1(1.4.4)
1)what's Maslow's hierarchy of needs theory?
Top- self actualisation-acceptance - your true self . Then self esteem -achievement
love or belonging/social - friendship family
health /safety needs - employment , health
necessary -food, water, shelter
bottom
2(1.5.1)
1)What are the ways to expand a business
Open another location.
Offer business a franchise or business opportunity
License the product ,Diversify ,Target other markets
Merge with or acquire another business
3(1.3.4)
4)What's the 2 stage Manufacturing chain?
5)How do distribution abroad?
4)Manufacturer to consumer
5) agent to represent products in their country
4(1.3.5)
4)what's a Dog?
5)What's a Question mark/problem child?
4)Low market share, low market growth
5)High market growth, low market share
5(1.4.5)
3)Define paternalistic
4)Define Laissez-faire
3)Right decisions for employees as responsible for
4) employees carry out own decisions
6(1.4.3)
3)Define chain of command
4)Define span of control
3)flow of info, power and authority
4)Number OF subordinates delegate to
7(1.2.5)
3)Define substitute Good
4)Define complementary good
3) an alternative product used to satisfy a want
4)products that may be used together
8(1.4.1)
1)Define part time work
2)Pros and cons of part time
1)works fewer hours then full time worker .works less than 35 hours.
2)Pro: keeps costs down, wide pull of applications
Cons: Might not commit compared to full time, might leave for full time job
9(1.4.1)
1)Define Flexible hours
2)Pros and cons of flexible hours
1)working which suits employees needs
2)Pros: can keep valuable staff from leaving and cover busy periods, accommodate work life balance and needs.
10(1.4.1)
1)Define Zero hours
2)Pros and cons for zero hours
1)work when needed
2)Pros: ideal where staff needed in short notice, employers have great flexibility
Cons: Employees might not commit or loyal than full time workers, employees might leave to find full time work
11(1.2.5)
1)Luxury good (Yed value)
1)Whne an increase income causes larger increase in demand = >1
12(1.4.3)
1)Define organisational design
2)Define hierarchy
1)which shows lines of authority and layers in hierarchy of business .
2) ranked due to their authority or status
13(1.4.1)
1)Define Temporary work
2)Pros and cons of temp work
1)Where employer only needs extra staff as of shortages
2)pros: cover shortages ,agency may cover paper work
Cons: May be expensive as pay for agency ,staff need training
14(1.5.3)
1)Define shrinkflation
1)where a manufacturer keeps the price the same but makes the product smaller
15(1.3.2)
1)What is Viral Marketing?
2))What is Emotional branding?
1)When consumers encouraged to spread
info about company via internet
2)Create bond between consumer and
product by provoking emotional response.
16(1.4.1)
1)Define full time work
2)Pros and cons of full time work
1)usually 35hrs or more
2)Pros: highly paid per hour, entitled to more holiday ,more productive, loyal
Cons: Less flexible
17(1.3.2)
1)Define promotion
2)Name forms of promotion
1)Use of marketing tools to bring product or service to
attention to potential customers.
2)Sponsorship, PR, Personal selling , Direct marketing
,Below the line marketing ,Above the line marketing
18(1.2.3)
1)Define surplus
2)Define shortage
1)supply exceeds demand then is surplus maybe due to price being to high
2)where demand exceeds supply there will be shortage may be because price
being charged to low
19(1.5.1)
1)What are the steps to set up a business
1)Step 1: market research, find out what customers want
Step 2: start small at a market stall or similar context if possible
Step 3: draw up a business plan
Step 4: grow the business
20(1.1.1)
1)Define Homogenous
2)what's Market share ?equation?
1)Similar products that compete in a market.
2) Proportion % of the market that is taken by a business product or brand.
equation: company's revenue/total market revenue x100
21(1.5.3)
1)Why Survival as a business objective
1)Short-term objective of a business and is usually applied to a new business or start-up,
most fail after 5 years
22(1.5.6)
1)How do you be less reactive
2)Define emotional intellegence
1)setting trends, being able to see a gap in the market, moving forward with a
business idea ahead of the competitionon Also known as proactive
2) be able to recognise, use, understand and manage emotions in a positive way to reduce stress and be more productive
23(1.3.3)
1)Define Penetration pricing
2)Pros
3)Cons
1)Setting prices low on a new product to encourage sales
2)Works best with new launches to encourage to try
3)Mau have bought without lower price ,eats into profits
24(1.3.3)
1)Define Pricing
2)Types of pricing strategies
3)What factors determine pricing strategies
1)setting prices for their products or services
2)cost plus,price skimming, penetration, predatory, competitive, psychological.
