Theme 1 Flashcards

Question

Give a LOA for the benefit of quantitative research (6)

Answer 1

Contraction

Answer 2

-changes in the cost of production ( raw materials, legislation) -introduction of technology -indirect taxes - government subsidies -external factors (weather, labour shortages, tarrifs, problems with infrastructure)

Answer 3

-If the price is not set at the point where supply and demand are equal there will be a disequilibrium in the market which will result in either Excess demand-the price charged is below equilibrium price which will result in excess demand so demand is greater than supply so will be a shortage of goods Excess supply-the price charged is above equilibrium price which results in excess supply so supply is greater than demand which results in unsold goods produced

Answer 4

Geographic Psychographic Demographic Behavioural

Answer 5

Product Price Place Promotion

Answer 6

The design mix

Answer 7

Distribution

Answer 8

When a business focuses on producing just one product or a narrow range of products

Answer 9

Above the line Below the line

Answer 10

the methods a business uses to inform, persuade, or remind customers about its products or services in order to increase sales

Answer 11

Sponsorship Advertising USP

Answer 12

-cost plus -skimming -penetration -predatory -psychological -competitive

Answer 13

Adding a mark up to each product sold

Answer 14

Launching the product with the highest possible price to take advantage of high price as early adopters are willing to pay. As demand falls, they will reduce the price to attract new customers.

Answer 15

Launching the product with the lowest starting price to attract new customers then increasing price once brand loyalty has been established

Answer 16

Pricing goods and services at such low levels that other firms cannot compete and are forced to leave the market

Answer 17

Charging products so they appear to be cheaper than they are e.g. 99p instead of £1

Answer 18

Business charges what competitors are charging for a product or service

Answer 19

Personalised pricing Dynamic pricing Auction sites Subscription pricing Price comparison sites

Answer 20

The route a product takes from producer or manufacturer to consumer

Answer 21

To go from larger to smaller volumes

Answer 22

Factory/producer- where goods are made Wholesaler- buy goods in large quantities from factories and sell them at a higher price to retailers Retailers-shops etc Consumer- who uses the product

Answer 23

It problems Transporting single items rather than bulk Increased wages Increased rent

Answer 24

Describes the stages of a product from when it was first thought of until it was removed from the market

Answer 25

Product development Introduction Growth Maturity Decline

Answer 26

Product adjustment Promotional activities

Answer 27

Before products start to decline, extension strategies can be used to prolong the maturity stage -product adjustment: making improvements, updating the podcast, repackaging the product -promotional activities: attracting new users through the use of targeted promotional campaigns

Answer 28

High market growth, low market share

Answer 29

Low market growth, low market share

Answer 30

High market growth, high market share

Answer 31

Low market growth, high market share

Answer 32

Product portfolio

Answer 33

Business to customer -the business will sell their products/services to the general public

Answer 34

Business to business -business sells their products/services to other businesses rather than consumers

Answer 35

B2C markets using branding and merchandising to encourage impulse purchases. B2B markets are mainly dominated by facts as the customers are more informed and make purchasing decisions based on reasoning rather than emotions.

Answer 36

Direct mail Telemarketing Sales reps Sponsorship

Answer 37

Blogs Search engine optimisation Social media Trade magazines

Answer 38

Involves a combination of outbound and inbound methods Inbound strategies usually take 6 months to generate response, so some outbound methods may be used in the short term

Answer 39

The output per worker or per machine in a given time

Answer 40

Improving employee motivation Training to employee skills More advanced machinery

Answer 41

Financial methods Non financial methods Working environment

Answer 42

Salaries Commission Bonus Profit sharing Performance related pay Share options Fringe benefits Piece rate

Answer 43

Empowerment Praise Promotion Job enrichment Job enlargement Better communication

Answer 44

Taylor Mayo Maslow Hertzberg

Answer 45

Taylor – Scientific Management • Workers are motivated by money • Use piece-rate pay and close supervision • Jobs are broken into simple tasks Key idea: Pay = motivation

Answer 46

• Motivation comes from greater supervision and attention • Workers feel valued • Productivity increases due to the Hawthorne Effect

Answer 47

Maslow – Hierarchy of Needs • Motivation comes from five levels of needs: 1. Physiological 2. Safety 3. Social 4. Esteem 5. Self-actualisation • Lower needs must be met before higher ones

