Business basics
What are the stages of the business life cycle?
Seed, start-up, growth, maturity, post-maturity
What are the 4Ps of the marketing mix?
Product, Price, Place, Promotion
What is deregulation?
The removal or reduction of restrictions and controls on an industry
How many words are required to answer each explain question on the exam?
50-100 words
How many objectives (criteria) are assessed in your exam?
6
What are the internal environmental factors?
Organisational culture, organisational structure, owners/managers, employees
What are the 4 categories of market segmentation?
Demographic, Geographic, Psychographic, Behavioural
What is the name of the tool/spreadsheet used in the production scheduling process?
Gantt chart
How many words are required to answer the describe question on the exam?
50-100 words
How many marks is your exam worth in total?
25 marks
What are the external operating factors?
Suppliers, interest groups, customers, competitors
What are 3 pricing strategies?
Market skimming, Penetration, Prestige / premium, Competition-based, Cost-based, Loss leader, Psychological, Dynamic
What are the 3 quality strategies?
Quality control, quality assurance, total quality management
How many words are required to answer the evaluate question on the exam?
150-200 words
Achieving top marks for evaluate would award you how many marks?
5 marks
What are the macro-environmental factors?
Socio-cultural, technological, economic, environmental, political, legal, ethical
What are the 3 marketing objectives in the growth stage?
Sales, Market share, Brand awareness
What is the difference between JIT and JIC inventory management?
Just-in-case (JIC) - relies on having plenty of safety or ‘buffer’ inventory.
Just-in-time (JIT) - the opposite and strives to keep inventory to an absolute minimum.
Which part of the exam (A, B, or C) contains the describe and evaluate questions?
Part B
What are the 3 requirements of the describe ISMG?
1. Recall business facts and characteristics
2. Describe the business environment/situation
3. Use business terminology
What are the criteria used for evaluation?
Efficiency, effectiveness, stakeholder satisfaction, competitiveness
What are the 4 factors influencing consumer buying behaviour?
Psychological, socio-cultural, economic, government
What are the similarities/differences between QC, QA, TQM?
All quality management strategies.
QC = reactive
QA = proactive
TQM = holistic philosophy
How many words are required to answer the extended response question on the exam, which cognitions does it assess and what format must it be written in?
400-500 words
Analyse, synthesise, communicate
Business report (extract)
What are the 3 requirements of the evaluate ISMG?
1. Use criteria to make judgements for a business
2. Make/justify decisions for the business situation
3. Propose recommendations for the business situation