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Business Management > All Topics > Flashcards

All Topics Flashcards

1
Q

Give advantages of a sole trader

A

Own boss
Keep all the profits
Easy and quick to make decisions

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2
Q

Give disadvantages of a sole trader

A

Hard to take time off

No one to share the responsibility with

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3
Q

What is a partnership

A

When 2-20 people join forces to manage the business

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4
Q

Give advantages of a partnership

A

Share the workload

Share the responsibility

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5
Q

Give disadvantages of a partnership

A

May have disagreements

May fall out

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6
Q

Name the three sectors of industry and explain what they are

A

Primary- production of raw materials, such as fish and cotton

Secondary-transformation from raw materials to goods or services, such as cotton into jeans

Tertiary- provision of services to the public, eg supermarket

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7
Q

What are the factors of production

A

Capital- machinery, tools
Enterprise-coming up with the business idea
Land- land,water,natural resources
Labour- human resources

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8
Q

What is a sole trader

A

A sole trader is when the business is owned by only 1 person

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9
Q

What is a public sector organisation

A

A business which is set up by the government and its main aim is to provide a service - eg NHS

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10
Q

What is a Plc -(public limited company)

A

When any member of the public can buy a share in the business

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11
Q

What is a ltd(private limited company)

A

When you can only get invited to buy a share in the business

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12
Q

What is a business objective

A

Something the business aims for

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13
Q

Give some examples of business objectives

A

Growth
Profit
Survival
Customer satisfaction

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14
Q

Give some external factors which can affect businesses

A

PESTEC

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15
Q

Explain Political (PESTEC)

A

The government can change laws causing the business to stop doing certain things
Increase or decrease income tax

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16
Q

Explain Economic (PESTEC)

A

Wages can increase or decrease causing people not wanting to spend their wages on dearer prices

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17
Q

Explain social (PESTEC)

A

Peoples tastes can change causing them not to buy some things in shops

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18
Q

Explain technological (PESTEC)

A

Having the latest technology will increase more orders

Customers will have a easier experience while online shopping

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19
Q

Explain environmental (PESTEC)

A

The weather can affect businesses as the stores may not be able to get orders causing them to loose profit by not having a lot of stock

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20
Q

Explain Competition (PESTEC)

A

Businesses can compete against each other to have the best reputation and will increase customer satisfaction

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21
Q

What is an external factor

A

Something outside of the business which can affect it

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22
Q

What is an internal factor

A

Something inside the business which can affect it

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23
Q

What is a good

A

Something you can touch

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24
Q

What is a service

A

Something that is done for you

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25
Q

Gives some skills and qualities of an entrepreneur

A 
Hardworking 
Motivation 
Numeracy skills
People skills
Confidence
Creative
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26
Q

What is a social enterprise

A

When the business has a more environmental aim that making a profit

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27
Q

What is the voluntary sector

A

They work with charities. Even though they sell goods they do not make a profit as all of the money goes to charities
Some examples are Red Cross and St Andrews hospice shop

28
Q

What is a stakeholder

A

Someone who has an interest in the business

29
Q

Give examples of internal stakeholders

A

Employees
Managers
Shareholders

30
Q

Give examples of external stakeholders

A

Customers
Community
Suppliers

31
Q

Explain what shareholders want

A

Increase profits

Increase share prices

32
Q

Explain what owners want

A

Large profit

Ensure there objectives are met

33
Q

Explain what managers and employees want

A

Good pay

Good working conditions

34
Q

Explain what customers want

A

Good quality
Low price
Good customer satisfaction

35
Q

Explain what suppliers want

A

Paid on time

Good reputation

36
Q

Explain what the government want

A

Ensure employment

Follow rules and regulations

37
Q

What is a franchise

A

When the business allows someone to sell their goods but following the same rules and regulations
Examples are McDonalds, KFC

38
Q

What is a franchisee

A

The person who owns one store

39
Q

What is the franchiser

A

The person who owns the full business overall

40
Q

Give three short term sources of finance and explain them

A

Overdraft

Trade credit

Hire purchase

41
Q

Give some internal factors which can affect a business

A

Employees
Finance
Technology

42
Q

Give examples of short term finance and explain

A

Trade credit- supplier gives you time to pay

Hire purchase- paying a deposit and then monthly payments after that

Over draft- bank allows you to borrow a certain amount of money but must be paid back

43
Q

Give examples of long term sources of finance

A

Bank loan- given a certain amount of money but all must be paid back with interest rates

Mortgage- money from the bank to secure your property

Leasing- usually equipment or vehicles

44
Q

What is marketing

A

Finding out what consumers want to satisfy their requirements. It can be achieved by doing market research.

45
Q

Give some objectives of market

A

New and improved product
Increased sales and profit
Target a new market

46
Q

What is market share

A

How big/small a part the business is against its competitors- Nike, adidas

47
Q

Give some examples of a market

A

Shop
Phone
Post
Internet (e-commerce)

48
Q

What is market segmentation

A

When a business segments their products depending on who and what the customer is like

49
Q

Give some examples of market segmentation

A 
Gender 
Age 
Income 
Religion 
Ethnicity 
Hobbies/interests 
Lifestyle 
Job 
Where you live
50
Q

Explain field research and give examples

A

Collecting new information about your market through surveys,interviews

51
Q

Give advantages and disadvantages of desk research

A

Adv. quick to do
Easy to access

Dis. Out of date
Not reliable

52
Q

Give advantages and disadvantages of field research

A

Adv. reliable
Up to date

Dis. Takes a lot of time to do
May be expensive

53
Q

Explain desk research and give examples

A

When you use reused information for you market.

Examples are the Internet and books

54
Q

What is a brand

A

When a name, logo or symbol is given to a single product or a group of products

55
Q

Gives advantages of branding

A

Easy to recognise
Easy to bring out a new product
Customers become brand loyal

56
Q

Give disadvantages of branding

A

Fake products can be made easily and sold on

If a customer has had a bad experience with the brand they will stop using that certain brand and use another one

57
Q

Give examples of pricing strategies

A

High price, low price, market price, competitive pricing, promotional pricing, destroyer price, price skimming, cost plus pricing, penetration pricing , psychological pricing

58
Q

Explain promotional pricing

A

When the price is set low for a particular period

59
Q

Explain low price

A

When the business sets the price low, could suggest low quality

60
Q

Explain penetration pricing

A

When the price is set low but then as the market increases is set high

61
Q

Explain high price

A

When they price is set high and could suggest a high, good quality

62
Q

Explain destroyer pricing

A

When the price is set low as soon as it comes into the market

63
Q

Explain psychological pricing

A

When it persuades the customer to buy as they think it is cheaper

For example- £9.99 instead of £10

64
Q

Explain price skimming

A

When they customer pays a high price at the beginning so they are the first to have it

65
Q

Explain cost plus pricing

A

When they price of making the product is added on to the initial price so they can make a good profit

66
Q

Explain market price

A

When you set your price at roughly the same as your competitors

67
Q

Explain competitive pricing

A

When they business decides on its price compared to what their competitors are selling it for

Business Management (1 decks)

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