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A2 Business | Marathon Sheet [2023] | PAPER 3 & PAPER 4 AATIK TASNEEM | O/A-LEVEL | BUSINESS & ECONOMICS | 0304 1122845 1 A2 Business | Marathon Sheet [2023] | PAPER 3 & PAPER 4 SECTION 1 Topic 1: External Influences (1) Labor Protection > These are laws that protect the rights of workers in an economy. These laws include, minimum wage law, protection against unfair discrimination, health and safety standards, work time regulation, anti-discrimination laws etc. These laws can have both a positive or a negative impact on the business. [ADV] Workers motivated due to good better pay [ADV] Avoid govt. Fines [DIS] Non-productive workers protected [DIS] High cost (2) Consumer Protection > These are laws that protect the consumer against overpricing, unfair trading practices, false advertisement etc. [ADV] USP > more sales [ADV] Avoid govt. fines [DIS] High cost of product development [DIS] Senior managers might not agree (3) Business Competition > These laws aim to ensure free and fair competition between businesses. This allows wider choice of goods and services, lower prices and improved quality. These include preventing mergers and limit and outlawing uncompetitive practices. [ADV] Difficult for competitors to take over our company [ADV] Predatory pricing removed = improves profits. [DIS] Difficult to grow [DIS] Difficult to overcome competition. (4) CSR > These businesses consider that consider the interests of their stakeholders and not only their shareholders when taking decisions. Firms tend to achieve this by getting ethical suppliers, putting employees before profit, use environmentally friendly raw material etc. [ADV] Motivated labor [ADV] USP > ethical products [DIS} High cost to implement [DIS] High price = loss of market share (5) Social Audits > Reports on the impact a business has on society. This can cover pollution levels, health and safety record, sources of supplies, customer satisfaction and contribution to the community (6) Pressure groups > Organization who work towards a common interest to put pressure on the businesses and governments to change policies so that an objective is reached. (7) Multinational > It is a large scale, well established business with head quarter in one country and operating through a network of production plants and/or branches in different parts of the world. Company: [ADV] Cheap factors of production [ADV] Risk spread due to many branches [DIS] Lack of knowledge [DIS} High cost of expansion Country: [ADV] create growth + employment [ADV] Taxes for the local govt. [DIS] Domestic industry suffer [DIS] Exploit resources = underpayment
A2 Business | Marathon Sheet [2023] | PAPER 3 & PAPER 4 AATIK TASNEEM | O/A-LEVEL | BUSINESS & ECONOMICS | 0304 1122845 2 Topic 2: Economic Influence (1) Economic Growth > It is a period where the GDP (Gross Domestic Product: Total value of goods and services produced in a country) of a country is rising. [Shown by positive % change in GDP] [ADV] More sales due to high incomes [ADV] Good time to expand [DIS] Inflation = expensive raw material due to shortage [DIS] More competition. *Opposite in recession. (2) Inflation > It is regarded as the general persistent rise in prices of goods and services. [ADV] Can charge high prices [ADV] value of assets increases [DIS] low sales = due to high prices [DIS] difficult to plan for the future *Opposite in deflation. (3) Unemployment > When a person who is actively searching for employment is unable to find work. [ADV] Low salaries [ADV] Low staff turnover = less cost of rehire and retrain [DIS] Low income = low sales (4) Exchange Rate > Value of once currency in terms of the other. Remember interest rate and exchange rate move in the same direction. If interest rates drop = exchange rate drops. Appreciation / Strong currency [ADV] Importers gain = cheap to import [DIS] Exporter lose = expensive to export Depreciation / Weak currency [ADV] Exporters gain = cheap to export [DIS] Importers lose = expensive to import. (5) Tax / Fiscal policy > Policy taxes and government spending to influence economic activity. Increase in taxes [ADV] Reduces inflation [ADV] Reduces competition [DIS] Profits drop [DIS] Sales drop due to less spending (6) Interest Rate / Monetary Policy > Interest rate, exchange rates and the money supply to control the amount of spending and investment in the economy. Increase in Interest Rates [ADV] Currency strong = cheap to import. [ADV] inflation drops [DIS] Low sales = people can’t buy [DIS] Exports drop = currency strong.
