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Introduction to Business change Flashcards | StudBud

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Introduction to Business change

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Questions 12

Answers

1
The percentage of an industry or market's total sales over a specified time period is called
market share
pie segment
competition section
percentage ownership
2
Key Performance Indicators
measure staff surveys
measure business progress
measure staff tidiness
measure previous owner impacts
3
The following business terms signal business change
innovation
diversification
all options are correct
redundancy
4
The formula to measure productivity is
input per output
output per input
net profit after tax
systems times processes
5
Comparing business performance against competitors is called
chalk marking
standardising
benching
benchmarking
6
True or False ‘the best option is for a business to be reactive’
False
True
7
Data collection tools include
surveys
customer satisfaction
key performance indicators
profitability
8
Business change can take the form of
changing products to better suit customers needs
changing an input supplier
moving production overseas to find cheaper labour rates
all options are relevant
9
To be effective a KPI must
give a clear insight into an area of the business
be all of these things
be well-defined and quantifiable
be calculated properly and consistently
10
Company earnings after all expenses are deducted is termed
net profit
gross profit
annual progress figures
monetary rewards
11
The concept of business change refers to
moving through generations
making way from one thing to another
a business transitioning to a new state of operation
alterations in how employees are paid
12
Proactive response to business change impacts on the business by
minimising negative impacts
all impacts are correct
creating positive opportunities
preparing staff for change