Markets and Theories 3.0 / 5 based on 3 ratings ? Business StudiesThe Markets and Theories of ManagementASEdexcel Created by: BeckyyLouiiseCreated on: 02-02-16 10:35 What is a Niche Market? A small market segment 1 of 22 What is the formula for market share? Sales of business/ Total sales x 100 2 of 22 What are Dynamic Markets? Markets that are likely to change, they do not remain the same over time 3 of 22 What is a mass market? An unsegmented market where lots of businesses contribute their products to market in the same way 4 of 22 What is an example of a Niche Market? Soya Milk 5 of 22 What is Volume? The quantity produced and sold 6 of 22 What is Value? Total amount spent by the customers buying products 7 of 22 What is an advantage of a Mass Market? Produce large quantities at a lower cost p/unit so higher sales and profit 8 of 22 What is a disadvantage of a Niche Market? Very small and unable to support competing firms 9 of 22 What must a business do to survive a Dynamic Market? Be able to adapt to change 10 of 22 Technological development such as supermarkets offering click and collect in London Tube Stations is a form of Market Growth, but which form? Innovation 11 of 22 Why must a business adapt to change? They will lose market share and could potentially collapse 12 of 22 Which theory involves Scientific Management? Taylor 13 of 22 Which theory involves the Two Factor Theory? Herzberg 14 of 22 Who believed that workers were only motivated by money and should be paid on piece rate? Taylor 15 of 22 Who believed that people dislike work and need close supervision? Taylor 16 of 22 Who believed in the theory that everyone starts at the bottom of the pyramid and strives to seek further achievement? Maslow 17 of 22 As a benefit, which theories believe that their theory will increase the productivity? Maslow, Mayo, Taylor 18 of 22 Who believed that the welfare of staff was one of the most important aspects in a business? Mayo 19 of 22 For which theory are the 2 Factors, Hygiene and Motivators? Herzberg 20 of 22 Whos theory said that staff are more motivated if their social needs are met Mayo 21 of 22 Does Herzbergs theory apply to every industry? No 22 of 22
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