A2 Business | Marathon Sheet [2023] | PAPER 3 & PAPER 4 AATIK TASNEEM | O/A-LEVEL | BUSINESS & ECONOMICS | 0304 1122845 3 SECTION 2 Topic 1: Organizational Structure (1) Organization Structure > (1) The internal, formal framework of a business that shows the way in which management is organized and linked together and how authority is passed through the organization. (2) It shows levels of hierarchy, span of control and chain of command. Types: (1) Hierarchical + Functional Structure > These structures share decision making throughout the organization and give all employees a clearly defined role as well as establishing their relationship with other employees. In functional these levels are also divided into functional departments. [ADV] Format structure with clear authority [DIS] Poor internal communication due to long chain of command. (2) Delayering > Reduces the number of levels of hierarchy and wider span of control. [ADV] Faster communication [ADV] Few workers required [DIS] Existing workers are over worked. [DIS] Redundancy payments (3) Geographical > Structure organizes the organization’s employees on the bases of geographical regions, like countries or continents. This is usually done by multinationals that operate globally. [ADV] Modify team based on every region. [DIS] conflict between central and individual divisions (4) Product > This approach structures organizes the organization on the basis of products or brands that it produces. Allows workers to focus on the need of specific customers. [ADV] Focus on specific products [DIS] Over emphasis on division rather than company goals. (5) Matrix Structure: This type of organization structure is task-oriented and based on the use of teams. It combines vertical chain of command and horizontal projects of product teams. The aim is to put together teams of individuals with the specialist skills necessary to complete a particular project. [ADV] Diverse skills sets > better product ideas [DIS] Divided responsibility. (6) Centralized Structure > All the important decision-making powers are with the head office. This type of control provides minimum delegation to individual departments and divisions. [ADV] Experienced managers take decisions [ADV] Consistent policies [DIS] Lack of local knowledge [DIS] Junior managers do not get trained = problem with future growth (7) Decentralized Structure > Decision-making powers are passed down the organization to empower subordinates, decision and regions to take their own decision. [ADV] managers have local knowledge = take better decisions [ADV] helps to motivated workers = more control [DIS] lack of consistency [DIS] junior managers might be trained (8) Delegation > This is regarded as the passing authority down the organizational hierarchy enabling subordinates to perform the task. In delegation, the worker is answerable to his or her immediate manager however the overall responsibility of the work lies with the manager. [ADV] Senior managers can take on more strategic roles [ADV] Workers are motivated [DIS] Task if boring workers is demotivated [DIS] Costly to train.
A2 Business | Marathon Sheet [2023] | PAPER 3 & PAPER 4 AATIK TASNEEM | O/A-LEVEL | BUSINESS & ECONOMICS | 0304 1122845 4 Topic 2: Business Communication (1) Effective communication > This ensures that the message transferred is received, understood and acted upon as indented. Communication can be internal (with internal stakeholders) or external (external stakeholders). (2) Internal Communication > communication within the organization. [ADV] Workers know the tasks = easy to achieve their goals [ADV] Improves speed of decision making = more flexible with changes (3) External Communication > communication with external stakeholders [ADV] Suppliers > Right quantity + timely deliveries [ADV] Customer> understand customer need > tool for CRM [ADV] Govt > understand the laws > avoid fines or law violations. (4) Barriers to communication > Factors that cause a failure in communication. - Autocratic leadership - Geographical distances - Inability to understand Jargons (Specific language or terminology) (5) Method to improve communication: - Train Employees [ADV] Understand Jargons [DIS] Expensive - Democratic leadership style [ADV] encourages workers to participate > more ideas [DIS] slows the decision-making process - IT [ADV] helps to reduce time of communication [DIS] expensive to setup and train workers - Delayering [ADV] reducing he levels of hierarchy = faster communication [DIS] overworked workers