Year 12 IB BM (Gp3) by Joe Rolfe

Year 12 IB BM (Gp3) by Joe Rolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom END OF YEAR REVSION en-us 2021-04-20 00:44:26 UTC 2021-05-08 20:48:14 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/zn208d4chuzjynom/wish/1435692202 Allows the business to attain a more in-depth insight into different market segments, where consumer perception can be ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692202 14. Explain how a Force Field Analysis calculates a decision. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692203 Visually represents the factors that support or reject a decision based on opinions from relevant people, where the outcome is collectively decided.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692203 21. Define "MARKET SEGMENTS" and give an example. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692206 A sub group of a market that consists of customers with similar characteristic and specific product need. For example, customers can be divided by socio-economics segmentation, demographic segmentation and geographic segmentation.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692206 18. Outline and explain the benefits and limitations of Charles Handy's Power Culture. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692207 Power culture is often driven by an autocratic leader, where there is one dominant individual who holds power and dictates the direction, action and customs of the business. The benefits is that employees can be clearly directed, which saves a lot of time and efficiency for the business. Another benefit is that communication is clear and everyone knows what they are doing. The limitations is that the employees could feel demotivated as they feel undervalued, which could lead to resentment, disagreements which could potentially affect the culture. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692207 17. Explain how ROLE CULTURE may increase efficiency in an organisation. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692208 role culture may increase efficiency in an organisation because employees will know exactly what they have to do, which would minimize confusion and time wastage. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692208 19. Explain the level of IMPACT the Government, as an External Stakeholder may have on a business start up. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692210 The government can provide funds for startups as venture funds]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692210 11. Explain how Product Development can help ensure customer loyalty. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692213 A- product development is part of market and product part we have learnt. Its development means in the same market for different products. This creates larger product range to meet the customers needs. thus, this will cultivate]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692213 13. Define the term 'Multinational Company' MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692214 Business organisations that have their headquarters in one country, but with operating branches, factories, assembly plants in other countries. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692214 12. Explain how BRANDING can help achieve Economies of Scale. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692215 Branding is now an international process, not confined to one country or region. Establishing a successful brand image across national borders opens up the potential for increased sales and economies of scale – especially in terms of globally marketing products with the same range of promotions under the same name. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692215 10. A "Partnership" is defined as having how many owners? MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692217 2-20]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692217 15. Explain the level of INFLUENCE different Stakeholder Groups can have on an organization. Give examples. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692218 A- Stakeholders are a group of people that are affected by or affect the company's choice.
Influences: stakeholders determine the decision-making process and they are the closest group who directly influenced by the organization's decision. For example, teachers are affected greatly by the school's policy. Every policy carried out may lead to position changes.
Influences: stakeholders can also affect the company at some point. For example, when teachers get together, they will probably get a better salary. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692218 16. How can "ORGANISATIONAL CULTURE" be defined? MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692220 the culture or environment in a workplace. this is comprised of the values, goals, methods, practices, that make the company what it is.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692220 9. Explain the risk of operating a business with Unlimited Liability. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692221 The shareholders have to sell its possessions to pay off the debts if business fails.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692221 8. How might the aims and objectives of a Social Enterprise differ from those of a Public Limited Company? MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692222 The aims of a social enterprise is to maximise profit while maximising benefits to the society or the environment (job creation, providing housing etc.)

On the other hand, the aims of a public limited company is to generate as much profit as possible for the shareholders (they might also focus on brand development, building customer loyalty etc.)]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692222 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/zn208d4chuzjynom/wish/1435692223 For example, one of the objectives of a social enterprise can be creating more jobs. This might have a large chance of receiving help from the government. Because creating jobs can reduce unemployment rates --> more income for people --> more money spent//improved standard of living --> economic growth]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692223 7. Explain the key elements of a SWOT analysis. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692224 A-Strengths are those attributed to the company's success. Weaknesses are those prevented from the company's success. Opportunities are external factors that help to achieve the goal set and threats are those that prevent from achieving the goal set. Those 4 key elements should be listed in a 2x2 sheet.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692224 5. Give examples of the INTERNAL ELEMENTS of a SWOT analysis that a market leader like Starbucks might identify. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692225 The internal elements are weaknesses and strengths.
Strengths:
1. Starbucks has gained a huge market share by achieving branding and consumer loyalty. Weaknesses:
1. product price is relatively expensive to middle-class workers.
2. Don’t own the most unique products in the market.]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692225 4. Give examples of the EXTERNAL ELEMENTS of a SWOT analysis that a market leader like Samsung might identify. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692227 A- external factors are STEEPLE, social, technological, economic, environmental, political, legal, ethical. SWOTs are strengths, weaknesses, opportunities, threats.

Social: Samsung is a family business that decides the local market according to its local market's selling experiences. Thus, not able to meet the consumer's preference. - A weakness in the global market.

Technological- Samsung is the world's leading company, setting missions in aspects of the power of technology. They are the head of technology and innovation. - strength.

