Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Understanding business > Flashcards

Understanding business Flashcards

1
Q

Explain possible effects of the external factor (political) on a organisation.

A

-decrease in taxes will give customers more disposable income.
-the government could award grants, which do not need to be paid back.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Explain possible effects of the external factors (economic) on a organisation.

A
  • Interest rates could decrease , which means customers would be more likely to borrow money to buy products.
    -unemployment could be low which means prices could be raised.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Explain possible effects of the external factors ( technological) on an organisation

A
  • introducing E-commerce can lead to a worldwide market.
  • social media can be used to increase customer awareness of a business.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Justify use or market segmentation

A

-allows to establish target market.
-products are developed that suit a particular market segment
-reduces cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Describe use of technology in marketing

A

-social media- specific markets can be targeted.
-software -charts can be produced to analyse trends in sales.
-Email- contact stakeholders over wide geographical area.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Methods of production

A

Job , batch and flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Describe job production

A

-labour intensive
- unique products.
- single product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Describe batch production

A
  • groups of products
    -standardised batch.
  • mix of capital and Labour.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

State 2 features of the equality Act

A

Makes it illegal to discriminate.
- illegal to victimise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Features of health safety at work act

A
  • ensures equipment is safe to use.
    -provide protective clothing.
    Safety issuesemployees must report.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Describe sales revenue

A

Income received from customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Describe cost of sales

A

Amount spent on inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Gross profit

A

Profit made after cost of sales I’d deducted from sales revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Describe advantages of spreadsheet software

A

-use of formulas
-automatic calculator reduces human error.
-lined worksheets can be used.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Benefits of good customer service policy

A

-enhances the organisations reputation.
-good publicity from happy customers
-loyal customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How to improve customer service

A

Making sure employees are trained.
-having a customer care strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define the term stakeholder

A

A person or a group of people interested in an organisations success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

External stakeholders/sectors of economy

A

Public private third

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Example of private

A

Shareholders/owners.
Banks.
Government.
Customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Example of third

A

Donors.
Recipients.
Board of trustees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Example of public

A

Taxpayer.
Suppliers.
NHS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Internal stakeholders

A

Owners.
Managers.
employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Influence pressure groups can have on an organisation

A

They can decide staffing levels and what new products the business will introduce.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Influence suppliers can have on an organisation

A

They ça take industrial action , for example strike.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Influence managers have on an organisation

A

If they are not happy with the service offered by the business , they can go elsewhere, eg rival.

26
Q

Influence lenders may have on an organisation

A

They can change prices , credit arrangements and sucount rates short notice.

27
Q

Influence employees have on an organisation

A

They can withhold the offer of a loan change interest rates to be paid on loans.

28
Q

Influence customers have on an organisation

A

They can protest and raise awareness if a business is polluting or damaging the enviroment.

29
Q

Private sector aims to

A

Turn innovative ideas into successful businesses

30
Q

Public sector aims to

A

Make good use of taxpayers money and provide services needed.

31
Q

Third sector aims to

A

Provide support for worthy causes.

32
Q

PESTEC stands for

A

Political, economic, social,technology , environmental and competitive

33
Q

Political factor

A

Laws and legislation .
For example minimum wage

34
Q

Economic factor

A

Inflation rates.
Exchange rates.

35
Q

Social factor

A

More women in work in todays modern times, therefore supermarkets provide ready made meals

36
Q

Technology factor

A

Increase of new technology, business must keep up to date the remain competitive

37
Q

Environmental factor

A

Businesses are more aware of the need to be environmentally friendly

38
Q

Competitive factor

A

New advertising price.
Lower selling price.

39
Q

What is a sole trader

A

Q business owned by one person

40
Q

What is a partnership

A

2-20 people

41
Q

What is a private limited company

A

A company owned by people who have been invited to buy shares

42
Q

What’s a public limited company

A

Company which has public shareholders

43
Q

What’s a franchise

A

Arrangement when a firm pays for the right to trade under another name

44
Q

Advantages of sole trader

A

Easy to set up.
All profits are theirs.
Flexible schedule.

45
Q

Disadvantages of a sole trader

A

Alor of responsibility.
Unlimited liability.

46
Q

Advantage of a private limited company

A

Limited liability.

Can keeps info private.

47
Q

Disadvantages of private limited company

A

Difficult to manage.
Expensive.

48
Q

Advantage of public

A

Raise money easily

49
Q

Disadvantage of public

A

Descison making is difficult

50
Q

Advantage of franchise

A

Franchiser can open more branches without having to buy premises or pay staff.

51
Q

Disadvantage of franchise

A

No control over how business is run

52
Q

What is a good

A

Something you can touch
Tangiable

53
Q

What is a service

A

Something g you cannot touch
Intangible

54
Q

What is the primary sector

A

Businesses that extract natural goods from earth
Fishermen.

55
Q

What is the secondary sector

A

Manufacturing natural goods
Shipbuilding.

56
Q

What is the tertiary sector

A

Provide a service
Hairdressers.

57
Q

What is the quaternary sector

A

Provides knowledge and info services.
Scientific research.

58
Q

Factors of production

A

Land Labour capital enterprise

59
Q

Land is

A

The natural resources businesses use eg wood

60
Q

Labour is

A

The workforce of the business eg employees

61
Q

Capital is

A

Man made resources eg machinery

62
Q

Enterprise is

A

An entrepreneur uses land Labour and capital to achieve an idea.

Business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions