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Business Management > Unit 1 Exam revision - content > Flashcards

Unit 1 Exam revision - content Flashcards

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1
Q

What are the methods by which a culture of innovation & entrepreneurship may be fostered in a nation?

A
  1. government investment in research and development
  2. council grants
  3. school based educational programs in entrepreneurship
  4. creation of regional business start-up hubs
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2
Q

What are some competitor behaviours that affect the business?

A
  • lower prices
  • highly unique products
  • industry when few businesses have large market shares
  • threat of potential new competitors
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3
Q

How may the market change in the future?

A
  • self-driving cars
  • quantum computing
  • personalised and predictive medication
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4
Q

What are the retrieving considerations of a business?

A
  • road transport
  • air transport
  • rail transport
  • sea transport
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5
Q

What are the economic conditions that affect business planning?

A
  • interest rates
  • employment levels
  • tax rates
  • consumer confidence
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6
Q

What are some factors that affect choice of finance?

A
  • overall cost
  • flexibility
  • level of control
  • business structure
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7
Q

What are the advantages of the direct-to-consumer model?

A
  • direct control over branding, prices, advertisements
  • higher profit margin as there are no intermediaries
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8
Q

What are the characteristics of successful business managers?

A
  • communication skills
  • determination
  • knowledge
  • strong ethics
  • flexibility
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9
Q

What does SMART stand for?

A

Specific
Measurable
Attainable
Relevant
Time-bound

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10
Q

What are the disadvantages of the exporter business model?

A
  • need to understand complex laws relating to international trade
  • currency fluctuations
  • need to understand laws and culture of the country goods are exported to
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11
Q

What do business associations assist with?

A
  • legal requirements
  • industry-specific information and news
  • connecting with other businesses
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12
Q

What are the disadvantages of the importer business model?

A
  • extra expenses such as government charges
  • expertise needed for international trade wars
  • currency fluctuations
  • concerns about quality
  • supply chain problems
  • concerns about ethics
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13
Q

What are the factors affecting choice of online businesses?

A
  • high visibility and accessibility
  • no rental cost
  • low proximity to complementary businesses
  • personal factors
  • laws and regulations
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14
Q

What are the advantages of adapting to technological development?

A
  • increase accuracy and consistency
  • websites provide consistent information
  • easily connect and respond to customers
  • APL remove repetitive and unsafe tasks
  • can run 24/7
  • improve productivity of customer service
  • reduce labour resources
  • customers can purchase products online
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15
Q

What are the types of business models?

A
  • online business
  • direct-to-consumer business
  • bricks-and-mortar business
  • franchise
  • importer
  • exporter
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16
Q

What are the ways businesses contribute to social wellbeing?

A
  1. providing employment
  2. employee wellbeing programs
  3. environmentally friendly programs
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17
Q

What are the advantages of the exporter business model?

A
  • access to large customer base
  • overseas customers paying a premium
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18
Q

What are some societal trends that impact business planning?

A
  • reliance on technology
  • gender equality
  • health and wellbeing
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19
Q

What are the two areas of CSR?

A
  • environmental considerations: e.g. environmentally sustainable resources
  • socially responsible production of goods and services: e.g. sourcing resources locally to boost the economy
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20
Q

What are the factors affecting choice of shopping centres?

A
  • high visibility
  • high cost (rental)
  • proximity to competitors
  • proximity to complementary businesses which can increase sales
  • proximity to suppliers
  • proximity to customers
  • area demographics
  • laws and regulations
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21
Q

What are the disadvantages of adapting to technological development?

A
  • replacing employees with technology reduces jobs
  • technology can break down
  • its time-consuming to maintain technology
  • time-consuming to train employees to operate technology
  • high initial setup and maintenance costs
  • spend money on researching and upgrading technology
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22
Q

What are some values and beliefs that impact business planning?

A
  • greater awareness about improving physical and mental health and wellbeing
  • wellbeing of employees
  • environmental sustainability
  • hygiene practices
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23
Q

How do businesses adapt to development in technology?

A
  • automated production lines
  • eftpos
  • online presence
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24
Q

What are the sources of finance available to establish a business?

