What option will not reduce price elasticity?

Increased sales, Decreased product differentiation

What is penetration pricing

setting a price lower than competitors on a new product

actions intended to give employees more control over their working life

what is a paternalistic leadership style?

leader decides what is best for individual, akin to a parent/child relation

what is a laissez-faire leadership style?

leader has little to no involvement in day to day activities

what is a tall structure?

communication takes long, narrow spans of control, many management tiers

How do you calculate price elasticity of demand?

% change in quantity / % change in price

What does promotion mean?

marketing mix that is persuading people to buy a product or service

Mcgregor theory X is what?

Average worker is lazy and they need to be controlled and directed

the amount a producer is willing and able to produce at a set point in time

what is predatory pricing

setting prices low enough to force competitors out of business

what did Elton Mayo believe, in regards to motivation

social factors effect motivation not money or environment

What does span of control stand for?

number of people directly under the supervision of a manager

What is piece rate pay?

worker is payed per item completed

what is an extension strategy?

a product is nearing its decline and the business wants to elongate it

what is a democratic leadership style?

power focused within the whole group with greater group involvement

What option is a demographic that would not affect demand?

None of the above as they all affect demand

what is a decentralized structure?

decision making power is given to workers lower down the hierarchy

Market equillibrium is what?

a state in which market supply and demand balance each other

Mcgregor theory Y is what?

Average worker enjoys work and takes responsiblity and organises themselves

What is price skimming?

setting a high initial price then slowly decreasing it over time

what is a matrix structure?

departments are intertwined through groups and teams linking everybody

What is a fringe benefit?

A additional reward not based around money given to a employee

What does branding mean?

Giving a product or service distinctiveness and even personality

what is a centralized structure?

control and decision making remains in the hands of the top managers

what is psychological pricing?

Setting a price just below a value to create the illusion of a good price

If the general price level increases what happens to supply? - assuming that firms want to maxmise profits

supply increases alongside the increase in price level

what is job enrichment?

increasing the complexity of the task

what is cost plus pricing

calculating how much each product costs then setting a mark up percentage

what does chain of command stand for?

the line of communication from the top to the bottom of a hierarchy

the action of leading a group, person or organization

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A level Edexcel Business Theme 1 [2]

50 termsStudBud Administration514 plays

A level business {1.2.2}, {1.2.3}, {1.2.4}, {1.2.5}, {1.3.1}, {1.3.2}, {1.3.3}, {1.4.3}, {1.4.4}, {1.4.5}

