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Business HL > 1.1 > Flashcards

1.1 Flashcards

1
Q

What is the definition of the nature of a business?

A

Businesses exist to satisfy the needs and wants of their customers by selling goods and services, usually in return for profit.

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2
Q

what are the components that buinsesness use to create a good or service?

A

Human, physical and financial.

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3
Q

what do services or goods fill for a customer?

A

needs and wants.

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4
Q

what are some examples of needs ?

A

food water cloths and shelter

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5
Q

what are some examples of wants?

A

cars electronics holiday and fashion clothing

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6
Q

what is the defenition of a good and can you give an an example?

A

a tangible product eat book or iPhone

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7
Q

what is a service and give an example?

A

a non tangible product e.g cleaner or baby sitter.

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8
Q

what is a capital intensive production.

A

a product produced with a lot of land and machinery e.g soft drinks.

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9
Q

what is a labour intensive production?

A

large proportion of employees relative to land and machinery e.g shirt production.

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10
Q

define the resource input HUMAN.

A

the right quality and quantity of people required to make the product or provided service. All businesses even highly automated ones still require human input- even if its only one person. Other may require many individuals often with diverse skill sets.

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11
Q

Define the resource input PHYSICAL.

A

the right quality and quantity of materials, machinery and land space required to make a product or a service. Even internet businesses require a office or computer.

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12
Q

Define the resource input FINANCIAL.

A

the right quantity of cash and other forms of finance required to make a product or a service.

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13
Q

define the reasons input ENTERPRISE

A

enterprise, sometimes called entrepreneurship, it the business idea itselfs and the idea development.

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14
Q

All businesses have 4 main functions. Can you list all four?

A

Human resources
marketing
finance and accounts
operations management or production.

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15
Q

one of the four business functions is Human reasorces. Can you give me a definition?

A

human resources hire the appropriate people for the job, offer training, determination the proper compensation, dismiss when nessesery.

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16
Q

one of the business functions is marketing, give a definition of what marketings role is within a business. (pppd)

A

use strategies to promote, pack, price and distribute goods or services.

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17
Q

one of the four businesses functions is finance and accounts, could you define their role.

A

sure that there are enough funds to make the goods or services available.

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18
Q

one of the four functions of a business is operation management and production, can you define their role?

A

sure that the appropriate processes are being used to make the good for service available.

19
Q

the four functions of a business are INTERDEPENDENT. What does this mean?

A

the functions being interdependent means that the design of one function will effect the others. If all four functions are successfully aligned, a business has a higher chance of success.

20
Q

what economic sector are goods from?

A

primary and secondary.

21
Q

what economic sectors are services from?

A

tertiary and quaternary.

22
Q

what is the primary sector and give examples of what is produced?

A

the primary sector involves acquiring raw materials such as coal, metals, oil, rubber and oranges.

23
Q

what is the secondary sector and give a few examples?

A

it is the manufacturing and assembly process. e.g plastics from oils. Furniture or building roads.

24
Q

what does the tertiary sector offer and can you give an example?

A

commercial services that support the production and distribution process e.g insurance transport advertising.

25
Q

what is the quaternary sector and can you give some examples?

A

the quaternary sector is a subgroup of tertiary that is based on knowledge. It is acclicable to some business activity that involves the provision of a service such as distribution and technology.

26
Q

what do the four economic sectors provide?

A

a chain of production.

27
Q

what does a chain of production provide?

A

a chain of production provides customers with finished goods or services. step by step.

28
Q

could you give an example of a chain of production step by step?

A

Food production chain. extracting milk (primary sector) till serving it at a restaurant (tertiary).

29
Q

what is the sectoral change?

A

the sectoral change refers to how much of an economic sector is in a county. Usually you will find high rate of primary Oinsdusty in developing countries.

30
Q

what are the 7 reasons to start a business? RINCIFS

A

rewards
independence
necessity
challenge
intrest
finding a gap in the market
sharing an idea.

31
Q

what does the process of starting up a business entails? Simple.

A

A business idea + planning.

32
Q

what are the six seps for starting a business?

A

1- basic organisation.
2- market reaserch
3- business plan
4- establish legal requirements
5- raise funds
6- test the market

33
Q

when starting a business, number one of the six steps include basic organisation. Could you tell me what this entails?

A

name of thebuisness, location, operational structure, legal structure, infrastructure, suppliers, customers and governmental services.

34
Q

when starting a business the second of the six sets includes market research- could you tell me what this intails?

A

determine how the business may distinguish itself in the market. Market target. business concept, communication.

35
Q

when starting a business the third of the six main points include business planning, what does this entail?

A

a document that addresses all the issues required to make a the business happen. Planning is essential in a business for potential owners or investors.

36
Q

the fourth of the six steps to starting a business is establishing the legal requirement, what does this entail?

A

diffrent counties have different laws. hence the business needs to take laws and taxes accordingly.

37
Q

the fifth of the six steps to starting a business it raising funds. Could you tell me what this entails?

A

funds can come from saving, investors or lenders that believe in the business.

38
Q

the last step out of six to start a business it testing the market, can you tell me what this entails?

A

how the product or service will be introduced (launched) testing is necessary to verify if there is a positive market response towards the new business.

39
Q

what are some organisation reasons as to why a business might fail?

A

the location of the business is inappropriate.
the name does not register
the structure does not work
the suppliers are unreliable.

40
Q

what could go wrong in market research that would cause a business too fail?

A

the reaserch is poor.
the target market was not appropriate.
the test was too optimistic
channels of communication were weak.

41
Q

what could go wrong in the legal requirements that would cause a business to fail?

A

labour laws were not addressed
regestration was too difficult
tax obligations were to addressed

42
Q

what could go wrong with the business plan that could cause failure?

A

the business did not convince
goals were too vaguer contradictory

43
Q

what could go wrong in the finance that would cause failure of a business?

A

the accounts were not kept properly e.g cash flow.
raising start up capital was too difficult
raising medium term to long term capital was too difficult.

44
Q

what could go wrong when testing the market that would lead to business faliur?

A

the launch failed
the pilot was inconclusive
success was limited- the product failed to inspire.

Business HL (46 decks)

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