Leadership styles
State all 3 leadership styles.
Autocratic, Democratic and Laissez-faire
State all the 4Ps in marketing Mix.
Product, Place, Price and Promotion.
What is the formula of total cost?
Variable cost + Fixed cost
State all 4 pillars
Price, Quality,Choice and Convenience
Chocolovers enterprise is known for their luxurious chocolate products only using the highest quality cacao beans to turn into chocolate but chose to sell to a smaller customer base because fewer shops sell chocolate.What kind of market are they and which sector are they involved in?
They are a niche market and they are involved in the secondary sector.
Is the which leadership styles is for quick decision making and slow decision making? And explain why.
Autocratic is for quick decision making because it is usually adopted during urgent decision making is needed and there isn't enough time for consulting employees
Democratic is for slow decision making because you can take your time to consult your employees for better ideas and decisions as rushing to make a decision may cause the wrong choice if there's an ample amount of time.
What is niche market and mass market?
Niche market: A small part of the total market where consumers have specific needs and wants.
Mass market: Selling the same product to the whole market.
What is the term for profit margin?
The difference between selling price and cost price.
What is the definition of price?
The amount a customer is willing and able to pay .
Ivan and Eezhe open a Chinese restaurant in a popular and busy street but their restaurant is not very popular, so they lower their prices and promote their restaurant online which results in having a higher customer base leading to increase in profit. what was their business objective and which of the 4ps did they utilise?
Their business objective was surviving in a competitive market and the they utilised price,place and promotion.
Name all 3 characteristics of Laissez-faire.
1)Minimal supervision
2)High autonomy
3)Supportive role
What is the definition of Marketing Mix?
The four key marketing decisions that a business makes in order to market products effectively and help attract customers, namely Product, Place, Price and Promotion.
What is the difference between Variable cost and Fixed cost?
Variable costs changes depending on the level of production or level of output while Fixed cost does not change depending on the level of production or level of output.
How does the quality and price of the product effect the sales of the business.
The price of a product usually tells it's quality a product with a higher price is expected to have a higher quality than others so cheaper products are expected to have lower quality leading to less sales which may cause loss or break even.
Hong ee is the business owner of the enterprise Pixel Palace a shop which sells video games from other big corporations.He gives his employees freedom to express ideas and plans independent while making the final decision. What leadership style does Hong ee have and which sector is he involved in? How do you know
His leadership style is democratic as it stated he makes the final decision and he is involved in the tertiary sector as he does not produce the games or manufacture them he sells them from other big companies.
Name 3 issues of autocratic leadership style
1) employees have low motivation
2)Few new ideas
3)High independence on leader
Products comprises of 4 areas in the marketing Mix, state all 4 of them.
1) feature
2) design
3) quality
4) packaging
What is the formula for variable cost and average cost?
Variable cost:(cost price x quantity bought)
Average cost:(total cost /quantity)
Give an example of convenience and how it works?
A shop that is easy to locate with sufficient parking bays/provides fast delivery/has a online store helps the business increase sales as it helps customers locate the shop that carries the product or offers the service needed or wanted with ease.
Fresh grocer started as a small convenience store that slowly build it's way up to a grocery store, owned by Mr Nigel. He used to give his employees the freedom to independently perform as they wanted with their own ideas with minimal supervision but as the business grew his workload increased because of customer demand, so he stopped giving his employees the freedom to express their ideas but he instead started making decision himself and he also started to change employee schedules without consulting them and even changed certain roles of some of the employees. State the 2 changes that Nigel did.
1) From Laissez-faire to Autocratic,Mr Nigel switched from a Laissez-faire leadership style to a autocratic leadership style as his company grew so did customer demand leading to increased work resulting in more urgent decisions needed to made.
2)Shifting in managerial focus,Mr Nigel took control over certain operational tasks, such as setting new roles of some of the employees and their own schedule which may have been previously carried out by their own choice and decision.
Give one issue from each of the leadership style.
Autocratic: Employees have lower motivation, High dependence on a leader and Few new ideas.
Democratic: Slower decisions, Possible conflicts and Harder to make decisions in urgent situations.
Laissez-faire: Employees have lack of direction, Risk of low productivity and Some employees may feel unsupported.
Ivan opens a western restaurant in a busy town nearby a large corporation office building targeting the employees but there are 3 other Western restaurants around him, so he creates a unique menu with different types of western food and set prices lower than the others. What are the 3 elements of marketing Mix and state how they help Ivan.
The 3 elements are place, product and price.
Place allows the employees of that office building to conveniently find and purchase food from his restaurant which leads to which leads to wider market reach and stronger alignment with the target audience.
Price this helps Ivan by making the food more affordable to the office employees which gives him the competitive edge as it results in the price matching their expectations and budget.
Product the unique menu items causes their brand stand out amongst the other 3 restaurants this results in the brand being more memorable to the office employees which leads to the employees choosing his restaurant over the others.
Nigel sells lemonade during a sports event in his school, renting a stall behind the seats and decorating to stand out amongst the crowd.
Expenses(rent for stall and decorations):RM175.50
Expenses (ingredients for each cup):RM1.25
He sells each cup for 2.50
They sell 97 cups in one day.
Calculate his variable cost, total cost and average cost(round off to 2s.f)
Variable cost:RM121.25
Total cost:296.75
Average cost:3.06
Jared owns a shop known for selling sports equipment nearby a smoothie shop that sells juices and smoothies, but now he also sells protein bars and powder and even smoothies.Which of the 4 pillars is Jared utilizing and how does it helps him
The pillar he is using is choice, it helps him by capturing his competitors customers and satisfying the needs and wants of more customers resulting in him securing a larger customer base.
Hong ee, Jared and Eezhe start a new, small company producing and selling juices in a famous and busy city called JoyJuice.They buy a spot near the largest and most popular collage to build their factory, with students being their target customers,but the problem being the surrounding shops all mainly selling energy drinks, So they decided to attract health-conscious students, they create drinks with no sugars or additives, Use Instagram reels and school ambassadors to promote their juices as they also mainly sell their drinks in their canteens and nearby convenience stores. What type of market is JoyJuice,which type of that market does it target and give one reason why they mainly sell their juices in school canteens and convenience stores?
1)JoyJuice is a Niche market, and they target on the health-conscious student market in the school.
2)They mainly sell their juices in those areas is so they can get direct access to their target market during their daily routine. OR Lower barriers to entry and distribution costs compared to large-scale supermarket contracts.