BUSINESS ENTITIES
WHAT TYPE OF BUSINESS IS OWNED BY ONE PERSON?
SOLE TRADER
DEFINE MOTIVATION
THE WILL TO WORK
DEFINE CHAIN OF COMMAND
THE METHOD THROUGH WHICH INSTRUCTIONS PASSES ON IN AN ORGANISATION
DEFINE STAKEHOLDER
ANY INDIVIDUAL/ GROUP THAT HAS INTEREST IN THE BUSINESS
NAME THE FOUR PS OF THE MARKETING MIX
PRICE PLACE PRODUCT PROMOTION
WHAT TYPE OF BUSINESSES HAVE SHAREHOLDERS?
THE FIRST LEVEL OF MASLOW'S HIERARCHY IS
PHYSIOLOGICAL NEEDS
THE PROCESS OF REMOVING LEVELS OF MANAGERS
DELAYERING
WHICH STAKEHOLDER IS INTERESTED IN JOB SECURITY?
- EMPLOYEE
- MANAGER
AT WHICH STAGE OF THE PRODUCT LIFECYCLE IS SALES THE HIGHEST?
DEFINE LIMITED LIABILITY
THIS REFERS TO THE STATE WHERE OWERS ARE NOT LEGALLY RESPONSIBLE FOR THE DEBTS OF THE COMPANY. THEREFORE IF THE BUSINESS FACES FINANCIAL DIFFICULTY, THE INDIVIDUAL'S ASSETS WILL NOT BE SEIZED TO REPAY CREDITORS.
A PAYMENT METHOD THAT IS USED TO PAY WORKERS FOR EACH UNIT OF OUTPUT PRODUCED IS CALLED
PIECE RATE
THE SECTION OF A JOB ADVERTISEMENT THAT TELLS YOU THE ROLES AND RESPONSIBILITIES OF A JOB
JOB DESCRIPTION
WHICH STAKEHOLDER CHARGES TAXES TO A BUSINESS?
GIVE TWO EXAMPLES OF EXTENSION STRATEGIES
- SELLING TO NEW MARKETS
- REPACKAGING/ REBRANDING
- GIVING PRODUCTS NEW USES
- ADDING NEW FLAVOURS/ SCENTS/ COLOURS
DIFFERENTIATE BETWEEN PUBLIC SECTOR AND PUBLIC LIMITED
PUBLIC SECTOR - OWNED BY THE GOVERNMENT. PUBLIC LIMITED - PRIVATELY OWNED BUT ABLE TO SELL SHARES TO THE PUBLIC.
LIST TWO HYGIENE FACTORS ACCORDING TO HERZBERG'S THEORY
- RELATIONSHIPS
-SALARY
- WORKING CONDITIONS
- SUPERVISION
-COMPANY POLICY
TWO REASONS FOR DOWNSIZING
- AUTOMATION
-RELOCATION
- RECESSION
- REDUCED DEMAND
WHICH STAKEHOLDER IS MOST INTERESTED IN THE FINANCIAL GAINS OF A BUSINESS AS THEY WILL BENEFIT MOST FROM IT?
SHAREHOLDERS
QUANTATIVE MARKET RESEARCH INVOLVES
THE COLLECTION OF DATA THAT AIMS TO MEASURE QUANTITIES BY PROVIDING COUNTABLE VALUES TO QUESTIONS
GIVE TWO REASONS FOR JOINT VENTURES
- POOLED RESOURCES
- SHARED RISK
-EASIER TO ENTER FOREIGN MARKETS
- ACCESS TO CLIENT BASE OF COMPETITORS
- ELIMINATES COMPETITION
THE THEORY OF SCIENTIFIC MANAGEMENT WAS PUT FORWARD BY WHICH AMERICAN INVENTOR/ ENGINEER
FREDERICK TAYLOR
DIFFERENTIATE BETWEEN ON THE JOB AND OFF THE JOB TRAINING
ON THE JOB IS HANDS ON AND LEARNING IS DONE THROUGH PRACTICAL EXPERIENCES. OFF THE JOB IS DONE OUTSIDE OF BUSINESS PLACE AND USUALLY PROVIDES THEORETICAL KNOWLEDGE ON HOW THINGS SHOULD BE DONE.
WHY DO THE OBJECTIVES OF EMPLOYEES AND SHAREHOLDERS CONFLICY?
EMPLOYEES WANT MORE WAGES, WHICH REDUCES PROFIT. WHICH MEANS LESS IS AVAILABLE FOR SHAREHOLDERS AS DIVIDENDS.
GIVE THREE EXAMPLES OF ABOVE THE LINE PROMOTION
ANY PAID FOR METHOD
ADS, SPONSORSHIP, PUBLIC RELATIONS, SALES PROMOTION, DIRECT MARKETING