocation
Improved forecasting

Question 9

Disadvantages of capacity utilization

Answer 9

Lack of flexibility
Quality issues
Staff issues
Machine issues
Black of time for maintenance

Question 10

Investment appraisal

Answer 10

Trying to minimise the risk and to help inform decision making

Question 11

Gearing

Answer 11

Investment that is related with loans

Question 12

Sensitivity anaylsis

Answer 12

Process of systematically changing variables. To calculate a range of possible outcomes

Question 13

Examples of sensitivity anaylsis

Answer 13

Discount factors
Expected inflows and cash outflow
Number of years of profit

Question 14

Core competencee

Answer 14

Combination of skills, knowledge and abilities thay distinguish a person or business from its competitors

Question 15

Core competences

Answer 15

Combination of skills, knowledge and abilities that distinguish a persin/business from its competitors

Question 16

Example of strategic decision making

Answer 16

Swot anaylsis

Question 17

What us swot anaylsis influenced by

Answer 17

Corporate objectives
Core competence
Competitive environment
Leaders attituded to risk

Question 18

Igor Ansoff matrix

Answer 18

A strategic planning tool that provides a framework ti help executives, senior manager and marketers devise strategies for future business growth

Question 19

The four strategies of ansoff matrix

Answer 19

Market penetrative
Product development
Market development
Diversification

Question 20

Market penetration

Answer 20

The successful selling of a product or service in a specific market

Question 21

Potential approaches for market penetration

Answer 21

Gain share from competitors
Encourage customers to buy/ consume more
Changes to marketing mix
Extension strategies e.g dicsounts

Question 22

Market development potential approaches

Answer 22

Attract new customers by existing products
Possible approaches
Enter a new international market
Change promotional tactics
New distribution channels

Question 23

Market penetration potential dangers

Answer 23

Competitors reactions
Relatively short term only
Market may already be saturated

Question 24

Potential dangers marker development

Answer 24

Product may not be accepted, desired or understood in a new marker
Business may not understand new market
Alienation of current customers

Question 25

Product development

Answer 25

Selling new and better products to existing customers

Question 26

Possible approaches product development

Answer 26

Launch substantially improved version of existing products Introduce complementary products New product innovations

Question 27

Potential dangers product development

Answer 27

Risk of cannibalistic May shorten product life cycle of existing products Damage to brand

Question 28

Diversification

Answer 28

Selling mew products to new markets High risk but also greatest potential for reward

Question 29

Possible approaches diversification

Answer 29

Research and development into new products and marker research into new markets Acquisition of other businesses

Question 30

Potential dangers diversification

Answer 30

Relies on heavy statement Cultural differences may exist

Question 31

Example of market penetration

Answer 31

A busines already operating internationally has wider potential Existence in a segment of a market may help market penetration

Question 32

Example ot product development

Answer 32

May tap into expertise for research and development Identify countries leading in product development

Question 33

Market development example

Answer 33

Identify rising star countries Easier if new areas have similiar expectations and cultures

Question 34

Diversification example

Answer 34

Continues to be highest risk strategy especially in an international context

Question 35

Example of soft hrm

Answer 35

Offering competitive salary and bonus packages for attract and retain talented individuals

Question 36

Example of hard hrm

Answer 36

Employee appraisal systems that examine negative and positive performance

Question 37

Factors that capacity depends on

Answer 37

Lebel of demand for a product Flexibility of production lines Seasonality of product

Question 38

Benefits of decision trees

Answer 38

Choices set out in logical way Easy to understand Likely costs are considered as well as potential benefits

Question 39

Benefits of decision trees

Answer 39

Choices set out in logical way Easy to understand Likely costs are considered as well as potential benefits

Question 40

Drawbacks of decision trees

Answer 40

Probabilities are just mistakes Quantitve data only Assignment of probabilities

Question 41

Hrm leadership style

Answer 41

Likely to be have more authority and be more autocratic as approach requires more authority and likely to involve more centralised structure than decentralised

Question 42

SRM leadership style

Answer 42

Focuses on motivational issues and organisational culture as well as industrial relations. Likely o be a democratic leadership style and to delegate authority as well as be more decentralised