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Business Flashcards

1
Q

What are the customer needs

A

Price
Quality
Convenience
Choice
Service

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2
Q

What is limited Liability

A

When a business essentially can’t pay its debts the owners(shareholders) of a business are not liable for its debts

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3
Q

What is Liability

A

The legal responsibility that a business owner has to pay the debts of its business

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4
Q

what is an Organisational structure

A

the way employees and job roles are organised in a business

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5
Q

why have an organisational structure

A

makes it easier to see which part of the business does what
and who has which roles
Makes communication easier
employees can easily know their roles and responsibillities.

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6
Q

What is delegation

A

A task given to a subordinate from a superior

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7
Q

Pros of Hierarchical structures

A

Lots of opportunity for promotion

people know what they have to do due to organisation

info from top can be easily passed to bottom

supervisor can get to know subordinates well due to small span of control

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8
Q

Disadvantages of hierarchical structures

A

descisions take a long time

Info from the bottom cant always reach the top

Lots of layers and chains- may mean business is inflexible

lots of manager + supervisors- expensive

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9
Q

Disadvantages of hierarchical structures

A

decisions take a long time

Info from the bottom cant always reach the top

Lots of layers and chains- may mean business is inflexible

lots of manager + supervisors- expensive

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10
Q

what is flat structure

A

an organisational structure with only few layers of management

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11
Q

advantages of flat structure

A

info can be easily spread

cheaper due to less supervisors and managers

info from bottom can easily reach top

lots of delegation

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12
Q

Disadvantages of a flat structure

A

Decisions can take a long time to be processed

More stressful

can create power struggles due to managers being absent

little or no promotions-reduced motivation

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13
Q

Forms of communication

A

Email
Telephone
Fax
Texting
Written document

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14
Q

What can poor communication lead to

A

loss in efficiency.

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15
Q

What is a centralised structure

A

A business were all decisions are made by senior managers

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16
Q

What are the advantages of a centralised structure

A

Senior managers are experienced meaning they have the knowledge to consider when making decisions

The policies are uniform throughout the business

Employees know who to report to

Easy to get promotions

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17
Q

What are the disadvantages of a centralised structure

A

The decision making is slow so in turn the business cant quickly react to change

If senior managers lack experience they may make poor decisions

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18
Q

What is a decentralised structure

A

A decentralised structure is when ability to make changes to a shop is granted to the shop instead of head office

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19
Q

What are the advantages of a decentralised structure

A

Employees can use specialist knowledge-may improve business

the changes are made quickly

there is no need for a central office so in turn lower costs

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20
Q

What are the disadvantages of a decentralised structure

A

Inconsistencies in the business
Decisions do not affect whole business

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21
Q

What are some reasons for recruitment

A

If a business grows they need to recruit more people
there is a high staff turnover
When an employee is promoted
To cover maternity leaves or long term sickness

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22
Q

What is internal recruitment

A

When a business recruits from inside the company

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23
Q

What is external recruitment

A

When a business recruits from outside the company

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24
Q

What are the advantages of internal recruitment

A

it is cheaper
The post will fill up quickly
The candidates already know the firm well
The managers already know the candidate

