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GCSE Business Studies > Aims and Organisation > Flashcards

Aims and Organisation Flashcards

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1
Q

What is a business

A

Organisation that makes goods or provides a service

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2
Q

What is a good

A

Physical products

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3
Q

What is a service

A

Non physical items

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4
Q

What are customer needs

A

The desires and wants of a consumer

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5
Q

What is the Primary sector

A

The acquisition of raw materials

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6
Q

What is the Secondary sector

A

The manufacturing and assembly process that converts raw materials into components or final product

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7
Q

What is the Tertiary sector

A

Commercial services that support the production and distribution process

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8
Q

What is Enterprise

A

Skill involved in wanting to start and run a business

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9
Q

What is an Entrepreneur

A

An individual who sets up their own business

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10
Q

What is a Business Plan

A

Report by a business containing all of its research findings and explains why the firm hopes to succeed

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11
Q

What is a Monopoly

A

A business that has 25% or more market share of their respective market. Or the only supplier in the market

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12
Q

What are the three benefits of a competitive market

A

price, product range and customer service

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13
Q

What is product differentiation

A

Making your products stand out from competitor

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14
Q

What are three methods of improving product differentiation

A

Strong brand image, Unique selling point and Competitive Factors

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15
Q

What is a Sole Trader

A

Business that is controlled and owned by one person

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16
Q

What are three advantages of being a Sole Trader

A

Easy to set up/Reduced Start Up Costs/Freedom to make decisions

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17
Q

What are three disadvantages of being a Sole Trader

A

Responsibility/ Long hours/ Unlimited Liability

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18
Q

What is a Partnership

A

Business owned by 2-20 people

19
Q

What are two advantages of being in a Partnership

A

Shared Experience/Shared Responsibility

20
Q

What are two disadvantages of being in a Partnership

A

Shared Profits/Arguments over Business Decisions

21
Q

What is a Limited Company

A

A company whose assets are separate to owners allowing for Limited Liability. They are owned by shareholders

22
Q

What are the two main types of Limited Companies

A

Public Limited Companies/Private Limited Companies

23
Q

What are the differences between the two types of Limited companies

A

Public allows anyone to shareholder however Private requires you to be invited to be a shareholder

24
Q

What is a Franchise

A

Buy into an existing brand and gain right to use their existing business model

25
Q

Who is involved in a Franchise

A

Franchiser, Franchisee

26
Q

What is an Aim/Objective

A

A statement of what the business wishes to achieve over the next 12 months

27
Q

Give 4 examples of an aim or objective

A

Survival/Increased profit/Increased Market Share/Growth

28
Q

What is a stakeholder

A

A person interested in the activities of a business or is affected by the activities of the business

29
Q

What are two advantages of a business growing

A

Gains influence over market/Economies of Scale

30
Q

What are the three ways businesses can grow

A

Internal growth/ External growth/ Franchising

31
Q

What is External growth

A

Where a business merges or takes over with another organisation.

32
Q

What is Internal growth

A

Business grows by hiring more staff and equipment to increase its output

33
Q

What is Franchising

A

Business leases its idea to franchises

34
Q

What are the three disadvantages of expanding

A

Larger debts/ More competition/ Not enough demand

35
Q

What are the three enterprise skills

A

Willingness to take risks/ willingness to show initiative/ willingness to undertake new ventures

36
Q

What is creative thinking

A

process by which individuals come up with new ideas or new approaches to business

37
Q

What are the three creative thinking methods

A

Lateral thinking/ Deliberate thinking/ Blue sky thinking

38
Q

What is Lateral thinking

A

Thinking outside the box

39
Q

What is Deliberate thinking

A

Doing something to spark new ideas

40
Q

What is Blue Sky thinking

A

Group of people look at something with a fresh perspective and generate as many ideas as possible

41
Q

What is Invention

A

Making new items or a new process to make existing items

42
Q

What is Innovation

A

Bringing a new idea to the market

43
Q

What are the three ways companies can protect their inventions

A

Patent/ Copyright/ Trademark

GCSE Business Studies (6 decks)

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