UNIT 1 REVISION

LEADERSHIP STYLES

STYLES

• Autocratic- Shout!! Boss!!
• Paternalistic - Fatherly/motherly
• Democratic - What does everyone think?
• Which is the best style for different situations?

MCGREGOR X & Y THEORY

• Theory x worker
• Theory y worker
• Which leadership style is most suitable?

RESEARCHING DEMAND

PRIMARY RESEARCH

• Survey
• Interview
• Observation
• Focus group
• Questionnaire

DATA

• Quantitative - measured, counted, graphs
• Qualitative - opinions, feelings, preferences

SAMPLING

• Size - number of respondents
• Frame - postal code, electoral role, customer database
• Method - random, quota, stratified
• Bias - potential problems

POSITIONING THE BUSINESS IDEA

COMPETITORS

• How do they differentiate?
• What features are important to customers?
• Market mapping
• How to gain competitive advantage
• Adding value

PRODUCT TRIAL

CREATING REPEAT BUSINESS

• Developing customers
• Price promotions
• Loyalty
• Relationship marketing
• Add-on, complimentary products

OPPORTUNITY COST

• Trade-off
• What is sacrificed in order to follow an idea?
• Effects on stakeholders

BUSINESS PLAN

• Needed to get finance
• What are you selling?
• How will you market it?
• How will you make it?
• Where will you be located?

BUSINESS PLAN

• What equipment do you need?
• Who will be on your workforce?
• How much £ and where from?
• What will your profit be like?
• What will your cashflow be like?

REMEMBER

• Select a correct answer
• Explain why the answer is correct example from question
• Define the key term used
• Explain why one of the answers is incorrect
• Stay calm and use your time wisely