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understanding business Flashcards

(56 cards)

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1
Q

roles of business in society

A

business provide goods and services to the public and consumers. Their job is to fill a gap in the market.

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2
Q

business cycle

A

consumers have wants/needs
business will identify the needs and wants
business produces goods and services and consumers buy these goods and services

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3
Q

Want definition

A

a want is an inessential product that enhances your lifestyle

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4
Q

needs defintion

A

a need is a product that is essentail for survival

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5
Q

durable goods

A

durable goods are goods that will last a long time without bieng used up

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6
Q

non durable

A

a good which doesn’t last long and is used up quickly

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7
Q

goods

A

a tangible product which you can see and touch

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8
Q

service

A

an intangible action which is carried out by a business in exchange for money

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9
Q

factors of production

A

Capital
Enterprise
Land
Labour

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10
Q

capital

A

all equipment needed to run a business

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11
Q

land definition

A

all the natural resources and property needed to run your business

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12
Q

labour defintion

A

the workforce needed to run your business

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13
Q

enterprise defintion

A

the business idea and USP, what makes you different from your competitors

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14
Q

entreprenuer

A

anyone who starts up a business and has spotted a gap in the market, they do lots pf planning to ensure success

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15
Q

skills of an entrepreneur

A 
identifying a gap in the market
risk taking 
communication 
marketing 
leadership 
financial
Time management
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16
Q

qualities of an entrepreneur

A

dedication
determination
resilient
Creative

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17
Q

business plans defintion

A

a plan created to outline your business objectives, the market they will work in and your finacial goals

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18
Q

business plan stages

A 
executive summary/elevator pitch 
business goals 
marketing and sales strategy
financial  projections
Business location and setup
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19
Q

sectors of industry

A

primary, secondary and tertairy

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20
Q

primary sector

A

extracts raw materials

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21
Q

secondary sector

A

changes raw materials into a new product

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22
Q

tertiary sector

A

the sector which provides services to the public

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23
Q

sectors of economy

Study These Flashcards
A

private, public and third

24
Q

private sector

Study These Flashcards
A

the sector of economy made of businesses with the goal of maximising profit and growing the business, owned by private individuals.

25
public sector
the sector of economy made up of businesses who are run by the government to provide a high quality service to the public
26
third sector of economy
the sector of economy run by trusts and volunteers who want to help out in the community and raise awareness and funds for ethical causes.
27
sole traders business
a business owned by one person in the private sector of economy, they get full contol over the business and get all of the profit, no legal work needed to be set up, has unlimited liability
28
partnership business
a business owned and controlled by 2-20 people who are in the private sector of economy, they have unlimited liability and need a deed of partnership to be set up
29
private limited companies
a business owned by more than one person and controlled by a board of directors, with limited liability in the private sector of economy, a memorandum and article of association are needed to be set up.
30
public sector organisations
a business owned and controlled by the government, they have the main goal of staying within their budget, providing a high quality service and ensuring corporate social responsibility
31
charities
organisations in the third sector of economy that are established to maximise donations and support ethical causes, they are owned and controlled by a trust
32
voluntary organisations
these arr typically small organisations that help out in the local comunity, they make no profit and are in the third sector of economy
33
social enterprises
businesses in the third sector of economy which behave like private limited companies except they use all their profits to grow the business and support an ethical cause of their choice, investors dont get any profit
34
private sector business objectives
maximise profits, to survive, to generate customer satisfaction and brand loyalty, to increase market share, to be socially responsible, to provide high quality products
35
limited and unlimited liability definitions
limited liability means that your personal possesions arent at risk if the business goes into debt, unlimited means the opposite
36
customer satisfaction defintion
how happy your customers are with the product and the business
37
corporate social responsibility definition
bieng ethical to boost your business reputaion
38
benefits of customer satisfaction
``` repeat business increase sales and profit increase market share increase reputation charge a higher price ```
39
customer satisfaction ensurance
high quality products, well trained staff, customer complaints proceedure and care strategies, after sale service.
40
how to measure customer satisfaction
online forms and surveys, market research, sales and profit statistics, number of complaints
41
corporate social responsibility methods
``` No child labour Low plastic waste Low greenhouse gas emission No mistreating of animal Helping out in the local community Employing locally Fair wages to employees ```
42
stakeholder defintion
anyone who cares about the success of a business/ wants to see it succeed
43
external stakeholder
banks, government, customers, local community, suppliers
44
internal stakeholders
owners, managers, employees, shareholders, directors,
45
impacts of external stakeholders
Customers and local community can boycott business. Banks can change interest rates Government can change tax rates Suppliers can deliver raw materials late if unhappy/by accident.
46
impacts of internal stakeholders
make business decisions, take industrial action, invest in the business, increase productivity in business by working hard
47
external factors definition
anything outside the business that affects the success of the business
48
external factors
``` Political economic social technological envioremental competitive PESTEC ```
49
political external factors
changes in health and safety legislation, change of corporation tax, change of VAT, brexit,
50
economic external factors
``` booms recessions unemployment interest rates exchange rates Tariffs ```
51
social external factors
``` fasion/clothing style change in healthy lifestyle life expectancy women in work Increase in online activity ```
52
technological external factors
``` e-commerce advancement in machinery advancement in medical research social media mobile phones wifi ```
53
competitive external factors
Competitors price changes Competitor new product ranges Competitors benchmarking your products
54
envioremental external factors
weather, pollution, plasic waste, global warming
55
competitive factors
competitor product launches, new competitors opening up reduce in competitor prices Benchmarking of products
56
boom and recession
where the gross domestic product of a currency will decrease/ increase meaning that more/less product is sold leading to a change in the publics disposable income.

N5 Business (6 decks)

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