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Business Gcse > advantages and disadvantages > Flashcards

advantages and disadvantages Flashcards

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1
Q

advantages to advertising on a website

A
  • new products and discounts can be communicated easily to customers
  • online chat to support customers
  • feedback
    -quick and easy updates
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2
Q

Disadvantages of advertising on a website

A
  • costs involved in maintaining websites
  • have to be updated regularly
    -team has to be paid to reply. yo customers making contact
  • customers may leave negative product reviews
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3
Q

competitor prices advantages?

A
  • encourage customers buy products which helps the businesses to maintain/ market share
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4
Q

disadvantage of a wide span f control

A
  • less time wit each subordinate
  • manager may lose control
  • strained friendships
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5
Q

disadvantages of a narrow span of control

A

subordinates may feel too lonely monitored and may find that the lack of freedom to make their own decisions is demotivating

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6
Q

advantages of email & texts

A

-instant, quick
-do it from anywhere
- cheaper

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7
Q

disadvantages of emails & texts

A
  • can be overwhelming
    -can be disruptive
  • other person may not read
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8
Q

advantages of a wide span of control

A

manager has more subordinates to delegate work to, this reduces workload of manager and subordinates may enjoy how it makes the job more varied

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9
Q

advantages of a narrow span of control

A

manager has less subordinates to line manager, so will have more time to spend giving clear instructions and supporting subordinates

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10
Q

advantages of using letters to advertise

A

formal and efficient

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11
Q

disadvantages of using letters to advertise

A

time consuming and costly

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12
Q

advantages of 0 hour contracts for employees

A
  • flexible
  • appealing to those who may need to turn down work e.g students
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13
Q

advantages of 0 hour contracts for employees

A

employees will not have job security or a regular level of income which can cause stress

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14
Q

advantages of 0 hour contracts for a business

A

give flexibility to meet increases in demand without having to pay employees when they aren’t needed

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15
Q

disadvantages of 0 hour contracts for a business

A

employee can turn down shifts which can lead to business not having enough staff to meet customer demand

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16
Q

advantages of working home

A
  • work longer because no travelling
  • workers more productive because of freedom
  • workers may work better with less distraction
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17
Q

disadvantages of working home

A
  • workers not able too exchange ideas with other workers
  • workers produce less due to not being directed
  • costly because of technology
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18
Q

risks of an entrepreneur

A

health
financial
relationships/friendships

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19
Q

rewards of an entrepreneur

A

financial
self - satisfaction
independence

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20
Q

problems with a business plan

A
  • may not go according to plan
  • constant changing
  • time and efforts
  • not be accurate - poor quality
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21
Q

advantages to a business plan

A
  • review ideas
  • review progress
  • reduce risks
  • help secure finance
  • reduces risk of failure
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22
Q

disadvantages of growth

A
  • slower decision making
  • communication more difficult
  • employees may become demotivated
  • increased capital costs
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23
Q

advantages of external growth

A
  • cost savings
  • gain new customers/ sales
  • eliminate competition
  • more ideas through combining teams
  • spread the risk/ reduce reliance on existing business/ market
  • quicker than organic growth
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24
Q

advantages of being a sole trader

A
  • you are your own boss
  • profit all yours
  • open whenever
  • info doesn’t meed to be documented online so competitors can’t compete
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25
Q

advantages of working as a partnership

A
  • easy to set up = only needs a deed of partnership ( a written agreement between partner)
  • variety of skills
    -usually make decisions between themselves
    -no info bout profits will be published
  • workload shared
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26
Q

disadvantages off working as a partnership

A
  • disagreements which lead to issues in decision making
  • profits will be shared
  • cannot sell shares to raise finance
  • unlimited liability
    -greater workload for each with fewer partners
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27
Q

advantages to a private limited company [ltd]?

A
  • shares holders can restrict who can guys shares
  • continuity = business continues even if shareholder sell their shares or die
  • new shareholders can invest and banks are willing to lend money and in larger amounts compared to sole traders and partnership
  • limited liability
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28
Q

disadvantages for private limited company?

A
  • shareholders have to agree about how dividend are distributed
  • public can see info about the business
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29
Q

advantages to having a public limited company (plc)

A
  • business continues even if shareholders sell their shares or die
    -limited liability
    -can raise large amounts via stock exchange
    -borrowing money banks will be easier as they are more willing to lend and get more compared to sole traders and partnerships
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30
Q

disadvantages of a public limited company
(plc)?

