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Business > 3.2 Influences on Business > Flashcards

3.2 Influences on Business Flashcards

1
Q

2.6 What is E-commerce

A

Business transactions carried out electronically on the internet

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2
Q

2.6 What is Digital Communication

A

Transmission of information electronically between computing devices

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3
Q

2.6 What is a stakeholder

A

All individual and organisations that are affected by and affect a business

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4
Q

2.6 6 Digital Communications methods

A

Instagram
Texts
Twitter
Email
Facebook
Website

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5
Q

2.6 What information is communicated to Employees and how

A

latest updates, facts and ideas
Teams chat, conference

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6
Q

2.6 What information is communicated to Customers and how

A

Products and services, sales and promotion
Emails, Website

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7
Q

2.6 What information is communicated to Suppliers and how

A

Quantity and quality
Emails

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8
Q

2.6 What information is communicated to Government and how

A

Tax, legislation, subsidies
Meetings

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9
Q

2.6 Where do markets exist?

A

When there are buyers and sellers

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10
Q

2.6 Markets can be…

A

Geographical
Online
Local

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11
Q

2.6 What is competition

A

When more than one business is attempting to attract the same customers

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12
Q

2.6 What is a monopoly

A

When a business does not face any competition in a particular market

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13
Q

2.6 8 Methods of competing

A

Online
Quality services
Prices
Advertisement
Location
New products
Promotions

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14
Q

2.6 Monopoly facts

A

Little to no competition
Charge higher prices
Less choice of consumers
Regulated by the government

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15
Q

2.6 What is an Entrepreneur

A

Someone who creates their own business in order to fill a gap in the market

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16
Q

2.6 Competition cane make businesses more efficients, which means…

A

Costs are reduced, leading o higher profits and lower prices and increased sales

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17
Q

2.6 Competition can encourage business to innovate, which means…

A

Products and services are more likely to appeal to customers, sales increase

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18
Q

2.6 What is a Risk

A

The possibility of something going wrong

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19
Q

2.6 What is Uncertainty

A

Occurs when there is a lack of information about a situation. means the outcome or consequences are difficult to predict.

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20
Q

2.6 Internal Risks?

A

Workers refusing to work
Fire
Theft
Bad publicity
Employees leaving to work for a competitor

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21
Q

2.6 External risks?

A

New competitors
Natural Disasters
Government laws
Technological change
Economic changes

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22
Q

2.6 All business face uncertainty due to…
PESTLEC

A

Political Environment
Economic Uncertainty
Social changes
Technology changes
Legal changes
Environment
Competition

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23
Q

2.6 How can risk be reduced

A

Making a business plan
Training workers
Using experts
Diversification of products

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24
Q

2.2 What are Ethics

A

Refers to whether a business decision is thought to be morally right or wrong. An ethical decision on the basis of what is judged to be morally right

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25
Q

2.2 Some Key ethical issues for a business

A

Treating workers fairly
Reducing environmental impact
Reducing waste
Paying Tax
Giving back to the community
Setting fair prices

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26
Q

2.2 Ethical behaviour reduces profits because…
However…

A

Environmentally friendly resources cost more
Training employees costs money
Account for all stakeholders

It can attract customers and good quality employees

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27
Q

2.2 Effects of business in the natural world

A

Traffic congestion
Air & Noise pollution
Scarce resources
Global warming
Wastage

28
Q

2.2 Sustainability definition

A

Methos of production which can be continued in the long term without damaging the environment

Meeting our needs today without compromising the needs of future generations

29
Q

2.1What is ICT

A

Information and Communication technology

30
Q

2.1 How does ICT impact a business

A

Location of employees
Employees work
Suppliers
Stakeholders

M-commerce
Information analysis
customer base
E-commerce

31
Q

2.1 Employees location
However..

A

Employees can work from home, no matter where they are in the world
Makes a business efficient as people can work anytime anywhere.

However… if ICT continues improving people will lose their jobs as robots take over.

