Business

Question 1

What is an entrepreneur

Answer 1

Someone who owns there own business

Question 2

What is limited liability

Answer 2

When you are at risk of loosing ONLY things related to your business

Question 3

Three qualities a entrepreneur would have

Answer 3

Confidence , approachable , determination

Question 4

Three skills an entrepreneur would have

Answer 4

ICT , numeracy , leadership

Question 5

What is unlimited liability

Answer 5

Personal belongings can be taken from you

Question 6

What are the three sectors of industry

Answer 6

Primary
Secondary
Tertiary

Question 7

Describe primary

Answer 7

Land/natural resources

Eg mining , fishing

Question 8

Describe secondary

Answer 8

Using the materials from primary to create goods

Eg house, paper

Question 9

Describe tertiary

Answer 9

Providing a service

Eg hairdresser, schools

Question 10

What are the three sectors of the economy

Answer 10

Public , private and third

Question 11

Describe private

Answer 11

Owned by private individuals

Eg Tesco , Asda

Question 12

Describe public

Answer 12

Government owns

Eg schools , NHS

Question 13

Describe third

Answer 13

Charities and social enterprises

Eg cancer research

Question 14

Name the four types of business organisations

Answer 14

Sole trader
Partnership
Private limited company
Public limited company

Question 15

What is a sole trader and name an advantage and disadvantage

Answer 15

Business owned by one person

Advantage - can keep all profit
Disadvantage - long working hours

Question 16

What is a partnership and name an advantage and disadvantage

Answer 16

A business owned by 2-20 people

Advantage - shared workload
Disadvantage - shared profits

Question 17

What is a private limited company and name an advantage and disadvantage

Answer 17

Family and friends buy your shares

Advantage - limited liability
Disadvantage - have to register =£

Question 18

What is a public limited company and name an advantage and disadvantage

Answer 18

The public buy your shares on the stock market

Advantage - money quicker , limited liability
Disadvantage - loss of control

Question 19

Sole traders, partnerships , Ldt and Plc are all in what sector

Answer 19

Private

Question 20

What are three things a business needs to satisfy their customers

Answer 20

Good service , good prices , up to date fashion/products

Question 21

What is a satisfied customer

Answer 21

The customer will return and recommend the company

Question 22

how can you keep customers loyal

Answer 22

Loyalty and points cards

Question 23

How can you attract new customers

Answer 23

Advertising and promoting or recommendations from existing customers

Question 24

What is bad publicity and what will it lead too

Answer 24

Customers bad experiences
Leaving bad reviews

This will lead to a poor reputation

Question 25

What is market research

Answer 25

Business use market research to identify what the customers need or want

Question 26

What are the two types of market research

Answer 26

Desk and field

Question 27

What is desk research

Answer 27

All research is done at a computer and the information already exists

Question 28

What is field research

Answer 28

Gather the information face to face | Getting the information first hand

Question 29

Name an advantage and disadvantage of desk research

Answer 29

Advantage - receive the information right away | Disadvantage - not always accurate

Question 30

What are the 4p’s

Answer 30

Price , place , product and promotion

Question 31

Name an advantage and disadvantage of field research

Answer 31

Advantage - accurate information | Disadvantage - takes longer to gather the information

Question 32

What is place

Answer 32

Where the products/goods are sold

Question 33

What is price

Answer 33

The amount payed for the product or service

Question 34

What is promotion

Answer 34

How you promote the good or service | Eg billboards and social media

Question 35

What is product

Answer 35

The actual good or service purchased buy the customer/consumer

Question 36

What is advertising divided into and give example

Answer 36

Digital eg - online , email Traditional eg - radio, billboards

Question 37

Name three types of promotional strategies

Answer 37

Celebrity endorsement Sales promotion Special offers

Question 38

Name three special offers

Answer 38

Loyalty cards BOGOF Discounts

Question 39

What are examples of extension strategies for the 4p’s

Answer 39

Product- introduce a new version Price- reduce the pricing Promotion- introduce a new advertising campaign Place- change where it can be bought

Question 40

What is brand loyalty

Answer 40

When a customer is loyal to a particular brand they will continue to buy that brands associated products

Question 41

What is quality

Answer 41

Businesses have to ensure of good quality to make sure to satisfy customer needs and give good value for money

Question 42

What is quality control

Answer 42

Making sure the standard of the product meets the customers expectations AFTER the product is finished

Question 43

What is quality assurance

Answer 43

Making sure the product meets the customers expectations after EACH STEP of the production

Question 44

What is quality circles

Answer 44

When a group of workers discuss to solve production problems

Question 45

What is benchmarking

Answer 45

Discovering the best methods or productions

Question 46

What are the four main functional areas in a traditional business model

Answer 46

Marketing Finance Operations Human Resources

Question 47

What is marketing

Answer 47

Collecting information on customers preferences for particular goods or services

Question 48

What are operations

Answer 48

How the business changes the raw materials into the finished products

Question 49

What are Human Resources

Answer 49

Describes the people who work in the business

Question 50

What is finance

Answer 50

The department responsible for the money in a business

Question 51

What is administration

Answer 51

The backbone of any organisation Responsible for typing , filing and organising meetings