A
  • risk of being take-over higher
  • public can see info
    greater costs to set up and operate than a ltd as a plc must have 50,000 of shares as a minimum
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31
Q

advantages of primary research?

A
  • new data/info
  • its exactly what the business wants
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32
Q

advantages of secondary research?

A

-quicker and cheaper
- wide range of data is already available

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33
Q

disadvantages of primary research?

A
  • could be expensive to complete
  • difficult to get customers to provide answers
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34
Q

disadvantages of secondary research?

A
  • a risk that it could be out of date data
    -may not be exactly what the business wants
35
Q

promotional pricing advantages?

A
  • attracts customers into stores
  • break loyalties with other brands
  • encourage customers to buy more
36
Q

promotional pricing disadvantages?

A
  • customers may get used to promotions and to buy at full price anymore
  • can lead to stock not being available for customers who usually pay full price
37
Q

price skimming advantages?

A
  • help build a reputation for high quality products
    -potential for high sales revenue
38
Q

price skimming disadvantages?

A

may lead to low sales volume

39
Q

penetration pricing advantages?

A
  • can be a professional tool when a business/ product first launches
  • can help to break customers loyalties with other brands
40
Q

penetration pricing disadvantages?

A
  • likely to result in retaliation from established companies
    -creates expectation from customers
41
Q

advantages of competition prices?

A

encourge customers to buy products which helps the businesses to maintain/market share

42
Q

disadvantages of competitor prices?

A

may negate other factors such as services and quality as thy cut costs in order to be able to sell products t a price similar to competitors

43
Q

Full time advantages & disadvantage business

A
  • The worker is permanently available

Disadvantage
- may have to oay when no work is needed

44
Q

Part time working advantages and disadvantages business

A

Worker can be asked to work specific times needed by business

Business may have to train many more workers than if employees full time

45
Q

Flexible working advantages and disadvantages business

A

May benefit from motivated workers who like flexibility of when they work

Worker may not be available to work when needed by business

46
Q

Temporary working adv and disad business

A

Only needs to employ workers for the length of time they need them for example at harvesting time

The business may find it difficult to recruit enough workers at times when they are needed

47
Q

Working while mobile adv and Disadv business

A

The business benefits from increased productivity

The business may not be able to monitor that the worker is working as much as they should

48
Q

Full times adv and disadvantages worker

A

Worker paid for full week

Tied to working full week through out year except holidays

49
Q

Part time adv and disad worker

A

Work when suits them

Only get paid hours they work which means less money that they need or want so they might need to take a second job

50
Q

Felx working adv and disad works

A

Work all times that suit them

May not be offered as much as they want

51
Q

Temp adv and dis worker

A

Can work and earn and for a period and then have time to do other things they wish

May find times in year where there is no work for them

52
Q

Work mobile adv and disad workers

A

Workers make full use of time even when travelling

Worker may feel under pressure to work a lot even while on holiday

53
Q

Phone communication in a business context, advantages and disadvantages

A

Good for discussion of ideas or problem and making agreements

it is immediate providing the communication is available to speak 

Disadvantaged

No record of the discussion unless it’s recorded

can be difficult with long waiting times to get through a call centre 

54
Q

 Meetings in a business context, advantages and disadvantages 

A

Advantages
it is a good way to exchange ideas and to check understanding

minutes ( a written summary ) provide a record of the meeting 

Disadvantages
can be expensive to get people together.
It is a formal meeting. It can take time to arrange. 

55
Q

Presentations in a business contact advantages and disadvantages 

A

The speaker has time to prepare in advance what they wish to say and then to explain clearly

it is often possible to ask questions to help understanding 

Disad

There may be a lot of listeners and it may be difficult to check they will understand

presentations can take time to arrange and can be expensive 

56
Q

Letters in a business context, advantages and disadvantages 

A

Provide a record of the communication

the sender can take time to make sure the ideas are clearly expressed while the reader can read the message more than once

Dis

It takes time for the letters to send in the post to be delivered

if the meaning of the messages unclear is difficult to the receiver to check 

57
Q

Email in a business context, advantages and disadvantages

A

 a very fast way of communicating

good for short messages although attachments are way of adding more information

D

A person may not check their emails regularly.

Bulk emails are often ignored and deleted or lost in spam.

58
Q

Text in business contacts, advantages and disadvantages 

A

A very fast method of communicating that include a lot of people

the receiver can save the text to remember details in the message 

D

Often limited information can be given

not good for discussing ideas 

59
Q

Social media in a business context, advantages and disadvantage

A

 The message can be sent to selected groups or inbox to large number cheaply
Sometimes pictures can be added to the message

D
 somebody in the business needs to manage the communications.

