1.5 Entrepreneurs & Leaders Flashcards

1
Q

Social Objectives

A

Obligations of business towards consumers.

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2
Q

Cost Efficiency

A

Saving money by improving a product or process.

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3
Q

Shrinkflation

A

Product shrinks but price stays the same.

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4
Q

Corporate Social Responsibility (CSR)

A

Strategy to take a positive social role.

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5
Q

Name 3 business objectives, how they work and what type of businesses they apply to.

A

Survival
- Small, new businesses
- Keeping the business operating

Employee Welfare
- All businesses to an extent
- Facilities, financial etc

Profit Maximisation
- All businesses to an extent
- Increasing Revenue and reducing costs

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6
Q

Sole trader + Pros & Cons

A

Single person with 100% ownership of a business

+ Easy to set up
+ Less capital needed
- Unlimited Liability
- Difficult to raise capital

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7
Q

Partnership + Pros & Cons

A

A business with 2 or more owners

+ Easy to raise capital
+ Profits go to partners
- Unlimited Liability
- Partners can disagree

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8
Q

Franchise

A

Business model/brand sold/rented to someone to manage.

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9
Q

LTD

A

Shares not available for public purchase

+ Limited Liability
+ Credibility & Trust
- Accountancy fees
- Limited access to investments

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10
Q

PLC

A

Shares available for public to buy

+ Limited Liability
+ Raise finance through Share capital
- Loss of control
- Increased Legal responsibilities

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11
Q

Collective Bargaining

A

Employees coming together to negotiate for better conditions.

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12
Q

Opportunity Cost

A

Cost of foregoing the next best alternative.

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13
Q

Trade Off

A

A compromise due to limited resources.

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14
Q

Leader

A

Ability/Action of leading a group/organisation (In charge of …)

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