Business Paper 1 IB Summary Paper for Exam Preparations, Latest Edition

1. Corporate image - AnsThe view of a company held by its customers, employees and other major stakeholders, the Imperial has a positive corporate image 2. Reposition - AnsChange the perception of a business from the opinion of its customers. This may be achieved by altering the marketing strategy to change the brand image. Option 1 adopted renovation of image therefore repositioning 3. Human resources planning - AnsA long term plan to ensure that the labour force within the hotel had the correct skills and expertise to carry out it's roles within the business so that it achieves the objectives. Martin devised 2 approaches 4. Recruitment - AnsThe process of hiring a suitable worker which would involved a thorough job analysis involving identifying the need for a new employee, defining the job and most appropriate person for that job. 5. Marketing challenges - AnsConcerns to a business arising from changes in the target market or from emergence of competitors leading to issues for their market share. the hotel was facing long-term challenges from both 6. Working capital - AnsRepresents the amount of finance available to business for its day today operations 7. Strategies - AnsMedium to long-term plans on ways of achieving specific objectives. Martin had to design strategies to deal with liquidity problems 8. Seasonality - AnsThe effect of the seasonal variation on a business. The imperial was prone to working capital problems of the seasonality of the hotel 9. Liquidity problems - AnsThe inability of the business to meet its short-term debts as seen from its liquidity ratio or acid test ratio. Problems of working capital was creating liquidity problems 10. Profit centres - AnsA department that incurs both costs and revenues and hence maintains its own profit and loss account allows the business to see the areas that generate the most all least revenue. the accountant recommended to Martin to use this for the hotel restaurant and events 11. Cost centres - AnsThe cost centre is a department which does not generate any revenue yet to which specific costs can be clearly allocated and to help departments to operate within their budget. Martin was encouraged to establish a cost centre for housekeeping 12. Profit and loss account - AnsParts of final accounts of the business which is a financial statement of the business trading activity over period of time. 13. Globalisation - AnsThe trend towards free international trade and free movement of capital between countries resulting in the integration of economic social technical and cultural issues of the world economies GP is symbolic of globalisation 14. Employees - AnsThe type of internal stakeholder normally the people who work for business. Their workers who are employed by the hotel to carry out specific tasks within the organisation 15. Market share - AnsPercentage of all sales in the market that help I want business. Measured in units sold or value. The Imperial was facing shrinking market share due to new hotels 16. Cash flow - AnsThe movemen