Bus Org
What are the different sectors?
Primary sector, secondary sector, tertiary sector, and quaternary sector
Employers who own their own business have the right to hire and fire people without giving a reason. true or false
false
Define market size and its value(uses).
Market size is the total level of sales of all producers in a market, it allows the marketing manager to determine if it is worthwhile to enter the market so business can know how much of the market share they own and the growth or decline of the market can be easily identified.
What is the maximum limit of words? (report itself)
2000
Is public relation ATL or BTL
BTL
What does SWOT stands for? State the ones that are internal and those that are external
Strength, weakness, opportunity, and threat
strength and weakness are internal
opportunity and threat are external
What’s the definition of human resources
Human resource is the strategic approach to the effective management of an organization's workers so that they help the business gain a competitive advantage.
Calculate the 3-point moving average. (photo 1)
(photos 2)
How many points is the IA worth?
2.5 points
what was the main aim of Taylor’s motivational theory?
reduce the level of inefficiency that existed in the us manufacturing industry
Describe what legal personality is and how it will protect the owners?
Legal personality gives separate identity to owners and the company. If the company is found to be in dangerous or faulty, the company itself can be sued, but not the owner.
List out one advantage and one disadvantage for a company to have a high labor turnover rate
Gives the opportunity to for companies to cut out low level and low skill workers, It might be hard for the company to establish loyalty.
Distinguish between above-the-line promotional mix and below-the-line promotional mix and identify which one McDonald’s might use in promoting their newly launched chocolate flavored burger
Above the line promotion is any form of paid promotion through independent mass media such as TV commercial and newspaper platforms, they are typically more expensive yet can reach a wider or more specific range of customers. Below the line promotion refers to non-media promotional activities such as direct marketing like telemarketing and word of mouth where customers share thoughts about the product to each other McDonald’s would most likely choose ATL promotion, specifically TV commercial since they have a wide range of target customers and can afford the cost of this media to achieve better promote or introduce the product.
What types of research data you must collect?
Primary and Secondary research
Differentiate between seasonal variations and cyclical
variations in time-series data
Evaluate the usage of decision tree
(State 2 each)
Advantages: visual representation of possible outcomes, forces managers to decide not on the possible financial outcomes but on the successions, is able to calculate expected value
Disadvantages: Only quantitative data, may not include all factors or uncontrollable factors such as weather, probability may be based on past data
List out two of the leadership style, its main feature, and find two companies that you think are suitable for these two leadership styles and why?
Laissez-faire: Managers delegate virtually all authority and decision-making powers, research group or IT industries
Autocratic: Leader makes all decisions, no flexibility at all for the staff, military or police force
Evaluate the effectiveness of using psychological pricing
Psychological can be effective when it reflect what consumers expect and the price is likely to be consistent with other aspects of the marketing mix. However, the price level and demand for products needs to be constantly reviewed as consumer expectations change over time, especially with new product developments from competitors, also, this limits the target customer as it may not be able to attract rationale-minded consumers or consumers with high income.
What are the four elements in stage 3? (the final write-up)
1. Rework the first draft
2. Writing the analysis and evaluation
3. Writing a conclusion and recommendation
4. Producing the complete project
what are the 3 types of e-commerce, give an example to each
State 2 different factors that will cause diseconomies of scale and how will it affect the company
Communication problems, alienation of the workforce, poor coordination and slow decision-making. It will decrease the average cost of the products being made and decrease the profit made by the company.
List out one organizational culture and one motivation theory with their main features, and explain why they work well together
Entrepreneurial culture, In this culture, success is rewarded, but failure is not necessarily criticized since it is considered a consequence of enterprise and risk-taking.
Daniel pink theory: there are three elements of intrinsic motivation: autonomy, mastery and purpose. In situations where people are paid fairly, he believes this trio drives, engages and stimulates people to do their best work.
They work well together because of the flexibility of the entrepreneurial culture which allows employees to develop their 3 elements. Finding their true purpose and being truly motivated.
What are the advantages and disadvantages of being a market leader? Please provide 2 points for each side.
The main advantage of being a market leader is more profitable due to the reason that the win rates are higher. The potential customers will decide faster that market leader usually have a better reputation, so there will be more chance for the market leader. The highest market share can be used in advertising, as promotional material. The market leader has a stronger bargaining position with both suppliers or retailers. The recruitment for finding high-class employees are often easier for the market leader. There will be more investors and banks are willing for the financing part.
The pressure for managers and staffs to stay in the top position and grow their business for being the market leader. To much emphasis on the market can take focus away from profits that the company may be tempted to slash prices to sell more products to remain the position of the market leader.
What do you need to consider when writing the analysis and evaluation? (List three)
1. Avoid replying too heavily on a single source (the business)
2. Be critical
3. Link the analysis to your research data
4. Be succinct and ordered
5. Integrate your data, analysis and evaluation
6. Use independent sources
7. Avoid unsupported generalizations
what are the 5 main factors of the economies of scales, and how do they benefit the company?
purchasing economies
- buying in bulk
technical economies
- more advanced technology can improve the productivity of the business
financial economies
- banks tend to lend more money to larger businesses because they are more trustworthy
marketing economies
-
larger businesses already developed great customer loyalty throughout the day, which they do not need to spend as much money on doing advertising and promotional
managerial economies
- specialist functional managers who should operates more effectively than general managers, helping to reduce average cost.