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Paper 2 Flashcards

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1
Q

Job

A

Products made individually

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2
Q

Batch

A

One type of a product made then production is switched to make another

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3
Q

Flow

A

One product continuously
Production assembly line
Mass

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4
Q

Batch adv

A

Batches can be varied to meet customer needs
No storage costs as goods made to order
Cheaper than job

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5
Q

Batch disadv

A

Down time when switching
Tasks may be repetitive and boring
Maybe leading to less motivation and retention problems

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6
Q

Flow adv

A

Large quantities
Workers can specialise in specific tasks
Increased automation reduces labour costs

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7
Q

Job adv

A

High quality
Charge a high price
Customermize

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8
Q

Job disadv

A

High costs
Need skilled workers
Production may be slow
Long wait for products

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9
Q

Flow disad

A

May not be high quality
Need large stocks of materials ready to use
Production can be disrupted for example a mechanical break down
Tasks repetitive

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10
Q

Technology examples in production

A

Automation
Machine completes repetitive task

Computers
Used to control machines
Help do work

Robotics
Programmed to do work

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11
Q

Adv of tech in production

A

Machines replace workers reducing wage costs
Human safety improved as machines do dangerous jobs
24/7
Flexible

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12
Q

Disadv of tech in production

A

May need to recruit skilled labour to program the computers that control production
Retraining
Expensive
Data protection laws

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13
Q

Benefits of quality goods

A

Waste reduced
Reduces recalls
Reduces returns from dissatisfied customers
Business gains good rep

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14
Q

Satisfied customers will

A

Buy in future
Retains customers
Reduces risk of business developing a bad rep
Dosnt lose customers
Recommend business to others

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15
Q

Quality products are

A

Fit for purpose
Does what the customer expects
Complies with relevant legal requirements

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16
Q

Quality control

A

A system for inspecting the quality of goods

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17
Q

Quality assurance

A

The whole business focusing on quality with the aim of preventing quality problems from arising

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18
Q

Adv of quality control

A

Stops poor quality goods being sold
Production can continue while inspection takes place
- output not effected
Good quality = good rep

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19
Q

Disad quality control

A

Does not prevent waste
Inspection can be costly
Does not encourage workers to be responsible for quality

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20
Q

Adv quality assurance

A

Reduce wastages and costs
All workers responsible for quality
- motivated to take care
Improve rep

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21
Q

Disadv quality assurance

A

Workers may be stressed by responsibility of having to check own work

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22
Q

Face to face

A

Direct contact with buyer and seller

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23
Q

Adv face to face

A

Customers can ask advice
Some services its unavoidable
Customer can be persuaded
Ask details

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24
Q

Face to face disad

A

May not be convenient for customers
If customers bargain for prices profits could be reduced
Retailer costs are high if shops needed

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25
Telesales adv
Customers can ask questions Costs less then selling in a shop
26
Telesales disad
Sellers may be a nuisance Costs such as a warehouse
27
Adv of e commerce
24/7 Costs of selling lower Reduction in number of employees needed Web designers can make businesses look attractive at low costs
28
Disad e commerce
Competition increased including from abroad Delivery systems need to be organised - and returns Need cyber security Technology costs money
29
Adv e commerce to customer
Easier to compare prices 24/7 More choice
30
Disadv to e commerce to customers
Impersonal - cant ask questions May not be as described when products arrive May be at risk of personal data fraud and bank fraud Not everyone can access
31
Good customer service adv
Increases sales as customers feel more confident Encourages customers to return
32
After sales adv
Increases return rate of product Buy with confidence
33
Customer service disadvc
Costs with training And provide refunds
34
Product knowledge
Adv. customers get info that helps them make good decisions Disadv Training
35
After sales disadv
Costs in training Returned goods may have to be sold at lower costs
36
Customer engagement
Disadv Training Advantage Increases sales as customers feel more comfortable
37
Consumer law
Satisfactory quality Fit for purpose As described Right to return in 30 days When services not complete on time they can ask for reductions
38
Factors effecting location
Costs Proximity to market Proximity to labour Proximity to materials Government
39
Costs - location
Save money in areas where land cost is low Near motorways, airports ect will keep transport costs low Fast and cheap ICT , eg fast broadband
40
Proximity to market
Near customers - easier communication - reduces costs of transportation
41
Proximity to labour
Needs skilled workers Need of unskilled workers may go to places of high population/ unemployment
42
Proximity of materials
Save on transport Good for environment
43
Goverment
Gov may give grants towards start up costs May reduce corporation taxes for businesses locating near areas of high unemployment
44
Procurement
The management of purchasing within a business
45
Stages of procurement
Identifying goods / services to buy Choosing suppliers Ordering goods / services Recieving delivers from suppliers
46
Identifing goods and services to buy
Which season business buying for Changes in tech Changes in fashion and lifestyle
47
Choosing suppliers
Reputation and reliability of suppliers Quality of goods Services customers want
48
Ordering goods
Completes an order from stating what it wants and sends it to supplier
49
Recieving deliveries
Business arranges for workers to receive goods Where to store
50
Logistical issues
Time Reliability Length of supply chain Costs Customer service
51
Time
Have to be on time Supplier could be short of materials This could delay production Business could lose sales
52
Reliability
Need the right quality and quantity If short of materials production could be delayed
53
Length of supply chain
Longer supply chain increases risks One step may not receive the materials it needs so cannot produce products its customer needs
54
Cost
Customer wants delivery costs to be low High delivery costs could make total production costs to high
55
Role of finance function
Calculating break even point Calculating sales revenue and production costs Forecasting cash flow Managing payments
56
Finance function
The finance department
57
Finance
Money raised and used by the business
58
Need for finance
Recruitment Funding expansion Establishing a new business Running the business
59
Finance Establishment of a new business
Need to buy items Buy or rent a factory or shop or office
60
Funding expansion
Need to pay for a larger factory More materials
61
Recruitment
Costs money to advertise jobs
62
Owners capital
Adv No need to repay No interest Does not effect control Disadv Owner risks savings May not have enough
63
Retained profit
Money not distributed to shareholders as profit No interest No repay Business may not have made profit Owners will not get profit as income
64
Sale of assets
Good if selling of old stock May be difficult / take time to sell
65
Overdraft
Meet short term cash flow problems Repayment only due when business closes or Overdraft no longer needed Interest charged each day
66
Trade credit
Have goods before paying for them Help cash flow problems Goods must be payed for even if dont sell Interest charged if payment late
67
Taking on a new partner
New skills Have to give a say in control
68
Loan
Repayment paid in fixed sums over time Money available immediately May need to give lender security Interest
69
Share issue
New investors could bring a lot of money Say in control Not sole or partnerships
70
Crowdfunding
New supports could bring a lot of money Say in

Buissness (3 decks)

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