INTRO TO BM
What is the exact definition of a business?
Businesses exist to provide goods and services on a commercial basis to customers.
What is workforce planning?
The method used by a business to forecast how many and what type of employees are needed now and in the future.
Name 2 sources of finances
Business angle, crowdfunding. etc.
What is marketing?
The process of identifying, meeting, and satisfying customer needs
What has a high market growth and a high market share in the Boston Matrix?
stars
What are the 4 classifications of industry by sector?
Primary, secondary, tertiary, quaternary
What is short-term planning?
Planning aims to fulfil the more immediate needs of the organization, such as filling current vacancies that result from maternity leave or retirement.
Why are different stakeholder groups interested in the financial accounts of a business?
Intergery
Objectivity
Competence
What are the 7 P's?
people, place, promotion, physical evidence, product, process, price
what does STEEPLE stand for?
social, technological, economic, environmental, political, legal, ethical
3 main reasons for people to start a business
Earning a living
potential financial rewards
Control/autonomy
work life balance
What is the difference between management and leadership?
Management is the work of directing a business organisation's resources (physical and non-physical) to achieve a businesses objectives. It is functional.
Leadership is the use of strategic and creative thinking that inspires people to meet challenges and accomplish defined goals. It is inspirational.
What is a gross profit margin?
How efficient a business is at turning sales revenue into gross profit.
What's the difference between market-oriented and product-oriented?
product-oriented: a business strategy where a company prioritizes its product above all else
market-oriented: a business philosophy that prioritizes understanding and satisfying customer needs
Which of the Ansoff matrix strategies means developing new products or services for a new market?
product development
Limited Liability
Less freedom, more costs need to be payed
What are all the styles of leadership in order of least to most freedom?
Situational, Paternalistic, laissez-faire, Autocratic, Democratic
How can Acid Test be improved?
Reduce Liabilities
Reduce the amount of money in stock
Get debtors to pay quicker
what are the stages of a product lifecycle?
development, introduction, growth, maturity, decline
state the disadvantages and advantages of a SWOT analysis
Advantages: allows business to analyse their current position and find aspects that they need to either take advantage of or address to be successful in the long term | allows businesses to plan strategically what the best approach and strategy is to improve aspects of it might be
disadvantages: time consumption, can become outdated very quickly
What are the internal factors of an economy of scale?
Techincal economies
Mangrial economies
Financial Economies
Marketing Economies
Purchasing Economies
What are the key strategies for overcoming resistance to change?
Participation, Planning, Communication, Negotiation, Manipulation, Coercion
What types of intangible assets are there, and what are their definitions?
Patents, Trademarks, Copyright, Goodwill
What are 5 extension strategies for a product?
finding a new target market, redesigning packaging, product update, price reduction, new promotional strategies
When would you use a STEEPLE analysis?
during strategic planning, entering new markets, launching major investments, or adapting to massive workplace shifts.