Download AQA A Level Business Studies Paper 3 2024 Exam Questions and Answers and more Exams Geography in PDF only on Docsity!
AQA A level business studies
paper 3 2024 Exam Questions with
Answers
state 2 stakeholder needs of employees - Answer>> job security and competitive pay/benefits state 2 stakeholder needs of customers - Answer>> value for money and after sales service state 2 stakeholder needs of local community - Answer>> job creation and less pollution state 2 stakeholder needs of suppliers - Answer>> regular orders and payment on time stakeholder mapping - Answer>> identifies the approaches a business can take towards its stakeholders based on their level of power over the business their interest in the business; monitor (l- l), keep informed (h-i, l-p), keep satisified (h-p, l-i), manage closely (h-h) list 3 reasons why businesses should consider stakeholder needs when making decisions - Answer>> decisions are likely to be consider and implemented more easily, firm can gain more favourable reputation from growing public interest, and productivity levels increase due to a rise in employee motivation which ca then increase competitiveness identify 2 stakeholders that needs overlap - Answer>> banks and shareholders
identify 2 different stakeholder needs that cause conflict - Answer>> shareholders and employees outline a situation where managing stakeholder relationship would require communication - Answer>> a local school SLT may embark on one-way communication to inform the local community of its intension to open up more places to its year 7 intake; this decision may be communicated through its website or via a newsletter outline one situation where managing stakeholder relationship would not require communication - Answer>> when management decide to launch a new product range, it would not need to inform the local community or pressure groups of such action 2 examples of industrial goods - Answer>> machinery and component parts 2 examples of consumer goods - Answer>> shopping goods (phones, clothes), convenience goods (milk/bread, newspapers) 2 influences on integrated marketing mix - Answer>> target market and current stage of product life cycle the product is in 2 influences on new product development - Answer>> actions of competitors and amount of resources available 2 influences on choice of distribution channel - Answer>> the nature of product and customer expectations in terms of being able to access/purchase product 2 influences on promotional mix - Answer>> promotional budget and developments in technology
the value of new product development - Answer>> allows business to develop a product with USP that will stand out from rivals but many products that make it to the market dont sell as well as expected and therefore get withdrawn a benefit and a drawback of multi-channel distribution - Answer>> increased flexibility and choice for customers to purchase goods which drives sales but can be expensive to develop and time consuming to manage a benefit and draw of digital marketing - Answer>> greater insights into market and customers available but negative feedback/publicity from customers can be seen by others and scruntinised benefits and drawbacks of e-commerce - Answer>> increased access to markets both nationally and internationally but is expensive and time consuming to develop efficient shopping experience value of budget - Answer>> it provides criteria for evaluation of performance and it serves as a control device Contribution per unit formula - Answer>> Selling price - variable costs per unit gross profit formula - Answer>> Revenue - cost of sales Total contribution formula - Answer>> total SR - Total VC 3 ways of reducing break-even output - Answer>> increasing selling price per unit, lowering fixed costs, and lowering variable costs per unit
Gross profit margin formula - Answer>> Gross profit / revenue x 100 profit from operations formula - Answer>> gross profit - operating expenses operating profit margin formula - Answer>> Operating profit / revenue x 100 profit for year formula - Answer>> Operating profit + other profit
- net finance costs - tax profit for year margin formula - Answer>> Profit for the year / revenue x 100 return on investment formula - Answer>> profit/investment x 100 Sources of finance - Answer>> debt factoring, overdrafts, retained profits, share capital, loans and venture capital benefit and drawback to overdraft - Answer>> doesn't need to be repaid but has dilution of control of the business from existing owners benefit and drawback to loans - Answer>> repayments over specific time period can help with financial planning but interest is added on to repayments benefit and drawback to debt factoring - Answer>> theres instant availability of cash but customers may be reluctant to use the firm if they find out the firms using a debt factoring firm
external growth - Answer>> when a firm grows by integrating with another firm due to a merger or takeover overtrading - Answer>> expanding a business rapidly without gathering all of the necessary finance grieners model of growth - Answer>> identifies five crises that a business may experience as it grows through six different phases,
- creativity - leadership, 2) direction - autonomy, 3) delegation - control, 4) coordination - rad tape, 5) collaboration - growth, (6 - alliances) a benefit and drawback of takeovers and mergers - Answer>> lower unit costs through benefit of economies of scale but if the businesses fail to take into account the different cultures they may not be compatible benefit and drawback to organic growth - Answer>> less risk attached as finance is usually retained profits but growth may be viewed as too slow to satisfy shareholder needs benefit and drawback for ventures - Answer>> access to greater resources (e.g. specialist staff) but partners may have different objectives for the joint ventures benefit and drawback of franchising - Answer>> ability for franchisor to expand without bearing the risk but brand name can be tarnished by franchises that don't follow rules Conglomerate integration - Answer>> Merger with or takeover of a business in a different industry Backwards vertical integration - Answer>> joining with a firm operating at an earlier stage in the production process
Forwards vertical integration - Answer>> Involves a firm joining one in the next stage of production hortizontal integration - Answer>> companies producing similar products merge identify 4 ways to innovative - Answer>> kaizen, r&d, intrapreneurship, benchmarking product innovation - Answer>> development and introduction of new products process innovation - Answer>> The creation of a new way of making, or delivering a particular good or service. patent - Answer>> an official document granting ownership Copyright - Answer>> legal protection against copying work for artists, authors or composes 2 reasons why a business may feel pressure to innovate - Answer>> competitor actions and social changes the value of innovation to a business - Answer>> allows a business to remain competitive by providing factors such as better quality or lower costs but considerable risk is attached to innovation Handy's 4 classes of culture - Answer>> Power, Role, Task, Person Hofstede's national cultures - Answer>> - Individualism v collectivism
disadvantages of network analysis - Answer>> relies on estimates, requires a significant amount of planning and time and can't tell you anything about costs or success of the project advantages of network analysis - Answer>> identifies critical activities, can be used to review progress on individuals tasks and strategy implementation can be as speedy as possible Benefits of Strategic Planning - Answer>> forces managers to think ahead, encourages a forward looking approach and forces consistency limitations of strategic planning - Answer>> its not possible long term trends, costly and strategic plans are often ignored matrix structure - Answer>> An organisational structure that simultaneously groups people and resources by function and by product. Planned strategy - Answer>> The strategy the managers intend to implement Emergent Strategy - Answer>> strategies developed due to changing external and internal circumstances contingency planning - Answer>> planning for possible events that are unlikely to happen but if they did would be of significance to a business corporate governance - Answer>> refers to systems and processes that are put in place to monitor and control how a business is run
2 difficulties of strategic decision making and implementing strategy - Answer>> ensuring theres enough resources and how changes in external environment will affect the business and its strategy 2 reasons for strategic drift - Answer>> if strategy failed to adapt to changes in external environment, strategy based on whats worked well in past rather than changing strategy 2 ways of evaluating strategic performance - Answer>> measure performance against set targets/benchmarks across time period, financial evaluation 2 possible effects of divorce between ownership and control - Answer>> shareholders put pressure on directors to max profits/dividend payments which encourages short termism, directors may pursue objectives that benefit themselves rather than the business 2 benefits of strategic planning - Answer>> provides direction to a business, ensures decision making is well thought out based on data rather then taking decisions that are based on unnecessary risk 2 benefits of contingency planning - Answer>> minimise the impact of an unexpected event, reduces negative publicity Thank you for your purchase!
