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Acdamic Comeback > Busines Paper 2 > Flashcards

Busines Paper 2 Flashcards

1
Q

Name 2 ways a business can be ethical

A

Honesty
Loyalty

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2
Q

What is a shareholder

A

Someone who has a share in your business

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3
Q

What is a stake holder

A

Someone who has an interest in your business

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4
Q

What are the four p

A

product, price, place, and promotion

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5
Q

What is Legislation

A

The laws

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6
Q

What is organic growth

A

The business grown naturally

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7
Q

What is a advantage of organic growth

A

They have retained profit

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8
Q

What is a disadvantage of organic growth

A

Growth is slower

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9
Q

What inorganic growth

A

When a business decides to expand by using merger or takeover

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10
Q

What is inorganic growth

A

When they decide to grow by using merger or takeover

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11
Q

Advantage of inorganic growth

A

It’s a lot faster
Market share increases

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12
Q

Disadvantage of inorganic growth

A

High risk (it could fail)
80 percent of merges fail

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13
Q

What are the three parts of the design mix

A

aesthetics, functions, and manufacturing costs

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14
Q

What is import

A

good or service bought in one country that was produced in another

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15
Q

What is a export

A

to a product or service produced in one country but sold to a buyer abroad

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16
Q

Advantage of import

A

Cost are reduced
Product vary

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17
Q

Disadvantage of import

A

Legal risk
Culture risk

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18
Q

Advantage of export

A

Increased profits
Government support

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19
Q

Disadvantage of export

A

People might not like the product
Tax

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20
Q

What is a strong pound

A

The pound is worth more in another country

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21
Q

What is a weak pound

A

The pound is worth less than yours in a another country

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22
Q

What is a private limited company

A

A company with a limited amount of people that tends to be there friends and family

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23
Q

What is a public limited company

A

A company that sells there shares to the public

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24
Q

Advantage of a private limited company

A

Limited liability

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25
Q

Disadvantage of private limited company

A

Make less capital than public

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26
Q

Advantage of a public limited company

A

You have limited liability
You make a lot of capital

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27
Q

Disadvantage of public limited company

A

Risk of losing control of the business
Profit are shared among number of people

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28
Q

What is remote work

A

Working on computers away from the business hq

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29
Q

Advantages of remote control for a employee

A

No money wasted on fuel
No time wasted to get to the business

30
Q

Advantages of remote working for a business

A

Total cost reduces for office space in the hq
People do work straight away Instead take time off by travelling to the business

31
Q

Disadvantages of remote workings for employee

A

Communication Barriers
Might not be able to buy a computer

32
Q

Disadvantages of remote working for a business

A

Less productivity
Communication barriers

33
Q

What is a tall structure

A

It has many layers of management

34
Q

Advantage of a tall structure

A

Narrow of spam of control

35
Q

Diss advantage for tall structure

A

Long chain of command

36
Q

What is a flat structure

A

A small layers of structures

37
Q

Advantage of a flat structure

A

Short chain of command

38
Q

Disadvantage of flat structure

A

Wide spam of control

39
Q

What’s a chain of command

A

When and order has been passed for
One person to another

40
Q

What’s a spam of control

A

The number of subordinate that’s report directly to a manger or leader

41
Q

3 ways of training in a business

A

On the job - u train while in the job
Off the job - u learn and train while not being at the job
Induction - be at the business for a couple days without working yet

42
Q

A financial way of motivating employees in a business

A

Bonus
Pensions

43
Q

Non financial ways of motivating employees

A

Saying’s that u doing a good job
Job rotation

44
Q

What are the 3 ways u can production

A

Job
Batch
Flow

45
Q

What is a job production

A

A very unique production with high quality

46
Q

What’s is a batch production

A

Products that are made in a group of identical products

47
Q

What is a flow production

A

A series of production and stages to
Make products in a constant flow

48
Q

What is trade bloc

A

a group of countries that work together to provide special deals for trading

49
Q

Trade block

A

Add - can encourage competition and lower prices for consumers

Diss - can restrict trade with countries outside the trade bloc

50
Q

Product life cycle is

A

Development
Introduction
Growth
Maturity
Decline

51
Q

Job production add and diss

A

Add- can charge a higher price because it’s unique
Diss - meds highly skill

52
Q

Batch products add and diss

A

Add- increase output can reduce unit cost

Diss - time is lost between batches

53
Q

Flow production add and diss

A

Add- produce products in large quantities

Diss - expensive to set up.

54
Q

Problem with too much stock

A

High warehousing cost

55
Q

Problems with too little stock

A

Diss point customer lose sales

56
Q

Cam meaning

A

Computer aided manufacturing

57
Q

CAD

A

Computer aided desgin

58
Q

Buffer stock mean

A

Minimum stock needed

59
Q

Logistic meaning

A

The process that ensures that the products are delivered to the customer on time.

60
Q

Just in time add and diss

A

Add -Less storage space needed saving in rent
Cash flow is easier

Diss - no spare stock available
Little room for mistakes

61
Q

Lead time meaning

A

The length of time of new stock nededed

62
Q

5 stages of sales process

A

Product knowledge - employee expertise

Efficiency- how quick ad easy is the sales process

Customer engagement- ensuring the customers experience is positive

Customer feedback - measuring satisfaction

Post sales service - provide support and guidance after the sale has been completed

63
Q

Add and diss of ARR

A

Add - Alllows different investment options to be compared

Diss - does not take into account time value and money

64
Q

Three type of training

A

On the job
Of the job
Induction

65
Q

Induction add and diss

A

Add - helps worker sweetie quickly
Diss - works is paid but not producing

66
Q

On the job training add and diss

A

Add - cheaper no travel cost

Diss - quality of training depends on the trainer

67
Q

Of the job add and diss

A

Add - workers enjoy the change of environment
Diss - more expensive travel fees

68
Q

Motivation non financial ways

A

Praise
Job rotation

69
Q

Financial ways to motivate

A

Bonus’s
ProMotion

70
Q

Financial ways to motivate

A

Bonus’s
ProMotion

Acdamic Comeback (16 decks)

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