Business Flashcards
(29 cards)
What is enterprising
To be able to spot a good business opportunity and have the drive and vision to make the business succeed. The entrepreneur must be prepared to take risks.
Advantages of PLC
Raising Capital
Limited Liability
Range of Ideas
Advantages of Ltd
Limited liability
Greater ability to raise capital
Control and specialisation
Advantages of Sole trader
Own boss
Low start up costs
Full control
All profits retained
Advantages of partnership
Increased ability to raise capital
Specialisation
Shared workload
Private financial affairs
Advantage of franchise
Growth is rapid
Royalties
Less workload
Social enterprise definition
A social enterprise is a business with primarily social objectives and if any profit is made it is reinvested for that purpose in the business
How can a social enterprise deliver economic output
Helping the community
Provide jobs for the local community
Marketing Mix definition
The marketing mix deals with the way in which a business uses price, product, place and promotion to market and sell products
Quality assurance awards
Customer service excellence award
ISO9001
EFQM
Investors in people
E business definition
The online transaction of goods and services, and the transfer of funds through digital communications
Advantages of an E-Business
Reaches global market
No need to close
Reduce costs (no premises)
Ideas for good customer service
Easy access to complaints
Staff deal with customer complaints
Customer shopping experience is safe
Reward customer with incentives
High quality customer service training
What is the CSEA
Customer Service Excellence Award
4 methods of manufacturing
Job
Batch
Flow
Process
Health and safety employee responsibility
Report issues
Wear PPE
Take care while using machinery
Cooperate with policies
Health and safety employer responsibility
Ensure safe use of machinery
Appoint health and safety officer
Provide PPE
Entrepreneur Characteristics
Confident
Risk-taking
Decision Making
Creative
Government encourages enterprise because
Creates jobs
Economic development
Increased taxes
2 factors to influence place
Proximity to raw materials
Proximity to market
Aims of a business
Growth
Profit Maximisation
Social responsibility
PR
Survival
Business aim conflict examples
Profit v growth
Profit v PR
Profit v care for environment
Purpose of market research
Learn about desires of customer groups
Examples of market segments
Age, income, gender, lifestyle
