Paper 1 Flashcards
(46 cards)
1
Q
What are some examples of adding value?
A
- Bundling
- Customer service
- Speed of response to customers
- Packaging
- Frequent buyer offers
- Customisation
2
Q
What might lead to a change in demand?
A
- Price of substitutes
- Prices of compliments
- Changes in consumer incomes
- Fashions, tastes, preferences
- Branding
- Demographics
- External shocks
3
Q
What might lead to a change in supply?
A
- Changes in costs of production
- Introduction of new technology
- Government subsidies
- External shocks
4
Q
What affects price elasticity of demand?
A
- Time
- Competition for same product
- Branding
- Proportion of income product takes up
5
Q
What are the pricing strategies?
A
- Cost plus
- Price skimming
- Penetration pricing
- Predatory pricing
- Competitive pricing
- Psychological pricing
6
Q
What are some extension strategies?
A
- Product adjustments
- Promotion
7
Q
How do you draw a boston matrix?
A
Y axis market growth low to high
X axis market share high to low
8
Q
How can you develop customer loyalty?
A
- Communication
- Customer service
- Customer incentives
- Personalisation
- Preferential treatment
9
Q
what are the stages in the recruitment process?
A
- Identify the position needed
- Prepare job description and person spec
- Advertise the job
- Shortlist applicants
- Interview shortlist
- Make appointment with successful applicant
10
Q
What are the forms of training?
A
- On the job
- Off the job
- Induction
11
Q
What are some benefits of On the job training?
A
- output is produced
- Relevant for employees
- Cheaper than other forms
- Easy to organise
12
Q
What are some drawbacks of on the job training?
A
- Output could be lost (mistakes)
- Could be stressful for worker
- Trainers may get frustrated
- Could be a danger to others
13
Q
What are some benefits of off the job training?
A
- Output not affected by mistakes
- Learning isn’t distracted by work
- Can take place outside working hours
- Customers and others not at risk
14
Q
What are some drawbacks of off the job training?
A
- No output
- Expensive
- Some aspects can’t be taught off the job
- Time consuming
- May not be relevant
15
Q
What is the span of control?
A
The number of people a person is directly responsible for in a business
16
Q
What are the four motivational theorists?
A
- Taylor
- Mayo
- Maslow
- Herzberg
17
Q
What was Taylor’s theory?
A
Money motivates people
18
Q
What was Mayo’s theory?
A
Workers affected by conditions, skills and financial incentives
19
Q
What was maslow’s theory?
A
Hierarchy of needs
20
Q
What are the stages of Maslow’s hierarchy?
A
Physiological Safety Love/belonging Esteem Self actualisation
21
Q
What was Herzberg’s theory?
A
- Two factor theory:
- Motivators (Recognition)
- Hygiene factors
22
Q
What are some financial incentives for staff?
A
- Piece rate
- Commission
- Profit sharing
- Performance related pay
23
Q
What are some non financial staff incentives?
A
- Delegation
- Consultation
- Empowerment
- Teamworking
- Flexible working
- Job enrichment
- Job rotation
- Job enlargement
24
Q
What are the leadership styles?
A
- Autocratic
- Paternalistic
- Democratic
- Laissez faire
25
What financial motives are there for setting up a business?
- Profit maximising
| - Profit satisficing
26
What non-financial motives are there for setting up a business?
- Ethical stance
- Social enterprise
- Independence
- Home working
27
What are some business objectives?
- Survival
- Profit maximisation
- Sales maximisation
- Market share
- Customer satisfaction
28
What are some types of businesses?
- Sole traders
- Partnerships
- Limited partnerships
- Limited companies
- Private limited companies
- Franchise
29
What are the BRIC countries?
- Brazil
- Russia
- India
- China
30
What are the MINT countries?
- Mexico
- Indonesia
- Nigeria
- Turkey
31
What are some key growth indicators?
- GDP
- GDP per capita
- Literacy
- Health
- HDI
32
What makes up the HDI?
- Life expectancy
- Mean schooling years
- GNI per capita
33
What factors have contributed to Globalisation?
- Reduction of trade barriers
- Political change
- Reduced transport/communication costs
- Increased significance of global companies
- Migration
34
What are some Trade Blocs?
- The EU
- NAFTA
- ASEAN
35
What are some factors that prompt trade
- Saturated markets
- Competition
- Economies of scale
- Risk spreading
- Possibility of off shoring etc.
36
What are some factors to consider before trading in a country?
- Income/disposable income
- Ease of doing business
- Infrastructure
- Political stability
- Exchange rate
37
What are some factors to consider before producing in a country?
- Costs of production
- Skills/availability of labour
- Infrastructure
- Location in a trade bloc
- Government incentives
- Ease of doing business
- Political stability
- Natural resources
38
What are some reasons for a Merger?
- spreading risk
- Entering new markets/trade Blocs
- Acquiring Brand names/patents
- Securing resources/supplies
- Maintaining/increasing competitiveness
39
What are the different marketing approaches?
- Ethnocentric
- Polycentric
- Geocentric
40
What is Ethnocentric marketing?
Domestic approach to all markets
41
What is Polycentric marketing?
Adapted to local markets
42
What is Geocentric marketing
Think global act local
43
What are some cultural/social factors in markets?
- Cultural differences
- Language
- Tastes
- Unintended meanings
- Inappropriate branding
44
What are some impacts of MNC's locally?
- Local labour/job creation
- Wages and working conditions
- Local businesses
- Local community and environment
45
What are some impacts of MNC's nationally?
- FDI flows
- Balance of payments
- Technology/skills transfer
- Consumers
- Business culture
- Tax revenues
46
How can MNC's be controlled?
- Political influence
- Legal control
- Taxation policy
- Pressure groups
- Social media
