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Bussones > 1.5 understanding external influences on businesses > Flashcards

1.5 understanding external influences on businesses Flashcards

1
Q

what are the objectives of owners

A

high dividends and high share price

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2
Q

what are the objectives of managers

A

decent wage

good working conditions

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3
Q

what are the objectives of suppliers

A

profitability and growth

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4
Q

what are the objectives of local community

A

noise and pollution
good jobs
minimizing environmental impacts

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5
Q

what are the objectives of government

A

profitability

growth

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6
Q

what are the objectives of customers

A

high quality

low prices

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7
Q

what do businesses have to take into consideration from stake holders

A

consider the interest

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8
Q

benefits of e commerce

A 
convenient
cheap
no shops needed
easy to adapt websites
easy ordering
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9
Q

what are the ways of digital communication to stakeholders

A 
websites
email
mobile apps
live chats
video calls
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10
Q

how is social Media a way of promotion

A

you can write messages or articles and for other reasons

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11
Q

what ways can you pay using tech

A

online payments
chip and pin
con-tactless

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12
Q

how does tech improve sales

A

online is instant 24/7
payments systems
bigger market

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13
Q

how does tech impact costs

A

lower start up costs
one person can run
no need for premises

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14
Q

what else can tech effect

A

marketing mix

new staff type needed

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15
Q

negatives of tech

A

expensive

hire new people

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16
Q

who is the national minimum wage for

A

24 and under

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17
Q

who is the national living wage

A

25 and above

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18
Q

advantages of minimum wages

A

better motivation

increased productivity

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19
Q

disadvantages of minimum wages

A

firms cost

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20
Q

what are the laws about recruitment and when and what is the act

A

must not discriminate

equality Act 2010

21
Q

what are the laws about discrimination and when was the act set

A

all employees must be paid the same

equality act 2010

22
Q

what is health and safety in the workplace

A

risks to people at work are properly controlled

safer means less accidents and more productivity

23
Q

what must business do to make sure the work place is safe

A

risk assessments

pay for staff to do training

24
Q

what is import tax

A

charged on goods brought into the country

25
Q

benefits of unemployment

A

pay lower wages

lots of desperate people

26
Q

disadvantages of unemployment

A

less disposable income

people lose skills if unemployed

27
Q

what taxes do businesses pay

A

environmental tax
premises
corporation tax

28
Q

what happens when income tax falls

A

more disposable income so increased sales

29
Q

what happens if tax of businesses is increased

A

reduces amount used to reinvest which makes slow growth

30
Q

what happens when environmental tax increases

A

force the firm to cut costs or may more overseas where there is less tax

31
Q

what bad thing happens if taxes are rreduced

A

more competitors move in

32
Q

what does low interest rates mean for consumers

A

more money to spend so demand goes up

33
Q

what does low interest rates mean for businesses

A

firms will have more money if they need to pay less interest

34
Q

what does high interest rates mean for businesses

A

reduces demand so firms often sell less

35
Q

what does high interest rates mean for consumers and businesses

A

less money available to spend because borrowing is more expensive and saving is better

36
Q

what does low interest mean

A

cheaper to borrow and less interest for savers

37
Q

what is the consumer rights act and when was it set

A

covers how goods and services can be sold

2015

38
Q

what three things must the consumer act follow

A

the product should be fit for its purpose
the product should match its description
the product should be of satisfactory quality

39
Q

how does consumer law affect businesses

A

if it breaks the act it is faced with costs and could end up in court
harm there reputation and could reduce sales

40
Q

what must businesses do to obey consumer law

A

training

keep up to date

41
Q

CONSUMER SPENDING when inflation rises

A

it goes up in short term and this creates extra revenue

however if wages don’t go up at the same rate demand for products falls

42
Q

COST OF LABOUR when inflation rises

A

employees put pressure to increase wages

this can increase costs and reduce profit

43
Q

GLOBAL COMPETITION when inflation rises

A

makes uk exports expensive so firms that sell exports may see sales fall

44
Q

what happens when income rises at a slower rate than inflation

A

spend more money on things they need and less on luxuries so discount store sales go up

45
Q

what happens when income rises at a faster rate than inflation

A

spending less on things they need and more on luxuries

so luxury sales increase

46
Q

who should be concerned about exchange rates

A

importers
exporters
uk producers

47
Q

what does a weak pound mean for uk producers and importers and exporters

A

good for uk producers because it is more expensive to buy overseas
bad for importers because raw material become expensive
exports cheaper

48
Q

so what happens to the uk if there is a weak pound

A

more exports less imports

49
Q

what does a strong pound mean for uk producers and importers and exporters

A

bad for uk producers because imports are cheaper
imports cheaper
exports expensive

Bussones (20 decks)

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