3)USPs/differentiation, price elasticity of demand,level of competition ,strength of brand
,stage in the product life cycle ,costs and the need to make a profit
25(1.4.1)
1)Define B2C?
1)set of strategies, practices, and tactics that a company
uses to push its products or services to customers.
26(1.3.3)
1)Define cost plus pricing
2)Pros
3)Cons
1)Seeks to set a price for a product or service which covers costs
and provides good profit margin for business
2)Protect profit margins, easisest method ,est profit levels
3)Does not take competition into account
27(1.5.3)
1)Main Business objeectives
1)sales maximisation,market share
cost efficiency,employee welfare
customer satisfaction
social objectives
28(1.3.5)
1)Name stages of Product lifecycle
2)Define extension strategy
3)Name Extension strategies
1)Research and development, intro, Growth, Maturity, Decline
2) product or service kept it in the maturity phase rather than going into decline.
3)Price reduction, Update packaging ,advertising ,Adding/different features, change target market.
29(1.2.1)
1)Define Fad
2)Define Trend
1)Quick rise in sales and popularity followed by a quick decline in sales and popularity.
2) shift or change in the fundamental business dynamics within an industry
30(1.4.3)
1)Pros and cons matrix hierarchy
1)Pros: Ideal for project by project, very flexible
Cons: Possible co-ordination between department, conflict across projects
31(1.4.3)
1)Pros and cons of flat hierarchy
1)Pros: fast communication , greater responsibility
Cons: less supervisor , can create power struggles as supervisors rarely their
32(1.1.1)
1) pros and cons of mass market ?
2) pros and cons of niche market?
1)pros: economies of scale ,mass marketing
cons: high competition ,low customer loyalty, homogenous products .
2)Pros: charge premium, flexible with trends, low competition
cons: Low economies of scale ,risky to find demand
33(1.3.3)
1)Define Competitive pricing
2)Pros
3)Cons
1)products or services priced in line with competitors
2)Useful for where products are dominant ,need discount to enocurage
3)pricing at competiitive rate may notcover costs for smaller businesses
34(1.2.5)
1)Define Normal Good (Yed value) 2)Define inferior Good (Yed value)
1)product where an increase in consumers
income means an increase in demand yed = >0
2)products where an increase in consumers
income means a decrease in demand yed= <0
35(1.2.4)
1)Define competitive pricing
2) Define Skimming price
1)product or service priced very similar to close competitiors
2)high price charged at intro wso maxmise revenue.
high demand when product first launch at USP
36(1.3.4)
1)Define Distribution
2)What's the 4 stage manufacturing chain?
3)What's the 3 stage manufacturing chain?
1)process of getting the right product or service to the consumer in the right place.
2)Manufacturer to wholesaler to retailer to consumer
3)Manufacturer to Retailer to consumer
37(1.3.3)
1)Define Psychological pricing
2)Pros
3)Cons
1)Pricing a product to appear cheaper
2)Ideal for products wanting to project premium image
3)High rise in substitue goods available cheaper,detered
38(1.3.3)
1)Define skimming price
2)Pros
3)Cons
1)Price set high will create a high profit to earn back R&D - and lower price to penetrate market
2)Price can est upmarket image,harvest profits early on -premuim price
3)Cheap copies may arise,customers may be put off high price
39(1.5.1)
1)Define risk
2)Define Uncertainty
1)possibility that the business will have a lower than expected profit or a loss]
2)when businesses are unable to predict external shocks or future events
40(1.3.2)
1)Name types of Sale promotions
1)Point of sale, BOGOFF, Special events, Price discount, Samples
,giveaway, Money off coupons
41(1.5.4)
1)Define Limited liability
2)Define Unlimited Liability
1)Owner of the business has no personal liability for business debts. The owner has a separate legal identity from
the business and is NOT liable for payment of the debts from their own personal funds.