Answer 48

Herzberg – Two-Factor Theory • Motivators (achievement, recognition) increase satisfaction • Hygiene factors (pay, conditions) prevent dissatisfac

Answer 49

Autocratic Paternalistic Democratic Laissez- Faire

Answer 50

• Leader makes decisions alone • Close supervision and con

Answer 51

• Leader makes decisions in employees’ best interests • Firm acts like a “parent” to workers

Answer 52

• Employees are involved in decision-making • Encourages motivation and teamwor

Answer 53

• Employees are given freedom to make decisions • Little supervision from management

Answer 54

• Shared values and beliefs • Employees behave consistently

Answer 55

• Few shared values • Employees behave differently

Answer 56

• Power held by a few senior managers • Fast decision-making • Authoritarian / Autocratic leadership

Answer 57

• Clearly defined roles and procedures • Bureaucratic organisation • Bureaucratic (often autocratic) leadership

Answer 58

• Team-based and project-focused • Problem-solving and flexibility • Democratic leadership

Answer 59

• Individuals are central to the organisation • High independence and autonomy • Laissez-faire leadership

Answer 60

The business values their employees and have concern for their welfare. Employees will add value to the business and the business will rely on their performance for its success such as more money and paid holidays

Answer 61

Through their wage/salary The business will try to minimise these costs wherever possible such as minimum wage

Answer 62

Multiskilling Flexible hours/ home working Outsourcing Zero hour contracts

Answer 63

Employees can be dismissed if they breach their contract of employment This is the choice of the employer not the employee

Answer 64

This occurs when there is no longer work for the employee to do or the business doesn’t have the means to pay staff for their role. Employees are entitled to redundancy payments

Answer 65

If a conflict arises between employer and employee, they can raise this and try to solve it in their own with their line manager

Answer 66

If disagreement is felt throughout an organisation, employees may raise the issue together/ with their union. Typically employees will group together to negotiate aspects of their employment through collective bargaining ( strength in large numbers)

Answer 67

Finding the right person for the job the first time around

Answer 68

When a business recruits someone who already works within the business, this is typically when an employee will receive a promotion

Answer 69

When someone is appointed to the job role from outside the business

Answer 70

-can be cheaper as the business doesn’t neee to pay for external recruiters -internal recruits may already be familiar with the business culture ans ageee with their values/goals (strong culture) -qualities and skills of candidates is already known -opportunity for promotion can improve motivation

Answer 71

-new staff can provide new ideas, improving innovation and productivity -external recruitment gives management a greater choice of potential candidates

Answer 72

Induction On the job Off the job

Answer 73

Training given to new employees when they start their job

Answer 74

Training given within the workplace by an employer

Answer 75

Training which takes place outside the business

Answer 76

The way authority and power is organised

Answer 77

The number of people an employee is directly responsible for

Answer 78

Tall structure Flat structure Matrix structure

Answer 79

-long chain of command -narrow span of control -opportunity for more supervision by management -clear routes to promotion -any change can take longer to implement (More layers of management/supervision within the hierarchy)

Answer 80

-short chains of command -wide spans of control -greater freedom for employees -employees have more responsibility -less opportunity for promotion (Fewer layers of management within the hierarchy)

Answer 81

Employees from different department areas come together to work on projects in teams, employees within the team have their own responsibility

Answer 82

-helps to break down traditional department barriers, improving communication -individuals get to use their skills in a variety of contexts -likely to get greater motivation between team members -encourages sharing good ideas -a good way of sharing resources across departments

Answer 83

-members id project teams have divided loyalties as they report to 2 line managers -may not be a clear line of accountability for project teams -difficult to coordinate -team members may neglect their functional responsibilities -takes time for matrix team structures to get used to working in this structure

Answer 84

All authority and decision making comes from one source, ensures the business maintains consistency

Answer 85

Authority and decision making is delegated further down the chain of command, employees should be more knowledgable about their specialty to make more well judged decisions

Answer 86

When a business has to choose between different alternatives, the opportunity cost is the benefit lost from the next best alternative to the one that has been chosen

Answer 87

When a business is faced with a decision over two alternatives, the tradeoff arises when the business has less of one thing as a result of choosing the other

Answer 88

Survival Profit maximisation Sales maximisation Social objectives Market share Cost efficiency Employee welfare Customer satisfaction

Theme 1 Flashcards

(249 cards)