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Bcom MBM Year 2 S2

Business Management 2

QuestionAnswer
Name the factors to consider in the physical establishment of a business. Access to the target market. Availability of raw materials. Support and technical infrastructure. Transport infrastructure. Availability of labour and skills. Climatic conditions. Political and social stability
Name the different areas in which one can establish a business. Home-based business. Residential area-based business. Shopping centres.
Explain a home-based business. A home-based business is located in the residence of the entrepreneur. It is important that spatial and non-spatial boundaries between business and home be established to prevent the one from interfering with the other.
Explain a residential area-based business. When an entrepreneur acquires the use of a residential property for business purposes, the rationale usually ranges from access to the target market, to convenience and affordability. Most are situated along main roads in cities.
Explain shopping centres. Businesses dealing in fast-moving consumer goods(FMCG) generally need to find shopping or suburban retail centres in which to open a shop.
Name the 7 factors to be considered in selecting a shopping centre. Feet count. Parking. Maintenance. Conditions of lease agreement. Security. Attitude of centre management. location within the centre.
What are quality systems? Quality systems are systems of ensuring quality. Quality system standards identify those features that can help a business to consistently meet its customers requirements. They are not imposing anything new on the business.
Name 8 reasons why a quality system should be implemented. Improvement of performance, coordination and productivity.Greater focus on business objectives and customers expectations. Achievement and maintenance of quality. Management confidence that quality is achieved. Evidence of business capabilities.
Name 8 reasons why a quality system should be implemented continued. New market opportunities or maintaining market share. Certification/registration. Compete at same level as other organizations.
Name 3 difficulties in putting a quality system in place. Minimal available resources. Difficulty in understanding and applying the standards. Costs involved in setting up and maintaining a quality system.
Name the stages of business growth. Introduction. Growth. Maturity. Decline.
Name the critical components for growth as an objective. Growth must be achieved and requires a strategy. Growth is dependent on the venture’s ability to attract new resources. Growth carries with it an element of risk.
Name the factors in controlling and planning for growth. Desire. Potential. Direction. Management of growth. Achievement.
Name the characteristics of growing firms. Market domination. Differentiation. Product leadership. Flexibility. Innovation. Future oriented. Export. Related growth.
Name six reasons why big businesses leave gaps in the market. Failure to see new opportunities. Underestimation of new opportunities. Technological inertia. Cultural inertia. Politics and internal fighting. Government intervention to support new and (smaller) entrants.
Name the types of business plans and their functions. Planning new bus. Transforming existing bus. Strategic document. Obtain loan. Attract shareholders/partners. Sell bus. Direction for management/staff. Prepare bus for a merger. Prepare the bus for takeover of another bus. Help position the bus in market.
Name 5 uses of the internet as a tool to compile a business plan. Information on industry analysis etc. Competitor analysis and market potential. Marketing tool (creating a favourable image, advertising, direct selling). Competitor information. News groups and other online groups. Software for business plans.
Name the core principals/focuses of the turnaround. 1) Diagnosis. 2) Intervention decision. 3) Stabilizing the venture. 4) Strategic analysis. 5) Identification of the core issues. 6) Restructure decisions. 7) Action.
Name the 6 elements that should be considered when analyzing an opportunity for a turnover. Market demand. Concept offering. Economic model. Team and resource fit. Competitive environment. Financing required to give a positive cash flow.
Explain cost cutting and improving cash flow. (Stabilizing the venture) Cost cutting: Fixed expenses. Variable costs. Improving cash flow: Lowering credited days. Stretching debtor days. Increasing cash sales. Negotiating better payment terms with vendors and suppliers. Reducing debt and its associated interest.
Name the restructuring principals. Management focus. Cost and cash. Focusing on the core business. Strategy. Time factor.
Name the factors contributing to positive growth in international business. Modern communication media, rapid means of international travel w/o price hikes, modern management techniques, private firms adapt to and exploit overseas markets, understanding of the principal economic expediency, diplomatic tension, sustained growth.
Name the 7 principals of going international. 1) Clarify the international business mission. 2) Challenge assumptions about "closed" markets. 3) Host country contacts are critical for successful market assessment. 4) Fit market entry strategies with the host countrys needs and the firms capabilities.
Name the 7 principals of going international continued. 5) Successful partnerships require a clear understanding of the partners goals. 6) Feasibility analyses must test "competitiveness" and "fairness". 7) Let local executives manage once the strategy is set.
Created by: AnDyEaTsYoUrToE
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