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Revision > Business > Flashcards

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
Q

What are the disadvantages of internal recruitment

A

Fewer new ideas and perspectives in business

You need people to fil in the candidates that have already been promoted

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26
Q

What are the advantages of external recruitment

A

The advertisements reach more people which may have skills that benefit business

Useful if firms need to recruit a lot of people at once

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27
Q

What are the disadvantages of external recruitment

A

candidates less familiar with how business works
Advertisements are expensive

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28
Q

What are some laws related to recruitment discrimination

A

Sex discrimination act 1975
race relations act 1975
disability discrimination act 1995
Age discrimination act 2006

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29
Q

What is Formal training

A

An official training programme

30
Q

What is a mentor

A

someone in the workplace who helps you and gives you advice either officially or unofficially

31
Q

What is retention

A

a calculation of how many employees stay loyal rather than leave

32
Q

What is Self-learning

A

when you teach yourself

33
Q

What is Target setting

A

when you are set goals by your manager

34
Q

What is informal training

A

The unexpected/unplanned demonstrations or pieces of advice by colleagues

35
Q

What are performance reviews

A

Discussion sessions between you and your boss about your performance ang how you’ve met your targets

36
Q

What is ongoing training

A

training that’s on a regular basis

37
Q

What is remuneration

A

Money given to employees for their work

38
Q

What are the advantages of remuneration

A

pay can be argued as the biggest motivator
can be based on the skills and experience of the worker

39
Q

What are the disadvantages of remuneration

A

pay may not be enough to motivate as its expected

40
Q

What is a Bonus

A

an amount of money that is given out when a certain performance target is met

41
Q

What are the advantages of a Bonus

A

gets employees to do less favourable parts of jobs
an unpromised bonus is a good motivator

42
Q

What are the disadvantages of a bonus

A

bonus driven business-may lead employees to be less ethical
firms may end up giving employees bonuses when they do ordinary tasks

43
Q

What is a commission

A

when an employee gets a reward for every sale they make

44
Q

What are the advantages of a commission

A

incentivises higher sales
pay roll of business related to amount of sales made

45
Q

What are the disadvantages of a commission

A

Emphasis on sales rather than quality
employees may cut corners to make sales

46
Q

What is promotion

A

When staff are given a higher position

47
Q

What are the advantages of promotion

A

gives loyal staff power in business
motivation for staff
lead to staff improving their skills

48
Q

What are the disadvantages of promotion

A

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
Q

What is Globalisation

A

Where businesses operate internationally and gain a lot of influence or power

50
Q

What are some benefits of globalisation

A

new market opportunities

Access to technology and rescources

51
Q

What are the drawbacks of globalisation

A

Threat from foreign countries

challenge of adapting product to foreign markets

52
Q

What are some barriers to international trade

A

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
Q

What are some reasons for trade barriers

A

protecting jobs in domestic industries

protecting emerging industries

preventing the dumping of cheap and undesirable goods into the market

raising revenue from tariffs

54
Q

What are some examples of Trade blocs

A

ASEAN- the association of southeast Asian nations

NAFTA- The North American free trade organisation

55
Q

What are the benefits of advertising

A

can have big impact if used at right time with right consumers

56
Q

What are the disadvantages of advertising

A

can be expensive and difficult to work with.

57
Q

What are the benefits of a sponsorship

A

can provide business with good exposure and associate it with a good cause

58
Q

What are the disadvantages of a sponsorship

A

communicates very little about the product

59
Q

What are the advantages of public relations

A

can encourage customers to become loyal to the brand

60
Q

What are the disadvantages of public relations

A

can take long time to form

can be destroyed quickly due to bad publicity

61
Q

What is the purpose of Market research

A

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
Q

What are some examples of Primary research

A

Observations

Surveys

Focus groups

Experiments

Questionnaires

Social media

63
Q

What are some examples of Secondary research

A

Internet sites

Local newspapers

Government reports

Market reports

Telephone directories

Sales data

64
Q

What are the benefits of Market segmentation

A

Meet specific customer needs

differentiate its products

focus on a specific group of customers

develop a unique brand image

65
Q

What are the benefits of Market mapping

A

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
Q

What are the limitations of Market maps

A

based on opinions and perceptions that likely to be untrue

compares businesses with only two variables, which is simplistic

67
Q

What is a Business plan

A

A plan for the development of a business, giving forecasts of items such as sales, costs and cash flow

68
Q

What are the elements of a business plan

A

Business idea

Aims and Objectives

Market research

Financial forecasts

sources of finance

Location

Marketing mix

Production

69
Q

What are the principles of consumer law

A

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
Q

What are the principles of employment law

A

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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