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Introductory European and International Business for University > Week 1 - Business Objectives and Strategies > Flashcards

Week 1 - Business Objectives and Strategies Flashcards

1
Q

What are the three different business sectors?

A
  • private sector
  • public sector
  • voluntary sector
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2
Q

What is the public sector?

A
  • commercial organisations who aim to profit from their business
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3
Q

What is the private sector?

A
  • non-commercial sector who aim to provide education and services to people
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4
Q

What is the voluntary sector?

A
  • non-commercial but rely on sponsorships or memberships for4 income
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5
Q

In the private sector, business can be categorised into which two categories?

A
  • unincorporated businesses
  • incorporated businesses
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6
Q

What are two examples of incorporated businesses?

A
  • Private Limited Company (LTDs)
  • Public Limited Company (PLCs)
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7
Q

What are two examples of unincorporated businesses?

A
  • sole trader
  • partnership
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8
Q

What are the characteristics of a sole trader?

A
  • Any business owned and controlled by one person
  • Provides specialist services
  • They have UNLIMITED LIABILITY (personally responsible for all debts run up by company and have no legal entity)
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9
Q

How many people own a sole traded company?

A
  • Business owned and controlled by one person
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10
Q

What type pf services do sole traded companies provide?

A
  • specialised services
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11
Q

What is meant by unlimited liability?

A
  • an owner of a company personally responsible for all debts run up by the company which has no legal entity
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12
Q

What are the characteristics of the partnership business structure?

A
  • Any business owned by two or more people
  • benefit from shared expertise
  • They have unlimited liability
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13
Q

How many people are partnership businesses owned by?

A
  • Any business owned by two or more people
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14
Q

What are some pros of being a sole trader?

A
  • Easy to setup
  • Full control and ownership
  • Data is kept private
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15
Q

What are some cons of being a sole trader?

A
  • Work long hours
  • No shared responsibility
  • Unlimited liability
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16
Q

What are some pros of having the partnership business structure?

A
  • Specialisation
  • Less time pressure
  • Decision making
16
Q

What are some cons of having the partnership business structure?

A
  • Shared responsibility
  • Shared profits
  • Unlimited liability
17
Q

What are the characteristics of limited companies?

A
  • Have their own legal identity (incorporated)
  • Owners are not liable for debt (limited liability)
  • Divided into shares
  • Owned by shareholders
18
Q

What are some pros of private limited companies (LTDs)?

A
  • Limited liability
  • Incorporated
  • Easier to setup than PLCs
19
Q

What are some cons of private limited companies (LTDs)?

A
  • Less capital than PLCs
  • Auditing costs
  • Conflict with friends/family
20
Q

What are some pros of public limited companies (PLCs)?

A
  • Limited liability
  • Incorporated
  • Access to more investors
21
Q

What are some cons of public limited companies (PLCs)?

A
  • Auditing costs
  • Greater public scrutiny
  • Loss of control and ownership
22
Q

What is meant by the aims of a business?

A
  • What the business wants to achieve
  • Outlined in a vision statement
23
Q

What is meant by the objectives of a business?

A
  • Targets and steps taken to achieve business aims
  • Outlines in mission statement
24
Q

What is meant by the strategy of a business?

A
  • Allocating business resources to achieve a long-term goals
25
Q

Where are the aims of a business outlined?

A
  • In the vision statement
26
Q

Where are the objectives of a business outlined?

A
  • In the mission statement
27
Q

What are SMART targets?

A
  • Specific (What is your goal?, How often/how much?, Where will it take place?)
  • Measurable (How will goal be measured? allows feedback and accountability)
  • Attainable (Are goals achievable)
  • Realistic (Is goal and timeframe realistic)
  • Timely (Is there a timeframe listed for goal)
28
Q

What are 3 types of business strategies?

A
  • Annual plans (short0term plans)
  • Intermediate plans (medium-term plans)
  • Strategic plans (long-term plans)

Introductory European and International Business for University (6 decks)

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