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 questions are on the exam?
5
How many objectives (criteria) are assessed in your exam?
What are the internal environmental factors?
Organisational culture, organisational structure, owners/managers, employees
Identify three expansion strategies
Niche markets, innovation, research and development, emerging technologies, vertical/horizontal growth
Identify three reasons to invest in staff wellbeing
Increased satisfaction, increased morale, increased productivity, reduced absenteeism, better relationships, open communication, sustainable workforce
How many criteria must be used when evaluating?
2
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
Which questions are not linked to the stimulus on the exam?
Questions 1 & 2 (explain)
Achieving top marks for analysing would award you how many marks?
7 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 intrapreneurship, leadership/management styles
Which objectives are linked to the stimulus on the exam?
Describe, Analyse, Evaluate, Communicate
What are the 3 requirements of the describe ISMG?
1. Recognise business facts and characteristics
2. Describe the business situation
3. Describe the business environment
What are the criteria used for evaluation?
Efficiency, effectiveness, stakeholder satisfaction, competitiveness
Identify the six modes of entry
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
Which objectives does the extended response question on the exam assess and what format must it be written in?
Analyse, evaluate, communicate
Business report (extract)
What are the 3 requirements of the evaluate ISMG?
1. Use criteria to make judgements for a business
2. Make a justified decision for the business situation
3. Propose a recommendation/s for the business situation