co-operative Flashcards
1
Q
what is a co-operative
A
an organisation that is owned and controlled by a group of people who have an equal say in the running of the business and receive a share of any profits the business makes
2
Q
what are the key values of a cooperative
A
membership is open and voluntary, members are always in control, contribute to capital and decide how to spend it, committed to education and training of the employees, committed to promoting the development of communities, profits are shared fairly
3
Q
what is a consumer cooperative
A
a group of local consumers get together for mutual benefit, buy products and sell it, owned and manages by members who are also customers
4
Q
give 5 advantages of cooperatives
A
- focus less on profit, leads to better customer service
- profits are distributed fairly among the members
- less likelihood of arguments
- committed to education and training of members
- members are motivated to succeed
5
Q
give 5 disadvantages of cooperatives
A
- decision making can be difficult
- focus on fairness and ethical business practice
- difficult to recruit top quality management
- all members have an equal right to speak even if they have little knowledge of the subject being discussed
- hard for members to make tough decisions that will affect their co-workers
