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Business Flashcards

1
Q

What is a sole trader?

A

Sole owner of a business (self employed)

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2
Q

Positives of being a sole trader

A

Paid choice of wage, flexible hours

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3
Q

Negatives of being a sole trader?

A

No sick pay, Liable for any debts

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4
Q

What does liable mean?

A

Responsible by law

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5
Q

What is a partnership?

A

Two or more people who come together to form a business

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6
Q

Positives of a partnership

A

Shared responsibility

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7
Q

Negatives of a partnership?

A

Liable for any debts, Shared profits

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8
Q

What is a private limited company?

A

It is a small business that will have LTD at the end

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9
Q

Which kind of business will have LTD at the end

A

A private limited company

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10
Q

Positives of a private limited company

A

Limited liability (only responsible for their share of the debt)

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11
Q

What is a public limited company?

A

Large businesses selling shares to the public

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12
Q

Positives of a public limited company

A

Can make money, not liable for debt

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13
Q

Negatives of a public limited company

A

Lose money if shares go down

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14
Q

What is the size of a business?

A

The number of employees a business has

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15
Q

What is the scope of a business?

A

This refers to the extent of the businesses activities and how far it extends around the world.

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16
Q

How big is a micro business? Give an example

A

0-9 A local independent gym with 4 employees

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17
Q

How big is a small business? Give example

A

10-49 A local leisure centre

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18
Q

How big is a medium business? Give example

A

50-249 A football league club

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19
Q

How big is a large business? Give example

A

250+ A sports retail company

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20
Q

What’s the private sector?

A
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21
Q

What are the aims of the private sector?

A

Making profits, break even, survival, growth, market leadership, diversification, customer satisfaction

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22
Q

What is gross profit and net profit

A

Gross profit= income - any costs of creating
Net profit = how much you take home after all costs

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23
Q

What does beak even mean

A

When income = outcome

24
Q

What’s the public sector?

A

Ran by or on behalf on of the government using taxes

25
Q

What are the aims of the public sector?

A

Meeting government standards, service quality, cost control, value for money

26
Q

What is service quality?

A

Quality is important as it demonstrates that public spending is justified

27
Q

What’s cost control?

A

Not spending the publics money unnecessarily

28
Q

What’s the voluntary sector?

A

An organisation whose primary purpose is to create social impact rather than profit

29
Q

What are the aims of the voluntary sector?

A

To support the local communities, to encourage participation

30
Q

What are the programmes to promote participation?

A

Individual training, group exercise and activities, water based activities

31
Q

What is an example of individual training?

A

0ne to one coaching

32
Q

What is an example of group exercise activities?

A

Yoga, spin, children’s sport’s clubs

33
Q

What is an example of water based activities?

A

Swimming lessons, aqua fit

34
Q

What are the different demographics?

A

Age, ethnicity’s, socio - economic, gender, disability

35
Q

What are the different purpose groups?

A

recreational, charitable, weight loss, personal image, training for performance, health maintenance

36
Q

What are the 7 marketing p’s?

A

price, place, product, promotion, people, physical environment, process

37
Q

Explain price

A

Pricing strategy, the product is only worth what the customer is willing to pay

38
Q

Explain place

A

Where is it? Where do you supply & deliver, should be customer convenient

39
Q

Explain promotion

A

Mix methods of advertising/digital promotion, social media, target market, brand image

40
Q

Explain people

A

Staff are key to the brand image of the business

41
Q

Explain physical environment

A

Reflecting the brand image, tidy gives customers reassurance in business & product

42
Q

Explain process

A

Customers will compare similar business to see which is better/meets their needs

43
Q

What is meant by customer knowledge?

A

You need to understand your customers and the demographic they fit into.

44
Q

What is meant by market?

A

Consider what is happening in the market- market analysis can be carried out, this can link to trends

45
Q

What is meant by opportunities?

A

This will be identified by your methods of analysis e.g. swot/pestle

46
Q

What is meant by competitors?

A

Keeping an eye on your competition & knowing their strengths & weaknesses is important. This helps identify any gaps in the market and ensures you aren’t over/under pricing

47
Q

What is meant by demands and trends?

A

What is selling quick, what is selling slow- how can your business adapt to these demands to meet customer needs.

48
Q

What is meant by pricing?

A

Low price=gain foothold on the market/ going rate=frequent purchases & high end= up market top quality

49
Q

What does AIDA stand for?

A

Awareness
Interest
Desire
Action

50
Q

What does SWOT stand for

A

Strengths
Weaknesses
Opportunities
Threats
x3

51
Q

What’s a stakeholder?

A

Someone who has an interest in a business

52
Q

What are the two different types of stakeholders?

A

Internal & External

53
Q

Give examples of internal stakeholders

A

Manager, employees, owners/shareholders

54
Q

Give examples of external stakeholders

A

Suppliers, competitors, creditors, customers

55
Q

What is meant by external stakeholder creditor?

A

If you owe another business money they will want you to succeed so you can pay them back.

Business (1 decks)

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