Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bus Man Year 10 > Understanding Business Book 2 > Flashcards

Understanding Business Book 2 Flashcards

1
Q

Marketing Mix

A

the elements of a firm’s approach to marketing that enable it to satisfy and delight its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

List the 4 P’s

A

Place, Product, Price, Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Product

A

Includes the physical features and specifications of the product (e.g. what it looks like, how reliable, quality)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Price

A

Refers to the way the product is priced and the rationale behind it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

List 2 pricing strategies

A

price skimming, Penetration pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Price Skimming

A

A firm/company charges the highest initial price that customers will pay and then lower it over time as demand decreases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Penetration Pricing

A

By attracting customers or service with a lower price (like a trial of the product) and then increases prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Operating Factors

A

external to the business, however they have some control over them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

List 4 operating factors

A

Customers needs & expectations, competitors behaviour, special interest groups, suppliers & supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Customers needs & expectations

A

Business must consider the needs and expectations of its customers and how these may change over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

competitors behaviour

A

Can influence a business’ decisions as if the are more suitably meeting the needs of customers, could result in fall in sales for us

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

special interest groups

A

A group of members with shared interests. they can put pressure on a business to act in line with these interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Business Associations

A

Are organisations that support business though the provision of training and education programs, advice and information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Unions

A

Organisation formed to represent and protect the rights of workers in a particular industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Trade union impact

A

Includes productivity, costs, profits, competitiveness, reputation- if one factor is not meeting standards then may affect more factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Suppliers & Supply chain

A

Can impact the business in a number of ways, without an effective supply chain a business will fail to attract, delight and hold on to its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Consumer Groups

A

Specific type of lobby groups that monitor a businesses in terms or its product safety, packaging, pricing and advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Place

A

Refers to where the product will be sold and how it will be distributed - condor where will people mainly look for your product, will they need to hold product in there hands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Promotion

A

Refers to how the product will be advertised, where will the public notice it most, includes television, posters, social, discounts, emails, ads ect.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Aim of promotion

A
  1. Inform the consumers; price, location, product features. 2. Build brand image. 3.create customer loyalty; encourage customers to buy again. 4. preside the customer; to purchase product for the first time or more regularly
21
Q

Methods of Promotion

A

Advertising, sponsorship, sales promotion

22
Q

Advertising

A

paying for a message to be shown through various media, TV, magazines, socials, newspaper ect.

23
Q

Sponsorship

A

Providing financial assistance to an individual, event or organisation in return for exposure and advertising

24
Q

Sales Promotion

A

Short-term sales initiatives to boost sales. e.g. various offers such as ‘buy one get one free’, collect the tokens, loyalty cards, credit terms and coupons

25
Q

SWOT analysis

A

SWOT is the study undertaken by an organisation to identify its internal strength and weaknesses, as well as its external opportunities and threats. Will help set objectives and highlight areas that require special attention.

26
Q

What Is SWOT

A

Strengths, weaknesses, opportunities, threats

27
Q

SWOT analysis - Strengths

A

Factors that are positive relative to competitor

28
Q

SWOT analysis - Weaknesses

A

Factors which are negative relatives to competitors

29
Q

SWOT analysis - Opportunities

A

Factors in the external environment that can be beneficial to the organisation

30
Q

SWOT analysis - Threats

A

Factors in the external environment that can be detrimental to the organisation

31
Q

Benefits of SWOT

A
  • A SWOT is an analysis of the effectiveness of the company’s operation and the internal factors which influence its success.
    -Shows the current and potential future position of a company
    -Highlights companies strength and weaknesses against competitors
    -Used to help the company meet consumers need and keep up with the competition
32
Q

Drawbacks of SWOT

A

-Weakness and strength are often a matter or perception rather than a fact (often though consumer research)
-May be advisable to employ an outside company to carry out regular audit of the business
-open to interpretation (no two opinions are the same)
-Information is never perfect and the future always changes

33
Q

What is Management

A

‘art not a science’ no simple formula that can be applied. management= behaviour and attitude of the manger

34
Q

Factors which influence the management style

A

NATURE OF TASK - is the task dangerous, creative, straightforward
TIME - time pressure on the task.
EXPERIENCE OF EMPLOYEES - are the employees experts? high skilled or low? new to situation and lack experience?
MANGER PREFERENCES- what does their personality align with

35
Q

List 3 Mangement styles

A

Autocratic (tells), Consultative (asks), Laisees Faire (lets)

36
Q

When is Autocratic appropriate to use

A

high risk or crisis situation, time is limited, employee lack skills and knowledge, want to maintain control

37
Q

When is Consultative appropriate to use

A

more complex/ creative tasks, time is not limited, high level of skill in employees, value include allowing other to have input but manger still makes decision

38
Q

When is Laissez Faire appropriate to use

A

simple task don’t require supervision, time is not limited, high level of expertise in employees possible more than manger, more comfortable with hands off approach, lack personal responsibility

39
Q

strategies can either be…

A

proactive or reactive

40
Q

proactive strategies

A

proactive quality management prevents defects therefore decrease waste which decreases cost and increasing efficiency

41
Q

reactive strategies

A

reactive strategies try to fix errors after they have already occurred

42
Q

Quality control

A

process of checking the quality standards of work done or quality of raw materials or component parts (e.g taste testing)

43
Q

Quality control process

A
  1. benchmarks set
    2.inspection conducted
    3.comparison between product and benchmark made
    4.corrective action in the event quality is deemed to be below benchmark
44
Q

Quality Assurance

A

organisation achieves certification of quality in its production from an indecent body after being assed.

standards include: training or staff, documentation of processes, corrective action, processes adopted in regards to customer satisfaction

45
Q

Total Quality Management (TQM)

A

Whole organisation approach to achieving quality based on continuous improvement. part of culture Wirth all employees having a role to play-> ‘internal customers’ able to give feedback to others within the organisation (PROACTIVE)

3 Principals: continuous improvement, Employee empowerment, customer focus

46
Q

TQM pros and cons

A

pros: highly adaptable to specific business requirement, reduce errors, increase motivation

Cons: time consuming, requires a shift in culture, employees require training to identify methods to improve quality

47
Q

Quality Assurance pros and cons

A

Pros: reduces waste, reduced chance of errors, external certification improving competitiveness

cons:employees may need to be trained, documentation is time consuming, expensive to organise

48
Q

Quality control pros and cons

A

Pros: customers don’t receive faulty items, reduces need for refunds, inexpensive to implement

cons: creates waste, unless every item is inspected customer still may receive faulty items, time consuming

Bus Man Year 10 (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions