Remake of Year 12 IB BM (1) by Joe Rolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv END OF YEAR REVSION en-us 2021-04-20 00:33:38 UTC 2021-05-10 12:11:30 UTC hello@padlet.com https://padlet.net/icons/png/1f469-1f4bb.png 20. How do Product Positioning Maps help the business plan for the development of a product? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659281 - To give and show the details on the position of the product to consumer and investors in the business plan. It can attract investor to invest to their business as they are reading through the business plan.
- To introduce their products successfully. This can help the business to penetrate the market more easily and showing it in the business plan can show the consumers and investors more directly and easily.

---- Fiona ]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659281 14. Explain how a Force Field Analysis calculates a decision. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659283 The force field analysis is when you describe the plan or proposal for change in a box in the middle, and beside the plan there will be factors for change and against the change. Each factor needs to be ranked from 1 to 5 and will be added up at the end to see if the plan should be carried on or not.
-Bryan Lam


]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659283 21. Define "MARKET SEGMENTS" and give an example. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659284 Sorting buyers into groups or segments with similar interests and needs.

Example: age, interest, gender, lifestyle]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659284 18. Outline and explain the benefits and limitations of Charles Handy's Power Culture. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659286 Charles Handy's Power Culture 
The Benefits of an organisation like this includes a workforce that knows how they should behave and operate within the workforce. Workers who agree with the system will enjoy working for the company and will therefore produce better work. The limitations of this include members of the workforce not agreeing to the culture and the work they produce will not be done to the full potential just because they do not like the environment they work in. 
- Struan]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659286 17. Explain how ROLE CULTURE may increase efficiency in an organisation. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659287 As everybody in the organisation will have a set role, everybody will be focused on finishing their job and everything is very clear to employees which will ultimately increase efficiency.
-Bryan Lam]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659287 19. Explain the level of IMPACT the Government, as an External Stakeholder may have on a business start up. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659288 The government creates extra work and fees for the business and the business will have to ]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659288 11. Explain how Product Development can help ensure customer loyalty. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659290
Show the attitude and impression  to the customer that our company will improve our products and aim to provide better goods to customers]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659290 13. Define the term 'Multinational Company' MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659291 Business organisations that have their headquarters in one country, but with operating branches, factories, assembly plants in other countries. 

- Struan

]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659291 12. Explain how BRANDING can help achieve Economies of Scale. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659292 Economies of scale is when prices of a single unit of product start to decrease as a result of buying in large sums. Branding is crucial to help achieve economies of scale as suppliers will be certain that there will be  large amount of sales which means suppliers will be certain that the business is a business they can rely on.
-Bryan Lam

]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659292 10. A "Partnership" is defined as having how many owners? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659293 - A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. 
- Involves two or more individuals.

---- Fiona Wan]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659293 15. Explain the level of INFLUENCE different Stakeholder Groups can have on an organisation. Give examples. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659294 Different Stake holder groups have different influences. For example investors are the primary stakeholders as they invest in the company and provide the company with financial stability. Customers are also a stakeholder and will have a difference influence on the organisation]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659294 16. How can "ORGANISATIONAL CULTURE" be defined? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659295 Organisational culture is how a business operates and how the workers of the business behave within the workplace. 
- Struan

]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659295 9. Explain the risk of operating a business with Unlimited Liability. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659297 Operating a business with unlimited liability is extremely risky as if the business goes bankrupt, your liabilities such as your house, furniture, care and all assets will be at risk
-Bryan Lam]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659297 8. How might the aims and objectives of a Social Enterprise differ from those of a Public Limited Company? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659298 1. Social enterprises are non- profit organisations where they would invest a large amount of their profit to  help reach their social objectives. Examples of social objectives include:
- Social Benefits
- Steeple factors - trying to play a part in resolving issues from the STEEPLE factors
- Growth/ Expansion in terms of improving efficiency for stakeholders such as staff consumers and beneficiaries 
2. Whereas, for a public limited company, its main objective is to maximise profit for shareholders to receive good return on their investment. Examples of objectives includes:
- Steeple factors in terms of the profitable operation
- Growth and expansion of the company and product to generate profit. Aiming to satisfy stakeholders such as staff, shareholders and consumers. 
- Christine

]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659298 6. Give an example of the the kind of objectives a Social Enterprise might have - and how these could increase their chance of receiving government support. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659299 Social enterprises are companies that provide a service to the public and earning profit is the not the main goal. This will have a high chance of support from the government as  government really likes companies that help the public which is why the chance of receiving government support is very high.
-Bryan Lam]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659299 7. Explain the key elements of a SWOT analysis. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659300 The SWOT analysis process involves four areas: strengths, weaknesses, opportunities and threats. when conducting a SWOT analysis both internal and external factors need to be taken into it  in order to make sure the results are useful.  - Kelvin]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659300 5. Give examples of the INTERNAL ELEMENTS of a SWOT analysis that a market leader like Starbucks might identify. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659301 Strength:
big, many stores around the world
Weakness:
expensive
Harry]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659301 4. Give examples of the EXTERNAL ELEMENTS of a SWOT analysis that a market leader like Samsung might identify. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659303 Opportunity:

