Operations
What is the difference between a good and a service?
Goods are the material items that the customers are ready to purchase for a price. Services are the amenities, benefits or facilities provided by the other persons.
What is the difference between the primary target market and the secondary target market?
The primary target market is the market segment at which most of the marketing resources are directed.
A secondary target market is usually a smaller and less important market segment.
Define liquidity.
Liquidity refers to the amount of cash a business has access to and how readily it can convert its assets into cash so that debt can be paid.
What is the difference between voluntary and involuntary seperation?
Voluntary separation is when an employee leaves the business of their own accord, and involuntary separation is against an employee's will.
What is the contingency approach to management?
Contingency theory argues that there is no universal or best way to manage a business. In other words the organisational structure and the management style should depend on the type of tasks that are done in the business.
Operations is about turning i_____ into o______.
Operations is about turning inputs into outputs.
Identify THREE ways that target markets can be defined.
Some example answers:
Demographic – age, gender, income, family size, religion, social class, ethnicity.
Geographic – customer location, urban, country, rural, climate.
Psychographic - purpose, consumer taste, motives, lifestyle, personality.
What is the difference between cash inflows and cash outflows.
Cash inflows is money flowing into the business, whereas cash outflows is money flowing out.
Name TWO types of voluntary separation.
Retirement and resignation.
What is the behavioural style of management, and what is its main focus (starting with a P)?
Behavioural management theories focus on people rather than profit. They suggest that intrinsic goals motivate people – goals such as a harmonious workplace, respect from management and fellow workers, a sense of personal satisfaction from doing the work and feeling a part of the organisational team.
What is the transformation process?
A transformation process is any activity or group of activities that takes one or more inputs, transforms and adds value to them, and provides outputs for customers or clients
What is market segmentation?
Market segmentation is the division of the total market into groups, or ‘segments’, which then allows a manager to select one to become the target market.
What is the formula for COGS?
Opening Stock + Purchases - Closing Stock.
Name TWO types of involuntary separation.
Retrenchment and dismissal.
What is a flat organisational structure?
Flat organizations have fewer levels of middle management between leadership and employees—or, in some cases, no middle management at all. Small organizations and startups often have flat structures because they have fewer employees and less of a need for hierarchical management. In this situation, management has more direct contact with employees.
What is quality management?
Quality management refers to those processes that a business undertakes to ensure consistency, reliability, safety, and fitness of the purpose of product.
Identify the FOUR P's of the original marketing mix.
1. Product
2. Place
3. Price
4. Promotion
What are the three financial statements we cover in Year 11 Business Studies?
1. Cash flow statement
2. Income statement
3. Balance sheet
What is the Human Resources Cycle (in order)
1. Acquisition/Recruitment
2. Training and Development
3. Maintenance
4. Separation
What is management hierarchy?
Management hierarchy is the arrangement that provides increasing authority at higher levels of the hierarchy.
This means that senior managers have greater accountability, responsibility and power compared to those at lower levels of the pyramid.
What are the three types of quality management approaches.
1. Quality control – the use of inspections at various points in the production process to check for problems and defects
2. Quality assurance – the use of a system to ensure that set standards are achieved in production
3. Quality improvement – focuses on continuous improvement and total quality management.
Identify the additional THREE and more recently added P's to the Marketing Mix.
1. People
2. Processes
3. Physical Evidence
What is the main formula for a balance sheet? (hint: involving assets and liabilities)
Assets = Liabilities + Owner's Equity
A= L + OE
What is the one type of separation that can be both voluntary or involuntary depending on the circumstance.
Redundancy.
What is the difference between autocratic and democratic leadership styles?
Autocratic leaders make all the decisions themselves. They do not consult their team, or let them make decisions.
Democratic leaders take an active role in the decision-making process but they involve others.