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BTEC Tech Award > Component 1 > Flashcards

Component 1 Flashcards

1
Q

How many employees in a micro enterprise?

A

0-9

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2
Q

How many employees in a small enterprise?

A

10-49

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3
Q

How many employees in a medium enterprise?

A

50-249

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4
Q

Name 3 features of a sole trader

A
  1. A sole trader is owned by just 1 person. 2. They have unlimited liability 3. A sole trader can employ people
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5
Q

Name 3 features of a partnership

A
  1. You can have 2-20 partners in a business. 2. Partners sign a legal agreement called a Deed of Partnership. 3. Partnerships have unlimited liability.
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6
Q

Name 3 features of a private limited company

A
  1. Shares are sold privately to friends and family. 2. Private limited companies have limited liability 3. Private limited companies have the letters ltd after the business name.
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7
Q

What is meant by limited liability?

A

The owners assets are separate from their private assets. This means that if the business goes bankrupt only business assets can be used to pay debts.

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8
Q

What is meant by unlimited liability?

A

The owners assets are not separate from their private assets. This means that if the business goes bankrupt business assets AND private assets can be used to pay debts.

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9
Q

What name is given to a business that has a physical store?

A

bricks and mortar

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10
Q

What name is given to a business that sells online?

A

Ecommerce

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11
Q

What is mcommerce?

A

A business that sells via mobile devices

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12
Q

What is the difference between a business and an enterprise?

A

Enterprises are businesses early in the growth phase

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13
Q

What do you call an enterprise that exists to do good in the community?

A

A social enterprise eg a village store run by volunteers

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14
Q

What is the name of a business run by someone alongside their main job or education?

A

Side hustle

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15
Q

What is an LLP?

A

A limited liability partnership where a partnership has registered legally to have limited liability.

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16
Q

Name the 3 business sectors?

A

Primary, secondary and tertiary

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17
Q

Give an example from each business sector

A

primary eg farming, secondary eg manufacturing, tertiary eg retail

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18
Q

What is the difference between B2B and B2C enterprises?

A

B2B stands for Business to Business meaning the business is selling its product or service to other businesses. B2C means Business to customer meaning the business is selling to individual customers.

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19
Q

What is an aim?

A

A target for the enterprise to achieve

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20
Q

Why have aims?

A

To provide a challenge
To provide a focus
To check your progress

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21
Q

Name 7 types of aim

A

Profit, Break even, survival
Environment, Ethics, Expand
Sell, Sell, Sell (maximise sales)

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22
Q

Give 2 examples of environmental aims

A

To use 100% renewable energy by 2025
To reduce waste by 50% this year

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23
Q

How could an ethical aim relate to people’s pay?

A

To pay people a fair wage

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24
Q

How might a company achieve an aim of expanding?

A

More sales, more stores, more customers or more products

25
Q

What is meant by the term ‘an industry’?

A

A group of similar businesses based on the main product or service

26
Q

What industry might a cafe operate in?

A

Food or hospitality industry

27
Q

What industry might a cinema operate in?

A

The entertainment industry

28
Q

What industry might a gym operate in?

A

The sport or fitness industry

29
Q

Name the 4 reasons an entrepreneur might start their own business.

A

Be your own boss, flexibility, pursue an interest, pursue a social benefit

30
Q

What name is given to someone who starts their own business, spelt correctly!

A

entrepreneur

31
Q

Name 6 types of changes that might happen in a market

A
  1. Change in social trends eg social media
  2. Change in tastes
  3. Technological advances
  4. Economic changes
  5. Changes in society priorities eg environment
  6. Change in competition
32
Q

What type of change can be seen in lots of people across the country finding they are doing low paid jobs

A

Economic changes

33
Q

What type of change can be seen in 5G coverage accessible across most areas of the UK.

A

technological change

34
Q

List 3 ways an enterprise could attract new customers

A

eg discount vouchers, BOGOF, loyalty cards, sales or competitions

35
Q

Why does an entrepreneur need to manage its human resources well?

A

Human resources are staff. Staff should be motivated. Motivated staff give better customer service and also stay longer in the business.

36
Q

Why does an entrepreneur need to manage its financial resources well?

A

Financial resources include cash to pay the bills and buy stock and profit to investment in growing the business (including advertising).

37
Q

How does a business calculate profit?

A

Sales revenue - costs

38
Q

What is market research?

A

Collecting and analysing data and information about customers and competitors

39
Q

What is quantitative data?

A

Data in the form of numbers, providing simplified information without people’s opinions

40
Q

What is qualitative data?

A

Data which is non-statistical, more in-depth information about people’s opinions and attitudes

41
Q

What is primary market research?

A

Research gathered that is original and first-hand to find answers to the enterprise’s research questions

42
Q

Give 3 examples of primary research methods

A

Focus Groups, surveys and questionnaires

43
Q

What is an open question?

A

A question where the respondent can respond using their own format

44
Q

What is a closed question?

A

A question where the respondent can only respond using a given format eg yes/no

45
Q

What is secondary research?

A

research that has already been undertaken by another organisation and therefore already exists

46
Q

Name 5 sources of secondary research?

A

Government reports, competitor materials, market reports, trade magazines, online data

47
Q

Name a company that provides market reports

A

either Mintel or Mori

48
Q

Give 2 advantages of secondary research

A

it is already collected so it is fast to access. It can provide quality information because it might be collected by experts

49
Q

Give 2 disadvantages of secondary research

A

Information can be out-of-date. Market reports can be expensive to buy.

50
Q

Define a niche market

A

specialist markets
where the product needs are adapted f
or small target customer group.

51
Q

What term is used for the opposite of a niche market, where a single product meets all customer needs?

A

mass market

52
Q

Give 5 examples of how to segment a market

A

Age, gender, income, location, lifestyle (AGILL)

53
Q

What does USP stand for?

A

Unique Selling Point

54
Q

What is product differentiation?

A

Features that allow the business to stand out from its competitors

55
Q

Give 2 advantages of selling in a niche market?

A

Less competition, charge higher prices, customer loyalty

56
Q

What is the difference between a patent and a copyright?

A

Patent offers legal protection for an idea or invention eg recipe. Copyright offers legal protection for an image or design eg branding

57
Q

What is meant by the term ‘branding’?

A

The distinctive image, design and colour of the business eg the Coca-Cola brand

58
Q

What do the letters PEST stand for?

A

Political, Economic, Social and Technological

59
Q

What is situational analysis?

A

When a business examines the influences that affect its success using PEST

BTEC Tech Award (2 decks)

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