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Business > 1.5 > Flashcards

1.5 Flashcards

1
Q

Define what is meant by a stakeholder

A

Anyone who’s affected by a business

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2
Q

Stakeholders of a business (12 of them)

A
  1. Shareholder 7. Government
  2. Owners 8. Local community/ society
  3. Managers 9. Competitors
  4. Employees 10. Banks and lenders / creditors
  5. Suppliers 11. Trade unions
  6. Customers 12. Pressure groups
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3
Q

Primary stake holder definition

A

A stakeholder that does have an impact on their success or failure

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4
Q

Secondary stake holder definition

A

A stakeholder that doesn’t have an impact on their success or failure

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5
Q

Internal stakeholder definition

A

Groups within a business

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6
Q

External stakeholders definiton

A

Groups outside the business

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7
Q

Define shareholder

A

An owner of shares in a company

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8
Q

Define business owner

A

The person who runs the company

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9
Q

Define employees

A

A person who works for the company

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10
Q

Define suppliers

A

Provide the materials or resources

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11
Q

Define customers

A

Target market buying the products

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12
Q

Define government

A

People with the authority to run a country who demanded taxes

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13
Q

Define local community

A

Group of people who interact within the same environment

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14
Q

Define competitors

A

Business selling similar products in the same market

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15
Q

Define banks and lenders

A

Provide a financial loan

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16
Q

Define trade unions

A

Organisation who work to protect the rights of workers

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17
Q

Define pressure groups

A

Organisation who aim to protect people/ animals/ environment

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18
Q

What are pros for sales for an e-commerce business

A
  • Use of technology can improve sales
  • Customers may be unhappy with slow service in a shop- whereas shopping online is instant
  • Customers get the convince of shopping when they want - for shift workers this is a huge bonus as the intent can sell goods 24/7 orders can be processed by staff the next working day
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19
Q

What are pros for costs for an e-commerce business

A
  • Using e-commerce and payment systems means that just about anyone can start their own business online
  • All they need is a simple website,a good products and payments account
  • One person can run an entire business online
  • No need for premises like a shop which reduces costs
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20
Q

What are pros for marketing mix for an e-commerce business

A
  • Technology means that now marketing campaigns have more speed, relevance and reach
  • If a business starts a marketing campaign on TV it can back it up with social media and then use targeting to send out e-mails
  • It also means that business can respond to events
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21
Q

What are pros for sales for an location business

A
  • Technology allows businesses to reach new economic markets. Rather than just selling consumer goods or services in the local market, businesses can reach regional, national and international markets
  • Regional websites are the most common way businesses sell products in several different economic markets
  • Websites represents a low-cost option that consumers can access 24/7 when needing to purchase goods or services
  • Small business owners can also use internet advertising to reach new markets and customers through carefully placed web banners or ads
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22
Q

What is a disadvantage of technology in a business

A

Not everybody knows how to use it

23
Q

What is employment law

A

The many different law associated with the relationship between employers and employees

24
Q

What will happen to a business if it pays its employees less then minimum wage

A

Bad publicity and fines

25
Q

Are their laws about recruitment

A

Yes

26
Q

What are the requirement laws

A
  • Recruitment procedures must not be discriminated against

- Firms must also make sure that any new recruits have a legal right to work in the UK

27
Q

What does a business have to do if they discriminate

A

Pay compensation

28
Q

What does the Health and safety legislation help to do

A

To make sure that risks to people at work are properly controlled

29
Q

Do firms need to carry out risk assessments

A

Yes

30
Q

What happens to businesses that don’t follow health and safety laws

A

Can be prosecuted, fined and even closed down. People can get paid compensation if they have been injured and could get bad publicity

31
Q

The consumer rights act sets conditions for _

A

products

32
Q

What is the 3 factors of Consumer Rights Acts

A
  1. The product should be fit for its purpose
  2. The product should match its description
  3. The product should be of satifactory quality
33
Q

What can customers do if the product doesn’t meet the legal requirements

A

Ask fir their money back, a repair or a replacement

34
Q

Define unemployment

A

When they are able to work but can’t find a job

35
Q

Why does unemployment rates impact a business

A
  • People have less disposable income

- They can pay employees lower wages

36
Q

What happens to a consumer if the amount of income tax they have to pay falls.

A

They will have more disposable income

37
Q

Define inflation

A

An increase in the price of foods and services

38
Q

What happens to consumer spending when inflation rises

A

It’s likely to go up in the short-term- people rush to buy more products before prices go p even more

39
Q

What happens to cost of labour with high inflation

A

Employees can put pressure on employers to increase wages so that they can afford the higher prices being charged for the things they need

40
Q

What happens to business growth during inflation

A

It tends to be low

41
Q

What are the four things that happen when income rises at a slower rate than inflation

A
  • People will have to spend a greater proportion of their income on things they really need- such as food
  • So they’ll have less money left to spend on luxuries
  • This means businesses that provide luxuries will suffer
  • However, some businesses will benefit if people’s incomes are relatively low. Stores selling goods at discount prices are likely to see sales go up as more customers will be making an effort to buy things as cheaply as they can
42
Q

What are the three thing that happen when income rises as a faster rate than inflation

A
  • People will be spending a smaller proportion of their income on things they need. this means they’ll have more money to spend on luxuries, and the demand for these goods and services will go up
  • Businesses providing luxuries will see an increase in sales and their profits are likely to increase
  • Stores selling goods at discounted prices may see their sales and profit go down as people start worrying less about getting things for the cheapest possible price
43
Q

Define interest

A

Money Added to loans and savings

44
Q

Low interest rates lead to _ spending

A

Increased spending

45
Q

When the interest rate is cut, it’s _ to borrow money

A

Cheaper

46
Q

When interest rates are low what happens to the demand for goods and services

A

Increases, because people have more money

47
Q

_ technology allows a business to communicate across borders

A

Digital

48
Q

What are the two ways in which businesses will respond in a number of ways to changes in technology

A

Increased investment

Innovation

49
Q

How might business change their marketing due to change in technology

A

Greater use of e-commerce to target markets
New media
Blogs/reviews/company websites

50
Q

How might business employment be impacted by change in technology

A

New opportunities
Training
Innovative culture
Business technology start-ups

51
Q

What are threats to businesses down to change in technology with employment

A

Monotonous jobs/loss of skills
Redundancies
Out of date skills

52
Q

Is the economy internal or external

A

External

53
Q

Define exchange rates

A

the price of one currency expressed in terms of another currency

Business (10 decks)

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