2)business owners who are legally liable for any debt their business might accrue.
42(1.5.4)
1)Define Sole trader
2)Pros
3)Cons
1)Owned by 1 owner but can have staff
2)Easy to set up – no complicated forms ,Make decisions quickly ,All profits kept by the owner
Don’t have to make any info about the company public , own boss,Less capital needed
3)Unlimited liability,Difficult to raise money,Don’t have economies of scale ,No one to take over
43(1.2.2)
1)Define Mechanisation
2)Define Automation
1)operating or controlling processes using machinery
2)operating or controlling processes by automatic means using devices.
44(1.3.5)
1)Define Marketing strategy
2)Define marketing
1)Method used for by business to achieve their objective
2)Management process of identifying anticipating and satisfying consumer demand for profit.
45(1.2.2)
1)Define Supply
2)Name non price factors that affect demand
1)measured in terms of quantity of good or service that producer is willing / able to make available on market, at given price, over given period of time.
2)Cost of production, Introduction of new technology ,Indirect taxes (e.g. VAT),Government subsidies , External shock.
46(1.5.2)
1)Define Profit maximisation
1)may aim to make the highest amount of profit possible
This is the difference between revenue and costs, so they
will seek to minimise costs and maximise revenue
47(1.3.5)
1)Define Boston Matrix
2)What's a cash cow?
3)what's a star?
1)Marketing planning tool which helps to plan for balanced product portfolio
2)Have high market share ,low market growth
3)High market share, high market growth
48(1.3.3)
1)Define predatotry pricing
2)Pros
3)Cons
1)lower prices so any competitior cannot proift -push them out
2)drive competition out
3)Depends on elasticity price if low price might not have impact on demand
49(1.4.5)
1)Define Autocratic
2) Define democratic
1)little or no input from employees e.g. dictator
2) employees to help decisions made
50(1.2.3)
1)Define supply curve
2)Define market clearing price
1)line to plot the relationship between price and quantity supplied .
2)interaction of buyers and sellers provide equilibrium price in market where demand
and supply is equal point where supply curve meets demand curve =equilibrium point
51(1.5.2)
1)Name Non financial motives
1)Independence,Flexibility,Ethical reasons
Social purpose,Personal challenge
52(1.4.1)
1)The point of Loyality Cards
2)The point of saver schemes
1)improve customer retention,collect important data on buyer
behaviour and purchase decisons
2)rewarded by business for paying in
53(1.2.5)
1)Define YED(Income Elasticity of demand)
2)What is the formula for YED?
1)how much demand changes when the consumer has a change in income.
2) % change in Quantity demanded / % change in income
54(1.5.4)
1)Define Franchisor
2)Define Franchisee
1)he business that is selling the rights e.g. Subway
2)the business owner who is buying the rights
55(1.4.1)
1)Define multi skilling
2)Pros and cons of Multi skilling
1)Having workforce that can moved around from one to another.
2)Pros: Less staff needed, more interesting ,increase efficiency
Cons: Business lose benefits of specialised staff.
56(1.3.5)
1)Pros of Boston matrix
2)Cons
1)good starting point when revewing product line -decide future strategy budgets
summary from analyisis to transfer cash from cash cows to stars and close fall offs
2)many people say its to simple,high market share not always high profit
57(1.5.3)
1)Define Business objectives
2)Define SMART
1)Goal or aim that a business wants to achieve -The best objectives are SMART and not vague.
2)Specific ,Measurable ,Achievable,Realistic,Timely
58(1.5.4)
1)Cons of franchising
1)Franchisee’s do not have freedom of running their own business
Franchisee pays percentage of profits in royalties
Franchisee will never own the business outright
59(1.1.3)
1)Define Market Mapping
2)Define Competitive advantage
3)Define Differentiation
4)Define added value
1)Finding the variables which differentiate brands in a market and then plot them on a map to find - a gap in the market.
2)Advantage a business has over its competitors.
3) One product as being different from the others in the market.
4)Extra processes making it worth
60(1.5.2)
1) What are Entrepreneurial characteristics?
