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Business GCSE > 3.2 Influences on Business > Flashcards

3.2 Influences on Business Flashcards

1
Q

2.6 What is E-commerce

A

Business transactions carried out electronically on the internet

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2
Q

2.6 What is Digital Communication

A

Transmission of information electronically between computing devices

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3
Q

2.6 What is a stakeholder

A

All individual and organisations that are affected by and affect a business

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4
Q

2.6 6 Digital Communications methods

A

Instagram
Texts
Twitter
Email
Facebook
Website

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5
Q

2.6 What information is communicated to Employees and how

A

latest updates, facts and ideas
Teams chat, conference

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6
Q

2.6 What information is communicated to Customers and how

A

Products and services, sales and promotion
Emails, Website

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7
Q

2.6 What information is communicated to Suppliers and how

A

Quantity and quality
Emails

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8
Q

2.6 What information is communicated to Government and how

A

Tax, legislation, subsidies
Meetings

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9
Q

2.6 Where do markets exist?

A

When there are buyers and sellers

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10
Q

2.6 Markets can be…

A

Geographical
Online
Local

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11
Q

2.6 What is competition

A

When more than one business is attempting to attract the same customers

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12
Q

2.6 What is a monopoly

A

When a business does not face any competition in a particular market

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13
Q

2.6 8 Methods of competing

A

Online
Quality services
Prices
Advertisement
Location
New products
Promotions

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14
Q

2.6 Monopoly facts

A

Little to no competition
Charge higher prices
Less choice of consumers
Regulated by the government

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15
Q

2.6 What is an Entrepreneur

A

Someone who creates their own business in order to fill a gap in the market

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16
Q

2.6 Competition cane make businesses more efficients, which means…

A

Costs are reduced, leading o higher profits and lower prices and increased sales

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17
Q

2.6 Competition can encourage business to innovate, which means…

A

Products and services are more likely to appeal to customers, sales increase

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18
Q

2.6 What is a Risk

A

The possibility of something going wrong

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19
Q

2.6 What is Uncertainty

A

Occurs when there is a lack of information about a situation. means the outcome or consequences are difficult to predict.

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20
Q

2.6 Internal Risks?

A

Workers refusing to work
Fire
Theft
Bad publicity
Employees leaving to work for a competitor

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21
Q

2.6 External risks?

A

New competitors
Natural Disasters
Government laws
Technological change
Economic changes

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22
Q

2.6 All business face uncertainty due to…
PESTLEC

A

Political Environment
Economic Uncertainty
Social changes
Technology changes
Legal changes
Environment
Competition

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23
Q

2.6 How can risk be reduced

A

Making a business plan
Training workers
Using experts
Diversification of products

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24
Q

2.2 What are Ethics

A

Refers to whether a business decision is thought to be morally right or wrong. An ethical decision on the basis of what is judged to be morally right

