1.5 Flashcards
(51 cards)
Define stakeholder
An individual / group which has an interest in or is effected by the activities of a business or organisation. They have an interest in his the business operates and wether or not it is successful
Name potential stake holders in a business
Owners/shareholders, customers, employees/managers, suppliers, government, local community
Name 3 possible conflicts between stakeholders
Shareholders want profit paid in dividends - managers want to invest profits to grow the business
Workers want higher pay - customers want lower prices
Customers want good quality - managers want lower costs
What is E - commerce and what are the 3 main types
Buying and selling goods and services online
Business to business
Business to consumer - amazon
Consumer to consumer - eBay
What is social media
Online communications channel where business and customers can share info and opinions and content such as pictures e.g Facebook, Twitter, linked in
What is digital communication
Businesses passing messages through electronic device to communicate with employees across departments and locations e.g apps, emails and video calls
What are payment systems
Used ny businesses to make or receive payments
What is the use of YouTube in business
Gives a visual aspect of the specific things wanted to be shown also shows the high quality products on sale
What is the use of twitter in business
Gives people ides of stuff to go and what is available in store, informs people
What is the use of Pinterest in business
Helps you find ideas to try
What is the use of Facebook in business
Offers vouchers to tempt poeple in to store and get feedback
What is the use of Instagram in business
Shows people what it is like through photos, informs people about quality of product
What is the use of trip advisor in business
Show its a gd place to visit and that people who have been there and their opinions on it
What is a debit card
A card requiring your pin with which you can spend as much as is in your account
What is contactless
A card not eequir8ng a pin with which you can buy things up to £30
What is BACs
An electronic system used to make payments directly from 1 bank account to another
What is pay pal
Electronic payment system that allows secure payments between buyer and seller
What is Apple Pay
Making payments by just holding your phone to a card reader
Why can new technology increase sales
Sell to a bigger market, customers can buy any place any time, you can directly target customers and get instant feedback, payment methods gives customers greater convenience
Why can new technology damage sales
If you’re technology isn’t as good as competitors, if something happens to effect technology , less personal friendly service can out customers off
How can new technology reduce costs
No need to lay expensive rent, advertising is lower cost, reducing amount of cash means less security is needed
How can new technology increase costs
Expensive to install, delivery costs are higher, protecting against cyber attack’s is expensive, online sales leads to a higher % of return
What are the2 types of legislation (law)
Employment and consumer law
What does consumer law do
Protects us when we buy good and services . Goods should be Satisfactory quality As Described Fit for purpose And last a Reasonable length of Time