2)Define Entrepreneurial motives
1)Entrepreneurial characteristic is the skill, quality or trait of the person starting the business e.g. creativity
2)Entrepreneurial motive is the factor that drives a person to start a business e.g. to be their own boss
61(1.5.1)
1)What are the barriers to entrepreneurship
1)Entrepreneurial capacity-awarness and that it can be learned
Access to finance , Lack of training / knowhow
Fear of failure ,lack of confidence
62(1.4.1)
1)Define staff
2)Define staffing
3)What factors are staff as a cost?
1)Employees in a business
2)Process of hiring ,training and supervising employees in an business
3)Redundancy , Recruitment , training, Welfare, Minimum wage , salaries and wages
63(1.1.2)
1)Define Quantitative data
2)Define Qualitative data
1)Data gathered that is numerical
2)Non numerical data such as how customers use the product.
64(1.5.2)
1)Name Entrepreneurial characteristics
2)Name Entrepreneurial skills
1)Creativity,Hard-work,Resilience
Initiative,Self-confidence,Risk-taking
2)Communication,Team working,Problem solving
Organisation ,Numeracy,IT
65(1.4.1)
1)Define permanent work
2)Pros and cons of perm work
1)Contract where you are employed by company until either employee leaves or made to leave.
2) Pros: Higher staff morale as have safe job, loyal
Cons: can become lazy
66(1.3.1)
1)Define product and service design
2)What 3 factors are apart of the design mix?
3)What's a bespoke design?
1)Combo of factors needed in designing a product
2)Aesthetics, Cost ,Function
3)Custom made, tailored to customer or client
67(1.3.2)
1)Define Branding
2)what is aim of branding ?
1)Characteristics name or symbol that distinguish products under supplier.
2)To build relationship between business and customers.
68(1.5.5)
1)Define opportunity
2)Define Trade off
1)can be measured as the cost of foregoing the next best alternative
2) when less of one is exchanged for more of another. It is also known as a compromise.
69(1.4.4)
1)What's Scientific management theory?
2)What's human relations theory?
3)what's two factor theory?
1)By Taylor, "Fairs day pay for a fair day's work", break big tasks into smaller tasks.
2)by Mayo, better working conditions =better results
3)by Herzberg, argues that there are separate sets of mutually exclusive factors in the workplace that either cause job satisfaction or dissatisfaction .
70(1.5.6)
1)Define Relational Management
1)awareness of your emotions and the others’ emotions to manage interactions successfully.
71(1.4.5)
1)Define leadership
2)Define management
3)Types of leadership style
1)Action or leading a group of people or organisation
2)Process of dealing with controlling things or people
3)Democratic, autocratic ,Laissez -faire ,paternalistic
72(1.5.6)
1)Define Self awarness
2)Self-Management
3)Define social awareness
1)accurately perceive your emotions and stay aware of them as they happen
2)awareness of your emotions to stay flexible and positively direct your behaviour.
3)accurately pick up on emotions in other people and understand what is really going on.
73(1.5.4)
1)Cons of private limted company
1)Accounts of the company cannot be kept private -Audited each year
difficult and expensive to set up - more administration
not sell shares on stock exchange, which limits the amount of capital that it can raise
74(1.5.4)
1)Define private limited company(LTD)
2)Pros
1)A business that is owned by its shareholders, run by directors and where the liability of
shareholders for the debts of the company is limited.-only to friends and family
2)Limited liability,raise capital by selling shares ,own legal status – separate from the shareholders
employ managers to run business
75(1.5.4)
1)Define partnership
2)Pros
3)Cons
1)2 to 20 people - share the risks, costs and responsibilities of being in business
2)Easy rasie capital,Shared problems-decisions,good working relationships
range of skills,Profits go to partners
3)Unlimited liability ,Partners may have disagreements ,share profit
76(1.5.4)
1)Define business form
1) The legal structure that it takes (in the UK).
It could be a sole trader, a partnership, a private limited company (Ltd)
or a public limited company (PLC).
77(1.1.1)
1)Define Dynamic market
2)Define Risk
3)Define uncertainty
1) Subject to rapid or continuous changes
2) Possibility a will have low profits or loss
3) Unable to know external shocks or future events
78(1.3.5)
1) what is the marketing mix?
