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

what is a tall structure?

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

What option will not reduce price elasticity?

Decreased product differentiation, Increased sales

What option is a demographic that would not affect demand?

None of the above as they all affect demand

Mcgregor theory X is what?

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

What is price skimming?

setting a high initial price then slowly decreasing it over time

What does span of control stand for?

number of people directly under the supervision of a manager

What does branding mean?

Giving a product or service distinctiveness and even personality

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 a decentralized structure?

decision making power is given to workers lower down the hierarchy

what is a matrix structure?

departments are intertwined through groups and teams linking everybody

what is psychological pricing?

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

what is a laissez-faire leadership style?

leader has little to no involvement in day to day activities

what is predatory pricing

setting prices low enough to force competitors out of business

what is a centralized structure?

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

what is an extension strategy?

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

the action of leading a group, person or organization

what did Elton Mayo believe, in regards to motivation

social factors effect motivation not money or environment

How do you calculate price elasticity of demand?

% change in quantity / % change in price

Mcgregor theory Y is what?

Average worker enjoys work and takes responsiblity and organises themselves

What is penetration pricing

setting a price lower than competitors on a new product

what is cost plus pricing

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

Market equillibrium is what?

a state in which market supply and demand balance each other

what is a democratic leadership style?

power focused within the whole group with greater group involvement

what is a paternalistic leadership style?

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

what is job enrichment?

increasing the complexity of the task

what does chain of command stand for?

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

What is piece rate pay?

worker is payed per item completed

What is a fringe benefit?

A additional reward not based around money given to a employee

What does promotion mean?

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

actions intended to give employees more control over their working life

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A level Edexcel Business Theme 1 [2]

