Maturity & Innovation
Which stage of the business life cycle is generally the longest, with profits often remaining fairly stable?
The maturity stage.
What is the largest planet in our Solar System?
Jupiter
Identify one internal factor that influences a business.
Owners and management, employees, organisational structure or organisational culture.
What is the capital city of Canada?
Ottawa
What is the main purpose of risk management in a business?
To identify and manage foreseeable risks.
What is innovation?
The introduction or improvement of products, services, processes or business strategies to create value and improve business performance.
Which animal has fingerprints so similar to humans that they can be difficult to distinguish under a microscope?
Koalas.
Name two stakeholders in the external operating environment.
Customers, competitors, suppliers or interest groups.
How many sides does a dodecagon have?
Twelve
What two areas must a business consider when assessing a risk?
The probability of the event occurring and the consequences if it occurs.
Identify one challenge commonly faced by a business in the maturity stage.
Increasing competition, changing economic or social conditions, changing market conditions, or emerging technologies.
What is the only continent that lies in all four hemispheres?
Africa
A manager changes the workplace policies within their business. Is this an internal or external factor?
Internal factor.
Which language has the most native speakers worldwide?
Mandarin Chinese.
What is another name for contingency planning?
Plan B.
A café introduces unique seasonal menu items to stand out from a new competitor. What business strategy is it using?
Innovation, specifically product innovation.
Which planet is famous for its prominent ring system?
Saturn
What is organisational culture?
The shared values, beliefs and expectations of the people in a business.
What is the smallest independent country in the world by area?
Vatican City.
In the seven-step risk management process, what happens immediately after potential risks are identified?
The business assesses the possible severity and probability of each risk occurring.
A mature business wants to reduce its operating costs. Identify one strategy it could use.
Outsourcing or adjusting its supplier chains.
What is the hardest naturally occurring mineral on the Mohs hardness scale?
Diamond
What does the ‘T’ in STEEPLE stand for, and how can it affect a business?
Technological factors. Technology can improve business operations and help a business compete more effectively.
Which country has the most natural lakes in the world?
Canada.
Identify two possible implications of risks during global expansion.
Supply disruptions, operational disruption, loss of customer or employee confidence, reputational damage, business failure, natural disasters, tax changes or government policy changes.
Explain why a business may need to innovate even when its profits are stable.
Innovation helps the business respond to competition, changing customer needs and emerging technologies, maintaining its competitiveness.
What is the boundary around a black hole beyond which light cannot escape called?
The event horizon.
Inflation rises, and customers begin reducing their spending. Which macro-environment factor is influencing the business?
Economic factors.
What is the Japanese art of paper folding called?
Origami
Name four steps of the seven-step risk management process in the correct order.
Any four consecutive steps in the correct order: establish context; identify risks; assess severity and probability; analyse treatment options; create a risk management plan; implement the plan; review and evaluate the plan.
A clothing retailer only sells in-store, but more customers are shopping online. Recommend an innovation the retailer could introduce and explain its benefit.
Expand into online sales to reach more customers and respond to changing shopping habits.
Which sea creature has three hearts and blue blood?
An octopus.
A business changes its packaging to reduce pollution and increase recycling. Which macro-environment factor is involved?
Environmental factors.
Which artist painted the ceiling of the Sistine Chapel?
Michelangelo
In the PPRR framework, what does Prevention mean?
Taking actions to reduce or eliminate the likelihood or effects of an incident.
A takeaway business is losing loyal customers to competitors. Explain how a customer rewards program could help the business remain competitive.
It encourages repeat purchases and customer loyalty, helping retain customers and protect market share.
What is the largest moon of Saturn called?
Titan.
Explain the difference between the external operating environment and the macro external environment.
The external operating environment directly affects business operations through customers, competitors, suppliers and interest groups. The macro external environment involves broader forces such as social, technological, economic, environmental, political, legal and ethical factors.
What is the currency of South Korea?
The South Korean won.
A business expanding internationally expects flooding may disrupt its deliveries. Recommend a contingency plan and explain how it reduces risk.
The business could arrange backup suppliers, identify alternative delivery routes or maintain critical stock. These strategies reduce disruption and help operations continue during flooding.
Explain how innovation can help a business in the maturity stage maintain its competitive advantage. Include a relevant business example.
A strong answer defines innovation, identifies a maturity-stage challenge, explains how innovation addresses it, provides a relevant business example and links the example to maintaining competitiveness.
Which element makes up most of the Sun's mass: oxygen, hydrogen or iron?
Hydrogen.
A café faces rising coffee bean prices, a cheaper competitor, staff complaints about long hours and supplier delays. Identify one internal factor and two external factors affecting the café.
Internal: employee issues or management decisions. External: competitor pricing, supplier delays or rising coffee bean prices caused by a global shortage.
Which strait separates the European and Asian sides of Istanbul, Türkiye?
The Bosporus Strait.
Explain why risk management is particularly important during international expansion. Refer to probability, consequences and planning in your answer.
International risks may be harder to identify, change more rapidly and cause greater damage. Businesses should assess the likelihood and consequences of risks, analyse treatment options, document contingency plans, assign responsibilities and regularly review their plans.