Business Studies Flashcards
(27 cards)
What is random sampling
When random people are selected for market research purposes
what is quota sampling
When people are selected based on a certain characteristic (e.g. RAILUG)
What is brand loyalty and why is it important
Its when customers keep buying from the same brand again because of its quality instead of choosing competitors and its important because it helps businesses gain a higher market share percentage
What is brand imaging and why is it important
Its the image/reputation given to a product and its important because it more than just assurance of how good a brand is
What is USP (Unique Selling Point)
The special feature of a product that differentiates from products of competitors
Identify four ways to measure the size of a business
Value of output
Revenue
* Market share
* Number of employees
* Number of outlets
What are tariffs
a tax or duty to be paid on a particular class of imports or exports
What are the roles of a manager
Plan, Organise, Coordinate, Command & Control
List dis-advantages of a trade union
Could lead to strikes and conflict
Wage increase
List advantages of trade unions
Communication between workers and a business
Wage agreements are easier to negotiate
What is Job Analysis
This identifies the responsibilities and tasks relating to a job
What is Job Description
This outlines the responsibilities and duties to be carried out by an employee
What is Job Specification
This is a document that outlines the requirements, qualifications &expertise fora specific job
What are one-way communication ways
When a message is sent that doesn’t require a call or response
What are two-ways of communication
When a receiver responds to a message sent by a sender
What is the chain of command
Structure in an organisation which allows instructions to be passed down to lower levels of management
What is delegation
The authority to give a subordinate tasks to perform.
What is the role of a line manager
A person with direct responsibility for people below them in an organisation
What is the role of a staff manager
A person who provides support, info & assistance to a line manager
Why might a business change location
They might be cheaper taxes in another country
They might have cheaper land costs in another country
They might have cheaper suppliers in another country
They might be a bigger target market at another location
What’s a business plan?
A written document that describes a business, its objectives, its strategies, the market its in & its financial forecasts.
What are the main elements of a business plan?
Executive Summary
Description of Business Opportunity
Marketing & Sales Strategy
Management Team & Personnel
Operations
Financial Forecasts
Details of Marketing Research
What are the benefits of a business plan? (3)
- Helps new business obtain finance by visiting investors
- Gives investors the idea of whether to invest or not
- Forces the owner to see the businesses weaknesses & strengths
What are the 4 Economic Sectors?
Primary - Oil Extraction
Secondary - Clothes Making
Tertiary - Retailing
Quaternary - Research & Development
