AS unit 1 Business Studies Questionnaire

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  • Created by: jacob
  • Created on: 23-12-13 19:40

1. Define a Autocratic leader

  • guide rather than dictate, consulting widely and encouraging everyone to participate in the decision making process.
  • take top-down decisions without consulting employees to find out their views. they may provide very little information on the reasons for the decision
  • A leader that makes employees contribute to decision making
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2. What is a margin of safety

  • where sales can increase from their current level
  • the amount by which sales can fall from their current level before reaching the break-even point
  • A margin used to keep profit safe

3. Why do firms use break even analysis

  • to measure a loss over a period of time
  • to calculate in advance the level of output needed to break even
  • to measure profit

4. Define what is meant by Price Skimming

  • this strategy uses a high price to enter the market. Even though the price is high, some people may still be eager to try a new product once sales from the group of people disappear the price of the product can decrease to attract new customers.
  • this strategy uses a low price to enter the market & gain market share
  • Some firms set their prices the same as their competitors

5. Define what is meant by Penetration Pricing

  • this strategy uses a low price to enter the market & gain market share
  • this strategy uses a high price to enter the market. Even though the price is high, some people may still be eager to try a new product once sales from the group of people disappear the price of the product can decrease to attract new customers.

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