2) what are the 4P's
1) set of actions, or tactics, that a company uses to promote its brand or product in the market with 4ps
2) Price, place, promotion, product
79(1.4.2 )
1)define external recruitment
2) pros
3) cons
1) selection hiring of staff from outside of business
2) wider pool, attract specific skill set
3) Require training, can be expensive, take longer as need reference
80(1.4.2 )
1) Define internal recruitment
2) pros
3) cons
1) selecting and hiring employees within a business -promotion
2) business knows them, no advertise price, ⬆ morale.
less time consuming
3) smaller pool, staff if not pick demotivate, lack ideas, casues other vaccany
81(1.4.3)
Pros and cons of tall hierarchy structures
1) Pros: supervisors have small span of control get to people well ,Delegate rights tasks to right people
Cons: inflexible, Communication slow, expensive
82(1.4.2)
1) Define Recruitment
1) Process of Finding people to work for a company or because a new member of an organization
83(1.2.1)
1)Define demand
2)Name non price factors that affect demand
1) price of a good that consumers are willing and able to buy at a given price.
2)Price of substitutes ,Alternative brandsPrice of compliments, Changes in consumer income
,Trends in fashion and tastes,Marketing advertising and branding, Population structure / demographics
,Time of year, Weather and climate ,External shocks.
84(1.2.4)
1)define ped
2) define elastic
3)define inelastic
1) price elasticity of demand is how responsive demand to change in price
2) value sensitive to change in price between p and 1
3)when price is changing demand stays Same between 0 and 1
85(1.5.6)
1) Define Entrepreneur
2)Define leader
3)Define Delegation
1) person who sets up a business and takes risks in the hope of a profit or reward
2)action of leading a group of people or an organisation, or the ability to do this.
3) giving authority to others to carry out tasks
86(1.5.2)
1)Define Profit satisficing
1) may aim to make just enough profit to keep the business
moving plus another aim at the same time
87(1.1.2)
1)Define product orientation
2)Define market orientation
1) Looks at the product or the production process when deciding what to make.
2) Products or services based on customer needs and wants.
88(1.5.4)
1)Pros of franchising
1) knows what characteristic that make a successful franchisee
franchisor decides how much money the franchisee must invest in the business
provides support – management advice & training – help franchisee solve problems
89(1.4.2)
1) what are the stages of recruitment?
1) identify vaccany, write job description, personal specification, advertise vaccany, candidate apply, continued, letter of application, shortlisted, activities
90(1.4.4)
1)Define motivation
2)Name different motivation theories
1) encourage to giver their best
2)Herzberg(two factor theories),Taylor (sci-fi management),
Maslow (hierarchy of needs),mayo (Hr needs)
91(1.5.1)
1)Define Intrapreneurship
2)Define social entrepreneurship
1) employee within a larger business who thinks like an entrepreneur
2) trade with the goal of helping the community in some way
92(1.1.2)
1)Define primary market research and example
2)Define secondary market research and example
3)Define Market segmentation
1) Data which is collected first hand e.g. survey
2)Data which already exists e.g. gov stats
3) Process of market being divided into sections
93(1.4.1)
1)What's B2B(Business to business service)?
1) business makes a commercial transaction with another. typically occurs when:
A business is sourcing materials for their production process for output.
94(1.1.1)
1) what's a niche market?
2)what's a Mass market?
1) A small specialized market for a particular product or service.
2)Market that is to everyone on a large scale for signifcant number of consumers .
95(1.5.1)
1)Define Entrepreneur
1) A person who sets up a business and takes risks in the hope of a profit or reward
96(1.2.4)
1)What is the formula for PED?
2)What is the change in price formula?
1) %change in Quantity demanded /% change in price
2) price new- price old /price old x 100
97(1.4.1)
1)Define Homeworking
2)Pros and cons of homeworking
1)employees able to work at comfort of own home
2)Pros: gives work life balance, no commute ,no expensive building to pay for, less stress
Cons: no socialisation, hard to switch off, avoid distractions, to easy to be lazy.
98(1.4.3)
1)Define decentralisation
2)Define centralisation