Actual Flashcards
Meeting the Objectives of External Stakeholders - Application to Specific Business - Tesco (Retailer)
Tesco engages with its suppliers through the Tesco Supplier Network (TSN). It supports communication, feedback, and improves the supply chain. Tesco’s initiatives, such as ensuring fair prices for suppliers and maintaining reliable, ethical sourcing, align with suppliers’ interests and meet local community expectations.
How Businesses Comply with the Consumer Rights Act - Application to Specific Business - Amazon (E-Commerce):
Amazon UK has guidelines for its sellers to ensure that products comply with CRA standards. Its return policies allow customers to request refunds or replacements easily. Also, Amazon’s marketplace ensures quality control through customer reviews and ratings, which helps maintain a high standard across products offered by third-party sellers.
Swot Analysis in Action - Application to Specific Business - Nirvana Spa (Service Provider)
Nirvana Spa uses SWOT analysis to assess opportunities for growth and improvement. Strengths include a high-quality service reputation and a loyal customer base. Opportunities for Nirvana might involve expanding wellness programs or diversifying services to attract new clients.
Operational Responses to Rising Levels of Disposable Income - Application to Specific Business - Starbucks (Coffee Retailer):
Starbucks has responded to rising disposable income by diversifying its menu to include higher-priced items like specialty beverages and premium coffee blends. Seasonal offerings, like Pumpkin Spice Lattes, capitalise on disposable income trends and create excitement among customers willing to spend more.
The Use of Short-Term Sources of Finance - Application to Specific Business - Tesco (Retailer):
Tesco uses trade credit with suppliers, which allows it to delay payment for stock purchases until after products are sold. This improves cash flow by enabling Tesco to generate revenue before making payments, ensuring they can consistently stock inventory and meet customer demand.
