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T3ST Flashcards

(54 cards)

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1
Q

Ads delayering

A

Improved communication
Empowers staff
Speeds up decision making

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2
Q

Delayering disads

A

Remaining staff have to take on extra work
Fewer promotion opportunities
Delayering causes redundancies

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3
Q

Role of a manager

A

Making sure plans are carried out
Check and evaluate staffs work

Giving tasks to staff and the responsibility of completing said task

Make sure resources are available

Bringing all staff and resources together at the right time

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4
Q

Profitability ratio

A

Gross Profit% = Gross profit/Sales revenue x 100

Profit for the year% = profit for the Year/Sales revenue x 100

Return on Equity Employed = profit for the year/opening Equity x 100

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5
Q

Liquidity ratios

A

Current Ratio = current Assets/current liabilities
Answer should be expressed as 2.45:1

Acid Test = Current assets - Closing inventory/ current liabilities

Answer should be expressed as 1.45:1

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6
Q

Efficiency ratio

A

Rate of inventory Turnover = costs of sales/ average inventory*
* average inventory = opening + closing inventory/2

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7
Q

Benefits of Lateral Integration

A

Reduced chance of failure

Spread the risk

The firm becomes larger and more secure.

Gain the assets of the firm

The ability to overcome seasonal fluctuations

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8
Q

Political Ad and disad

A

Ad

New/ changed health and safety regulations. This means they have a decrease in staff absence

Dis
New /change in health and safety regulations. This means the business will have an increase in costs as you will have to train staff

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9
Q

Economic ad and disad

A

Ad

There could be a high rate of unemployment in the uk. This means, larger choice for of people who apply therefore you can employ the very best staff

Disad

Increase in interest rates. This means more expensive to borrow money so your business cannot afford to expand

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10
Q

Social ad and disad

A

Ad

Change in trends or fashions. This means, produce products which are high in demand which increases profit levels.

Disad

Change in the demographic of an area/ country. This means businesses will have to open branches in new area which is highly expensive

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11
Q

Technology ad and dis

A

Ad

New technology becomes available. This means, production levels may increase

Dis

Growth of s-commerce. This means, an external dept has to be created so you will have an increase in costs due to newly hired staff

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12
Q

Environmental ad and dis

A

Ad

Increase in pressure to become more environmentally friendly. This means, socially responsible image which will increase your amount of customers

Dis

Natural disaster may occur. This means, your business will have to close down for a period of time.

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13
Q

Competition ads and dis

A

Ad

Competitor introducing a new product. This means, your business has an idea for a new product

Dis

Competitors reducing prices. This means, your business may also have to decrease their prices so you will have a decrease in income.

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14
Q

HRM ICT

A

Create a job description/ personal specification/ applications using word

Email contract of employment or changes in legislation

Website - so employee can download their
application form

Database - store employees records

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15
Q

Maslow

Physiological

A

Basic needs which are for example, food and shelter.

Can be satisfied through basic pay

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16
Q

Maslow

Safety and security needs

A

Job security and safe working environment

Can be satisfied through a permanent contract

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17
Q

Maslow

Social( love and belonging )

A

Needs where most people want to belong to a group.

Can be satisfied by working with colleagues who provide them with support/ team work/ communication

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18
Q

Maslow

Self esteem needs

A

Receiving recognition for a job well done

A promotion might achieves

Praise the employee

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19
Q

Maslow

Self actualisation

A

Self actualisation is when people realise their potential

May be measured by the extent of success and it challenge at work

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20
Q

Retailer (definition and ads)

A

Supermarket - traditionally sell food and drink

Ads

Retailers are often located closer to the customer

They often have an established customer base

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21
Q

E-tailer

A

Shopping online and having the product delivered

Ads

Convenience of buying products from the comfort of your own home 24/7

Inexpensive to set up a website

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22
Q

Convenience retailer

Study These Flashcards
A

Small store that offer a limited amount of products

Retailers pay for the advertising
Products are displayed attractively by the retailer

23
Q

Explain

R&D

Study These Flashcards
A

When market research is conducted and prototypes are produced. Prototype is launched into a small area before going nationwide incase prototypes has problems. This means, the products has no sales, high costs and no profit.