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Questions 50

Answers

1
Elastically priced products are normally below 1
True
False
2
What option will not reduce price elasticity?
Increased product differentiation
Increased sales
Reduced competition
Decreased product differentiation
3
What is penetration pricing
setting a price lower than competitors on a new product
setting a price initially lower then gradually above competitors
setting a price higher than competitors on a new product
setting a price the same as competitors on a new product
4
what is empowerment?
actions intended so that workers have zero control over their working life
actions intended so that workers have total control over their working life
actions intended to give employees less control over their working life
actions intended to give employees more control over their working life
5
what is a paternalistic leadership style?
leader decides whatever they want
leader cares for individual then leaves them to their own
leader decides what is best for individual, akin to a parent/child relation
leader decides what is best for company
6
what is a laissez-faire leadership style?
one individual makes all decisions for others
leader has little to no involvement in day to day activities
leader has a say in all actions in the company
voting is implemented on what and what not to do throughout the company
7
an autocratic leadership has the power with all individuals
True
False
8
what is a tall structure?
communication takes long, narrow spans of control, few management tiers
communication takes long, narrow spans of control, many management tiers
communication is fast, wide spans of control, few management tiers
communication is fast, narrow spans of control, many management tiers
9
How do you calculate price elasticity of demand?
% change in quantity / % change in price
% change in price / % change in quantity
% change in price / % change in income
% change in income / % change in quantity
10
What does promotion mean?
encouraging people to be like your brand
marketing mix that is persuading people to buy a product or service
marketing mix that is persuading people to advertise a product or service
encouraging investment into your company
11
where is the cash cow located on the boston matrix?
bottom left
bottom right
top right
top left
12
competitive pricing is where you set your price at the market level or slightly discounted
True
False
13
Mcgregor theory X is what?
Average worker does not enjoy work and does not take responsiblity
Average worker enjoys work and takes responsiblity
Average worker is motivated and does not need control
Average worker is lazy and they need to be controlled and directed
14
what did Frederick Winslow Taylor believe, in regards to motivation?
motivators or hygiene factors are the only contributers
the hierarchy of needs
Money is the only motivator
social environment is the only motivator
15
what is supply?
the amount you have stored
the amount a producer is willing and able to produce at a set point in time
the amount producers are willing and able to produce
the amount the public are willing and able to buy at a set point in time
16
what is predatory pricing
setting prices the exact same as competitors
setting prices low enough to force competitors out of business
setting prices just marginally below competitors
copying other companys changes in price
17
In the short term what is the most important factor affecting demand
Price
Customer choice
Quantity
Income
18
what did Elton Mayo believe, in regards to motivation
money is the only motivator
environment effects motivation primarily
social factors effect motivation not money or environment
hirearchy of needs is the only concept effecting motivation
19
What does span of control stand for?
number of people in total underneath a manager in the levels of hierarchy
amount of workers who are controlled throughout an entire company
amount of workers in a company
number of people directly under the supervision of a manager
20
hygiene factors...
only provide demotivation
neither motivate or demotivate
only provide motivation
provide either demotivation or motivation
21
A flat structure has an wide span of control
False
True
22
This is a supply curve
True
False
23
What is piece rate pay?
worker is paid per hour that they work on an object
worker is paid depending on their attitude
worker is payed per item completed
worker is paid depending on what they negotiate
24
what is an extension strategy?
a product is nearing its decline and the business wants to elongate it
when a product is invested in
when a product has further branding
when a product has less investment
25
What stage is not part of the product life cycle?
Growth
Maturity
Design
Introduction
26
DISCOM stands for : Decision, It depends on, Short/Long term, cost impact, other factors and most important point
True
False
27
Which factor ,directly, does not affect supply?
Physical constraints
External shocks
advertising
Tax
28
job enlargment is increasing the number of tasks of same capacity
False
True
29
what is a democratic leadership style?
power focused within the whole group with greater group involvement
power is with nobody and the system is a mess
power is with only a few individuals and there is some group involvement
power focused with one individual and little group involvement
30
What option is a demographic that would not affect demand?
Size of household
Income
None of the above as they all affect demand
Education
31
what is a decentralized structure?
decision making power is given to everybody equally
all decisions are made by the board
decision making power is given to workers lower down the hierarchy
decision making power is given to one individual
32
Market equillibrium is what?
a state in which market supply and demand balance each other
a state in which market supply and demand are only slightly different
a state in which market price and quantity are different
a state of supply and demand being negatively proportional
33
Mcgregor theory Y is what?
Average worker is lazy and they need to be controlled and directed
Average worker does not enjoy work and does not take responsiblity/organise
Average worker is motivated and does not need control
Average worker enjoys work and takes responsiblity and organises themselves
34
What is price skimming?
undercutting your competitors prices in the market
setting a high initial price then slowly decreasing it over time
setting a low initial price then slowly increasing it over time
setting a normal price compared to competitors
35
what is a matrix structure?
departments are segregated with no groups or teams
lots of managerial levels with slow communication
no departments or groups at all
departments are intertwined through groups and teams linking everybody
36
What is a fringe benefit?
A money allocated benefit
A additional reward not based around money given to a employee
More free time in the workspace
A reward that is free such as a activity outside
37
Frederick Herzberg was from the NeoHuman school of thought
False
True
38
What does branding mean?
Giving a product or service more investment
Making sure a product or service has a name
Labelling things
Giving a product or service distinctiveness and even personality
39
what is a centralized structure?
control and decision making remains in the hands of the lower levels
a democracy structure where majority decisions take place through voting
control and decision making remains in the hands of the top managers
control and decision making is evenly spread throughout the company
40
what is psychological pricing?
Setting prices with lots of nines
Setting a price just below a value to create the illusion of a good price
Setting a price using whole numbers only to create the illusion good value
Setting a price depending on numbers that you like
41
If the general price level increases what happens to supply? - assuming that firms want to maxmise profits
price level is pulled back down to prior levels
supply decreases alongside the price level to target a niche market
supply stays the same to increase the demand for the product
supply increases alongside the increase in price level
42
Social needs is at the top of the hirearchy of needs
False
True
43
what is job enrichment?
increasing the amount of a task
increasing the complexity of the task
removing tasks entirely
letting people do what they want on tasks
44
What YED does a inferior good have?
A positive YED
A YED less than 1.5
A YED more than 1.5
A negative YED
45
what is cost plus pricing
setting a price catagorically below the market average
calculating how much each product costs then setting a mark up percentage
making a loss on products to introduce yourself to the market
calculating how much you would like to make then choosing a price alongside
46
What choice is not in the design mix?
Revenue
Profit
Aethetics
Function
47
What is in the top left quadrant of the boston matrix?
star products
cash cow
problem child
dog
48
what does chain of command stand for?
the line of communication taken per unit produced
the line of communication for managers to get info
the line of communication from the middle to the bottom of a hierarchy
the line of communication from the top to the bottom of a hierarchy
49
which one of these is not in the boston matrix?
problem adult
star products
cash cow
dog
50
what is leadership?
the action of being under the control of a group, person or organization
the action of leading a group, person or organization
the action of not being under anybodys control
bossing people about

A level Edexcel Business Theme 1 [2] Flashcards | StudBud