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Description
Flashcards by lilli.atkin, updated more than 1 year ago
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Created by lilli.atkin
over 9 years ago
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| Question | Answer |
| What are 4 possible sources of a business idea? | -Brainstorming -Inventions -Market Research -Spotting a gap in the market |
| What are the range of selection techniques that can be used whe nrecruiting someone? | -Interviews -Psychometric Tests -Aptitude Tests -Assesment centres |
| Give a few examples of market segments | -Age -Sex -Family Size -Social class -Lifestyle |
| Give a few examples of market segments | -Age -Sex -Family Size -Social class -Lifestyle |
| What are 3 types of finachial motivation? | 3 from; -Performance Related Pay -Piece work -Commission -Profit Related Pay -Share ownership |
| What are the 4 principles of pricing strategies? | -Price Skimming -Price Leadership -Cost base Pricing -Customer based Pricing |
| 3 Methods of improving competitiveness | -Reduce labour cost by increasing productivity of the workforce -Use cheaper resources -Reduce amount of waste |
| What were the beliefs of the School of Scientific management? | Employees dont need enrichment therefore work only for their own benefit and have no interest in business. |
| What is the difference between primary and secondary research? | Primary is the collection of data for the 1st time, for specific purpose. Secondary collection of data that already exists and may initally have been for a different purpose |
| What is Price Elasticity of Demand? | the extent to which the level of demand for a product is sensitive to price changes |
| Give 5 examples of the elements of the promotional mix | Any 5 from; -Sales promotion -Packaging -Branding -Exhibition & trade fairs -P.R. -Advertising -Personal Selling |
| What are the 4 caterogries of the Boston Matrix? | -Star Products -Cash Cows -Dogs -Problem Child |
| Name the stages of the product life cycle | 1. Development 2.Introduction 3.Growth 4. Maturity 5.Decline |
| What are the ways to increase profits? | -Increase prices -Cut Costs -Increase capacity utilisation -Increase effiency |
| Define Capacity Utilisation | the extent to which a business uses the production resources that are avaible to it |
| How do you calculate Break Even Point? | Fixed Costs divided by selling price per unit minus variable costs per unit |
| Give 3 reasons why a new business may fail | -Shortage of cash -insufficient customers -competition introduce new products, cut prices etc, which leads to alack of customers |
| How might an established business with a large market share prevent rivals entering the market? | -Increase Barriers -Seeking legal restrictions, i.e. patents therefore preventing other businesses supplying similar products -increasing brand loyalty |
| What influences the marketing mix? | -Finance (profit levels & cash flow) -Technology (the product its self) -Market Research (key influence) -Nature of the product (which elements of mix are emphasised) |
| What is a traditional distribution channel? | 1. Producer 2. Wholesaler 3.Retailer 4.Consumer |
| What are 2 influences on the choice of promotional mix? | Any 2 from; -Products position in life cycle -Type of product -Finance available to business -Competitors actions -Where consumers male purchasing decisions |
| What are the 5 different types of market? | -Local -National -Physical -Electronic -Industrial |
| Define adding value | the process of increasing the worth or value of some resources by working on them |
| Name the 3 influences on the School of Neo-Human relations | -Mayo -Hertzberg -Maslow |
| What are 5 qualities of an entrepreneur? | -Dreamer -Innovator -Passionate -Risk Taker -Committed |
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