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Business JSL > 3 - Business Functions and methods of production > Flashcards

3 - Business Functions and methods of production Flashcards

1
Q

What are the business functions/departments

A
  • Marketing
  • Production/operations
  • Accounting and finance
  • Human Resources
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2
Q

What does the marketing function do

A
  • Advertisement
  • Market research
  • Customer service, PR
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3
Q

What does operations department do

A
  • Convert raw materials into goods and services (manufacturing)
  • In Control of logistics
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4
Q

What does accounting and finance department do

A
  • Record cash flow transactions
  • Conduct cash flow forecasts
  • Produce financial statements
  • Ensure tax is paid correctly
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5
Q

What does Human Resources do

A
  • Recruitment
  • Selection
  • Hand employee relations eg payroll and training
  • Redundancies
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6
Q

How could business size be measured

A
  • No of employees
  • Market share
  • Turnover
  • Profits
  • Value of assets
  • Brand/history
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7
Q

How can smaller firms compete with larger ones

A

USP eg customer service, quality, local materials

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8
Q

What are some of the attractions of international trade

A
  • Gain EOS
  • Variety for consumer
  • Business growth
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9
Q

What are the 3 trading areas

A
  • Free trade areas
  • Customs unions
  • Common markets
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10
Q

What are free trade areas

A

No internal tariffs or quotas

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11
Q

What is a customs union

A

Has common external tariffs

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12
Q

What is a common market

A

Has common tariffs and free movement

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13
Q

What is a trading bloc

A

A group of countries within a particular geographical region that protect themselves from imports from non-members

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14
Q

Examples of difficulties of exporting abroad

A
  • Finding customers
  • Market knowledge
  • Exchange rates
  • Cultural differences
  • Trade barriers
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15
Q

What is a multinational

A

Firm based in one country but operates in many other

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16
Q

Benefits of multinational

A
  • Access to more customers
  • avoid tax
  • EOS
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17
Q

Disadvantages of multinational

A
  • Diseconomies of scale
  • Cultural differences
  • Exchange rates
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18
Q

What is meant by globalisation

A

Increased integration and interdependence of national economies

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19
Q

Factors affecting globalisation

A
  • Trade blocs
  • Growth of emerging markets
  • Improvements in infrastructure, transport, communication, technology
20
Q

Joint venture definition

A

Where 2 or more firms share resources and expertise to achieve a particular good, risks and rewards are shared
Eg BMW and brilliance

21
Q

Advantages of joint venture

A
  • Spread risk
  • Move into new markets
  • Growth
22
Q

Limitations of joint ventures

A
  • Share rewards

- Difficultly In co-ordinating it

23
Q

What is a strategic alliance

A

An arrangement between 2 companies that have decided to share resources to undertake a mutually beneficial project

24
Q

How is a strategic alliance different to a joint venture

A

It is less permanent

25
Q

What is operations/productions

A

The functional area responsible for turning inputs into outputs as efficiently as possible

26
Q

What are operations department responsible for

A
  • Quality Control
  • Packaging
  • Logistics
27
Q

Possible objectives of operations department

A
  • Break even
  • Increase profit margins
  • Increase output
  • Improve quality
28
Q

What factors should be considered when setting production objectives

A
  • Type and size of business
  • Conflicting objectives
  • Economic position
  • Competition
  • Law and legislation
29
Q

What is adding value

A

An improvement or addition to a product or service that makes it worth more

30
Q

An example of adding value

A

Branding

31
Q

What are the 3 methods of production

A

Job
Batch
Flow/mass

32
Q

What is job production

A

Making a unique product to customers order

33
Q

What is batch production

A

Making a specific quantity of products

34
Q

What is mass/flow production

A

Making large quantities of the same product

35
Q

Advantages of job production

A
  • High quality, so high prices

- Motivation for workers

36
Q

Disadvantages of job production

A
  • Time consuming
  • High costs
  • High pressure
37
Q

Advantages of batch production

A
  • Produce range of products in large quantities

- Skilled labour (efficiency)

38
Q

Disadvantages of batch

A
  • Downtime reduces production

- High training and wage costs due to range of products

39
Q

Advantages of flow production

A
  • EOS

- Low labour costs

40
Q

Disadvantages of flow

A
  • Boring

- Technology problems haunt production

41
Q

What is specialisation

A

Where a firm, employee or country focuses on production of a particular product or small range of products

42
Q

What is meant by division of labour

A

Splitting up the production process into individual parts, allowing specialisation in each

43
Q

Advantages of specialisation and division of labour

A
  • Efficiency

- No time wasted on production process

44
Q

Disadvantages of specialisation and division of labour

A
  • Boredom

- Hard to replace /train staff

45
Q

What is cell production

A

Where a production line is split into a number of self-contained units

46
Q

What is meant by customer service

A

The interaction between customer and business

Business JSL (11 decks)

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