Paper 1

Question 1

Mass Market

Answer 1

Business sells to largest segment of market

Question 2

Niche Market

Answer 2

The business targets a smaller segment of a larger market

Question 3

Market orientation

Answer 3

Reacts to what consumers want

Question 4

Product orientation

Answer 4

Makes a product they are good at

Question 5

Primary/field research

Answer 5

First hand info, expensive

Question 6

Secondary market research

Answer 6

Cheaper easily accesable

Question 7

Limitations of market research

6

Answer 7

1. Budgetary constraints
2. Reliability
3. Legal and ethical constraints
4. Time constraints
5. Sample size
6. Bias

Question 8

Price skimming

Answer 8

High price down to low price

new technology

Question 9

Price penetration

Answer 9

Low price to high price

Question 10

Cost plus pricing

Answer 10

Add fixed amount or % to each unit

Question 11

Competition pricing

Answer 11

In competition with others in market

Question 12

Psychological pricing

Answer 12

Psycologically seems cheaper

£1.99

Question 13

Boston Matrix

Answer 13

Question marks
Stars
Dogs
Cash cows

Question 14

Product portfolio analysis

Answer 14

Assess the position of each product or brand in a firms portfolio

Question 15

Viral marketing

Answer 15

Use of social media and online platforms to produce increase in brand awareness or other marketing objectives

Question 16

Emotional branding

Answer 16

Brand tries to create an emotional connection with customers

Question 17

Persuasive branding

Answer 17

brand tries to create an emotional connection with customers

Question 18

Multi channel distribution

Answer 18

Using more than one type of distribution

Question 19

Three parts of design mix

Answer 19

Aesthetics
Function
Economic manufacture

Question 20

Multi skilling

Answer 20

Staff carrying out variety of different jobs

Question 21

Financial methods of motivation

5

Answer 21

1. Performance related pay
2. Bonus
3. Commission
4. Peicework
5. Profit sharing

Question 22

Difference between soft and hard HRM

Answer 22

hard - cost
soft - asset

Question 23

Laissez faire

Answer 23

Little input/trust

Question 24

Autocratic/authoritarian

Answer 24

Hold as much power as possible

Question 25

Paternalistic

Answer 25

Decides whats best for employees

Question 26

Democratic

Answer 26

Power with group as whole | delegation

Question 27

FW Taylor

Answer 27

Financial incentives piece rate

Question 27

4 motivational theorists

Answer 27

FW Taylor Mayo Maslow Herzberg

Question 28

Mayo

Answer 28

Motivated by relational factors attention and friendship

Question 29

Maslow

Answer 29

Heirarchy of needs self actualisation esteem love and belonging saftey psycological needs

Question 30

Herzberg

Answer 30

Heygeine factors salary Motiavation recognition acheivement

Question 31

Non financial methods of motivation

Answer 31

Delegation Empowerment Consultation Job Rotation Job Enrichment Job enlargment Team working Flexible working

Question 32

Three types of organisational design

Answer 32

Narrow Wide Matrix

Question 33

Barriers to entrepreneurship

Answer 33

Support and finance Lack of idea Gender

Question 34

EPG Model

Answer 34

Ethnocentric - consistant no adaptation polycentric - delegates to local managers geocentic - keeping global approach but adapting parts

Question 36

Global niche market

Answer 36

Small specialised segments within a global market