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Flashcards in 2 Deck (25):
1

What attributes do entrepreneurs have?

1. Idea to start the business
2. Ability to take risks
3. Ability to persuade others
4. Ability to keep business going

2

Factors of production

Land
Labour
Capital
Enterprise

3

Business Objectives

Profit
Growth
Survival
Service

4

Quality

Meeting needs and expectations of customers

5

Methods of assuring quality

Quality control - inspects made products
Quality assurance - builds quality into process

6

Economies of Scale

Purchasing
Managerial
Financial
Technical
Risk Bearing
Marketing

7

Pricing Methods (8)

Competitor
Cost Plus
Penetration
Skimming
Differential
Promotional
Psychological
Market Orientated

8

Finance Methods (10)

Overdraft
Trade Credit
Retained Profit
Sell Assets
Bank Loan
Lease
Hire Purchase
Grant
Mortgage
Owners Investment

9

How to classify customers

Age
Gender
Interests
Region
Income

10

Product Life Cycle

Research & Development
Launch
Growth
Maturity
Saturation
Decline

11

Technology

CAD
CAM
Excel
Word
Access
Skype

12

Structures

Tall - more layers of workers
Flat - one person in charge of many

13

Diversification

Business buys a different type of business - eg. Baker buys a perfume shop

14

Horizontal Integration

Baker buys another bakery

15

Vertical Integration

Merged with business at different stage of production

16

Motivation - Non pay methods

Job Rotation
Job Enlargement
Job Enrichment

17

Motivation - Pay Methods

Bonus
Company Car
Overtime Pay

18

Balance Sheets

Shows business’ assets and liabilities

19

Recruitment Process

1. Person Specification & Job Description
2. Advertise
3. Shortlist
4. Interview
5. Select candidate

20

Employment Laws

Sex Discrimination Act (1975)
Disability Discrimination Act (1995)
Employment Rights Act (1996)
Minimum Wage Act (1999)

21

Trade Union

Looks after welfare of its members

22

What is included in a business plan

Personal Details
Name of Business
Financial Forecast
Sources of Finance
Ownership Type

23

Consumer Protection Laws

Food safety Act (1990)
Weights and Measures Act (1963)
Food labelling regulations (1996

24

SWOT Analysis

Strengths
Weaknesses
Opportunities
Threats
analysis of market

25

Kaizen

Continuous improvement when making products