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25
What are the disadvantages of internal recruitment
Fewer new ideas and perspectives in business You need people to fil in the candidates that have already been promoted
26
What are the advantages of external recruitment
The advertisements reach more people which may have skills that benefit business Useful if firms need to recruit a lot of people at once
27
What are the disadvantages of external recruitment
candidates less familiar with how business works Advertisements are expensive
28
What are some laws related to recruitment discrimination
Sex discrimination act 1975 race relations act 1975 disability discrimination act 1995 Age discrimination act 2006
29
What is Formal training
An official training programme
30
What is a mentor
someone in the workplace who helps you and gives you advice either officially or unofficially
31
What is retention
a calculation of how many employees stay loyal rather than leave
32
What is Self-learning
when you teach yourself
33
What is Target setting
when you are set goals by your manager
34
What is informal training
The unexpected/unplanned demonstrations or pieces of advice by colleagues
35
What are performance reviews
Discussion sessions between you and your boss about your performance ang how you've met your targets
36
What is ongoing training
training that's on a regular basis
37
What is remuneration
Money given to employees for their work
38
What are the advantages of remuneration
pay can be argued as the biggest motivator can be based on the skills and experience of the worker
39
What are the disadvantages of remuneration
pay may not be enough to motivate as its expected
40
What is a Bonus
an amount of money that is given out when a certain performance target is met
41
What are the advantages of a Bonus
gets employees to do less favourable parts of jobs an unpromised bonus is a good motivator
42
What are the disadvantages of a bonus
bonus driven business-may lead employees to be less ethical firms may end up giving employees bonuses when they do ordinary tasks
43
What is a commission
when an employee gets a reward for every sale they make
44
What are the advantages of a commission
incentivises higher sales pay roll of business related to amount of sales made
45
What are the disadvantages of a commission
Emphasis on sales rather than quality employees may cut corners to make sales
46
What is promotion
When staff are given a higher position
47
What are the advantages of promotion
gives loyal staff power in business motivation for staff lead to staff improving their skills
48
What are the disadvantages of promotion
staff applies for position- doesn't get it -may leave may cause friction among the staff as they believe the employee didn't deserve promotion
49
What is Globalisation
Where businesses operate internationally and gain a lot of influence or power
50
What are some benefits of globalisation
new market opportunities Access to technology and rescources
51
What are the drawbacks of globalisation
Threat from foreign countries challenge of adapting product to foreign markets
52
What are some barriers to international trade
Tariffs Non-tariff barriers- imposing quality or safety standards Trade blocs- promoting trade between a small group of countries Subsidies- money given to help domestic producers Quotas- physical limits on exports
53
What are some reasons for trade barriers
protecting jobs in domestic industries protecting emerging industries preventing the dumping of cheap and undesirable goods into the market raising revenue from tariffs
54
What are some examples of Trade blocs
ASEAN- the association of southeast Asian nations NAFTA- The North American free trade organisation
55
What are the benefits of advertising
can have big impact if used at right time with right consumers
56
What are the disadvantages of advertising
can be expensive and difficult to work with.
57
What are the benefits of a sponsorship
can provide business with good exposure and associate it with a good cause
58
What are the disadvantages of a sponsorship
communicates very little about the product
59
What are the advantages of public relations
can encourage customers to become loyal to the brand
60
What are the disadvantages of public relations
can take long time to form can be destroyed quickly due to bad publicity
61
What is the purpose of Market research
Identify gaps in the market identify and understand customer needs understand how well the business is doing identify and understand customers understand trends in the market such as market growth
62
What are some examples of Primary research
Observations Surveys Focus groups Experiments Questionnaires Social media
63
What are some examples of Secondary research
Internet sites Local newspapers Government reports Market reports Telephone directories Sales data
64
What are the benefits of Market segmentation
Meet specific customer needs differentiate its products focus on a specific group of customers develop a unique brand image
65
What are the benefits of Market mapping
helps identify potential gaps in the market helps businesses to identify their closest rivals Supports market segmentation Helps businesses to make decisions about marketing and positioning its brand
66
What are the limitations of Market maps
based on opinions and perceptions that likely to be untrue compares businesses with only two variables, which is simplistic
67
What is a Business plan
A plan for the development of a business, giving forecasts of items such as sales, costs and cash flow
68
What are the elements of a business plan
Business idea Aims and Objectives Market research Financial forecasts sources of finance Location Marketing mix Production
69
What are the principles of consumer law
products sold to customers should be of a good standard of quality Businesses should disclose full information about products and services Consumers have he right to reject or return goods Services should be provided with reasonable care Goods should be delivered and installed safely Terms of contracts should be fair
70
What are the principles of employment law
Recruitment procedures should be fair and prevent discrimination. Health and safety requirements in the workplace should be met All employees' pay should be fair and meet the minimum wage Groups of people such as people with disabilities should not be discriminated against Redundancy procedures should be fair Disciplinary issues and grievances should be dealt with fairly.

Revision (18 decks)

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