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Business Paper 1 Flashcards

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1
Q

What are the 4 main characteristics of an entrepreneur?

A
  1. Creativity
  2. Risk - taking
  3. Confidence
  4. Determination
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2
Q

What are the 3 purposes of business enterprise?

A
  1. Spotting an opportunity
  2. Developing an idea
  3. Satisfying customer needs
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3
Q

Give a reward for entrepreneurship (financial and non financial)

A

Financial
- Potential to make a lot of money
Non Financial
- Independence

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4
Q

Give a risk for entrepreneurship (financial and non financial)

A

Financial
- Could lose savings
Non financial
- Strain on health

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5
Q

What should be in a business plan? (4 points)

A

1) Identifying the market
2) Identify the finance
3) Identifying the resources
4) Achieve the businesses aims and objectives

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6
Q

Define what a private limited company is

A

Usually a smaller business, it can sell shares to invited people only

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7
Q

Define what a public limited company is

A

It can sell shares to anybody who wants to buy

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8
Q

Give the 4 main business objectives

A
  1. Survival
  2. Profit
  3. Providing a service
  4. Growth
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9
Q

What is the role of employees?

A
  • Produce goods and services
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10
Q

What is the owners role?

A
  • Manage the business
  • Provide finance to start up the business
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11
Q

What is the role of the government?

A
  • Help business, workers and the community
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12
Q

What are 4 ways a business could grow organically?

A

1) Increasing output
2) Developing new products
3) Gaining new customers
4) Increasing market share

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13
Q

What are 4 ways a business can grow externally?

A

1) Horizontal growth
2) Diversification
3) Forward vertical growth
4) Backward vertical growth

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14
Q

Define horizontal growth

A

A merger or takeover of a business with similar interests

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15
Q

Define diversification

A

When a business takes over another business with no connections

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16
Q

Define backward vertical growth

A

When a business takes over a business that supplies it

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17
Q

Define forward vertical growth

A

When a business takes over a business it supplies

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18
Q

What are the 3 main purposes of marketing?

A
  1. Identifying and understanding customers
  2. Informing customers
  3. Increasing sales
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19
Q

State the 4 Ps of marketing

A

Product
Place
Price
Promotion

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20
Q

What are the 4 primary methods of research?

A
  1. Interview
  2. Questionnaire
  3. Trialling
  4. Focus group
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21
Q

What are 4 secondary research methods?

A
  1. UK census data
  2. Data from newspapers and magazines
  3. Data from websites
  4. Internal data
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22
Q

Give an advantage and disadvantage of quantitative data

A

Adv
- Easy to analyse
Dis
- It limits peoples opinions

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23
Q

Give an advantage and disadvantage of qualitative data

A

Adv
- Helps a business understand
Dis
- Lots of responses

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24
Q

How can a market be segmented? (5)

A
  • Age
  • Gender
  • Income
  • Location
  • Lifestyle
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25
What is skimming?
A high price is charged and then reduced
26
What is cost - plus pricing
The price and profit put together
27
What is penetration pricing?
A low price is charged and then is slowly increased
28
What is promotional pricing?
The price is lowered to persuade customers to buy it
29
What is competitor pricing?
Bases their price off of competitors prices as well and usually go lower to attract more customers
30
What are some point of sale promotions?
1. Price reductions 2. Competitions 3. Loss leaders 4. Free samples
31
Where can a business advertise?
- Social media - Websites - Television - Print media - Radio
32
Explain the 4 stages in the product life cycle
Stage 1 The product is new Stage 2 Sales grow quickly Stage 3 Sales reach their peak Stage 4 Sales begin to fall
33
What is market share?
The percentage of the total sales in a market of the business
34
What is the target market?
- Who the customers are - What the customers want
35
Give the 3 main roles of HR 1
1. How many workers it needs to employ 2. The types of workers it needs 3. How the business will get the best out of its workers
36
Give an advantage of a tall structure
- There are clear lines of communication - Managers have less people they are responsible for
37
Give an advantage of a flat structure
- Managers tend to delegate - Workers are likely to talk to a wider range of colleagues
38
Give a disadvantage of a tall structure
- Subordinates feel they are too controlled - Workers may only talk to immediate employees
39
Give a disadvantage of a flat structure
- There are not always clear lines of communication - Managers have to oversee large amounts of people - Less chance of promotion
40
What is span of control?
The number of people that a manager has authority over
41
Define delegation
A process where a manager gives subordinates responsibility to make certain decisions
42
Name 4 ways of working
Full time Part time Flexible Temporary Working from home Working while mobile Self employment
43
Define flexible working
When workers work partly at their business and partly somewhere else
44
What is temporary working
When a person is only needed for a short period of time
45
Name 3 methods of verbal communication
1. Phone 2. Meeting 3. Presentation
46
Name 5 methods of non verbal communication
1. Letter 2. Email 3. Text 4. Social media 5. Website
47
How might a business need to communicate for finance?
- With the bank to get a loan
48
How might a business need to communicate for marketing?
- Research what customers want
49
How might a business need to communicate for human resources?
- Workers need to be recruited - Workers need to be appraised
50
How might a business need to communicate with the government?
- Need to know the rules and regulations - To ask for help
51
Why might businesses recruit? (4)
- To start up a business - When a business grows - To replace employees who leave - To fills a skills gap
52
State an advantage of internal recruitment
It is cheaper They are already familiar with the business
53
State an advantage of external recruitment
It can fill a skills gap People from the outside can bring in new ideas
54
Name the 7 methods of selection
1. Application form 2. Letter of application 3. CV 4. Interview 5. Group activities 6. Reference 7. Tests and presentations
55
Give 4 financial methods of motivation
1) Pay 2) Bonus 3) Profit sharing 4) Fringe benefits
56
Give 3 non - financial methods of motivation
1) Praise 2) Award scheme 3) Working environment
57
What are 4 benefits of motivated workers?
1. Higher worker productivity 2. Reduced levels of supervision 3. Workers will want to come in to work 4. Improved quality
58
Give an advantage and disadvantage of on the job training
Adv - It is specific to individual businesses - Cheaper Dis - Could be taught badly
59
Give an advantage and disadvantage of off the job training
Adv - Training is given by experts Dis - It can be expensive
60
What are some ways a business can do off the job training?
- Lectures - Demonstrations - Team building activities - Role play or simulation - Reading and reflecting on online materials
61
Give 2 benefits to employees of staff development
1 - Staff develop new skills 2 - Staff are paid while learning new skills
62
Gain 2 benefits to business of staff development
1 - Can improve staff retention 2 - Can help to overcome skills shortages
63
In relation to discrimination law, what must a business not do?
- Pay workers differently for the same work - Have favourites - Allow workers to be mistreated
64
What could happen due to discrimination?
- Staff may become demotivated - Workers decide to leave

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