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Bcom MBM Year 2 S2

Business Management

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.
Explain "diagnosis" under the core principals/focuses of the turnaround. A quick evaluation made to establish the status quo. To gain an understanding of the level of failure and whether it is still possible to reverse the slide. The difficulty gradient for the process indicates how far down the scale the venture has slipped.
Explain "Intervention decision" under the core principals/focuses of the turnaround. Decision must be made. Decision based on diagnosis, which determines level of failure. Always better to get outsider (turnaround specialist) to assist with decision. Entrepreneur make decision: turn around or not. Key to decision is opportunity good/not?
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 "Stabilizing the venture" under the core principals/focuses of the turnaround. Management, finance and systems are key components of stabilization. Stabilization is driven by a cost and cash focus after the establishment of a proper management team. Main objective is cost cutting.
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.
Explain "Strategic analysis" under the core principals/focuses of the turnaround. Focus on sales (income) and positioning. Drivers: focus, repositioning, time, speed. Main outcome is to determine the core business. Anything that isnt core business should be outsourced. Extensive opportunity analysis should be undertaken.
Explain "Identification of the core issues" under the core principals/focuses of the turnaround. Core issues 2 focus on emerge from strategic opportunity analysis. Core issues have to do with positioning + competitive advantage. Question to be answered: whether venture serves opportunity or not. Analysis should indicate where turnaround will take bus
Explain "Restructure decisions" under the core principals/focuses of the turnaround. Help venture focus + direct the application of funds, whether owned or borrowed. Priorities are set and listed for immediate implementation. Time is still crucial.
Explain "Action" under the core principals/focuses of the turnaround. Action taken through action plans as to keep a record of the intervention. Action plans help to focus on new end goals for the venture.
Name the restructuring principals. Management focus. Cost and cash. Focusing on the core business. Strategy. Time factor.
Explain "Management focus" under the restructuring principals. Management team is crucial. Micro business will normally consist of the entrepreneur only. The turnaround strategist plays a supportive role. Key decision making lies with the entrepreneur. Motivation + attitude of entrepreneur are crucial.
Explain "Cost and cash" under the restructuring principals. It has to do with all expenses of the venture + include all control issues. Cost must be reduced at all levels in order of importance. A turnaround strategy is always cost driven.
Explain "Focusing on the core business" under the restructuring principals. Determine core business and focus on it. Differentiation should not be persued at all. Once cost is controlled, the core business will determine what strategy can be employed.
Explain "Strategy" under the restructuring principals. Once the core business has been established, there should be a clear strategy. Strategy determines the application of funds, manpower and the time/energy of everyone withing the venture.
Explain "Time factor" under the restructuring principals. Time + money are crucial for successful turnaround. The faster the process can b completed, the better 4 the venture + included parties. The cost reduction measures should be implemented immediately, which contributes to the confidence of all involved.
Name the factors contributing to positive growth in international business. Modern communication media has made it possible to exchange scientific, technical + commercial information rapidly + efficiently. Rapid means of international travel + transport without price hikes.
Name the factors contributing to positive growth in international business continued. Modern management techniques used by multinational enterprises channel new ideas, technology and production processes. Private firms have shown that they can adapt to changing circumstances and exploit overseas markets.
Name the factors contributing to positive growth in international business continued. Understanding of the principal economic expediency has enabled management to develop foreign markets before competitors can enter field. International trade has moved away from bilateralism and in the direction of multilateralism.
Name the factors contributing to positive growth in international business continued. The diplomatic tension between communist and non-communist countries resulted in greater political and economic cooperation between the non-communist countries.
Name the factors contributing to positive growth in international business continued. Sustained growth in the worlds gross product has resulted in creation of new markets and expansion of existing ones.
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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