Production
Explain the difference between LIQUID and NON-LIQUID capital. Provide an example for each.
Liquid capital refers to cash assets - money.
Non-liquid assets can't be quickly converted to cash. Common examples include equipment, real estate, vehicles, art.
What does EMPLOYEE TURNOVER refer to?
The rate at which employees leave a company for another job or to retire.
List TWO(2) types of managers.
- Purchasing Manager
- Production Manager
- Marketing and Distribution Manager
- Research and Development Manager
- Finance Manager
List THREE(3) marketing activities.
•research
•development
•sales
•distribution
•advertising
•promotion
What is meant by a "niche" market? Provide an example.
niche market = Very specific market, few competitors
Examples:
Name THREE(3) of the 6 factors of production.
1.Natural resources
2.Raw materials
3.Labour
4.Capital
5.Information
6.Management
Explain the difference between SEMI-SKILLED labour and SKILLED labour. Give an example for each.
Semiskilled Labour ○requires some instruction (cashier)
Skilled Labour ○training from education institution or previous employment (ex: cake decorator, truck driver)
[Unskilled Labour ○little training (dishwasher or busboy,
Professional Labour ○highly trained within the context of a specific occupation (ex: accountant, teacher, plumber)
List the FOUR(4) major functions of management.
- Leading
- Controlling
- Planning
- Organizing
What is brand equity? Give an example of a company with high brand equity.
Example: Apple
Give an example of a company that uses a monogram logo.
Louis Vuitton, Coco Chanel, H & M
List the 4 stages of the production process in order.
1.Purchasing
2.Processing
3.Quality Control
4.Grading
List FOUR(4) types of compensation workers receive for their work.
- hourly wages
- salary
- straight commission
- salary + commission
- incentive bonus
- Performance-based Pay
- Fee for Service
- Royalty or Licensing Fee
- Stock Options
Provide TWO(2) examples of ethical behaviour that management can engage in.
- fair pay
- reasonable hours
- environmentally friendly practices
- donating to charitable organizations
List the 4 stages of the product lifecycle in order.
1. Introduction
2. Growth
3. Maturity
4. Decline
Give an example of direct competition between companies and another example of indirect competition between companies.
Indirect competition - not directly related to each other (Ex: movies theatres vs miniature golf)
Direct competition - products that are similar to one another (Ex: pizza pizza vs pizza hut)
Name ONE(1) way productivity can be improved. Provide a real world example.
Ways to improve productivity: training, capital investment, investment in technology, New Inventory Systems
Example: Many super markets have "invested in technology" by purchasing and providing self-checkout machines to ensure a speedier checkout for customers.
Give TWO(2) examples of health and wellness programs a company might provide.
*Subsidized fitness-club memberships
* Counselling programs – addiction, marriage, etc.
* Daycare
* Relaxed dress code
* Flexible hours / Working for home
*Health, dental, and optical plans
What are the THREE(3) types of leadership? Explain the difference between each.
* autocratic = leader has total control
* democratic = leader provides opportunities for employees to participate in the decision-making process
* laissez-faire = leader leaves employees alone to do their job
What are the 4 Ps of marketing?
- Product
- Price
- Place
- Promotion
How are consumers identified/categorized by companies?
Demographics:age, gender, culture, income etc.
Lifestyle: The way people live, values, beliefs, motivations
List the THREE(3) ways companies can save on labour costs.
*Automate (machines)
*Consolidate (centralize manufacturing site)
*Outsourcing (hire another business to do work, ex: payroll)
What's the difference between quitting, being laid off, and being fired? Provide an example reason for each.
* quit = worker's choice - ex) found a better opportunity
* fired = company's choice - ex) the employee is guilty of workplace harassment
* laid off = workers is good, but the situation is bad - ex) loss of company revenue due to Covid
Discuss TWO(2) advantages and TWO(2) disadvantages of using teamwork in the workplace.
Answers will vary.
Give ONE(1) example of primary data and ONE(1) example of secondary data in market research.
Primary = data collected by the company itself
* Test marketing, Internal information sources, Surveys, Observation, Focus groups
Secondary = data collected by others
* Websites, Databases, Periodicals, Indexes, Professionally prepared marketing research reports.
What are THREE(3) questions Human Resources can NOT ask you during the interview/application process?
Answers will vary.