Economic - A- external factors are STEEPLE, social, technological, economic, environmental, political, legal, ethical. SWOTs are strengths, weaknesses, opportunities, threats.

Social: Samsung is a family business that decides the local market according to its local market's selling experiences. Thus, not able to meet the consumer's preference. - A weakness in the global market.

Technological- Samsung is the world's leading company, setting missions in aspects of the power of technology. They are the head of technology and innovation. - strength.

Legal- Apple sues Samsung about the imitation of their products. - Threats.
political - Samsung has faced political pressure in Latin American and African countries for factoring the political instability into its strategic calculation. - threat.

]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692227 3. Explain TWO reasons why a company may wish to remain small. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692228 -Want to have a close contact and relationship with the customer
-Business that usually offers personalised services may wish to remain small
—> add value to its products or services]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692228 2. How is Market Share measured? MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692229 Volume of sales
Value of goods sold]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692229 1. Explain ONE advantage and ONE disadvantage of Decision Trees MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692230 The advantage of a decision tree is that the choices are set out in a logical way. The disadvantage is the accuracy of the data used. Estimated economic return may be quite accurate when they concern projects where experience has been gained from similar decisions. ]]> 2021-04-20 00:44:26 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1435692230 22. Define 'Multinational Company'. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458090022 Business organisations that have their headquarters in one country, but with operating branches, factories, assembly plants in other countries. ]]> 2021-04-26 06:29:06 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458090022 23. Give the formula for Market Share. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458090767 (Total sales of the company/Total sales of the market)x100]]> 2021-04-26 06:29:23 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458090767 24. List the four elements of Ansoff's Matrix. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458091532 Market penetration
Product development
Market development
Diversification]]> 2021-04-26 06:29:41 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458091532 25. Define 'ECONOMIES OF SCALE' MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458092113 A decrease in average cost as the scale of production increases]]> 2021-04-26 06:29:55 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458092113 26. List THREE BENEFITS of buying a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458092749 1. Immediate market share for money and access to finance (loans)
2. Established customer base, brand image and reputation —> customer loyalty
3.Promotion and advertisement cost is limited]]> 2021-04-26 06:30:10 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458092749 27. Explain ONE DISADVANTAGE of a business selling a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458093326 Strict rules over pricing and the layout of the outlet reduces the owner's control over the business.]]> 2021-04-26 06:30:24 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458093326 28. Explain ONE ADVANTAGE of a business selling a FRANCHISE. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458094030 Selling a franchise allows the company to expand quicker with a cheaper price, because they each have their own franchise outlet and after the meet their cost and receives profit, you receive licensing fees and royaltie, ]]> 2021-04-26 06:30:40 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458094030 29. Explain, using examples, the effectiveness of Product Development for improving customer loyalty. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458094949 2021-04-26 06:31:00 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458094949 30. Which of Ansoff's Matrix strategies is said to be the highest risk? Explain why. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458096197 Diversification is the process of selling different, unrelated goods or services in new market. Diversification, since the business are new to the product and market where they have no experience ]]> 2021-04-26 06:31:27 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458096197 31. Give examples of how MARKET DEVELOPMENT could be implemented to increase market share. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458097261 A- market development is the strategy that develops new markets for the current products.
- the target for coca-cola is the US"s soft drinks market, then it takes its products to develop the Russian market is market development
- Nike, Adidas, Reebok have expanded their products across the global market. ]]> 2021-04-26 06:31:49 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458097261 32. Why is innovation an important element of MARKET PENETRATION? Give an example. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458100028 Innovation helps the company develop its product, which also enables to compete with other similar products in the market. For example, Apple is well-know for being innovative in developing and updating iPhone, iPad, i Mac and etc. This Apple to remain the leader in technological device industry and also keep attracting potential customers.]]> 2021-04-26 06:32:55 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458100028 33. What are the benefits and negatives of operating a PARTNERSHIP? MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458100567 Benefits: able to generate more ideas as there is more owners than sole trader/less workload as it is shared between owners
Disadvantage: have unlimited liability/ there might be some conflict and disagreement between partners]]> 2021-04-26 06:33:07 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458100567 34. Explain ONE benefit of a business remaining SMALL. MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458101318 Quality control: business that remain small can have the advantage of keeping an eye on the quality levels, and ensure that consumer expectation are meet.

Higher profit margin]]> 2021-04-26 06:33:25 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458101318 35. Explain the term 'LIMITED LIABILITY". MisterRolfe https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458101863 A- it is the ability to not lose all his assets when bankrupted, but only the part he or she initially invested into the company.
- occurs only in Inc./ Ltd. (private limited company) or PLC. (public limited company)]]> 2021-04-26 06:33:37 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458101863 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/zn208d4chuzjynom/wish/1458102481 2021-04-26 06:33:50 UTC https://padlet.com/MisterRolfe/zn208d4chuzjynom/wish/1458102481