Term 1

Question 1

3 types of leaders

Answer 1

Autocratic, Democratic, Laissez-faire

Question 2

Autocratic

Answer 2

centralized decision making authority. makes decisions without seeking input from team members. relies on own judgement.

Question 3

democratic

Answer 3

encourages active participation and collaboration from team members in decision making. values input from members.

Question 4

laissez-faire

Answer 4

allows team members significant freedom to make decisions. provide minimal guidance. focus on results from team members to make solutions.

Question 5

leaders v managers

Answer 5

leaders do not have to be formal in an organization. Managers are those with formal responsibilities

Question 6

internal stakeholders

Answer 6

employees, managers, owners

Question 7

external stakeholders

Answer 7

suppliers, government, shareholders, customers, creditors.

Question 8

unlimited liability

Answer 8

WHen business owners are responsible for covering any debt that a company is unable t pay if it fails

Question 9

limited liability

Answer 9

where a business is registered as a seperate entity t its owner meaning that the personal assets of the owner cannot be used to cover businesses debt

Question 10

sole trader

Answer 10

legal label given to any business owned by 1 person

Question 11

partnership

Answer 11

owned and operated by 2-25 people

Question 12

Registered company

Answer 12

Those jointly owned by 1 or more people is registered with the government

Question 13

rangatiratanga

Answer 13

qualities of a leader in a business such as bringing people together and decision making

Question 14

tikanga

Answer 14

the way of doing business, established rules, guidelines, etc. aligns with business values.

Question 15

putake

Answer 15

the reason a business is established related to business goals

Question 16

turanga

Answer 16

The legal structure of a business eg: partnership, private companies, trusts. However expanded to include systems of governance in cases where businesses are based around communally owned assets eg: land

Question 17

kaitiakitanga

Answer 17

The responsibility of looking after the natural resources of the future.

Question 18

Consumers guarantee act (repair, replace, refund)

Answer 18

A law that states that consumers have legal entitlement to have services carried out with reasonable care , skill, time and quality. The act covers both goods and services.

Question 19

consumers rights in CGA

Answer 19

A right to insist that the seller or service fixes the issue. in serious cases the consumer can demand the resolution of a repair, replacement or refund.

Question 20

Fair trading act

Answer 20

makes it illegal for a business to mislead or deceive customers to ensure that sellers act in a fair and honest manner when promoting and selling their products covering almost all sale types however excluding private sales and garage sales. - if breached business may receive $600,000 fine

Question 21

Health and safety work act

Answer 21

emphasis on management of health and safety at work to prevent safety issues. Requires a constant safe working environment to reduce risk of harm. This ensures the health and safety of workers and workplaces.

Question 22

Northern Rocks points

Answer 22

• 2 owners
• Partnership
• Democratic
• Founded in 2019
• 7 employees
• Built to create community
• Owns side incomes including - yoga, gym, cafe and climbing gear
• In growth stage as early founded and climbing market is expanding due to olympic awareness.

Question 23

Whanaunatanga

Answer 23

Relationship built with another business/supplier

Question 24

Communication methods

Answer 24

Email, Social Media, Phone call, Billboard, TV, Face to face, Website.

Question 25

Types of barriers

Answer 25

Physical, Attitude, Language, Priorities, Incorrect communication methods.

Question 26

Market Share

Answer 26

Market share is the percentage of total sales in an industry generated by a particular company.

Question 27

Northern Rocks sustainability (7)

Answer 27

- Reuses towels - Sells lost water bottles for charity money - Gifts old rock climbing shoes to the community - Sells second hand clothes for charity money - Encourages the use of reusable cups over plastic bottles - Uses enviro-friendly cleaning products - Signage to prevent excessive shower use

Question 28

4 stages of a business

Answer 28

slump, recession, recovery, boom

Question 29

Consumer confidence

Answer 29

How positive or a negative a consumer feels about the economy

Question 30

Business confidence

Answer 30

Business confidence is an economic indicator of how the business views the economy

Question 31

Why consumer confidence was low in 2020

Answer 31

COVID-19 led to consumers fear of getting sick and not trusting the economic state

Question 32

How did northern rocks improve consumer confidence

Answer 32

- Adding sanitation - adding new climbing colours to upgrade facility

Question 33

Customer | interest and influence

Answer 33

The consumers interest in the business is a result of customers wanting new and improved products available to them. ~ They can influence the business by choosing to buy (or not buy) goods from a business affecting their sales figures.

Question 34

Local Community | interest v influence

Answer 34

The community’s interest in the business is that the Local community wants businesses to contribute to the local economy. ~ They influence the business by helping shape local regulations that affect businesses and stop buying from certain businesses.

Question 34

Supplier | Interest v influence

Answer 34

The suppliers interest in the business is that Suppliers revenue is based on the number of sales made to businesses so their success is linked ~ They can influence the business by Raising/lowering prices affecting coasts. Offering new products to businesses to buy.

Question 35

Competitor | interest v influence

Answer 35

The competitors interest is the success of a competitor is linked to a business’ success as they are fighting for market share. ~ They have influence through Providing offerings which deter customers from shopping with original business ( reducing sales)

Question 36

Employees | interest v influence

Answer 36

The interest in the business for employees is that Employees are employed by the business so are interested in its success as it contributes to their pay. ~ They have influence on a business as Employees can be more or less productive which can affect the costs of the business.

Question 37

Owners | interest v influence

Answer 37

The owners’ interest in the business is because Owners have contributed their own capital to the business so it wants to succeed. ~ They have influence over the business because The owners set the strategic direction of the business and set its priorities.

Question 38

Long term impacts

Answer 38

Increase revenue. Improve brand awareness. Build a strong reputation. Create a market-leading online presence. Expand into new opportunities. Keep innovating.

Question 39

Ways to minimise recession

Answer 39

Decrease range of products Decrease production Lay off employees Increase marketing (eg social media, events, loyalty programmes.

Question 40

Short term Impacts

Answer 40

customer satisfaction, customer sales