32
Q

2.1 Employees work

A

Manager can monitor effectiveness of marketing campaigns
Get data on shop visitors, time spent in shops, repeat customers
Ensure sufficient staff by predicting customer numbers

33
Q

2.1 Information Analysis

A

Collect data via google
target customers with appropriate goods and services
Improve services
No storage equipment
Respond swiftly and make quick changes

34
Q

2.1 Customer Bases

A

Far more contact with clients
Q and As
FAQ
Create social media accounts & websites
Can damage a business with bad publicity

35
Q

2.1 Suppliers

A

re-order supplies whenever
Business becomes efficient
Reduces storage

36
Q

2.1 Stakeholders

A

Hold meetings online
More shareholders can attend
Monitor attendance and participation
Opinions of large numbers of stakeholders

37
Q

2.1 E-commerce

A

Help monitor customer needs
Small business reach customers all over the world
The website MUST be easy to navigate and clear

38
Q

2.1 What is M-commerce

A

Buying and selling of products and services using wireless handheld devices.

39
Q

2.3 What is the economy?

A

Made up of consumers, businesses and governments. These groups make decisions on what to buy, sell, produce, import and export. All of these decisions decide what is produced, bought and sold.

40
Q

2.3 What is the economic climate?

A

The state of the economy
Is it producing more or less goods and services?
Is it providing bigger or smaller incomes?
Is it creating more or less jobs?

41
Q

2.3 What is an interest rate?

A

The cost of borrowing money and reward for saving money

Expressed as a percentage
Paid by borrowers
Paid to Savers

42
Q

2.3 What happens if there is a rise in interest
1. Saving by customers
2. Spending by consumers
3. Borrowing by customers
4. Borrowing by consumers

A
  1. Interest increase
  2. Interest decrease
  3. Interest Decrease
  4. Interest Decrease
43
Q

2.3 rising interest rates mean…

A

Reduces spending by consumers
Reduces investment by business
Leads to a weaker economy

44
Q

2.3 Fall in interest rates means…

A

Increase in spending by consumers
Increase in businesses investments
Lead to a stronger economy

45
Q

2.3 What is unemployment

A

A situation where someone is of working age but it not able to get a job and would like to be in full-time employment

46
Q

2.3 Rising Employment levels lead to

A

Higher sales
Increased costs

47
Q

2.3 What is income elasticity of demand?
Elastic demand
Inelastic demand

A

Measures how much demand for a product changes as income changes
Always a big change in demand
Always a small change in demand

48
Q

2.4 What is Globalisation

A

The trend for markets to become worldwide in scope

49
Q

2.4 Impacts of globalisation

A

Increase in multinational countries
Increased international trade
People moving across international borders

50
Q

2.4 How can UK markets compete in international markets

A

Improving product design to give a USP
Quality products ensuring satisfied customers
Good customer service

51
Q

2.4 What is an exchange rate?

A

The price of one currency expressed in terms of another
eg £1= $1.20

52
Q

2.4 A currency rise?
A currency fall?

A

When you get more for your £
£1= $1.50

When you get less for your £
£1 = $1.05

53
Q

2.4 What is SPICED

A

Strong
Pound
Imports
Cheap
Exports
Dear

54
Q

2.4 What is WPIDEC

A

Weak
Pound
Imports
Dear
Exports
Cheap

55
Q

2.4 Fall in exchange rate means
Export prices…..
Import Prices….

A

Export prices fall and sales increase
increased profits

Import prices rise increasing costs and decreasing profits

56
Q

2.5 What is Legislation

A

A set of rules that governs the way society operates
another term for law

57
Q

2.5 Employment law
National minimum wage

A

Wages matched to inflation and rising prices
Change every October

58
Q

2.5 National Living wage

A

hourly pay set by the government
changes every April
receive this at minimum for over 25s

59
Q

2.5 Equality act 2010

A

prevents discrimination on grounds of race gender or age
cannot be treated any differently because of this
Age
Disability
Race
gender
Marriage
Religion
pregnancy
Sexual orientation2

60
Q

2.5 Impact on business

A

Increases cost to pay workers more
Profits fall

61
Q

2.5 Contract of employment

A

all employees must have this contract
legal document stating the hours, pay rate, duties and other conditions of a persons employment

62
Q

2.5 Health and Safety

A

Prevents businesses putting an employee in danger
Protects work force
Installation and maintenance of safety equipment

63
Q

2.5 consumer law

A

Protect consumer by preventing unfair practices taking place

64
Q

2.5 what does consumer law protect from?

A

False advertising
Sales of unsafe products
unfairly priced products
selling misinformation of business

65
Q

2.5 Trade descriptions act?

A

legislation designed to prevent incorrect information on packaging, labels and advertisements

66
Q

2.5 What is the 1974 health and Safety at work act?

A

lays out all the responsibilities that employers and employees have to maintain a safe and healthy workplace.

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