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BUSSINESS REVISION > BUSINESS REVISION > Flashcards

BUSINESS REVISION Flashcards

1
Q

BOSTON MATRIX

A

STARS,QUESTION MARKS,CASH COWS AND DOGS

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2
Q

PROS AND CONS OF BOSTON MATRIX

A
  • MARKET SHARE IS A COMPARISION OF SHARES TO THEIR COMPETITIORS
  • MEASURES PRODUCT STRENGTH IN MARKET
  • MEASURE OF MARKET ATTRACTIVENESS
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3
Q

PRODUCT LIFE CYCLE

A

TRIES TO PREDICT STAGES A PRODUCT GOES THROUGH DURING ITS LIFE

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4
Q

5 STAGES

A

1) DEVELOPMENT
2) INTRODUCTION
3) GROWTH
4) MATURITY
5) DECLINE

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5
Q

DEFINITION OF MARKETING MIX

A

DIFFERENT PARTS OF THE MARKEWTING USED BY BUSSINESS TO MEET NEEDS/DEMANDS

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6
Q

TYPES OF MARKETING - 7 P’S

A
  • PRODUCT
  • PRICE
  • PLACE
  • PROMOTION
  • PEOPLE
  • PROCESS
  • PHYSICAL
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7
Q

PED CALCULATION

A

CHANGE IN DEMAND% / CHANGE IN PRICE%

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8
Q

PRICE INELASTIC AND ELASTIC

A
  • ELASTIC IS MORE THAN ONE AND CHANGE IN DEMAND IS MORE THAN CHANGE PRICE
  • INELASTIC IS LESS THAN 1 AND CHANGE IN DEMAND IS LESS THAN CHANGE EIN PRICE
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9
Q

WHAT PED AFFECTS

A
  • BRAND LOYALTY
  • AVALABILE SUBSITUTES
  • IS THE PRDUCT NEEDED
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10
Q

IED CALCULATION

A

CHANGE IN QUANTITY DEMANDED% / CHANGE INCOME %

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11
Q

IED INELASTIC AND ELASTIC

A
  • LUXURIE PRODUCTS ARE ELASTIC (MORE THAN 1) SO AS INCOME RISES DEMAND RISES
  • NECESSITIES ARE INELASTIC (LESS THAN 0) SO AS INCOME INCREASES DEMAND DECREASES
  • NORMAL PRODUCTS AS INCOME RISES SO DOES DEMAND
  • INFERIOR GOODS AS INCOME RISES DEMAND WILL FALL
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12
Q

QUALITY ASSURANCE

A

MAKES SURE QUALITY IN ALLOWING US TO RELY ON THE BUSSINESS PRODUCTS/ SERVICES

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13
Q

QUALITY ASSURANCE - TQM

A

FOCUSES ON CONTINUOUS IMPROVEMENT TO MOTIVATE WORKERS SO THEY FEEL MORE INVOLVED HOWEVER THIS DOES REQUIRE A STRON LEADERSHIP

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14
Q

QUALITY ASSURANCE - KAZIEN

A

ENOCOURAGES EMPLOYEES TO ENGAGE FULLY WITH IMPROVING QUALITY PROCESS

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15
Q

QUALITY CONTROL

A

BASED ON THE INSPECTION OF PRODUCTS TO REDUCE DEFECTS

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16
Q

WHEN DOES INSPECTION TAKE PLACE

A
  • WHEN RAW MATERIALS ARRIVE
  • PRODUCTION PROCESS
  • WHEN PRODUCTS ARE FINISHED
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17
Q

COST POOR MANAGEMENT

A
  • COMPETITIVE ADVANTAGE
  • UNEPECTED BREAKDOWN
  • LATE DELIEVERY/POOR HUMAN RESOURCES
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18
Q

LEAN PRODUCTION

A

AIMS TO CUT WASTE PRODUCED WHILST ENSURING QUALITY THIS INVOLVES EMPLOYEES AS A WAY TO MOTIVATE THEM

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19
Q

TYPES OF WASTE

A

-OVERPRODUCTION
-WAITING TIME
-STOCKS
-DEFECTS
(BUSSINESS MUST HAVE A CULTURE OF QUALITY ASSURANCE)

