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Acdamic Comeback > Busines Paper 2 > Flashcards

Busines Paper 2 Flashcards

1
Q

Name 2 ways a business can be ethical

A

Honesty
Loyalty

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2
Q

What is a shareholder

A

Someone who has a share in your business

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3
Q

What is a stake holder

A

Someone who has an interest in your business

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4
Q

What are the four p

A

product, price, place, and promotion

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5
Q

What is Legislation

A

The laws

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6
Q

What is organic growth

A

The business grown naturally

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7
Q

What is a advantage of organic growth

A

They have retained profit

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8
Q

What is a disadvantage of organic growth

A

Growth is slower

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9
Q

What inorganic growth

A

When a business decides to expand by using merger or takeover

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10
Q

What is inorganic growth

A

When they decide to grow by using merger or takeover

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11
Q

Advantage of inorganic growth

A

It’s a lot faster
Market share increases

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12
Q

Disadvantage of inorganic growth

A

High risk (it could fail)
80 percent of merges fail

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13
Q

What are the three parts of the design mix

A

aesthetics, functions, and manufacturing costs

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14
Q

What is import

A

good or service bought in one country that was produced in another

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15
Q

What is a export

A

to a product or service produced in one country but sold to a buyer abroad

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16
Q

Advantage of import

A

Cost are reduced
Product vary

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17
Q

Disadvantage of import

A

Legal risk
Culture risk

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18
Q

Advantage of export

A

Increased profits
Government support

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19
Q

Disadvantage of export

A

People might not like the product
Tax

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20
Q

What is a strong pound

A

The pound is worth more in another country

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21
Q

What is a weak pound

A

The pound is worth less than yours in a another country

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22
Q

What is a private limited company

A

A company with a limited amount of people that tends to be there friends and family

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23
Q

What is a public limited company

A

A company that sells there shares to the public

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24
Q

Advantage of a private limited company

A

Limited liability

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25
Disadvantage of private limited company
Make less capital than public
26
Advantage of a public limited company
You have limited liability You make a lot of capital
27
Disadvantage of public limited company
Risk of losing control of the business Profit are shared among number of people
28
What is remote work
Working on computers away from the business hq
29
Advantages of remote control for a employee
No money wasted on fuel No time wasted to get to the business
30
Advantages of remote working for a business
Total cost reduces for office space in the hq People do work straight away Instead take time off by travelling to the business
31
Disadvantages of remote workings for employee
Communication Barriers Might not be able to buy a computer
32
Disadvantages of remote working for a business
Less productivity Communication barriers
33
What is a tall structure
It has many layers of management
34
Advantage of a tall structure
Narrow of spam of control
35
Diss advantage for tall structure
Long chain of command
36
What is a flat structure
A small layers of structures
37
Advantage of a flat structure
Short chain of command
38
Disadvantage of flat structure
Wide spam of control
39
What’s a chain of command
When and order has been passed for One person to another
40
What’s a spam of control
The number of subordinate that’s report directly to a manger or leader
41
3 ways of training in a business
On the job - u train while in the job Off the job - u learn and train while not being at the job Induction - be at the business for a couple days without working yet
42
A financial way of motivating employees in a business
Bonus Pensions
43
Non financial ways of motivating employees
Saying’s that u doing a good job Job rotation
44
What are the 3 ways u can production
Job Batch Flow
45
What is a job production
A very unique production with high quality
46
What’s is a batch production
Products that are made in a group of identical products
47
What is a flow production
A series of production and stages to Make products in a constant flow
48
What is trade bloc
a group of countries that work together to provide special deals for trading
49
Trade block
Add - can encourage competition and lower prices for consumers Diss - can restrict trade with countries outside the trade bloc
50
Product life cycle is
Development Introduction Growth Maturity Decline
51
Job production add and diss
Add- can charge a higher price because it’s unique Diss - meds highly skill
52
Batch products add and diss
Add- increase output can reduce unit cost Diss - time is lost between batches
53
Flow production add and diss
Add- produce products in large quantities Diss - expensive to set up.
54
Problem with too much stock
High warehousing cost
55
Problems with too little stock
Diss point customer lose sales
56
Cam meaning
Computer aided manufacturing
57
CAD
Computer aided desgin
58
Buffer stock mean
Minimum stock needed
59
Logistic meaning
The process that ensures that the products are delivered to the customer on time.
60
Just in time add and diss
Add -Less storage space needed saving in rent Cash flow is easier Diss - no spare stock available Little room for mistakes
61
Lead time meaning
The length of time of new stock nededed
62
5 stages of sales process
Product knowledge - employee expertise Efficiency- how quick ad easy is the sales process Customer engagement- ensuring the customers experience is positive Customer feedback - measuring satisfaction Post sales service - provide support and guidance after the sale has been completed
63
Add and diss of ARR
Add - Alllows different investment options to be compared Diss - does not take into account time value and money
64
Three type of training
On the job Of the job Induction
65
Induction add and diss
Add - helps worker sweetie quickly Diss - works is paid but not producing
66
On the job training add and diss
Add - cheaper no travel cost Diss - quality of training depends on the trainer
67
Of the job add and diss
Add - workers enjoy the change of environment Diss - more expensive travel fees
68
Motivation non financial ways
Praise Job rotation
69
Financial ways to motivate
Bonus’s ProMotion
70
Financial ways to motivate
Bonus’s ProMotion

Acdamic Comeback (16 decks)

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