50 termsStudBud Administration525 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
what is supply?
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
the amount you have stored
2
What stage is not part of the product life cycle?
Maturity
Introduction
Design
Growth
3
DISCOM stands for : Decision, It depends on, Short/Long term, cost impact, other factors and most important point
False
True
4
what is a tall structure?
communication takes long, narrow spans of control, many management tiers
communication takes long, narrow spans of control, few management tiers
communication is fast, narrow spans of control, many management tiers
communication is fast, wide spans of control, few management tiers
5
What option will not reduce price elasticity?
Decreased product differentiation
Reduced competition
Increased sales
Increased product differentiation
6
What option is a demographic that would not affect demand?
Size of household
None of the above as they all affect demand
Income
Education
7
Mcgregor theory X is what?
Average worker does not enjoy work and does not take responsiblity
Average worker is motivated and does not need control
Average worker enjoys work and takes responsiblity
Average worker is lazy and they need to be controlled and directed
8
What is price skimming?
undercutting your competitors prices in the market
setting a normal price compared to competitors
setting a low initial price then slowly increasing it over time
setting a high initial price then slowly decreasing it over time
9
What does span of control stand for?
amount of workers in a company
number of people in total underneath a manager in the levels of hierarchy
amount of workers who are controlled throughout an entire company
number of people directly under the supervision of a manager
10
Social needs is at the top of the hirearchy of needs
False
True
11
What YED does a inferior good have?
A positive YED
A negative YED
A YED more than 1.5
A YED less than 1.5
12
which one of these is not in the boston matrix?
star products
cash cow
problem adult
dog
13
What does branding mean?
Giving a product or service distinctiveness and even personality
Giving a product or service more investment
Labelling things
Making sure a product or service has a name
14
If the general price level increases what happens to supply? - assuming that firms want to maxmise profits
supply decreases alongside the price level to target a niche market
price level is pulled back down to prior levels
supply increases alongside the increase in price level
supply stays the same to increase the demand for the product
15
Elastically priced products are normally below 1
False
True
16
what is a decentralized structure?
all decisions are made by the board
decision making power is given to everybody equally
decision making power is given to one individual
decision making power is given to workers lower down the hierarchy
17
what is a matrix structure?
departments are intertwined through groups and teams linking everybody
departments are segregated with no groups or teams
no departments or groups at all
lots of managerial levels with slow communication
18
Which factor ,directly, does not affect supply?
Tax
Physical constraints
advertising
External shocks
19
what is psychological pricing?
Setting a price using whole numbers only to create the illusion good value
Setting prices with lots of nines
Setting a price just below a value to create the illusion of a good price
Setting a price depending on numbers that you like
20
what is a laissez-faire leadership style?
leader has little to no involvement in day to day activities
voting is implemented on what and what not to do throughout the company
one individual makes all decisions for others
leader has a say in all actions in the company
21
an autocratic leadership has the power with all individuals
True
False
22
what is predatory pricing
setting prices low enough to force competitors out of business
copying other companys changes in price
setting prices just marginally below competitors
setting prices the exact same as competitors
23
what is a centralized structure?
control and decision making remains in the hands of the top managers
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 is evenly spread throughout the company
24
what did Frederick Winslow Taylor believe, in regards to motivation?
the hierarchy of needs
social environment is the only motivator
motivators or hygiene factors are the only contributers
Money is the only motivator
25
what is an extension strategy?
when a product has further branding
when a product is invested in
when a product has less investment
a product is nearing its decline and the business wants to elongate it
26
competitive pricing is where you set your price at the market level or slightly discounted
False
True
27
what is leadership?
the action of being under the control of a group, person or organization
bossing people about
the action of leading a group, person or organization
the action of not being under anybodys control
28
where is the cash cow located on the boston matrix?
top left
top right
bottom right
bottom left
29
In the short term what is the most important factor affecting demand
Price
Customer choice
Income
Quantity
30
what did Elton Mayo believe, in regards to motivation
environment effects motivation primarily
hirearchy of needs is the only concept effecting motivation
social factors effect motivation not money or environment
money is the only motivator
31
How do you calculate price elasticity of demand?
% change in income / % change in quantity
% change in price / % change in quantity
% change in price / % change in income
% change in quantity / % change in price
32
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
33
What is penetration pricing
setting a price higher than competitors on a new product
setting a price lower than competitors on a new product
setting a price the same as competitors on a new product
setting a price initially lower then gradually above competitors
34
job enlargment is increasing the number of tasks of same capacity
False
True
35
what is cost plus pricing
calculating how much you would like to make then choosing a price alongside
calculating how much each product costs then setting a mark up percentage
setting a price catagorically below the market average
making a loss on products to introduce yourself to the market
36
Market equillibrium is what?
a state in which market price and quantity are different
a state in which market supply and demand balance each other
a state of supply and demand being negatively proportional
a state in which market supply and demand are only slightly different
37
what is a democratic leadership style?
power is with only a few individuals and there is some group involvement
power focused with one individual and little group involvement
power focused within the whole group with greater group involvement
power is with nobody and the system is a mess
38
What choice is not in the design mix?
Aethetics
Profit
Function
Revenue
39
what is a paternalistic leadership style?
leader decides whatever they want
leader decides what is best for individual, akin to a parent/child relation
leader decides what is best for company
leader cares for individual then leaves them to their own
40
what is job enrichment?
increasing the complexity of the task
removing tasks entirely
increasing the amount of a task
letting people do what they want on tasks
41
what does chain of command stand for?
the line of communication from the middle to the bottom of a hierarchy
the line of communication for managers to get info
the line of communication from the top to the bottom of a hierarchy
the line of communication taken per unit produced
42
Frederick Herzberg was from the NeoHuman school of thought
True
False
43
This is a supply curve
True
False
44
What is piece rate pay?
worker is paid per hour that they work on an object
worker is paid depending on what they negotiate
worker is payed per item completed
worker is paid depending on their attitude
45
A flat structure has an wide span of control
False
True
46
hygiene factors...
only provide motivation
neither motivate or demotivate
only provide demotivation
provide either demotivation or motivation
47
What is a fringe benefit?
A money allocated benefit
A reward that is free such as a activity outside
More free time in the workspace
A additional reward not based around money given to a employee
48
What does promotion mean?
marketing mix that is persuading people to advertise a product or service
encouraging people to be like your brand
encouraging investment into your company
marketing mix that is persuading people to buy a product or service
49
What is in the top left quadrant of the boston matrix?
cash cow
dog
star products
problem child
50
what is empowerment?
actions intended to give employees more 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 so that workers have zero control over their working life

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