Threats:
competition
government laws
Harry]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659303 3. Explain TWO reasons why a company may wish to remain small. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659306 1. easier to control staffs
There are a small number of staffs in a small company, so this means the company can notify every employees for any changes in the company
2. small costs
Small companies earn little but also cost little for the expenses, this means the risk is small for small companies]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659306 2. How is Market Share measured? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659307 sales, volumes
greater s
Harry
Market share represents the percentage of an industry, or a market's total sales, that is earned by a particular company over a specified time period. ]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659307 1. Explain ONE advantage and ONE disadvantage of Decision Trees MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659309 The Advantages of using decision trees does not require a large amount of data. 
The Disadvantage  of itself is lack of detailed information. Decision trees can help manger decide options quickly with the most seemingly reliable information they have. But then, if there is one small misleading information, the whole plan might have to be changed.  - Kelvin

]]> 2021-04-20 00:33:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1435659309 22. Define 'Multinational Company'. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449706307 Multinational Company has facilities and other assets in at least one country other than its home country. Also, is generally has offices or factories in different countries and a centralised  head office where they coordinate global management.
Fiona]]> 2021-04-22 23:25:06 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449706307 23. Give the formula for Market Share. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449707553 Market share = [(Total sales of the company)/(Total sales in the market)] x 100

Fiona]]> 2021-04-22 23:25:44 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449707553 24. List the four elements of Ansoff's Matrix. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449708575 Market Penetration


Market Development
- "Developing new markets by selling existing products"

Product Development

Diversification]]> 2021-04-22 23:26:14 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449708575 25. Define 'ECONOMIES OF SCALE' MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449709949 importing a great amount of items will reduce costs of each item
Harry

]]> 2021-04-22 23:26:58 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449709949 26. List THREE BENEFITS of buying a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449713603 1. More standardised quality of goods and services.
2. Financial assistance
3. Brans name appeal
Fiona]]> 2021-04-22 23:28:48 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449713603 27. Explain ONE DISADVANTAGE of a business selling a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449716209 Company's reputation may be damaged if franchisees don't obey the rules
Harry]]> 2021-04-22 23:29:25 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449716209 28. Explain ONE ADVANTAGE of a business selling a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449717628 Advantages
More access to capital. As the franchisor’s capital requirement s will be lower because  the franchises  provide the capital to open each franchised outlets.
Fiona]]> 2021-04-22 23:30:10 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449717628 29. Explain, using examples, the effectiveness of Product Development for improving customer loyalty. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449718707 Product development is the process of improving a existing product or delivering a new product. An example would be Apple. As they would launch an improved and new version of an existing product (Iphone 11 to Iphone 12). By doing so, this would improve customer loyalty as existing customers would consider buying the new launched product due to their experience with products from the same company. At the same time it would also attract new potential customers which can develop brand loyalty. 
- Christine]]> 2021-04-22 23:30:44 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449718707 30. Which of Ansoff's Matrix strategies is said to be the highest risk? Explain why. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449720481 diversification, because company is accessing a completely new market and developing a completely new products where company completely have no idea about it.]]> 2021-04-22 23:31:41 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449720481 31. Give examples of how MARKET DEVELOPMENT could be implemented to increase market share. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449722472 2021-04-22 23:32:45 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449722472 32. Why is innovation an important element of MARKET PENETRATION? Give an example. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449724394 2021-04-22 23:33:48 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449724394 33. What are the benefits and negatives of operating a PARTNERSHIP? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449725904 Benetfits
- more partners then more capital: more capital company can invest or develop their goods and services to expand.
- Better decision - making: because  there are less shareholders in the company so, when making decision there is less conflict. 
Negatives
- The liability  of the partners for the debts of the business is unlimited. The partners will need to undertake very risky ventures and therefore their risk taking initiative is dampened.
- Lack of public confidence: business may suffer from lack of public confidence because  like that of a partnership firm and the disclosure of its affairs.
Fiona ]]> 2021-04-22 23:34:39 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449725904 34. Explain ONE benefit of a business remaining SMALL. MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449727782 easier to control
company's new decision can get approved instantly and notify all employees
not very risk
if a company is at loss then for big companies they will lose a much more than a small company
Harry]]> 2021-04-22 23:35:38 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449727782 35. Explain the term 'LIMITED LIABILITY". MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449728437 If a company fails then the shareholders only need to pay all company's assets
Harry

]]> 2021-04-22 23:36:00 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449728437 36. Suppose a partnership need to raise finances for growth - what are their options for increasing their access to money? MisterRolfe https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449729701 2021-04-22 23:36:34 UTC https://padlet.com/MisterRolfe/9unbhnodb0tv9erv/wish/1449729701