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25
2.2 Some Key ethical issues for a business
Treating workers fairly Reducing environmental impact Reducing waste Paying Tax Giving back to the community Setting fair prices
26
2.2 Ethical behaviour reduces profits because... However...
Environmentally friendly resources cost more Training employees costs money Account for all stakeholders It can attract customers and good quality employees
27
2.2 Effects of business in the natural world
Traffic congestion Air & Noise pollution Scarce resources Global warming Wastage
28
2.2 Sustainability definition
Methos of production which can be continued in the long term without damaging the environment Meeting our needs today without compromising the needs of future generations
29
2.1What is ICT
Information and Communication technology
30
2.1 How does ICT impact a business
Location of employees Employees work Suppliers Stakeholders M-commerce Information analysis customer base E-commerce
31
2.1 Employees location However..
Employees can work from home, no matter where they are in the world Makes a business efficient as people can work anytime anywhere. However... if ICT continues improving people will lose their jobs as robots take over.
32
2.1 Employees work
Manager can monitor effectiveness of marketing campaigns Get data on shop visitors, time spent in shops, repeat customers Ensure sufficient staff by predicting customer numbers
33
2.1 Information Analysis
Collect data via google target customers with appropriate goods and services Improve services No storage equipment Respond swiftly and make quick changes
34
2.1 Customer Bases
Far more contact with clients Q and As FAQ Create social media accounts & websites Can damage a business with bad publicity
35
2.1 Suppliers
re-order supplies whenever Business becomes efficient Reduces storage
36
2.1 Stakeholders
Hold meetings online More shareholders can attend Monitor attendance and participation Opinions of large numbers of stakeholders
37
2.1 E-commerce
Help monitor customer needs Small business reach customers all over the world The website MUST be easy to navigate and clear
38
2.1 What is M-commerce
Buying and selling of products and services using wireless handheld devices.
39
2.3 What is the economy?
Made up of consumers, businesses and governments. These groups make decisions on what to buy, sell, produce, import and export. All of these decisions decide what is produced, bought and sold.
40
2.3 What is the economic climate?
The state of the economy Is it producing more or less goods and services? Is it providing bigger or smaller incomes? Is it creating more or less jobs?
41
2.3 What is an interest rate?
The cost of borrowing money and reward for saving money Expressed as a percentage Paid by borrowers Paid to Savers
42
2.3 What happens if there is a rise in interest 1. Saving by customers 2. Spending by consumers 3. Borrowing by customers 4. Borrowing by consumers
1. Interest increase 2. Interest decrease 3. Interest Decrease 4. Interest Decrease
43
2.3 rising interest rates mean...
Reduces spending by consumers Reduces investment by business Leads to a weaker economy
44
2.3 Fall in interest rates means...
Increase in spending by consumers Increase in businesses investments Lead to a stronger economy
45
2.3 What is unemployment
A situation where someone is of working age but it not able to get a job and would like to be in full-time employment
46
2.3 Rising Employment levels lead to
Higher sales Increased costs
47
2.3 What is income elasticity of demand? Elastic demand Inelastic demand
Measures how much demand for a product changes as income changes Always a big change in demand Always a small change in demand
48
2.4 What is Globalisation
The trend for markets to become worldwide in scope
49
2.4 Impacts of globalisation
Increase in multinational countries Increased international trade People moving across international borders
50
2.4 How can UK markets compete in international markets
Improving product design to give a USP Quality products ensuring satisfied customers Good customer service
51
2.4 What is an exchange rate?
The price of one currency expressed in terms of another eg £1= $1.20
52
2.4 A currency rise? A currency fall?
When you get more for your £ £1= $1.50 When you get less for your £ £1 = $1.05
53
2.4 What is SPICED
Strong Pound Imports Cheap Exports Dear
54
2.4 What is WPIDEC
Weak Pound Imports Dear Exports Cheap
55
2.4 Fall in exchange rate means Export prices..... Import Prices....
Export prices fall and sales increase increased profits Import prices rise increasing costs and decreasing profits
56
2.5 What is Legislation
A set of rules that governs the way society operates another term for law
57
2.5 Employment law National minimum wage
Wages matched to inflation and rising prices Change every October
58
2.5 National Living wage
hourly pay set by the government changes every April receive this at minimum for over 25s
59
2.5 Equality act 2010
prevents discrimination on grounds of race gender or age cannot be treated any differently because of this Age Disability Race gender Marriage Religion pregnancy Sexual orientation2
60
2.5 Impact on business
Increases cost to pay workers more Profits fall
61
2.5 Contract of employment
all employees must have this contract legal document stating the hours, pay rate, duties and other conditions of a persons employment
62
2.5 Health and Safety
Prevents businesses putting an employee in danger Protects work force Installation and maintenance of safety equipment
63
2.5 consumer law
Protect consumer by preventing unfair practices taking place
64
2.5 what does consumer law protect from?
False advertising Sales of unsafe products unfairly priced products selling misinformation of business
65
2.5 Trade descriptions act?
legislation designed to prevent incorrect information on packaging, labels and advertisements
66
2.5 What is the 1974 health and Safety at work act?
lays out all the responsibilities that employers and employees have to maintain a safe and healthy workplace.

Business GCSE (7 decks)

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