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Flashcards in Mock Deck (36):
1

JIT - Adv

- less storage
- less waste from packaging
- cheaper to buy smaller stock-small businesses

2

JIT - Disadv

- may run out of stock
- rely on supplier on time
- more planning required ( eg Christmas )

3

Multinational - Adv

- more potential profit
- status
- cheaper workers
- bigger target market

4

Multinational - Disadv

- time zone
- language - communication
- hard to keep good standards
- more equipment and workers

5

Democratic - Adv

- job satisfaction
- more ideas - possibly more innovative ones

6

Democratic - Disadv

- leader looks indecisive
- time consuming to ask people
- become too close to workers so can’t fire them

7

Primary Research - Adv

- relevant as you chose
- reliable
- up to date

8

Primary Research - Disadv

- expensive
- time consuming
- needs constant updating

9

Secondary Research - Adv

- internet is quick
- accessible
- cheaper than primary

10

Secondary Research - Disadv

- not always reliable
- out of date
- not specific

11

Sole trader - Adv

- easy & cheap to set up
- keep all profits
- make all decisions
- privacy

12

Sole trader - Disadv

- only you
- no one to run if ill
- long hours
- unlimited liability
- hard to stop

13

Partnership - Adv

- easy & cheap to set up
- more ideas (than sole trader)
- more capital (than sole trader)
- can still run if ill or holiday

14

Partnership - Disadv

- share profits
- joint decisions
- unlimited liability
- limited skills
- liable for actions of partner

15

Private limited(ltd) - Adv

- limited liability
- cheaper to set up (than plc)
- company continues if owner dies
- choose who to sell shares to
- better status (than sole trader and partnership)

16

Private limited(ltd) - Disadv

- competitors have access to financial info
- more expensive (than sole trader or partnership)
- tax disadvantages
- do as shareholders want

17

Public limited(plc) - Adv

- limited liability
- company continues if owner dies
- better status (than ltd)
- good publicity

18

Public limited(plc) - Disadv

- more expensive ( than ltd)
- can lose control to shareholders
- tax disadvantages
- do as shareholders want
- always in public eye

19

Holding Company - Adv

- easy to sell part of company
- can get economies of scale
- easy to buy new business
- can benefit by working together

20

Holding Company - Disadv

- hard to control and maintain all of LTDs

21

EU - Adv

- single market - free movement of goods
- enlarged market
- grants & subsidies

22

EU - Disadv

- environmental standards
- social charter
- common agricultural policy - giving subsidy to farmers

23

Internal Recruitment - Adv

- know candidate
- cheaper

24

Internal Recruitment - Disadv

- may not get best candidate
- have to adapt to role

25

External Recruitment - Adv

- bring new qualities / skills
- seen as ‘fair’

26

External Recruitment - Disadv

- won’t know workplace
- expensive
- time consuming

27

On The Job Training - Adv

- know workplace better
- cheaper - no travel costs
- experience of what job is like

28

On The Job Training - Disadv

- more nervous
- more pressure
- quality of work may suffer

29

Off The Job Training - Adv

- team building
- get to know colleagues
- less pressure
- change of environment

30

Off The Job Training - Disadv

- don’t know the workplace
- expensive

31

Franchise - Adv

- business can grow quickly
- access to experience of franchisor
- more potential profit - well known brand / product
- quick to set up and get going

32

Franchise - Disadv

- hard to maintain reputation
- franchisee has to pay for right for service
- give some of profits to franchisor
- less control than own business

33

Internet Selling - Adv

- easy to set up
- more accessible for customers
- cheaper than shop - no land

34

Internet Selling - Disadv

- hard to communicate with customers ( eg. returns)
- scams
- more competition
- can be damaged in post

35

Brand Adv

- generates repeat customers
- creates value
- recognisable
- reputation/status

36

Brand Disadv

- if one product bad, all products affected
- expensive to maintain brand