1
Q
what benefits can you get from focussing on costs?
A
- lower unit costs
- economies of scale
- lean production
- access to cheap labour
2
Q
what benefits can you get from focussing on differentiation?
A
- physical brand image
- product design
- quality
- ability to offer customer service
3
Q
what is cost leadership?
A
when a business prioritises reducing the cost of production to offer the lowest priced products
4
Q
what is cost focus?
A
when businesses attempt to attract customers based on price
5
Q
what is differentiation leadership?
A
when a business focusses on creating unique products/services as opposed to cheaper high quality products - on a large market scale
6
Q
what is differentiation focus?
A
creating unique products/services in niche small markets as opposed top cheaper products
7
Q
what are SMART objectives?
A
- specific
- measurable
- achievable
- relevant
- time bound
Business
flashcards
Decks in class (26)
# Cards
-
what is business?16
-
Managers, Leadership and decisions9
-
Marketing23
-
operations26
-
finance20
-
Formulas30
-
3.7.1 - strategic missions and objectives6
-
3.7.2 - financial ratios13
-
3.7.3 - overall performance5
-
3.7.4 - political and legal change8
-
3.7.5 - economic change21
-
3.7.6. social and technological15
-
3.7.7 porters 5 forces2
-
3.7.8 - investment appraisal9
-
3.8.1 - strategic direction5
-
3.8.2 - strategic positioning7
-
3.9.1 - assessing change in scale19
-
3.9.2 - assessing innovation8
-
3.9.3 - internationalisation23
-
3.9.4 - digital technology7
-
3.10.1 - managing change14
-
3.10.2 culture12
-
3.10.3 - managing strategic implementation12
-
3.10.4 - strategic decision making16
-
Handy's culture model4
-
business examples for theories0
