1.5 Business Flashcards
(11 cards)
1
Q
What is the impact of technology on a business?
A
- Social media allows businesses to reach a larger target audience.
- Technological issues can prevent sales
- Target market may not use social media.
2
Q
What are the impacts of technology on costs?
A
- E-commerence can lower costs because there’s no need for rental space.
- There is a cost for running an online website.
3
Q
What is a stakeholder?
A
An individual who has an interest in the activities of a business.
4
Q
What are examples of major stakeholders?
A
- Share holders
- Employees
- Customers
- Suppliers
5
Q
What is stakeholder conflict?
A
- Not all stake holders have the same objectives
- When stakeholder objectives do not align there is conflict.
- Stakeholder objectives never align.
6
Q
What is consumer laws?
A
Goods must be the right quality, safety and as described. They should be fit for purpose.
7
Q
What are the impacts on a business when they follow consumer laws?
A
- Customers repeat purchase
- Gain customer loyalty
- Increased reputation
- Competitive advantage over competitors
8
Q
What are the disadvantages of following consumer laws?
A
- Increased business costs.
- Change production methods to fit quality standards.
9
Q
What are employment laws?
A
Designed to keep employees safe and free from harr physically and emotionally in the work place.
10
Q
What are the principles of employment?
A
- Minimum wage
- Training and promotion
- Health and safety
- Redundancies
- Disciplinary grievance procedures.
- Equality inclusion
- Recruitment.
11
Q
What are the impacts of meeting employment laws?
A
- Reputation for being a good employer so attract better staff.
- Fewer staff leaving the business
- Better motivation of work force.
- Increased business costs
- Fines and compensation if not followed
- Negative reputation if laws are ignored.
