1
Q
what is a mass market
A
a market where products are aimed at a large group of consumers with similar needs
2
Q
what is a niche market
A
market where products are specialised to a very specific group of consumers
3
Q
what is a dynamic market
A
a market that is subject to rapid change
4
Q
what are the 4 areas to consider in dynamic markets
A
- online retailing
- how markets change
- innovation + market growth
- adapting to change
5
Q
what is market orientation
A
an approach to marketing that focuses on the charactaristics of the needs of the consumers and their tastes and wants
6
Q
implications of product orientation
A
overtime being to orientated means business may move futher away from its market causing an increases chance of faliure
7
Q
what are the tools of product orientation
A
- product research
- product testing
- product focus
8
Q
what is market orientation
A
focuses on the needs of consumers and uses this information to design products that meet consumer needs
consumers are the centre of te decisions
9
Q
what are the tools of market orientation
A
-market research
- market testing
- customer focus
10
Q
what is primary market research
A
- process off gathering information directly from consumers using specific self research
11
Q
types of primary market research
A
- surveys
- observations
- interviews
- testing
- focus groups
12
Q
advantages of primary market research
A
- tailored to business
- in depth information
- up to date
13
Q
disadvantages of primary market research
A
- biast
- may need to hire specialist individuals
14
Q
definition of secondary market research
A
involves the collection and analysis of data from data that already exists
15
Q
methods of secondary market research
A
- market reports
- statistics from other firms
16
Q
advantages of secondary market research
A
- cheap
- quick
- easily acsessbale
- good for small businesses with low levels of profits to invest into market reaearch
17
Q
disadvantages of secondary market research
A
- may lack relevance to the firms requirements
- can be expensive
- out of date
- incorrect
18
Q
what is the importance of market research
A
- risk of faliure when releasing new products if not done correctly
- anticipates further needs and wants of consumers
- understanding of consumer behaviour
- identifies potential consumer demand
- identifys price consumers are willing to pay
- identifys competitors activity
19
Q
what is market positioning
A
refers to the process a business goes through when launching a new product or service to identify the price of the good, graph seperated into price and quality
20
Q
what are the 3 things that make up the design mix
A
cost, function, athestetic
21
Q
what are the types of promotion
A
- digital communications
- personal selling
- sales promotion
- direct marketing
- advertising
- public relations
22
Q
types of branding
A
- product brandng
- own brand product
- coporate branding
23
Q
importance of branding
A
- identifiable product
- recognisable
- trust and credibility
24
Q
what are the importance of pricing strategies
A
improves competition levels, increase profits
25
what is cost plus pricing
when a firm calculates its profits and expensive and then marks up price of goods to cover costs while still making a profit
26
what is price skimming
when a firm sets a high price to start with when its introduced to the market, then lowered overtime
27
what is penertration pricing
firm sets a low price to increase market share then will shift it up as time gors on
28
what is predatory pricing
when a firm sets prices so low that rival firms cannot compete and are therfore priced out of the market
29
what is competative pricing
sets price based on competitors pricing, this is effective when a business is in a very competative market and wants to maintain market share
30
what is psychological pricing
when a firm sets prices to impact consumer feeling e.g £1.99 insteat of £2
31
what are the factors influencing pricing strategy
- PED
- USP
- level of competition
- strength of branding
- stage in product life cycle
- costs and need to make profit
32
what is the definition of a distribution channel
movement of goods or services from manefacter to end customer
33
what are the differnet types of distribiton channels
- 4 stage
- 3 stage
- 2 stage
34
what is the definition of the product life cycle
describes different stages a product goes through, during its time in the market of being released to discontinued
35
what is the boston matrix
tool used by firms to anayse their portfolio and make strategic decisions about each product
36
how to develoup customer loyalty
- good customer service
- loyalty;ty cards
- saver schemes
- effective branding
37
why is effective hireachy benefitial to the business
- ensures firm has the correct people for the correct roles
- higher productivity
- posotive work environmet
38
what is staff as an asset
- treat them with traning and feel that they bring inovvative ideas
39
what is staff as a cost
- treating staff as something you have to pay and not valuing them
40
what is multiskilling
process of training workers to fulfill multiple roles within one business
41
what are the advantages of multiskilling
more efficent use of the workforce, reduction in labour costs and boosts productivity
42
what are the disadvantages of multiskilling
investment and traning costs may be high and not all staff are apropriate for all jobs
43
what are the advantages of part time workers
- attract and retained talent
- work life balance
- motivation is high
44
what are the disadvantages of part time workers
can cause difficulties in communication
45
what is on the job training
takes place while employees are working in the job roles, and learn new skills via collegues performing job duties
46
what are the advantages of on the job training
- training is tailored to specific workers
- cost effective
- practcal
47
what are disadvantages of on the job training
- if worker makes mistakes it may be coppied
- waste of current workers time
- not effective for all scenarios and job roles
48
what is off the job traning
- traning that takes palce outside the workplace and is done via external sources
49
what are the disadvantages of off the job training
- fresh ideas and percpective
- tailored to employees
- cost effective
50
what are the disadvantages of off the job training
- expensive
- miss work
- not applicable to all jobs
51
what is the definition of hireachy
- levels of authority within a firm
52
what is the definition of chain of command
formal line of authority that flows down the firm.
