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Unit 21 - Sport as a business > LO2 > Flashcards

LO2 Flashcards

1
Q

What are the 9 key indicators of business success?

A
  • Profitability
  • Share price
  • Customer satisfaction
  • Company growth
  • Reputation
  • Repeat business
  • Legacy
  • Trophies/competitions
  • Recognisable brand
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2
Q

Business example of profitability

A

2022 Adidas = $11+ billion

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3
Q

Business example of share price

A

2007 Lululemon was $18
2022 Lululemon is $414

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4
Q

Business example of customer satisfaction

A

Adidas 2019-2020
satisfaction decreased by 6%

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5
Q

Business example of company growth

A

Gymshark increased credibility, opened a shop in london and has a networth of $1.5 billion

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6
Q

Business example of reputation

A

Nike’s reputation was damaged with athletes doping and sweatshop allegations

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7
Q

Business example of repeat business

A

Amazon has loyal customers with memberships and Prime

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8
Q

Business example of legacy

A

Puma - no major scandels in 70 years

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9
Q

Business example of wins trophies/competitions

A

Manchester City won the champions league, premier league and FA cup

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10
Q

Business example of recognisable brand

A

Adidas with the 3 stripes

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11
Q

What are the 4 things outlined in a contract and what are they known as?

A
  • Employment conditions
  • Rights
  • Responsibilities
  • Duties
    Terms of contract
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12
Q

What are the 8 types of contracts?

A
  • Part time
  • Full time
  • Permanent
  • Temporary
  • Contracted
  • Seasonal
  • Outsourcing
  • Voluntary
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13
Q

Part time (description, who would use it, advantages, disadvantages)

A
  • Part time hours
  • Retail with students
  • Gain experience, cheaper
  • Inflexible with other commitments, will have other pursuits
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14
Q

Full time (description, who would use it, advantages, disadvantages)

A
  • Full time hours
  • Manager of retail
  • Settled, job security, regular hours
  • Difficult to get out of
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15
Q

Permanent (description, who would use it, advantages, disadvantages)

A
  • No end date (pull or full time)
  • Manager, PE teacher
  • Job security, trusted
  • Difficult to get out of
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16
Q

Temporary (description, who would use it, advantages, disadvantages)

A
  • Only for a certain time period
  • Maternity (barton sports department)
  • Good work experience
  • Minimal job security
17
Q

Contracted (description, who would use it, advantages, disadvantages)

A
  • Isn’t permanently on site but called when needed
  • Cricket coach, personal trainer
  • Doesn’t have to be on site 24/7, flexible
  • Only paid for hours you do
18
Q

Seasonal (description, who would use it, advantages, disadvantages)

A
  • Only holiday periods/certain times of year
  • Sports camps in summer holidays
  • Small amount of time, good for extra money/experience
  • Temporary
19
Q

Outsourcing (description, who would use it, advantages, disadvantages)

A
  • Company will use other company
  • Nike will outsource a calling company to reach customers
  • More time to focus on business
  • Cost
20
Q

Voluntary (description, who would use it, advantages, disadvantages)

A
  • Unpaid
  • Charities (sports aid)
  • Don’t have to pay them
  • Hard to find staff
21
Q

Why is it important to recruit the right staff?

A
  • Expensive so don’t want to do it regularly
  • Staff become more knowledgable over time (customer satsfaction increases)
  • Investment in the person is well rewarded
22
Q

How can business attract applications from the right people?

A
  • Advertise well
23
Q

What information should an advertisement include?

A
  • Sector
  • Roles and recruitment
  • Available budgets
  • Reputation of business
24
Q

How can a business keep staff in the business?

A
  • Bonus schemes
  • Progression in the company
  • Working hours/conditions
  • Success of organisation
  • Positive work environment
  • Self-development
25
Q

Benefits of staff retention to the business

A
  • Save money on recruitment and training processes
  • Skilled workforce
  • Staff know customers better
  • Promoting from within
26
Q

Benefits of staff retention to the customers

A
  • Familiar/skilled workforce
  • More likely to be knowlegeable and help them
  • Have good customer relationships
27
Q

Benefits of staff retention to the employees

A
  • Promotion opportunities
  • Professional development
  • Job security and satisfaction
28
Q

What different ways do businesses use to attract customers?

A
  • Advertising
  • Offers/freebies
  • Sponsorships
  • Loyalty schemes
  • Social media links
  • Traditional marketing (posters, newspapers, TV)
29
Q

Relationship marketing

A
  • Focus on customer retention
  • Emphasis on customer service and commitment
  • Focus on product benefit
  • Chase cricket
30
Q

Transactional marketing

A
  • Focused on single sale
  • Little emphasis on customer service and commitment
  • Orientation on product features
  • Peloton
31
Q

What are the 9 benefits of keeping loyal customers to the business?

A
  • Cheaper
  • Spend more per transaction
  • More word of mouth
  • Engaged customers provide more feedback
  • Customers will explore your brand
  • More forgiving
  • Wiggle room to try new things
  • Employee health
32
Q

How have Gymshark used their promotional methods effectively?

A
  • Sponsor social media influencers
  • Sales
  • Adverts on social media
  • Word of mouth
33
Q

Are Gymshark successful in their advertising campaigns?

A

Yes
- £1.4 billion networth
- Attract new customers

34
Q

What strategies to Gymshark use to retain their customers?

A
  • Deals/sales
  • Promotional campaigns
  • Good quality clothes for reasonable price

Unit 21 - Sport as a business (6 decks)

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