Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
What is the acronym of SMART?
Specific
Measurable
Achievable
Realistic
Time specific
100
Define Job Enlargement.
Takes place when more tasks or activities are added to a worker’s job description. It is a type of non-financial motivation
100
What is the formula for Gross profit margin?
Gross profit margin (GPM) = (Gross profit / Sales revenue) × 100
100
What are the 7Ps of the Marketing Mix?
Product
Price
Promotion
Place
People
Process
Physical Evidence
100
Break Even Point means...
Total Revenue = Total Cost
200
What are the ways to measure the size of a business?
Sales Turnover
Market Share
Profit
No. of employees
No. of stores/outlets
Value of the business
200
Draw an example of an 'organization by product' chart of a car manufacturer
200
What is the formula for Payback period?
Payback period = Cost of investment/
Contribution per month
200
Identify the 3 sampling methods
Quota
Random
Convenience
200
What are the methods of production?
Mass, Job, Flow Production, Mass (Customization)
300
Identify 5 types of external economies of scale
Financial
Marketing
Managerial
Technical
Purchasing
Risk bearing
Specialization
300
In democratic leadership style, provide 2 disadvantages.
It may result in disagreement and disharmony; it is not realistic to please everyone, all of the time.
It is ineffective when critical decisions need to be made quickly, and sometimes workers just need to do what they are told to get their jobs done.
It can be time consuming, especially if managers do not have the time to consult everyone, so decision-making is often delayed.
Hence, democratic decision-making can be costly.
These disadvantages can cause negative impacts on the daily operations of the organization.
300
Revenue streams refers to......... (include examples)
Various sources of revenue for a business.
Examples: Membership fees, royalties, merchandise sales, dividends from investments, licensing fees, grants from government, sales
300
Qualitative research is a category of market research based on gathering numerical data and figures.
True or False
False
300
2 methods of Lean production (HL)
Kaizen
Just In Time
400
Identify 4 possible reasons for conflict in an organization.
Employees demand higher wages, which raises production costs so can reduce the amount of profits from which shareholders receive dividend payments.
Similarly, senior managers and directors may demand large bonuses for their work, but this may also reduce the profits available to distribute to the company’s shareholders.
Shareholders may demand regular and higher dividend payments, but this may result in less retained profits (see Unit 3.2) available for production and marketing managers to improve their functional roles.
Customers may want lower prices, but this reduced the firm’s profit margin so can upset the company’s shareholders.
Employers may want greater efficiency and productivity gains by investing in new technologies, but this might create job losses for employees.
The local community want demand businesses operate in a socially responsible way and create jobs in the local area, although this can create congestion and noise and air pollution in the local area, thereby upsetting other members of the community.
400
Reasons for resistance to change are.... (Provide 4)
Self interest
Low tolerance
Misinformation and misunderstanding
Interpretations of circumstances
400
What are the formulas for the following ratios?
Acid Test Ratio
Current Ratio
Acid test (Quick) ratio = (Current assets – Stock) / Current liabilities
Current ratio = Current assets / Current liabilities
400
Draw a Product Position Map
High Performance, Low Price
High performance, high price,
High price, low performance
Low performance, low price
400
What is the factors of Production?
Capital
Enterprise
Land
Labour
500
Identify all 5 external growth methods.
Mergers and acquisitions
Takeovers
Joint Ventures
Strategic allicances
Franchising
500
State all barriers to communication.
Language
Cultural
Physical
Technological
Organizational
Psychological and perceptual
500
Provide strategies to reduce cash outflows
Negotiate with creditors and suppliers to improve trade credit terms. Securing a longer credit period helps to delay cash outflows.
Pay for purchases of goods and services on trade credit, rather than using cash.
Opt for leasing capital equipment instead of purchasing such assets. Although this reduces the organization’s net assets on its balance sheet, it can provide much needed liquidity for the firm.
Reducing stock levels (inventories), as this can reduce cash outflows needed to pay for purchasing stocks. This is particularly important for organizations with a long working capital cycle.
500
Outline threats for entering a new market.
Discussed in the form of a STEEPLE (Toolkit)
500
Provide 1 Quantitative and 1 Qualitative factors for location decision
Cost and availability of land
Cost and availability of labour
Nearness to markets
Local Infrastructure
Government Incentives
Bulk Reducing Industries
Bulk Gaining Industries
Cost of Living