business management tasl

Question 1

what is a business

Answer 1

an organization engaged in commercial, industrial or professional activities. Such as selling goods and services for profit

Question 2

whats a micro business

Answer 2

less than 5 employers

Question 3

whats small business

Answer 3

5-19 employers

Question 4

whats a medium business

Answer 4

20-199 employers

Question 5

whats a large business

Answer 5

200+ employers

Question 6

what is primary production

Answer 6

raw materials grown e.g farms

Question 7

whats a secondary production

Answer 7

manufacturing and assemblying

Question 8

whats a tertiary production

Answer 8

commercial services, distribution

Question 9

whats a quaternary sector

Answer 9

creation and distribution of knowledge

Question 10

whats profit

Answer 10

calculated revenue minus expenses

Question 11

how else would you describe increasing revenue

Answer 11

money coming in

Question 12

how else would you describe decreasing expenses

Answer 12

money going out

Question 13

what is the % of market share

Answer 13

the percentage of potential customers who choose to buy your good or service.

the proportion of total sales of a whole market

Question 14

how to fulfil a market need

Answer 14

to produce a product to engage consumers into buying from their business e.d hungry jacks

Question 15

examples of fulfuling a market need

Answer 15

price, sustainability, health, labour

Question 16

define fulfilling a social need

Answer 16

to address a concern relating to customers being involved in the environment, community

Question 17

define meeting shareholder expectations

Answer 17

to receive shares of the profit made by the business.

for the value of their shares to increase over time.

to see if the company is morally run.

Question 18

whats corporate responsibility

Answer 18

morally and ethical companies
the impact an organisation makes on society, the environment and the economy. this contributes to shareholders, adding vslur to organisations in the future-operates in a sustainable way

Question 19

examples of corporate responsibility

Answer 19

-environmental responsibility
-ethical responsibility
-philanthropic responsibiliy
-economic responsibility

Question 20

whats business management

Answer 20

the planning, organisation, directing and controlling the business’s resources so that the business objectives can meet

Question 21

define market opportunities

Answer 21

potential business owners may identify oppurtunites from certain changes in market

Question 22

examples of changing customer needs

Answer 22

changing incomes
changing taxes and fashion
changing prices
changing population
changing expectations about the market
changing the number of potential customers

Question 23

examples of sources and motivations to start a business

Answer 23

independence and work-life balance
fincial gain
family tradition
fulfil a market need

Question 24

what is market

Answer 24

every possible person who could buy your product

Question 25

define segmentation

Answer 25

which people are most likely to want to buy your product

Question 26

what is market segmentation

Answer 26

dividing a board market into sub-groups of consumers

Question 27

examples of market segmentation and target markets

Answer 27

examples are geographic, demographic, psychographic and behavioural

Question 28

financial institution means?

Answer 28

a business loan from banks/lenders, paid back over a period of time, with interest

Question 29

private investor is

Answer 29

attract investors that are willing to fund the business in exchange for a share in the ownership

Question 30

what is the stock market?

Answer 30

the stock market is issuing shares to potential investors

Question 31

what is crowd funding?

Answer 31

where the practice of funding a project or venture by raising small amounts of money from a large number of people

Question 32

what’s bootstrapping?

Answer 32

bootstrapping is building a company from the ground up with nothing but personal savings

Question 33

examples of sources of finance

Answer 33

financial institution, private investor, stock market, crowd funding, bootsrapping and family and friends

Question 34

name some characteristics for entrepreneurs

Answer 34

-passion
-risk-taking
-social skills
-lateral thinker
-visionaries
-decision making

Question 35

skills for small business owners

Answer 35

-marketing, sales, customer services
-leadership
-communication and negotiation
-problem-solving
-networking