COMP3219 - Engineering Management
and this module is a joke (rated 100%
correct).
Lifecycle ANS - A predictable sequences of stages of growth and change
Lifecycle stages ANS - 1. Birth
2. Growth
3. Decline
4. Death
How to extend company lifespan ANS - Growth - Quicken or manage growth
Decline - Avoid or reverse decline
Death - Prolong life or know when to bury
Entrepeunership ANS - Creating a new company
Intrapreneurship ANS - Applying an idea to an existing company
Joys at birth ANS - 1. Enthusiasm
2. Innovative
3. Small and flexible
4. Intimacy
5. All for one, One for all
Sorrows at birth ANS - 1. Uncertainty
2. Vulnerable
3. Credibility issues
,4. Inexperienced
5. Limited capital
Gibrat's Law ANS - Growth of a firm is a random process, no one knows how a firm will grow.
Types of patterns of growth ANS - 1. Rapid
2. Incremental
3. Periodic
4. Plateau
Penrose's theory ANS - Growth is a result of managerial competence and learning by doing, a company
doesn't plan to grow, the inverse also occurs if a company focuses too much on growth, inefficiency can
occur
Marris' theory of Managerial capitalism ANS - The optimal point of natural growth is naturally
determined by:
- Managers trying to maximise growth rate. If maximise then shareholders won't get dividends.
- Shareholders trying to maximise share price. If maximise too much then not enough money for
investment
5 stages of decline ANS - 1. Hubris born of success
2. Undisciplined burst of more
3. Denial of risk and peril
4. Grasping for salvation
5. Capitulation to irrelevance or death
4 Stages of market analysis ANS - 1. Industry overview
2. Target market
3. Competition
4. Pricing and forecast
,Industry overview ANS - General view of the industry, mainly look out for market share and total
volume
Target market ANS - Who will buy/use the product, could make personas
Competition ANS - Who makes similar products, Who are you competing against.
Pricing and forecast ANS - How should you price your product and how well will it do in the future.
Public sector ANS - Part of the economy composed of public services and public enterprises - usually
provided by the government
Examples of public sector ANS - - Military
- Police
- Infrastructure
- Public transport
- Schools
- Healthcare
Why is it good to do analysis of the public sector ANS - If you're trying to sell some device for schools
and government spending on technology for schools is low then it may not be the best idea or opt for a
lower cost solution
Gross profit ANS - Revenue - Cost
(All the money coming in take away all the money coming out)
Price elasticity ANS - How responsive demand/supply is to a change in price/cost
, Price elastic ANS - Small price changes make a big difference in demand e.g. Chocolate
Price inelastic ANS - Small price changes do not make a big difference in demand e.g. Fuel
Psychological pricing ANS - Pricing stuff at £9.99 instead of £10 and so on
Price ANS - How much the buyer is willing to pay for the product
Value ANS - How much the product is worth to the buyer
Pricing strategies ANS - 1. Cost-plus pricing
2. Competitive pricing
3. Price skimming
4. Penetration pricing
5. Price bundling
Cost-plus pricing ANS - Adding a bit extra to your total costs
Competitive pricing ANS - Setting a price based on competition
Price skimming ANS - Setting a high price first then lowering it as the market evolves
Penetration pricing ANS - Set a low price first then raise it when it gets popular
Price bundling ANS - Bundling goods together to add value therefore increase the pricing
Steps to deciding price ANS - 1. Determine min price
2. Determine max price
3. Pick 5 prices between min and max
and this module is a joke (rated 100%
correct).
Lifecycle ANS - A predictable sequences of stages of growth and change
Lifecycle stages ANS - 1. Birth
2. Growth
3. Decline
4. Death
How to extend company lifespan ANS - Growth - Quicken or manage growth
Decline - Avoid or reverse decline
Death - Prolong life or know when to bury
Entrepeunership ANS - Creating a new company
Intrapreneurship ANS - Applying an idea to an existing company
Joys at birth ANS - 1. Enthusiasm
2. Innovative
3. Small and flexible
4. Intimacy
5. All for one, One for all
Sorrows at birth ANS - 1. Uncertainty
2. Vulnerable
3. Credibility issues
,4. Inexperienced
5. Limited capital
Gibrat's Law ANS - Growth of a firm is a random process, no one knows how a firm will grow.
Types of patterns of growth ANS - 1. Rapid
2. Incremental
3. Periodic
4. Plateau
Penrose's theory ANS - Growth is a result of managerial competence and learning by doing, a company
doesn't plan to grow, the inverse also occurs if a company focuses too much on growth, inefficiency can
occur
Marris' theory of Managerial capitalism ANS - The optimal point of natural growth is naturally
determined by:
- Managers trying to maximise growth rate. If maximise then shareholders won't get dividends.
- Shareholders trying to maximise share price. If maximise too much then not enough money for
investment
5 stages of decline ANS - 1. Hubris born of success
2. Undisciplined burst of more
3. Denial of risk and peril
4. Grasping for salvation
5. Capitulation to irrelevance or death
4 Stages of market analysis ANS - 1. Industry overview
2. Target market
3. Competition
4. Pricing and forecast
,Industry overview ANS - General view of the industry, mainly look out for market share and total
volume
Target market ANS - Who will buy/use the product, could make personas
Competition ANS - Who makes similar products, Who are you competing against.
Pricing and forecast ANS - How should you price your product and how well will it do in the future.
Public sector ANS - Part of the economy composed of public services and public enterprises - usually
provided by the government
Examples of public sector ANS - - Military
- Police
- Infrastructure
- Public transport
- Schools
- Healthcare
Why is it good to do analysis of the public sector ANS - If you're trying to sell some device for schools
and government spending on technology for schools is low then it may not be the best idea or opt for a
lower cost solution
Gross profit ANS - Revenue - Cost
(All the money coming in take away all the money coming out)
Price elasticity ANS - How responsive demand/supply is to a change in price/cost
, Price elastic ANS - Small price changes make a big difference in demand e.g. Chocolate
Price inelastic ANS - Small price changes do not make a big difference in demand e.g. Fuel
Psychological pricing ANS - Pricing stuff at £9.99 instead of £10 and so on
Price ANS - How much the buyer is willing to pay for the product
Value ANS - How much the product is worth to the buyer
Pricing strategies ANS - 1. Cost-plus pricing
2. Competitive pricing
3. Price skimming
4. Penetration pricing
5. Price bundling
Cost-plus pricing ANS - Adding a bit extra to your total costs
Competitive pricing ANS - Setting a price based on competition
Price skimming ANS - Setting a high price first then lowering it as the market evolves
Penetration pricing ANS - Set a low price first then raise it when it gets popular
Price bundling ANS - Bundling goods together to add value therefore increase the pricing
Steps to deciding price ANS - 1. Determine min price
2. Determine max price
3. Pick 5 prices between min and max
