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Unit 7 business decision making revision
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Everything you need to revise for the unit 7 business decision making exam - types of research - calculations - data
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Business equations
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12 Flashcards
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Some examples from this set of practice questions
1.
Net profit =
Answer: Gross Profit - Expenses
2.
Profit for the year =
Answer: Gross Profit - Expenses + Other Income - Finance Costs
3.
Net current assets =
Answer: Current Assets - Current Liabilities
4.
Current assets =
Answer: Cash + Receivables + Inventories + Cash in Bank
5.
Current liabilities =
Answer: Trade Payables + Overdraft + VAT
6.
Net assets =
Answer: Non-Current Assets + Net Current Assets - Long-term Liabilities or (Non-current assets + current assets) - (current liabilities + non-current liabilities)
Content preview
Organisational structureThe structure of a business refers to how staff are organised in terms of teams. roles and
responsibilities.
Flat structures have fewer levels of management with each manager having a wider span of control.
Matrix structures are organised into functional areas such as marketing, HR, operations and finance
with project teams that include personnel from across the different functional areas.
Hierarchical structures are usually tall with many levels of management. Managers have smaller
spans of control and decisions are usually made at the top of the organisation.
Types of research
Primary research
The benefits of this include;
A firm can control who has access to findings.
The collection of data is targeted for its intended purpose.
Limitations
Can be expensive.
Can be time-consuming.
Need for specialist skills to design research.
Questionnaire - Good questionnaires are simple to complete, which boosts response rates and
makes it possible to do quantitative analysis quickly.The findings can be easily analysed, a lot of
respondents' input may be gathered, and quick results are all advantages.
Online marketing - e-marketing research is information gathered from online sources to learn about
consumer requirements and wants, purchasing trends, and statistics on brand interaction. Data may
be acquired through online surveys, focus groups, interviews, or online statistics. Popular search
phrases, social media, competitor websites, and statistics on market trends are a few examples of
internet data.
Focus groups - Focus groups are gatherings of people used to talk about potential marketing plans
before they are implemented, such as new product launches or advertising campaigns. Marketers
listen in on the talks and can infer ideas and feelings about a concept from casual chat. The ability to
read body language and get more in-depth responses from peers during casual conversation are
advantages. However, some group members may dominate, the true ideas of other participants may
be hidden, and there may be errors in reading body language.
Secondary research
Benefits include
Easy access to a wide range of sources.
Can be faster than primary.
Relatively inexpensive.
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