Busines Paper 2 Flashcards
Name 2 ways a business can be ethical
Honesty
Loyalty
What is a shareholder
Someone who has a share in your business
What is a stake holder
Someone who has an interest in your business
What are the four p
product, price, place, and promotion
What is Legislation
The laws
What is organic growth
The business grown naturally
What is a advantage of organic growth
They have retained profit
What is a disadvantage of organic growth
Growth is slower
What inorganic growth
When a business decides to expand by using merger or takeover
What is inorganic growth
When they decide to grow by using merger or takeover
Advantage of inorganic growth
It’s a lot faster
Market share increases
Disadvantage of inorganic growth
High risk (it could fail)
80 percent of merges fail
What are the three parts of the design mix
aesthetics, functions, and manufacturing costs
What is import
good or service bought in one country that was produced in another
What is a export
to a product or service produced in one country but sold to a buyer abroad
Advantage of import
Cost are reduced
Product vary
Disadvantage of import
Legal risk
Culture risk
Advantage of export
Increased profits
Government support
Disadvantage of export
People might not like the product
Tax
What is a strong pound
The pound is worth more in another country
What is a weak pound
The pound is worth less than yours in a another country
What is a private limited company
A company with a limited amount of people that tends to be there friends and family
What is a public limited company
A company that sells there shares to the public
Advantage of a private limited company
Limited liability
Disadvantage of private limited company
Make less capital than public
Advantage of a public limited company
You have limited liability
You make a lot of capital
Disadvantage of public limited company
Risk of losing control of the business
Profit are shared among number of people
What is remote work
Working on computers away from the business hq
Advantages of remote control for a employee
No money wasted on fuel
No time wasted to get to the business
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
Disadvantages of remote workings for employee
Communication Barriers
Might not be able to buy a computer
Disadvantages of remote working for a business
Less productivity
Communication barriers
What is a tall structure
It has many layers of management
Advantage of a tall structure
Narrow of spam of control
Diss advantage for tall structure
Long chain of command
What is a flat structure
A small layers of structures
Advantage of a flat structure
Short chain of command
Disadvantage of flat structure
Wide spam of control
What’s a chain of command
When and order has been passed for
One person to another
What’s a spam of control
The number of subordinate that’s report directly to a manger or leader
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
A financial way of motivating employees in a business
Bonus
Pensions
Non financial ways of motivating employees
Saying’s that u doing a good job
Job rotation
What are the 3 ways u can production
Job
Batch
Flow
What is a job production
A very unique production with high quality
What’s is a batch production
Products that are made in a group of identical products
What is a flow production
A series of production and stages to
Make products in a constant flow
What is trade bloc
a group of countries that work together to provide special deals for trading
Trade block
Add - can encourage competition and lower prices for consumers
Diss - can restrict trade with countries outside the trade bloc
Product life cycle is
Development
Introduction
Growth
Maturity
Decline
Job production add and diss
Add- can charge a higher price because it’s unique
Diss - meds highly skill
Batch products add and diss
Add- increase output can reduce unit cost
Diss - time is lost between batches
Flow production add and diss
Add- produce products in large quantities
Diss - expensive to set up.
Problem with too much stock
High warehousing cost
Problems with too little stock
Diss point customer lose sales
Cam meaning
Computer aided manufacturing
CAD
Computer aided desgin
Buffer stock mean
Minimum stock needed
Logistic meaning
The process that ensures that the products are delivered to the customer on time.
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
Lead time meaning
The length of time of new stock nededed
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
Add and diss of ARR
Add - Alllows different investment options to be compared
Diss - does not take into account time value and money
Three type of training
On the job
Of the job
Induction
Induction add and diss
Add - helps worker sweetie quickly
Diss - works is paid but not producing
On the job training add and diss
Add - cheaper no travel cost
Diss - quality of training depends on the trainer
Of the job add and diss
Add - workers enjoy the change of environment
Diss - more expensive travel fees
Motivation non financial ways
Praise
Job rotation
Financial ways to motivate
Bonus’s
ProMotion
Financial ways to motivate
Bonus’s
ProMotion
