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1 Introduction to Business Managment > 1.1 What is a business > Flashcards

1.1 What is a business Flashcards

1
Q

What is a business aims?

A

A business’ aims is to meet the needs and wants of individuals or organisations

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2
Q

How can businesses achieve their aims?

A

A business can achieve their aims by: -Producing or extracting raw materials
-Creating a product
-Providing a service

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3
Q

What type of resources must all businesses have?

A

-Human
-Physical
-Financial
-Enterprise

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4
Q

What does human resource inputs refer to?

A

Human resource inputs refers to having the right quality & quantity of people required to make a product or provide a service

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5
Q

What do physical resource inputs refer to?

A

Physical resource inputs refers to the right quality and quantity of materials, machinery, land, space required to make a product or provide a service

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6
Q

What do financial resource inputs refer to?

A

Financial resource inputs refers to having the right quantity of cash and other forms of finance required to make a product or provide a service

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7
Q

What do enterprise resource inputs refer to?

A

Enterprise resource inputs refers to the business idea & determination to turn that idea into a thriving business

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8
Q

What are capital intensive processes?

A

Capital intensive processes are processes that use large proportion of land or machinery relative to other inputs

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9
Q

What are labour intensive processes?

A

Labour intensive processes are processes that use a large proportion of labour relative to other inputs. This may involve both low-skilled or high-skilled workers

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10
Q

What are the two product outputs?

A

-Goods
-Services

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11
Q

What is a good?

A

Goods are tangible products that customers can physically take home

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12
Q

What is a service?

A

Services are intangible products that customers can not physically take home

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13
Q

What are the 4 business functions?

A

-Human Resources
-Finance and accounts
-Marketing
-Operations management

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14
Q

What is the role of HR?

A

The role of HR is to fire, hire, train and reward employees

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15
Q

What is the role of finance & accounts

A

Finance & accounts ensures that appropriate funds are made available in order to make the good or provide the service

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16
Q

What is the role of marketing?

A

Marketing ensures that the business offers a product or service that is desired by a sufficient number of people or businesses for profitable operations

17
Q

What is the role of operations?

A

Operations ensures that the right processes are used in order to make the good or provide the service that is of desired quality

18
Q

What are the 4 sectors of business activity?

A

-Primary
-Secondary
-Tertiary
-Quaternary

19
Q

Which sectors of business activity are for goods and which ones are for services?

A

-Primary & secondary sectors are for goods
-Tertiary & quaternary are for services

20
Q

Define the term primary sector?

A

Primary sector is were all the raw materials are acquired. An example of this is farming

21
Q

Define the term secondary sector?

A

The secondary sector includes construction and manufacturing. It uses resources from the primary sector to manufacture finished goods or process raw materials.

22
Q

Define the term tertiary sector?

A

Tertiary sector is were all services are provided. These services can be financial, healthcare, education.

23
Q

Define the term quaternary sector?

A

Quaternary sector are services that are focused on knowledge are provided. These services can be IT and media

24
Q

What is the chain of production?

A

The chain of production is the series of steps through different sectors in order to turn raw materials into a product that can be marketed

25
Q

What is an entrepreneur?

A

An entrepreneur is an individual who starts a business

26
Q

State 3 features of an entrepreneur

A

-Risk-takers
-Innovative
-Self motivated

27
Q

What are reasons for starting up a business?

A

FRNCIIS
-Finance
-Reward
-Necessity
-Challenge
-Independence
-Interest
-Sharing an idea

28
Q

What are some challenges a new business may face?

A

TOMBFL
-The market
-Organisation
-Market research
-Business plan
-Finance
-Legal requirements

1 Introduction to Business Managment (6 decks)

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