A
  • equity capital
  • debt capital
  • overdraft facilities
  • grants
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25
What are the characteristics of successful entrepreneurs?
- willingness to take calculated risks - strong networking abilities - determination - innovative qualities - resourcefulness - knowledge
26
What are the laws and regulations involved in planning a business?
- employment - environmental - industry - council - taxation
27
What are the different types of businesses?
- sole trader - partnerships - Private limited organisations - Public listed companies - social enterprises - Government Business Enterprises
28
What are the personal motivations for starting a business?
1. financial independence 2. personal independence 3. to make a profit 4. fulfil a market need 5. fulfil a social need
29
What are the types of business resource needs?
- natural - capital - labour
30
What are the ways businesses contribute to economic wellbeing?
1. providing employment 2. generating tax revenue 3. economic growth 4. development of infrastructure 5. international trade 6. research and development
31
What are the disadvantages of the bricks-and-mortar model?
- some customers may not be able to access store - far more expensive - not open 24/7
32
What are the advantages of operating as a company?
- limited liability - has perpetuity - greater variety of expertise and ideas - incorporated businesses have greater access to capital
33
What are some business locations?
- shopping centres - shopping strips - home businesses - online businesses
34
What are the factors affecting choice of capital resources?
- supplier considerations (cost and quality) - nature of resources (capability, operation requirements, maintenance requirements) - CSR (environmental and social sustainability)
35
What are the factors affecting choice of shopping strips?
- high visibility and accessibility - high cost - proximity to competitors - proximity to complementary businesses which can increase sales - proximity to suppliers - proximity to customers - area demographics (locals) - laws and regulations (signage)
36
What are the entrepreneurial skills?
- risk-taking - leadership - communication - innovation - decision-making - networking
37
What are the advantages of operating as a partnership?
- additional start up capital, knowledge, skills, ideas, and experience - much easier to set up than company - risk is shared
38
What are the disadvantages of operating as a sole trader?
- unlimited liability - owner bears all losses - owner cannot share opinions - may be difficult to take time off
39
What are some customer needs and expectations?
- customer convenience - high-quality goods or services - social responsibility - responsible customer service
40
What are the business support services?
- legal - financial - technological - community-based - formal networks - informal networks - business mentors
41
What are the disadvantages of the online business model?
- customers prefer to view products in person - online security issues - expenses for training staff and maintaining security
42
What are the advantages of the bricks-and-mortar model?
- products are better displayed - greater possibility of impulse buying - products better suited to a store environment
43
What are the advantages of the importer business model?
- sell products not available in home country - products from overseas may be cheaper and higher quality
44
What are the sourcing considerations of businesses?
- time - shipping costs - social responsibility - access to resources - legal considerations
45
What are the advantages of the online business model?
- can earn revenue at any time of the day - can reach more customers - set up quickly and have less expenses
46
What do unions assist with?
- remuneration levels - working conditions - treatment of employees
47
What are the disadvantages of the direct-to-consumer model?
- product is not as readily found by consumers - intermediaries would help to promote and advertise product
48
What are the factors affecting choice of home businesses?
- low visibility - no cost - proximity to competitors is low - low proximity to complementary businesses - personal factors (convenience, reduces stress) - laws and regulations (ABN, licences and permits)
49
What are the advantages of the franchise model?
- support provided by franchisor - reduced risk of business failure
50
What are the benefits of using a business plan?
- helps assess business viability - helps owners establish goals/objectives - used as a benchmark - improved employee performance - save time in future
51
What are the factors affecting choice of natural resources?
- supplier considerations (cost, quality, location, reliability) - nature of resources ( perishability, storage and security requirements, seasonal availability) - CSR (environmental and social standards of suppliers, environmental impact of sourcing, location of suppliers)
52
What are the factors affecting choice of labour resources?
- cost (wages and salaries, quantity, timing) - quality (qualifications, skills and knowledge and training) - CSR (improving employees' wellbeing, providing job security)
53
What are the features of a business plan?
- executive summary - operations plan - marketing plan - financial plan
54
What are the disadvantages of operating as a company?
- much more complex and expensive to set up - higher degree of government control and regulation - difficult to change structure - higher set up and ongoing administration costs
55
What do environmental lobby groups assist with?
- environmental sustainability of business operations - compliance with environmental legislation
56
What are the disadvantages of operating as a partnership?
- unlimited liability - disagreements between partners - greater legal requirements - lacks perpetuity
57
What are the disadvantages of the franchise model?
- pays franchisor upfront fee - pays regular promotional fees - franchisee has a lack of freedom
58
What are the sources of business opportunity?
1. innovations 2. taking advantage of market opportunities 3. changing customer needs 4. research and development 5. technological development 6. global markets
59
What are the advantages of operating as a sole trader?
- less complex - high level of control - owner doesn't share profits - cheap to set up
60
What are the global considerations?
- overseas competitors - overseas markets - offshoring of labour - exchange rates - online sales - copyright - trademark - patent

Business Management (8 decks)

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