Aspects Of Key Issues Relating To Running A Business Flashcards
1
Q
What are some issues when operating a business? (6)
A
- changing markets
- business records
- staffing
- promotion
- legal requirements
- customer relations
2
Q
What are problems and consequences of changing markets?
A
PROBLEMS
- not reacting to competitors
- unaware of new products
CONSEQUENCES
- not enough stock
- too much stock
3
Q
What are problems and consequences relating to business records?
A
PROBLEMS
- not up to date
- not fully used
CONSEQUENCES
- not aware of problems
- no information to plan
- not enough cash to pay bills
4
Q
What are problems and consequences associated with staffing?
A
PROBLEMS
- low wages/incentives
- poor training
CONSEQUENCES
- low morale
- rapid staff changes
- low work rate
- high absenteeism
- poor customer service
5
Q
What are problems and consequences associated with promotion?
A
PROBLEMS
- not enough promotion
- prices set too high
CONSEQUENCES
- low sales
- not enough cash flow
6
Q
What are problems and consequences associated with legal requirements?
A
PROBLEMS
- not knowing them
- not carrying them out
CONSEQUENCES
- being sued or fined
- loss of licenses
7
Q
What are problems and consequences associated with customer relations?
A
PROBLEMS
- poor service
- poor staff morale
CONSEQUENCES
- low sales
- cash crisis
