Business

Question 1

What is a sole trader?

Answer 1

Sole owner of a business (self employed)

Question 2

Positives of being a sole trader

Answer 2

Paid choice of wage, flexible hours

Question 3

Negatives of being a sole trader?

Answer 3

No sick pay, Liable for any debts

Question 4

What does liable mean?

Answer 4

Responsible by law

Question 5

What is a partnership?

Answer 5

Two or more people who come together to form a business

Question 6

Positives of a partnership

Answer 6

Shared responsibility

Question 7

Negatives of a partnership?

Answer 7

Liable for any debts, Shared profits

Question 8

What is a private limited company?

Answer 8

It is a small business that will have LTD at the end

Question 9

Which kind of business will have LTD at the end

Answer 9

A private limited company

Question 10

Positives of a private limited company

Answer 10

Limited liability (only responsible for their share of the debt)

Question 11

What is a public limited company?

Answer 11

Large businesses selling shares to the public

Question 12

Positives of a public limited company

Answer 12

Can make money, not liable for debt

Question 13

Negatives of a public limited company

Answer 13

Lose money if shares go down

Question 14

What is the size of a business?

Answer 14

The number of employees a business has

Question 15

What is the scope of a business?

Answer 15

This refers to the extent of the businesses activities and how far it extends around the world.

Question 16

How big is a micro business? Give an example

Answer 16

0-9 A local independent gym with 4 employees

Question 17

How big is a small business? Give example

Answer 17

10-49 A local leisure centre

Question 18

How big is a medium business? Give example

Answer 18

50-249 A football league club

Question 19

How big is a large business? Give example

Answer 19

250+ A sports retail company

Question 20

What’s the private sector?

Question 21

What are the aims of the private sector?

Answer 21

Making profits, break even, survival, growth, market leadership, diversification, customer satisfaction

Question 22

What is gross profit and net profit

Answer 22

Gross profit= income - any costs of creating
Net profit = how much you take home after all costs

Question 23

What does beak even mean

Answer 23

When income = outcome

Question 24

What’s the public sector?

Answer 24

Ran by or on behalf on of the government using taxes

Question 25

What are the aims of the public sector?

Answer 25

Meeting government standards, service quality, cost control, value for money

Question 26

What is service quality?

Answer 26

Quality is important as it demonstrates that public spending is justified

Question 27

What's cost control?

Answer 27

Not spending the publics money unnecessarily

Question 28

What's the voluntary sector?

Answer 28

An organisation whose primary purpose is to create social impact rather than profit

Question 29

What are the aims of the voluntary sector?

Answer 29

To support the local communities, to encourage participation

Question 30

What are the programmes to promote participation?

Answer 30

Individual training, group exercise and activities, water based activities

Question 31

What is an example of individual training?

Answer 31

0ne to one coaching

Question 32

What is an example of group exercise activities?

Answer 32

Yoga, spin, children's sport's clubs

Question 33

What is an example of water based activities?

Answer 33

Swimming lessons, aqua fit

Question 34

What are the different demographics?

Answer 34

Age, ethnicity's, socio - economic, gender, disability

Question 35

What are the different purpose groups?

Answer 35

recreational, charitable, weight loss, personal image, training for performance, health maintenance

Question 36

What are the 7 marketing p's?

Answer 36

price, place, product, promotion, people, physical environment, process

Question 37

Explain price

Answer 37

Pricing strategy, the product is only worth what the customer is willing to pay

Question 38

Explain place

Answer 38

Where is it? Where do you supply & deliver, should be customer convenient

Question 39

Explain promotion

Answer 39

Mix methods of advertising/digital promotion, social media, target market, brand image

Question 40

Explain people

Answer 40

Staff are key to the brand image of the business

Question 41

Explain physical environment

Answer 41

Reflecting the brand image, tidy gives customers reassurance in business & product

Question 42

Explain process

Answer 42

Customers will compare similar business to see which is better/meets their needs

Question 43

What is meant by customer knowledge?

Answer 43

You need to understand your customers and the demographic they fit into.

Question 44

What is meant by market?

Answer 44

Consider what is happening in the market- market analysis can be carried out, this can link to trends

Question 45

What is meant by opportunities?

Answer 45

This will be identified by your methods of analysis e.g. swot/pestle

Question 46

What is meant by competitors?

Answer 46

Keeping an eye on your competition & knowing their strengths & weaknesses is important. This helps identify any gaps in the market and ensures you aren't over/under pricing

Question 47

What is meant by demands and trends?

Answer 47

What is selling quick, what is selling slow- how can your business adapt to these demands to meet customer needs.

Question 48

What is meant by pricing?

Answer 48

Low price=gain foothold on the market/ going rate=frequent purchases & high end= up market top quality

Question 49

What does AIDA stand for?

Answer 49

Awareness Interest Desire Action

Question 50

What does SWOT stand for

Answer 50

Strengths Weaknesses Opportunities Threats x3

Question 51

What's a stakeholder?

Answer 51

Someone who has an interest in a business

Question 52

What are the two different types of stakeholders?

Answer 52

Internal & External

Question 53

Give examples of internal stakeholders

Answer 53

Manager, employees, owners/shareholders

Question 54

Give examples of external stakeholders

Answer 54

Suppliers, competitors, creditors, customers

Question 55

What is meant by external stakeholder creditor?

Answer 55

If you owe another business money they will want you to succeed so you can pay them back.