Business basics
What are the stages of the business life cycle?
Seed, start-up, growth, maturity, post-maturity
Identify three motivations for domestic or global expansion
Access to a boarder market, profit potential, competitive advantage, expense reductions, reducing risk of decline, increased buying power, product cost reductions, economies of scale
Identify the four stages of the employment cycle
Acquisition, development, maintenance, separation
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
Identify the four expansion strategies
Niche markets, innovation, research and development, emerging technologies
Identify three reasons to invest in staff wellbeing
Increased satisfaction, increased morale, increased productivity, reduced absenteeism, better relationships, open communication, sustainable workforce
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
Explain risk management and contingency planning
Risk management = a process to identify, evaluate and understand the risk of business actions.
Contingency planning = a prepared course of action designed to help a business respond effectively to future events
Explain the difference between entrepreneurs and intrapreneurs
E - business founder/owner, focus on vision/mission, seeks opportunities to exploit for new businesses, high risk-high reward
I - employee of a business, seeks ways to improve efficiency and productivity, innovates processes, medium risk-lower reward
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
Prevention, preparedness, response, recovery
Identify the four human resource strategies
Employer of choice, diversity/inclusion, fostering intrepreneurship, leadership styles
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
Identify the six modes of entry
Importing/exporting, licensing, international agents/distributors, strategic alliances/joint ventures, overseas manufacturing, sales subsidiaries
Identify the five financing strategies
Private equity, going public, money in capital markets, dividends, accessing government grants and incentives
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