Podcast
Questions and Answers
Niche marketing focuses on targeting a broadly defined group of consumers interested in a wide range of products.
Niche marketing focuses on targeting a broadly defined group of consumers interested in a wide range of products.
False (B)
A customer is typically considered an internal stakeholder within an organization.
A customer is typically considered an internal stakeholder within an organization.
False (B)
A business plan outlines the organisation's reason for operating and the importance of its work.
A business plan outlines the organisation's reason for operating and the importance of its work.
False (B)
Changes in a company's supply chain would always require a review of their internal policies.
Changes in a company's supply chain would always require a review of their internal policies.
Obtaining explicit consent from customers is optional before collecting their personal data.
Obtaining explicit consent from customers is optional before collecting their personal data.
Reacting to a problem as it occurs defines a proactive approach to communication with stakeholders.
Reacting to a problem as it occurs defines a proactive approach to communication with stakeholders.
Incremental change refers to implementing an immediate and radical shift in an organization's culture.
Incremental change refers to implementing an immediate and radical shift in an organization's culture.
A new market represents a weakness for an organization.
A new market represents a weakness for an organization.
A workplace policy's primary purpose is to communicate the organization's financial performance to its employees.
A workplace policy's primary purpose is to communicate the organization's financial performance to its employees.
In the stakeholder engagement assessment matrix, 'leading' is typically considered a lower level of engagement than 'unaware'.
In the stakeholder engagement assessment matrix, 'leading' is typically considered a lower level of engagement than 'unaware'.
Flashcards
Niche Marketing
Niche Marketing
Targeting a narrowly defined group of potential customers interested in a specialist product or service.
Internal Stakeholder
Internal Stakeholder
Someone within the organisation, impacted by its activities and performance.
Organisation's Purpose
Organisation's Purpose
A statement outlining the organisation's reason for operating and the importance of its work.
Changes to employment legislation
Changes to employment legislation
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Obtain consent
Obtain consent
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Proactive Approach
Proactive Approach
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Incremental Change
Incremental Change
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A new market is an opportunity
A new market is an opportunity
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Workplace policy purpose
Workplace policy purpose
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Stakeholder engagement assessment matrix
Stakeholder engagement assessment matrix
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Study Notes
- The seal on the examination paper should only be broken by the candidate at the time of the examination.
- Candidates should never use an unsealed examination paper.
- The exam has 50 multiple-choice questions.
- The exam is worth 50 marks, with 30 for a Pass and 40 for a Distinction.
- The exam duration is 60 minutes.
- Candidates cannot receive assistance during the exam.
- A pencil must be used on the answer sheet, not a pen.
- The examination answer sheet (EAS) should be left on the desk after completion.
- For each question, fill in only one answer.
- If you make a mistake on the EAS, erase thoroughly.
- One answer circle only must be fully shaded.
- Candidates must sign the Examination Answer Sheet (EAS) in the bottom right-hand corner before leaving.
- Define niche marketing as targeting a narrowly defined group of potential customers interested in a specialist product or service.
- An internal stakeholder example is a company board member.
- An organization's statement of reason and the importance of its work is best described as its purpose.
- Changes to employment legislation always require a company to review their internal policies.
- To take personal data from a customer, getting their consent is a must.
- A proactive approach in stakeholder communication means eliminating problems before they appear.
- Incremental change comprises developing and implementing a series of improvements over time.
- A new market presents an opportunity for an organization.
- A workplace policy aims to communicate the organization's intended direction.
- In the stakeholders engagement assessment matrix, the correct engagement order is unaware, resistant, neutral, supportive, and leading.
- Economies of scale happen when cost decreases as the scale of production increases.
- To analyze external factors affecting operations, organizations use PEST analysis.
- A matrix organizational structure involves more than one line of reporting managers.
- Business principles help identify priorities and guide decisions.
- Age is a protected characteristic under the Equality Act 2010.
- Problems with staff morale represent an internal force of change.
- Transferring an organization from the public sector is called privatization.
- An organization should monitor stakeholders with low power and low interest.
- Changes in laws and regulations that affect the business are best described as political factors.
- Higher prices result when supplies fall, but demand increases
- Span of control is the number of team members reporting to a line manager
- Employee feedback is not a fundamental part of business finance.
- A whistle-blower informs about illegal or unethical actions taking place within an organization.
- Globalization includes improvements in transportation.
- Copyright protects an organization's branding and logo.
- Innovation provides a solution by using a new idea.
- A decline in demand will likely result in a fall in price.
- Providing advice and ensuring a project's outcomes, but not direct involvement, is the role of the steering committee.
- A waste management company hired to dispose of confidential waste is seen as a supplier.
- The purpose of an organization's vision statement does not define KPIs for the coming year.
- Data protection is not a form of intellectual property.
- A contingency plan is a course of action to be followed if a preferred plan provides unwanted results.
- A recognized project management cycle includes initiation, planning, execution, and closure.
- An organization's mission statement defines its culture, values, ethics, and fundamental goals.
- Employment law defines employers' expectations of employees, what employers can ask of employees, and employees' rights at work.
- An increase in consumer spending is an example of an external change force.
- A power/interest grid can determine the level of influence your stakeholders have on operations.
- Allowing visitors to skip signing in is a breach of the Health and Safety at Work etc. Act 1974.
- Democratic leadership is appropriate for small, highly skilled, and motivated teams.
- A company's vision statement explains how the company hopes to progress.
- Unresolved conflict with stakeholders leads to barriers to cooperation and collaboration.
- Currency exchange rate is an important external factor for internationally trading organizations.
- The project sponsor is responsible for the success of the project, defines objectives, and approves scope changes.
- Competitors are not stakeholders in a commercial organization.
- A project communication plan documents stakeholder communications' type and frequency.
- A low-risk workplace must have a first-aid box and an appointed person.
- The RACI matrix helps identify responsibility for different project objectives and actions.
- Active listening helps leaders identify reasons for poor staff performance.
- Net pay is the total after-tax take-home pay after deductions.
- A business case is a formal, written proposal intended to persuade a decision-maker(s) to approve some kind of action.
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