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20
Q

TIME BASED MANAGEMENT

A

RECOGNISES THE IMPORTANCE OF TIME AND TRIES TO REDUCE WASTE IN TIME PRODUCTION

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21
Q

SIMULTANEOUS ENGINEERING

A

HELPS DEVELOP AND LAUNCH NEW PRODUCTS, BY PRODUCTION PROCESS HAPPENING AT THE SAME TIME

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22
Q

CELL PRODUCTION

A

WHERE TEAMS ARE FORMED AND ARE RESPONSIBLE FOR A UNIT OF WORK

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23
Q

J-I-T PRODUCTION

A

AIMS TO ENSURE THAT RAW MATERIALS ONLY ARRIVE WHEN THEY ARE NEEDED

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24
Q

KAZIEN

A

CONSTANTLY INTRODUCES SMALL CHANGES TO IMPROVE QUALITY/ EFFIECENCY

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25
Q

OPERATING PROFIT

A

IS DIFFERENCE BETWEEN SALES REVENUE, COST OF GOODS AND OTHER OPERATING COSTS

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26
Q

OPERATING PROFIT MARGIN CALCULATION

A

OPERATING PROFIT / SALES REVENUE * 100

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27
Q

OPERATING PROFIT MARGIN

A

ALLOWS US TO COMPARE WITH OTHER SIMILAR BUSINESSESS

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28
Q

SOURCES OF FINANCE

A

EXTERNAL = BANKOVERDRAFT (SHORT TERM), BANKLOANS (MEDIUM TERM)

