Mocks

Question 1

What is a SWOT Analysis

Answer 1

A management technique that assesses a business in terms of its strengths, weaknesses, opportunities and threats.

Question 2

McDonald’s - Strengths

Answer 2

Successfully rolled out new items like coffees, smoothies
Good reputation and Loyal customers
Well-known prestigious brand name
Multi-nationals

Question 3

McDonald’s - Weaknesses

Answer 3

Harder to find more places for restaurants in the US
Dividend growth rate has been slowing down
Perception of unhealthy food - negative publicity
High Employee Turnover - low paying

Question 4

McDonald’s - Opportunities

Answer 4

Opportunity for new restaurants outside the US
Upgraded menu
Expansion Plans - Refranchise 3500 restaurants by end of 2018

Question 5

McDonald’s - Threats

Answer 5

Health-conscious customers

Other fast food restaurants

Question 6

Motivation

Answer 6

The willingness of people to work hard and contribute their best effort

Question 7

Autocratic Leadership

Answer 7

Do not like sharing their authority with subordinates but prefer to make most of the decisions themselves
Steve Jobs, Hitler

Question 8

Democratic Leadership

Answer 8

Willing to discuss issues with staff and delegate power and responsibility where necessary
Bob Geldof

Question 9

Risk Management

Answer 9

Identifying key business risks, their likely effect on the business, and then putting in place strategies to minimise them occurring
and when they do, to resolve them as quickly as possible

Question 10

Methods of Risk Reduction

Answer 10

Fireproof Materials
Security devices
Health and Safety Programmes to teach workers

Question 11

Exchange Rate

Answer 11

The price of one currency expressed in terms of another currency

Question 12

Risk of Exchange Rates

Answer 12

Euro increases - Irish exports outside EuroZone increases

Unstable exchange rates make business planning harder and reduce business confidence

Question 13

Chain of Command

Answer 13

How decisions flow from the top of an organisation down through the layers to the bottom

Question 14

Span of Control

Answer 14

The number of people directly reporting to a manager

Question 15

Non-Legislative

Answer 15

Does not involve legal process or agencies set up under law

Discussions and negotiations

Question 16

Legislative

Answer 16

Using agencies set up by various Acts to try to resolve the issues regarding the proposed pay cut
Workplace Relations Commissions

Question 17

Fear of Change

Answer 17

Loss of income

Extra burden of work

Question 18

Challenges of Starting a new Business

Answer 18

Hiring employees
Time management
Delegating tasks
Marketing Strategy

Question 19

Promotion

Answer 19

All the efforts (excluding price) made by the seller
to communicate and influence the target market
to buy a product

Question 20

Sales Promotion

Answer 20

Incentives offered to customers to attract their attention
Increase sales and customer loyalty
Special offers, giving out free samples, coupons

Question 21

Public Relations

Answer 21

Communicating with the media using news stories to create good publicity or respond to negative publicity
Sponsorship, paying celebs, contacting press

Question 22

Merchandising

Answer 22

Point-of-sale promotional displays to attract attention to a product
Window displays, cardboard displays, free samples

Question 23

Functions of a Feasibility Study

Answer 23

Determine what legal issues need to be considered

Question 24

Benefits of a Functional Organisational Structure

Answer 24

Builds up staff skills and expertise in each functions

Clear promotional paths for staff based on expertise

Question 25

Disadvantages of Functional Structures

Answer 25

Employees can focus on their own departmental goals and lose sight of overall business mission Communications between departments can be slow

Question 26

Ad Hoc Meetings

Answer 26

Short notice to deal with a problem that has arisen

Question 27

Board Meetings

Answer 27

Meetings of the directors in a company Monthly Discuss stragetic plans, review progress, decisions

Question 28

Stock Control

Answer 28

Ensures the firm has the right amount of goods at the right time without incurring stockholding costs Just in Stock

Question 29

Quality Control

Answer 29

Ensuring the product and service standards | expected by customers are properly met

Question 30

Benefits of Expansion

Answer 30

``` Reduce costs - Economies of Scale Eliminate competition Empire building Acquire new products Reduce risk ```

Question 31

Primary Picketing

Answer 31

Employees and trade union officials walking up and down outside the workplace indicating a strike is in progress

Question 32

Negotiation

Answer 32

All parties explain their positions Understand their differences Bargain to arrive to a resolution

Question 33

Conciliation

Answer 33

Third party selected by the parties seeking a settlement sort out differenced and negotiate

Question 34

Arbitration

Answer 34

Third party investigates a dispute and recommends a solution

Question 35

Role of Interest Groups

Answer 35

Influence trade unions, Irish government, EU and wider society Provides advice to members on economic and business matters

Question 36

Business Ethics

Answer 36

Moral rules that guide business decision-making | Decide whether a decision is right or wrong, honest and fair, regardless of profitability

Question 37

How to Encourage Business Ethics

Answer 37

Use a code of ethics Encourage whistleblowing Lead by example Staff training in business ethics

Question 38

Privatisation - Benefits/Negatives

Answer 38

Large lump sum of income for government to re-invest in economy Reduce waste and inefficiency Causes redundancies Important services not protected

Question 39

Extend a Product Life Cycle

Answer 39

Change packaging Decrease price Increase advertising Promotion

Question 40

Implications of Operating in a Niche Marget

Answer 40

Small market - no competition High cost-based Limited goods Less risk - there is a certain target market

Question 41

Benefits of Business Plan

Answer 41

Easier to obtain finance Acts as a warning system Sets targets for a business Reduces risk - predicts profits generated