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A Level Business Studies > Unit 9 (9.2a - 9.4d) F > Flashcards

Unit 9 (9.2a - 9.4d) F Flashcards

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1
Q

What is innovation?

A

putting a new idea or approach into action

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2
Q

What are the two types of innovation? plus detail

A

Product (launching new or improved)

Process (more efficient ways of producing)

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3
Q

WHY? focus on product innovation? - 3 things

A

add value
higher prices
public relations

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4
Q

WHY? focus on process innovation? - 3 things

A

reduced costs
improved quality
higher profits

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5
Q

WHY? would you innovate a product or process? - 3 things

A

products are at the end of there life
reduce unit costs
find a USP

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6
Q

What 3 ideas can be linked to innovation? plus one idea (within this idea)

A

Ansoff - diversification
Porter - differentiation
Bowman - differentiation

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7
Q

HOW? does a business benefit from innovation? - 3 things

A

reduce costs
better range
access to enter new markets

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8
Q

What are the risks of innovation? – 3 things

A

Competition (hard to protect)
Uncertain returns
Very high R and D costs

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9
Q

Innovation example?

A

Dyson vacuum cleaners

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10
Q

What are the opportunities of innovation? - 4 things

A

Internet of things
Nanotech
Mass customisation
3D printing

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11
Q

What is the internet of things?

A

Objects and people have unique identities and the ability to transfer data over a network without human-to-human or human-to-computer integration.

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12
Q

What is nanotech?

A

Manipulating matter at a microscopic level

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13
Q

What is mass customisation?

A

Bespoke individualised items on a mass level

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14
Q

What are the benefits of 3D printing?

A

Increase product variation and launch new products more quickly

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15
Q

How to innovate? - 4 things

A

R and D
Kaizen
Intrapreneurship
Benching marking

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16
Q

HOW? Does R and D support innovation? - 4 things

A

Invent new products
Improve the product
Create a patent
Motivate the workforce

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17
Q

Extension strategy example?

A

Nintendo (DS, DSi, DSiXL)

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18
Q

What is kaizen design? Plus example

A

Continuous small improvements (e.g. British cycling team)

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19
Q

What is an entrepreneur?

A

They own and operate the business but have to deal with all the risks

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20
Q

What is benchmarking?

A

Looking for the best business processes in each section to improve the business as a whole

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21
Q

What are the three types of processes? - 3 things

benchmarking

A

Internal – collecting comparative data
Competitors – comparison
Fictional/ generic – same similar process (different field)

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22
Q

How does benchmarking help a business? – 3 things

A

Cost advantage
Correcting mistakes
Better approaches

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23
Q

What are the problems with innovation? - 2 things

A

Copy competitors

Not always compatible

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24
Q

Two examples of successful innovation?

A

Culture (IKEA)

Secrecy (KFC)

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25
What is IP (intellectual property)? (examples)
Tunes, lyrics, art, name, logo, design
26
What is a patent? protects others…….
protects others from copying new inventions and innovations. (without permission)
27
What is a patent? - 3 things
can last 20 years “licence for royalties” can be bought, sold and traded
28
Asset stripping example?
Google buying Motorola and selling its patents
29
What is a trademark?
“™” identifies the product in the eyes of the customer.
30
What is a copyright?
protects the original idea expressed in a piece of work e.g. film
31
How do you deal with the end of a copyright? plus example
innovation - no longer rely on the patent as a barrier to entry. e.g lego friends
32
What is a international market?
outside its geographical base
33
why would a business go international? - 3 things
wider customer base extension of product life cycle emerging markets
34
when choosing the right market the business must think about? - 3 things
the demand for products if customers are accessible if the country fits the culture
35
international expansion failure?
B & Q in China (wrong culture)
36
What is offshoring? - plus example
the relocation of a part or the whole business from one country to another. e.g. JCB building factory in Brazil
37
How might a business benefit from offshoring? - 4 things
lower costs of production access to wider labour production local government support closer access to raw materials and suppliers
38
How is offshoring a risk? - 4 things
customer service higher costs than expected public employee relations protection of IP
39
What is reshoring? - plus example
bring back some or all of a business activity back to its “home” country e.g. Barclays
40
reshoring successful example?
Trunk back from China to UK
41
What are the 4 key methods of entering an international market?
Exporting Licensing Alliances Direct investment
42
What is exporting?
Selling the same product or service overseas
43
What is licensing?
a company either sells stock from overseas to sell locally or they are given permission to manufacture locally
44
What is a Alliance? - plus example
two companies work together to create a new company to work overseas e.g Tesco
45
What is direct investment?- plus two examples
Physically setting up in international location e.g. Kraft taking over Cadbury and Tata buying Land Rover
46
What is the main reason a firm buys, sells or products abroad?
to reduce costs
47
How does a firm ensure it is successful in buying, selling, and producing abroad?
it must met the local customer needs and demands
48
What are Bartlett and Ghoshal's for strategies?
The balance a business should follow depending on its focus on cost reduction and its focus for local responsibilities
49
What are Bartless and Ghoshal's four strategies?
1) international strategy 2) Multi-domestic strategy 3) Global strategy 4) Transnational strategy
50
International strategy is l.....? plus example
low pressure to reduce costs, high pressure for local responsiveness e.g. Mcdonalds, UPS, Uber
51
Multi-domestic stragey is h......? plus three examples
low pressure to reduce costs, high pressure for local responsiveness e.g. CocaCola, Nestle, Sky
52
Global strategy is h......? plus example
high pressure to reduce costs, low pressure for local responsiveness e.g. CAT diggers
53
Transnational strategy is h..........? plus two examples
High pressure to reduce costs, high pressure for local responsiveness e.g. Unilever, Starbucks
54
What is the main benefit of digital technology?
a greater volume of data can be stored and shared
55
The four things a business could use digital technology for are?
E-commerce Big data Data mining Enterprise resource planning
56
What is E-commerce? and M-commerce
The buying and selling of goods using an electronic network | The same but using a mobil device
57
An example of E-commerce being hacked:
Quora - Q and A site
58
What is key strategic challenge of E-commerce?
integrating it across all fictional areas
59
What is the long tail?
target a large number of niche markets with a product or service
60
An example of a company with more distribution channels due to E-commerce?
Apple
61
An example of a company that uses dynamic pricing?
Uber
62
An example of companies working conditions that were exposed?
Amazon UK
63
What is big data?
Large volumes of data that are used to see patterns and trends
64
What are the 4 V's?
Volume - amount of data Velocity - speed it comes in Variety - formats Veracity - reliable?
65
What is data mining?
An extension of big data (turning data into something useful)
66
What is Enterprise Resource Planning (ERP)?
Use info systems in order to automate its processes and integrate them together
67
What is the main use of ERP?
reduce costs and save time
68
Three benefits of digital technology?
better quality products improved efficiency improved working environment
69
Three drawbacks of digital technology?
expensive some many not embrace change loss of jobs

A Level Business Studies (12 decks)

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