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S3 > Business > Flashcards

Business Flashcards

1
Q

What is an entrepreneur

A

Someone who owns there own business

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2
Q

What is limited liability

A

When you are at risk of loosing ONLY things related to your business

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3
Q

Three qualities a entrepreneur would have

A

Confidence , approachable , determination

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4
Q

Three skills an entrepreneur would have

A

ICT , numeracy , leadership

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5
Q

What is unlimited liability

A

Personal belongings can be taken from you

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6
Q

What are the three sectors of industry

A

Primary
Secondary
Tertiary

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7
Q

Describe primary

A

Land/natural resources

Eg mining , fishing

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8
Q

Describe secondary

A

Using the materials from primary to create goods

Eg house, paper

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9
Q

Describe tertiary

A

Providing a service

Eg hairdresser, schools

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10
Q

What are the three sectors of the economy

A

Public , private and third

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11
Q

Describe private

A

Owned by private individuals

Eg Tesco , Asda

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12
Q

Describe public

A

Government owns

Eg schools , NHS

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13
Q

Describe third

A

Charities and social enterprises

Eg cancer research

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14
Q

Name the four types of business organisations

A

Sole trader
Partnership
Private limited company
Public limited company

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15
Q

What is a sole trader and name an advantage and disadvantage

A

Business owned by one person

Advantage - can keep all profit
Disadvantage - long working hours

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16
Q

What is a partnership and name an advantage and disadvantage

A

A business owned by 2-20 people

Advantage - shared workload
Disadvantage - shared profits

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17
Q

What is a private limited company and name an advantage and disadvantage

A

Family and friends buy your shares

Advantage - limited liability
Disadvantage - have to register =£

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18
Q

What is a public limited company and name an advantage and disadvantage

A

The public buy your shares on the stock market

Advantage - money quicker , limited liability
Disadvantage - loss of control

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19
Q

Sole traders, partnerships , Ldt and Plc are all in what sector

A

Private

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20
Q

What are three things a business needs to satisfy their customers

A

Good service , good prices , up to date fashion/products

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21
Q

What is a satisfied customer

A

The customer will return and recommend the company

22
Q

how can you keep customers loyal

A

Loyalty and points cards

23
Q

How can you attract new customers

A

Advertising and promoting or recommendations from existing customers

24
Q

What is bad publicity and what will it lead too

A

Customers bad experiences
Leaving bad reviews

This will lead to a poor reputation

25
Q

What is market research

A

Business use market research to identify what the customers need or want

26
Q

What are the two types of market research

A

Desk and field

27
Q

What is desk research

A

All research is done at a computer and the information already exists

28
Q

What is field research

A

Gather the information face to face

Getting the information first hand

29
Q

Name an advantage and disadvantage of desk research

A

Advantage - receive the information right away

Disadvantage - not always accurate

30
Q

What are the 4p’s

A

Price , place , product and promotion

31
Q

Name an advantage and disadvantage of field research

A

Advantage - accurate information

Disadvantage - takes longer to gather the information

32
Q

What is place

A

Where the products/goods are sold

33
Q

What is price

A

The amount payed for the product or service

34
Q

What is promotion

A

How you promote the good or service

Eg billboards and social media

35
Q

What is product

A

The actual good or service purchased buy the customer/consumer

36
Q

What is advertising divided into and give example

A

Digital eg - online , email

Traditional eg - radio, billboards

37
Q

Name three types of promotional strategies

A

Celebrity endorsement
Sales promotion
Special offers

38
Q

Name three special offers

A

Loyalty cards
BOGOF
Discounts

39
Q

What are examples of extension strategies for the 4p’s

A

Product- introduce a new version
Price- reduce the pricing
Promotion- introduce a new advertising campaign
Place- change where it can be bought

40
Q

What is brand loyalty

A

When a customer is loyal to a particular brand they will continue to buy that brands associated products

41
Q

What is quality

A

Businesses have to ensure of good quality to make sure to satisfy customer needs and give good value for money

42
Q

What is quality control

A

Making sure the standard of the product meets the customers expectations AFTER the product is finished

43
Q

What is quality assurance

A

Making sure the product meets the customers expectations after EACH STEP of the production

44
Q

What is quality circles

A

When a group of workers discuss to solve production problems

45
Q

What is benchmarking

A

Discovering the best methods or productions

46
Q

What are the four main functional areas in a traditional business model

A

Marketing
Finance
Operations
Human Resources

47
Q

What is marketing

A

Collecting information on customers preferences for particular goods or services

48
Q

What are operations

A

How the business changes the raw materials into the finished products

49
Q

What are Human Resources

A

Describes the people who work in the business

50
Q

What is finance

A

The department responsible for the money in a business

51
Q

What is administration

A

The backbone of any organisation

Responsible for typing , filing and organising meetings

S3 (6 decks)

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