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29
Q

FACTORS AFFECTING INVESTMENT

A
  • INVESTMENT CRITERIA
  • NON-FINANCIAL FACTORS
  • RISK & UNCERNTATIY
30
Q

GROSS PROFIT

A

DIFFERENCE BETWEEN SALES REVENUE AND COST OF GOODS SOLD

31
Q

GROSS PROFIT MARGIN CALCULATION

A

GROSS PROFIT / SALES REVENUE

32
Q

GROSS PROFIT MARGIN

A

LOOKS FOR CHANGES FROM PREVIOUS/CURRENT YEARS

33
Q

SPAN OF CONTROL

A

NUMBER OF SUBORDINATES WHOM A MANAGER IS DIRECTLY RESPONISBLE FOR

34
Q

SUITABLE SPAN OF CONTROL DEPENDS ON

A
  • MANAGER EXPERIENCE
  • NATURE OF THE BUSSINESS
  • SKILLS/ATTITUDES OF EMPLOYEES
35
Q

NARRWO SPAN OF CONTROL

A

ALLOWS FOR CLOSER SUPERVISON AND MORE EFFECTIVE COMMUNICATION

36
Q

WIDE SPAN CONTROL

A

GIVES MORE INDEPENDENECE AND IS MORE APPROPRIATE IF LABOUR COST IS REDUCED

37
Q

CENTERLIZATION

A

DECISION MAKING IS KEPT AT TOP OF THE HIERACHY

38
Q

DECENTRALIZED

A

DECISION MAKING IS SPREAD OUT TO INCLUDE MORE MANAGERS

39
Q

DELAYERING

A

SHOWS MANAGEMENT OF BUSINESS AND WORJ TO REMOVE LAYERS IN TALL HIERACHIES

40
Q

PRDUCTION INNOVATION

A

ALLOWS FISRT MOVER ADAVANTAGE TO ADD VALUE AND INCREASE MARKET SHARE

41
Q

MASS CUSTOMIZATION

A

THE OUTPUT IS TAILORED TO REQUIREMENTS OF CUSTOMERS

42
Q

OPPORTUNITY COST

A

COST OF MISSING OUT ON THE NEXT BEST ALTERNATIVE AND BENIFITS GAINED BY TAKING DIFFERENT DECISIONS

43
Q

JOB PRODUCTION

A

ONE OFF OR SMALL NUMBER OF ITEMS ARE PRODUCED

44
Q

BATCH PRODUCTION

A

SIMILAR ITEMS ARE PRODUCED TOGHETER

45
Q

FLOW PRODUCTION

A

PROCUT MOVES CONTINUOUSLY THROUGH PRODUCTION PROCESS SO ONCE ONE TASK IS DONE NEXT STAGE STARTS IMMEDIATELY

46
Q

PROCESS PRODUCTION

A

INVOLVES SERIES OF PROCESSES WHICH RAW MATERIALS GO THROUGH

47
Q

PRODUCT INNOVATION

A

LAUCHING NEW/IMPROVED PRODUCTS

48
Q

PROCESS INNOVATION

A

BETTER WAYS OF PRODUCING/ DELIVERING PRODUCTS

49
Q

SOURCES OF FINANCE - FACTORING

A

FACTORING IS SHORT TERM AND IS THE WAY BUSINESS SALES SHARES TO THIRD PARTY AT DISCOUNT TO RASIE CASH

50
Q

SOURCES OF FINANCE - RECIVEABLES

A

AMOUNT OWNED BY CUSTOMERS

51
Q

SOURCES OF FINANCE - PAYABLES

A

AMOUNT OWNED TO CUSTOMERS

52
Q

SOURCES OF FINANCE - TRADE CREDITORS

A

AMOUNT OWNED TO SUPPLIERS FOR GOODS AND NEEDS, THAT NEEDS TO BE PAOID AT A FIXED TIME

53
Q

SOURCES OF FINANCE - RETAINED PROFITS

A

THIS IS LONG TERM AND INTERNAL, AS PROFITS CAN BE KEPT TO PAY DIVEDENDS OR USED FOR THE BUSINESS

54
Q

SOURCES OF FINANCE - HIRE PURCHASE & LEASING

A

THIS IS AN EXTERNAL SOURCE

  • HIRE PURCHASE IS OWNING THE ASSEST
  • LEASING IS GAINING TEMPORAY USE OF ASSET
55
Q

GEARING

A

IS AMOUNNT OF EQUITY AND DEBT

56
Q

EQUITY

A

AMOUNT OF SHARE CAPITAL AND RETAINED PROFITS

57
Q

DEBT

A

EXTERNAL SOURCES OF FINANCE LIKE BANKLOANS

58
Q

GEARING RATIO

A

DEBT/EQUITY * 100

59
Q

HIGH GEARING

A

HAS CHEAP DEBT AND EASY TO PAY INTREST

60
Q

LOW GEARING

A

SHAREHOLDER CALLS SHOOTS AND HAS CAPACITY TO ADD TO DEBT WITHOUT INCREASNG GEARING RATIO SIGNIFICANTLY

61
Q

HACKMANS & OLDHAMS THEORY

A

IMPACTS JOB’S EMPLOYEES GIVEN HAS ON THEIR MOTIVATION

62
Q

5 JOB CHARACTERISTICS

A
  • SKILL VARIETY
  • RASK IDENTIFTY
  • TASK SIGINIFICANCE
  • JOB FEEDBACK
  • AUTONOMY
63
Q

TAYLORS THEORY OF MOTIVATION

A

THIS IS A SCIENTIFIC MANAGEMENT OF EFFICIENCY AND PRODUCTIVITY THAT INCLUDES;
WORK STUDY - IDENTIFY - TRAIN AND REWARD

64
Q

HERZBERG TWO FACTOR THEORY

A

THIS INCLUDES MOTIVATION AND HYGIENE AND INCREASES RESOPNSIBILITY AND GIVES THE EMPLOYEES A SUITABLE ENVIRONMENT TO WORK IN (NON-FINACIAL FACTORS)

65
Q

MASLOWS THEORY - HIERACHY OF NEEDS

A 
PEOPLE HAVE FIVE NEEDS THAT NEED TO BE MEET ONE BY ONE ;
-PSYCHOLOGICAL
-SAFETY
-SOCIAL
-ESTEEM
-SELF ACTUALISATION
(6TH ONE CAN BE WIFI)
66
Q

HARD LEADERSHIP

A

TREATS EMPLOYEEES LIKE RESOURCES

67
Q

SOFT LEADERSHIP

A

EMPLOYEES TREATED AS MOST VALUEABLE RESOURCE

68
Q

INTUITION

A

GUT FEELING & EXPERIENCE

69
Q

SCIENTIFIC

A

BASED ON DATA AND ANALYSIS

70
Q

TWO LEADERSHIP THEORIES TO REMEBER

A

TANNENBAUM AND SCHMIDT CONTINUM / BLAKE MUTON GRID

BUSSINESS REVISION (1 decks)

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