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A Level Business > 3.1 What Is Business? > Flashcards

3.1 What Is Business? Flashcards

1
Q

Why do businesses exist

A

Businesses exist to provide either a good or a service

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2
Q

What’s the difference between goods and services

A

Goods are physical items
Services are tasks completed on behalf of another

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3
Q

Who are the people who start a business

A

Entrepreneurs

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4
Q

What is a mission

A

Aims and long-term intentions of the business, it’s ultimate purpose

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5
Q

What is a mission statement

A

A qualitative statement of the mission using language intended to motivate employees and convince customers, suppliers, and those outside the business of its sincerity and commitment

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6
Q

What is a business objective

A

Goals that must be achieved in order to realise the stated aims of the business. They tend to be medium to long term, and can be either corporate objectives or functional objectives

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7
Q

What is a corporate objective

A

Goals of the whole organisation rather than a department or subsection. They are set in order to guide and give direction to all the operations within the business and are guided by the mission

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8
Q

What is a functional objective

A

Goals of each functional area of the business, could be departmental objectives or branch objectives. These ensure correct functioning at each level to enable the business to achieve its corporate objectives, and thus the business objectives and stated aims

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9
Q

What is leadership

A

Creating/ deciding the strategic direction of a business

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10
Q

What is management

A

Ensuring the necessary steps are taken within the business to complete the strategy

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11
Q

What is authoritarian management

A

Where the manager stays in control and makes all the decisions. Little consultation with workers

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12
Q

What is paternalistic management

A

Leaders make all the decisions, however, with the workers best interest involved

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13
Q

What is democratic management

A

Employees are encouraged to participate in and influence Decision-making. Information is shared with team members

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14
Q

What is laissez faire management

A

Little direction is given to workers. Subordinates free to make decisions themselves

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15
Q

What’s Mcgregor’s theory

A

Theory X and Y with management

Theory X is when workers are lazy and motivated by pay

Theory Y is when workers enjoy work, motivated by range of factors not just pay

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16
Q

What is the Blake mouton grid?

A

It’s a self-assessment based on task. It’s a grid with 5 areas

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17
Q

What are the 5 areas on the Blake mount on grid

A

Country club, middle of the road, improvised management, team management, and task manager.

18
Q

What does X and Y axis measures on Blake Mouton Grid measure

A

X= concern for completing task
Y= concern for people

19
Q

What’s decision making analysis

A

A tool for analysis uses quantities data. It’s used for objective decision making

20
Q

What’s a stakeholder

A

An individual, group or other institution, with a direct interest in the business

21
Q

What is marketing

A

The action or business of promoting and selling products or services, including market research and advertising

22
Q

What does volume mean

A

Number of sales

23
Q

What does value mean

A

Volume X average price

24
Q

How do you calculate market size

A

Number of sales X average selling price = market size

25
Q

How do you measure growth

A

This year - last year divided by last year X 100

26
Q

How do you calculate a share

A

One company or product divided by all companies X 100

27
Q

What are the 7 P’s

A

Place,product,price,promotion,people,process,physical appearance

28
Q

What’s the Boston matrix

A

Based on market share / market growth

29
Q

What are the starts in the Boston matrix

A

High market share high product growth

30
Q

What’s is a cash cow in the Boston matrix

A

Low growth product with high market share

31
Q

What is a question mark in the Boston matrix

A

Low market share , high growth

32
Q

What is a dog in the Boston matrix

A

Low market share low growth markets

33
Q

What’s a distribution channel

A

Channel including: retailers, wholesalers, distributors and direct.

34
Q

What is primary research

A

When you do it yourself

35
Q

What is secondary research

A

Already exists

36
Q

What is qualitative data

A

People opinion(can’t be measured)

37
Q

What is quantitate data

A

Statistics

38
Q

What are some examples of business objectives

A

Profit,growth,survival,cash flow, social and ethical objectives

39
Q

Why do businesses set objectives

A

Have a overall goal (smart)

40
Q

Why do we need business

A

-Create employment
-drive innovation
-pay taxes on profit earned
-create wealth through investments

41
Q

What is corporate tax

A

Is the tax on profits

A Level Business (1 decks)

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