Flashcards
Bus 1 Alevel Knowledge Questions
Flashcards do conjunto (25)
- 1What are 4 possible sources of a business idea?-Brainstorming
-Inventions
-Market Research
-Spotting a gap in the market - 2What are the range of selection techniques that can be used whe nrecruiting someone?-Interviews
-Psychometric Tests
-Aptitude Tests
-Assesment centres - 3Give a few examples of market segments-Age
-Sex
-Family Size
-Social class
-Lifestyle - 4Give a few examples of market segments-Age
-Sex
-Family Size
-Social class
-Lifestyle - 5What are 3 types of finachial motivation?3 from;
-Performance Related Pay
-Piece work
-Commission
-Profit Related Pay
-Share ownership - 6What are the 4 principles of pricing strategies?-Price Skimming
-Price Leadership
-Cost base Pricing
-Customer based Pricing - 73 Methods of improving competitiveness-Reduce labour cost by increasing productivity of the workforce
-Use cheaper resources
-Reduce amount of waste - 8What 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.
- 9What 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 - 10What is Price Elasticity of Demand?the extent to which the level of demand for a product is sensitive to price changes
- 11Give 5 examples of the elements of the promotional mixAny 5 from;
-Sales promotion
-Packaging
-Branding
-Exhibition & trade fairs
-P.R.
-Advertising
-Personal Selling - 12What are the 4 caterogries of the Boston Matrix?-Star Products
-Cash Cows
-Dogs
-Problem Child - 13Name the stages of the product life cycle1. Development
2.Introduction
3.Growth
4. Maturity
5.Decline - 14What are the ways to increase profits?-Increase prices
-Cut Costs
-Increase capacity utilisation
-Increase effiency - 15Define Capacity Utilisationthe extent to which a business uses the production resources that are avaible to it
- 16How do you calculate Break Even Point?Fixed Costs divided by selling price per unit minus variable costs per unit
- 17Give 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 - 18How 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 - 19What 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) - 20What is a traditional distribution channel?1. Producer
2. Wholesaler
3.Retailer
4.Consumer - 21What 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 - 22What are the 5 different types of market?-Local
-National
-Physical
-Electronic
-Industrial - 23Define adding valuethe process of increasing the worth or value of some resources by working on them
- 24Name the 3 influences on the School of Neo-Human relations-Mayo
-Hertzberg
-Maslow - 25What are 5 qualities of an entrepreneur?-Dreamer
-Innovator
-Passionate
-Risk Taker
-Committed