24
Q

Introduction explain

Study These Flashcards
A

When a product is first launched into the market. The product is advertised heavily as this stage. This means there are low levels or profits/ no profits made

25
Growth explain
Once the product reaches the growth stage, sales rise rapidly. Customers are more aware of your product. This means profit levels rise
26
Maturity explain
Sales peak as the product is well known in the market. Extension strategies are often used. This means the highest profits are achieved
27
Saturation explain
Supply of the product over takes the demand. Customers who won’t the product have it. This means profits begin to fall
28
Decline explain
Sales fall as new/better versions are on the market. Customers tastes have changed and no longer want the product. This means profits and losses are made
29
Operational decisions
Short term decisions( day-to-day) Decisions are made by staff/ supervisors of the dept Low risk decisions.
30
Strategic decisons
These decisions are long term ones These decisions are made by senior managers. High risk decisons
31
Tactical decisons
Medium term decisions Made by middle managers
32
Market skimming ads and dis
Ad Gives the product an exclusive image Dis Can only be used as a short term pricing strategy Development Few or no competitors in the market
33
Premium pricing
When a business permanently sells its products at a high price Gives the business a high quality image Dis Company misses out on a whole market segment
34
Price discrimination
When a business charges a high price when demand is high Holiday companies tend to do this in the holidays of summer and Christmas Customers demand is high so they will pay the inflated price
35
Competitive pricing
When a business charges the same price or lower than competitors Increased sales/ market share Disadvantage- small profit margins are made
36
Desk research and field distinguish
Field research is reliable as the source is known. However, desk research is not reliable as source is unknown Field is relevant as it’s gathered for a specific purpose. However, desk might not be relevant as info can be out of date. Desk is easier to obtain however, field is harder due to the time it takes to gather the info
37
Employment legislation
National minimum wage act 1998. Increase in costs as wages increase Equality act 2010 People must be treated the same regardless of gender, race, religion, disability etc. This means the business has to install a lift for people in a wheel chair Employment rights act 1996 Cannot be forced to work on a Sunday unless it is in your contract of unemployment. Businesses may have to close down therefore production levels decrease
38
Cash flow problems
Offer discounts and promotions to increase sales and reduce your stock levels Reduce/ lower/ limit the credit you allow your customers Reducing the operating cycle - time between buying raw materials and making sales - just in time Arrange credit from suppliers.
39
Non current assets
Items that your business will own for more than one year
40
Working equity
Current assets minus current liabilities. Shows the ability for your business to pay off its debts with the assets you own
41
Non current liabilities
Debts that your business will take longer than a year to pay off. Eg mortgage
42
Reasons why gross profit is improving
Found a cheaper supplier. This means, a decrease in costs A reduction in theft or wastage. This means, more products can be created, therefore increase sales An increase in your selling price. This means, the businesses profit margins increase.
43
Benefits of ensuring quality
Proves the product has been met an agreed level of quality Can be used as a marketing tool to gain a competitive advantage Will give customers confidence when purchasing the product Increase sales/ repeat sales Higher prices can be charged
44
Ads of MNC
Can allow orgs to increase their profits/sales An org may be given grants from gov’ts to locate in that country and the grants will not require to be paid back Orgs can become larger which may result in them being safer from take overs Avoidance of tarries/ quotas imposed by governments Take advantage of economies of scale and reduce unit costs of products
45
Dis ads of MNC
Legislation may be different in the other countries which may require the organisation to alter its product/service Legislation may exist on how a product/ service is marketed and may result in some marketing techniques having to be changed Cultural difference will mean that organisations have to be sensitive to different cultures Different languages will exist and this may mean that organisation have to employ specialist linguist to work with the organisation.
46
One to one
A regular review of an employees job performance by your line manager This review takes place every year or 6 months( depends on businesses)
47
Peer to peer
When you’re appraised by another member of staff who works at the same level as you. Managers are excluded from this type of appraisal
48
360 degree
A review of an employees job performance with feedback coming from your subordinates, peers, supervisors and the employees themselves Allows for a variety of view points from colleagues
49
Ads VLE
Staff can access 24/7 Can be easily amended to add in new course material eg notes and tasks
50
Dis VLE
Relies heavily on learners accessing materials and completing tasks on time IT issues can stop training from taking place
51
Labour intensive advantages
Employees can use their initiative No initial capital outlay Each product is unique
52
Labour intensive disadvantages
High wages for skilled staff Training costs Same product cannot be made every time Increased error and wastage
53
Computerised inventory control
EPOS is used to control inventory electronically Inventory is scanned out when received Inventory is scanned when sold Epos can re-order inventory automatically when the re-order level is reached by sending out an email Goods can be ordered off the internet
54
Re order quantity
The amount ordered at re order level This should arrive when the min level is reached This amount will take your inventory levels back up to max level

Business (7 decks)

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