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Business- Theme 2 > 2.1- part 2 > Flashcards

2.1- part 2 Flashcards

1
Q

What is globalisation?

A

When businesses operate on an international scale and gain International influence or power

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2
Q

What 3 ways does globalisation affect a business?

A
  • Imports
  • Exports
  • Business locations
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3
Q

How does imports affect a business?

A
  • Imports=goods bought into the country from abroad
  • Creates competition for domestically produced goods
  • Allows raw materials to be bought more cheaply
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4
Q

How does exports affect a business?

A
  • Money flows into the country

- Provides business with a wider target market

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5
Q

Why is location important in globalisation?

A

Globalisation affects where businesses choose to locate their offices

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6
Q

What is tariff?

A

A tax imposed on imports or exports

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7
Q

How does a tariff affect a product?

A
  • Makes a particular product more expensive
  • Aims to reduce the demand for imported goods
  • Tariffs are protectionist measures put in place to protect a country’s businesses and employment by reducing competition from abroad
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8
Q

What is a trading bloc?

A

A group of countries that agree to act together to promote trade between themselves

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9
Q

Advantages of trading bloc

A
  • Countries can benefit from sharing workers, knowledge and expertise
  • Businesses may be able to change location
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10
Q

Disadvantages of trading bloc

A

Provides trade barriers for countries outside the trading bloc

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11
Q

How does the internet affect how a business operates?

A
  • They can compete internationally
  • Communicate with customers around the world
  • Used as promotion/ can give competitive advantage/ brand loyalty
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12
Q

Why might a business change it’s pricing strategy coz of globalisation?

A
  • Different currencies
  • Exchange rate fluctuations
  • Tariffs
  • Tax laws
  • Different standards in living
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13
Q

Why might a business change it’s place coz of globalisation?

A
  • Availability of technology

- Cultural differences

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14
Q

Why might a business change it’s promotion coz of globalisation?

A
  • Language differences

- Cultural differences

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15
Q

Why might a business change it’s product coz of globalisation?

A
  • Cultural or physical differences
  • Technological differences
  • Tastes and cultural preferences
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16
Q

What are the different types of ethical behaviour?

A
  • Treating workers fairly
  • Treating suppliers fairly
  • Ethical sourcing of materials
  • Caring for community
  • Treating consumers fairly
  • Meeting gov requirements
17
Q

What is bad about a business not behaving ethically?

A
  • Attracts negative media attention

- Damage reputation

18
Q

What is a trade off?

A

A balance between 2 different or opposing objectives

19
Q

Advantages of ethical behaviour

A
  • Customers willing to pay higher prices for ethically sourced goods
  • however profit margin decreases
20
Q

How does behaving in an environmentally friendly way affect a business?

A
  • Give business competitive advantage
  • help build brand loyalty amongst customers
  • Large business carry out green audit to see their impact on the environment
21
Q

What is a pressure group?

A
  • A group of people who join together to try to influence government policy
  • they force businesses to take action
22
Q

How would a pressure group attract media attention?

A
  • Boycotting
  • Viral marketing
  • Public protesting
  • Online petitions
23
Q

How does a pressure group influence product?

A
  • Change ingredients to use ethically sourced materials

- Remove a product form the range

24
Q

How does a pressure group influence price?

A
  • Increase price as a result of fair trade etc.

- Apply a minimum price on goods

25
Q

How does a pressure group influence place?

A
  • Not opening stores in certain locations

- Sourcing local products

26
Q

How does a pressure group affect promotion?

A
  • Honest information packaging
  • Obeying legislation,banning promotion of certain products eg. Cigarettes
  • Reviewing product placement in stores

Business- Theme 2 (11 decks)

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