It is not always easy to judge how successful the message has been 

60
Q

Website for business context, advantages and disadvantages 

A

It saves money because the information does not need to be printed and posted

customers can order online so the business may not need to have a shop or office accessible customers

D

Customers cannot ask for information easily

customers cannot be the goods 

61
Q

Advantages of internal recruitment

A

It is cheaper to advise internally

often quicker than external recruitment.

The worker will already be known to the managers so they’ll be confident about where they work. The worker knows the business so there is no problem settling in

it can motivate workers if they see collies being promoted. 

62
Q

Advantages of external recruitment

A

It can fill a skills that whether there is no one already employed who can do the job

people from outside can bring new ideas

avoid workers becoming unhappy if they’re not selected with a colleagues

it is necessary when the business is growing and additional workers unneeded

it saves having to recruit someone to place a worker promoted internally 

63
Q

Advantages and disadvantages of praising for motivation 

A

It does not cost the business anything and it helps to create a positive climate

sometimes if there’s no financial award for good work over a long period workers may feel that they are not truly valued 

64
Q

Advantages this is advantages to using an awards game to motivate workers 

A

Cost of these reward varies but not all are expensive to give

there is some cost of them they need to be given fairly or workers do not receive an award and may be demoralised 

65
Q

Advantages and disadvantages using working environment as a method of motivation

A

If work is your values, they will respect the business and their colleagues creating a positive workspace 

There is a cost to some of this 

66
Q

Why is employee motivation important? 

A

High work productivity
reduce levels of work as supervision
lower work absenteeism
Improved quality

67
Q

Why is employee retention important? 

A

Hi employee retention is it worth the day with the business for a long period of time? Whereas a low employee retention rate means that the workers do not stay long and there is a high labour turnover

The business will need to recruit workers less often saving time and costs training
cost will be lower when the firm does not want to recruit new workers.
It will be easier for them to do so because it will have a good reputation for retreating its work as well, 

68
Q

Advantages of off the job training

A

Enjoy the change in environment
opportunity to learn from expert
you feel valued when the business pays for them to be trained
improve motivation 

69
Q

Disadvantages to off the job training 

A

Expensive and it’s additional costs
work time lost meaning the employee not proceeding goods or services
employee now have new skills/qualifications and may leave for a better job 

70
Q

Advantages too on the job training

A

Trainee is given individual training which improves performance
is cheaper than off the job training
trained how the job wants it done 

71
Q

Disadvantages two on the job training 

A

Trainer may not complete own work
not suitable for groups of trainees more effective one-to-one
quality of work may not be good
Trainer may teach badly or teach bad habits 

72
Q

Disadvantage to being a sole trader

A

Unlimited liability
shortage of capital
shortage of skills
may work long hours
illness
continuity if owner dies business could cease to exist and if wanted to see
There isn’t a guaranteed buyer

73
Q

Advantages of cost plus pricing 

A

Easy to calculate

ensures profit 

74
Q

Disadvantages of cost plus pricing 

A

Doesn’t take into account other factors,

not encourage lower prices 

75
Q

Characteristics of an entrepreneur

A

Showing initiative undertake new adventures risk taking 

76
Q

Factors affecting choice of training 

A

Type of job
firms budget
time available
business resources to deliver in house 

77
Q

Benefits to training 

A

High-quality work
increase motivation
better levels of customer service
increase productivity
less supervision required easier to recruit retain employees staff retention
better able to adapt to changes in technology 

78
Q

Financial methods of motivation 

A

Profit sharing
bonus
fringe benefits 
Wage

79
Q

Benefits to a recruitment agency 

A

Says business time
agents are specialised so would have qualified candidates being employed

80
Q

Order of recruitment and selection 

A

Identify vacancy
Write job description
Write person specification
advertise job
send applicant forms
receive applicants
shortlist candidates
interview
select best candidate 

81
Q

Recruitment section of the recruitment and selection journey 

A

Identify vacancy
Write job description
Write person specification
Advertise job

82
Q

Selection part of recruitment and selection journey 

A

Send application forms
Receive applications
Shortlist candidates
Interview
Select best candidate

83
Q

What is a person specification?

A

A document that list of qualification skills and experience that a worker needs to be able to carry out the particular job for example having good communication skills and an English language GCSE 

Business Gcse (5 decks)

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