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Business S4 > Understanding Business > Flashcards

Understanding Business Flashcards

1
Q

what is a need (include examples)

A

an item that is essential for survival
food, water, clothing and shelter

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2
Q

what is an external factor

A

a factor outwith the business that can affect it in a positive or negative way (no control but can respond to them)

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3
Q

6 methods to enhance customer service

A

provide training
improve quality of products
reasonable prices/ promotions
update and clean premises
reply to reviews/ complaints
after sales service

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4
Q

what is a want

A

items (or luxuries) that make life more enjoyable. They are infinite/ endless
e.g phone or designer clothes

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5
Q

what is a good

A

goods are tangible items that you can see and feel

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6
Q

difference between durable and non-durable

A

durable goods can be used again and again e.g shoes and a phone
non-durable goods are single use e.g toiletries

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7
Q

what are the impacts of human resources

A

untrained staff will make mistakes and provide poor customer service
experienced managers will make good decisions

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8
Q

what are the 7 benefits of good customer service

A

increase in market share
create customer loyalty
increases sales and profits
rceommend to friends and family
write a review on social media/ internet
easier to launch a new product
gives you a competitive edge

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9
Q

ownership, control, finance and examples of the third sector

A

ownership: founder
control: board of trustees
finance: donations, memberships/ subscriptions, fundraising
examples: charities, foodbanks, clubs e.g tennis brownies, socila enterprises

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10
Q

ownership, control and finance of LTD’s

A

ownership: unlimited number of shareholders
control: board of directors
finance: share issues, bank loans, mortgages and grants

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11
Q

what are the 6 external factors

A

political, economic, social, technological, environmental and competitive

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12
Q

8 reasons why businesses exist

A

to make a profit
to provide a service
to create jobs
to be your own boss
to raise awareness of a cause
to persue a hobby
to fill a gap in the market
because you have an innovative idea

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13
Q

4 advantages of partnerships

A

workload can be shared
partners can specialize in different things
more capital
different ideas

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14
Q

4 disadvantages of partnerships

A

unlimited liability
arguments may occur
profits must be shared
partners may leave

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15
Q

how do you explain the influence or describe the impact

A

example of factor
influence of factor (what happens)
impact of factor (what is the effect of the influence)

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16
Q

what is meant by the competitive factor

A

changes made by the competitiors e.g reducing prices

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17
Q

what is meant by the environmental factor

A

any changes in environment e.g weather

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18
Q

ownership, control, finance and examples of the private sector

A

ownership:shareholders, private individuals
control: board of directors
finance: soletrader/partnership= personal savings, bank loan, grant LTD= share issue, bank loan
examples: asda, argos, tesco, next, amazon

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19
Q

what is an internal factor

A

a factor from within the business that you have direct control over

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20
Q

what are the 3 internal factors

A

human resources, finance and technology

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21
Q

what is the imact

A

what happens to a business because of what the stakeholder does

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22
Q

what is the impact of finance

A

poor cash flow will mean that bills cannot be paid

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23
Q

what are the factors of productions (definitions)

A

capital- finance invested and the machinery and equipment (man-made resources)
enterprise- the entreprenuer and their idea
land- any natural resources e.g water, oil, land, wood
labour- any human effort e,g emloyees, staff

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24
Q

what is a dividend

A

a percentage of annual profits

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25
Q

what are the sectors of industry (definitions)

A

primary- extract natural resources e.g farming, mining, forestry
secondary- any business that manufactures goods
tertiary- any service provider

26
Q

what is a service

A

soemthing that is provided/ done for you, they are intangible
e.g hardresser, taxi driver, retail

27
Q

ownership, control,finance and examples of public sector

A

ownership: government
control: MPs and government officials
finance: tax payers money
examples: NHS, schools, emergency services, armed forces

28
Q

4 advantages of sole traders

A

own boss
keep all of the profits
easy decision making as you dont need to consult anyone
choose working hours

29
Q

4 disadvantages of sole traders

A

unlimited liability
no one to share responsibility
less ideas as no one to help
lack of continuity- harder to take holidays

30
Q

third sector objectives

A

to help a cause
to raise awareness
increase donations
attract volunteers

31
Q

what is a stakeholder

A

people/ groups who have an interest in the success of an organisations

32
Q

who are the internal stakeholders and what are their interests

A

employee- good wages and working hours
managers- status and bonuses
owner/stakeholder- high profits

33
Q

what is the influence

A

what a stakeholder does that effects the business

34
Q

what is a business plan

A

a document that sets out the aims and objectives of a business. It is useful to show potential investors or banks

35
Q

what is an enterprenuer

A

a person who develops a business idea by combining the factors of productions

36
Q

what skills and qualities do they need

A

confident, creative, honest, organized, resilient and have finanvial skills

37
Q

4 advantages of LTDs

A

limited liability, increased capital, more ideas, greater continuity- easier to take holidays

38
Q

4 disadvantages of LTDs

A

profits shared as annual dividends
high set up costs
difficult decision making as board of directors must agree
hard to control due to many employees

39
Q

what advice does the internet offer

A

online information about all aspects of the business

40
Q

what advice does the HMRC offer

A

provide information and support about taxes

41
Q

what advice does the bank offer

A

financial advice on managing money

42
Q

what advice do other entreprenuers offer

A

information about the day to day of business as they have experience

43
Q

what advice does a lawyer provide

A

legal advice to ensure no laws are broken

44
Q

what advice does business gateway offer

A

government agency that gives advice on starting/ growing a business

45
Q

what is meant by the political factor

A

any changes made by the government e.g increase taxes, increase national minimum wage

46
Q

who are the external factors and what are their interest

A

bank- recieve repayments for loans and mortgages
supplier- repayments for goods supplied and continued orders
customer- good quality and low prices
government- laws being met and taxes being paid
local community- providing jobs and being socially responsible

47
Q

what is an interest

A

what a stakeholder wants

48
Q

4 public sector objectives

A

to provide a service
work within a budget
NHS: reduce wait times
to be socially responsible

49
Q

4 private sector objectives

A

to make a profit
to survive
to grow
to be socially responsible

50
Q

wha is a social enterprise

A

organisations in the third sector that exist with a clear goal to help the community. All profits are reinvested back into the organisation

51
Q

what is unlimited liability

A

a person will lose their personal assets to pay their businesses debts

52
Q

what are the 5 causes of poor customer service

A

poor quality goods
slow service
rude employees
premises/ environment dirty or out of date
prices too high

53
Q

what will happen due to poor customer service (10)

A

customers will choose rivals
increased wastage
customers dont return
write a bad review
less customers
higher expenses
less sales
no new customers
less profits
decreased market share

54
Q

what is the impact of technology

A

if machines break down this will result in production stopping

55
Q

what is meant by the economic factor

A

any changes to the economy e.g recession, boom or change in interest rates

56
Q

ownership, control and finance of sole traders

A

ownership: 1 person
control: the sole trader
finance: bank loan, grant, savings

57
Q

ownership, control and finance of partnership

A

ownership: 2-20 people
control: private individuals and owners
finance: loans, personal savings, overdraft

58
Q

what is a deed of partnership

A

a legal document signed by all partners to prevent arguments. It includes profit share, wages etc.

59
Q

what is meant by the social factor

A

any changes in taste and fashion

60
Q

what is meant by the technological factor

A

any changes or updates to technology

Business S4 (5 decks)

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