53
what is the definition of span of control
number of employees a manager supervises
54
what is the definition of a centrilised struture
decision making concerntrated at the top of an organisation
55
what is the definition of a decentrilised struture
decision making is distributed throughout the organisation
56
what are the 3 differnet types of struture
- tall
- flat
- matrix
57
what is the definition of tall struture
| give charactaristics
- multiple levels of mangement and more centrilised struture decision making
- long chain of command
- common in large organisations with complex operations
58
what are the advantages of a tall struture
- clear hireachy
- opportunities for promotions
- improve efficency
59
what are the disadvantages of tall struture
- communication barriers
- slow decision making
60
what is the definition of a flat organisational struture
fewer levels of management and decetrilised decision making.
61
what are features of a flat struture
- short chain of command
- common in smaller organisations
62
advantages of a flat strutre
- open communication
- faster and more efficent decision making
- encourages innovation
- increased motivation
63
disadvantages of flat struture
- lack of clear hireachy
- reduced opportunity for promotion
- reduced productivity
64
what is the definition of a matrix struture
- struture that is built for specific products and project, functional area of the business
65
what are the advantages of a matrix struture
- cross functional colab
- epxpert knowledge
- cordinitation and strong employee relationships are built
66
what is the definition of motivation
the desire and willingness that properls a person to achevie a goal or outcome, can be intrinsic or exrinsic
67
what is taylors scientific mangement
- the breaking down of tasks into small ones
- peice rate pay
- simplifing complex tasks
- workers are trained to perform one task
- standardised process
68
what are the advantages of taylors scientific mangement
- incresed effciency and output
- spcialiasation
- clear hireachy
- financial incentive for workers to improve
69
what are the disadvantages of taylors scientific manegement
- reduction in quality as a result of staff rushing to incresase output to recive more money
- expireneced workers are at an advanatage
70
what is mayos human relations theory
focuses on the importance of social factors, such as communication, motivation, job satisfaction which is done via:
- empowerment
- teamwork
- feedback
- staff as an asset
71
what are the advantages of mayos human relations theory
- increased job satisfaction
- increased productivity
- increased communication
- employee empowerment
72
what are the disadvantages of mayos human relations theory
- time consuming to understand everyones needs
- lack of control
- based on one factory
- conflict between workers
- every worker has differnetr needs
73
what is maslows hireachy of needs
| and what are the 5 levels
human motivation that occours in give tiers where all tiers have to be met to reach self aquzation.
Five levels:
- self aquzation
- esteem
- love/belonging
- saftey
- physcological needs
74
what are the advantages of maslows hireachy of needs
- increases labour turnover
- increased performance level
- increased job satisfaction
75
what are the disadvantages of maslows hireachy of needs
- expensive
- not all staff will remain at firm for long enough to reach top level in specific scenarios, e.g part time workering or seasonal working.
- not applicable to all jobsessed
76
what is hertzbergs two factor theory
suggests that there are two types of factors that affect motivation and job satisfaction, hygine factors and motivators
77
what are hygine factors in hetzbergs two factor theory
- elements that do not lead to motivation, its factors that if are not met disatisfaction will occour
78
what are motivators in hertzbergs two factor theory
- elements that lead directly to job satisfaction and motivation
79
what are examples of hygine factors
- working conditions
- co worker relationships
- policies and rules
- supervisors
- fair pay
80
what are examples of motivators
- achievment
- recoginition
- responsibility
- personal growth
- advancement
81
what are the financial incentives to improve performance
- peicework
- commission
- bonus
- profitshare
- performance related pay
82
what are the non-financial incentives to improve performance
- consultation
- empowement
- teamworking
- flexibility
- job rotation
- job enlargment
- job enrichment
83
what is the definition of leadership
Leadership is about having a vision, sharing that vision with others and providing direction
84
what is an autocratic leadership style
- leader has complete control over decision making and does not listen to employess
85
what is democratic leadership style
leader involves teams anbd employees to share ideas and the firm males an informative decision based on everyones views
86
what is a paternalistic leadership style
leader still makes decisions but it is within the best intrests of staff as their idead are taken on board
87
what is Laissez-faire leadership style
when leader takes hands off approach and allows employees to make own decisions and behave in their mannor
88
what is the definition of an entreprener
An entrepreneur is a person who is willing and able to create a new business idea or invention and takes risks in pursuing success
89
what do entreprenuers do
- orginse resources
- make business decisions
- take risks
90
what is an intriprenuer
intrapreneurship refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business
It involves empowering employees to think and act like entrepreneurs
The business encourages them to take risks, innovate and develop new ideas and projects that may benefit the business
91
what are the barriers to entreprenuership
- entreprenuer capacity
- fear / lack of confidence
- lack of traning
- acess to finance
92
what are the skills required of an entreprener
- comunication
- teamwork
- decision making
- organisation
- numeracy
93
what are the charactaristics of an entreprenuer
- creativity
- hard working
- initiative
- resiliance
- self confidence
- risk taking
94
reasons why people set up businessesn
| give both financial and non financial
financial:
- profit share
- profit maximisation
non financial:
- inderpendance
- own rules
- ethical production
95
what are the key business objectives
- sales maximisation
- market share
- cost efficency
- employee wealfare
- customer satisfaction
96
what are the differnet forms of business
- sole trader
- partnership
- franchise
- PLC
- LTD
97
what are the advantages and disadvantages of being a sole trader
advantages:
- easy
- owner has complete control over the business
- 100% profits for the owner
disadvantages:
- owner responsible for 100% of debts
- limmited skillset
98
what are the advantages and disadvantages of a partnership
advantages:
- Easy to set up and inexpensive
Shared responsibilities and decision-making
More skills and knowledge are available
Increased access to finance and capital
disavantages;
Partners have unlimited liability
Potential for disputes between partners
Profits are often shared equally, regardless of contribution
Difficult to transfer ownership
99
what is a public limmited company
A limited company whose shares are available to be bought and sold by the public on a stock exchange, and whose shareholders have limited liability.
100
what are the advantages of a PLC
Can raise large amounts of capital by selling shares on a stock exchange
Shareholders have limited liability
Greater credibility and prestige
Easier to expand and grow
Potential for economies of scale
101
what are the disavantages of a PLC
- Owners may lose control
- Expensive to set up and list on the stock exchange
- Profits may be shared as dividends
- Pressure from shareholders for short-term performance
- Must publish detailed financial accounts
- Risk of takeover
102
what is the definition of a private limmited company (LTD)
A private limited company is a business owned by shareholders with limited liability, whose shares cannot be sold to the general public and are not traded on a stock exchange.
103
what are the advantages of LTD
- Shareholders have limited liability
- Owners retain greater control (shares are not sold to the general public)
- Profits are usually kept within a smaller group of shareholders
- Less pressure from shareholders compared to a PLC
- Business has separate legal identity (can own assets and enter contracts)
- More privacy than a PLC (less public disclosure required)
104
what are the disavantages of LTD
- Cannot sell shares to the public on a stock exchange (e.g. London Stock Exchange)
- Harder to raise large amounts of capital
- Profits must be shared between shareholders
- Legal costs and paperwork to set up
- Shares can only be sold privately
105
Business
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