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GCSE Business > Business 2 > Flashcards

Business 2 Flashcards

Operations Finance Influences on Business

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1
Q

What is job production?

A

Production where products are made individually.

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2
Q

What is batch production?

A

Production where one product type is made in a batch and then the product type is changed for the next batch.

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3
Q

What is flow production?

A

Production where one type of product is made continuously on a production line.

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4
Q

Give an example of job production.

A

Building a ship or bridge.

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5
Q

Give an example of batch production.

A

Baking bread or making furniture.

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6
Q

Give an example of flow production.

A

Making cars or iPhones

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7
Q

What are the advantages of job production?

A

Generally high quality products

Workers gain satisfaction on completion of a product

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8
Q

What are the advantages of batch production?

A

The need of the customer can be met by changing product

Batches are made to the customer, decreasing the cost of material storage

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9
Q

What are the advantages of flow production?

A

Large quantities can be made

Machines can be used, keeping costs low

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10
Q

What are the disadvantages of job production?

A

High production costs

Labour costs will be higher due to need for skilled labour

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11
Q

What are disadvantages of batch production?

A

Takes a large amount of time to switch to a different product
Workers may find tasks repetitive and boring

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12
Q

What are the disadvantages of flow production?

A

Goods produced may be low quality

Expensive to setup a production line

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13
Q

What is automation?

A

The use of machines not controlled by a human within the production line.

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14
Q

What are the advantages of technology?

A

Costs are reduced due to lower amount of staff
Machines are able to work 24/7
Machines are able to do work which is too dangerous for humans

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15
Q

What are the disadvantages of technology?

A

Workers may be made redundant
New skilled workers will be needed
If machines break, production will be disrupted.

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16
Q

What is quality of production?

A

Ensuring the product or service is fit for purpose, meets legislative rules and expectations.

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17
Q

What are the benefits of providing quality products

A

Avoids waste
Avoids product recalls
Improves reputation and sales

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18
Q

What is quality control?

A

Checking for quality at the END of production.

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19
Q

What is quality assurance?

A

Checking for quality DURING the production process.

20
Q

What is total quality management (TQM)?

A

A management approach with focus on quality within the business.

21
Q

What are the advantages of quality control?

A

Helps prevent faulty goods and services being sold

Not disruptive to the production process

22
Q

What are the advantages of quality assurance?

A

Less wastage, reducing production costs

Workers may feel valued as they have a responsibility to check quality

23
Q

What are the disadvantages of quality control?

A

Does not prevent waste of resources

Does not encourage workers to be responsible for quality

24
Q

What are the disadvantages of quality assurance?

A

Could disrupt the production process

High costs to train staff to check for quality

25
Q

What are three methods of selling?

A

e-commerce
face to face
telesales

26
Q

What is e-commerce?

A

The process of bringing the buyer and seller together digitally.

27
Q

What changes in business have been caused by e-commerce

A 
Location
Skill Development
Creation of specific departments
Click and collect
Delivery options
28
Q

What are the advantages of e-commerce to the business?

A

Sell worldwide
Open 24/7
Lower operating costs

29
Q

What are the advantages of e-commerce to the customer?

A

Price comparison
24/7 availability
Wide range of products

30
Q

What are the disadvantages of e-commerce to the business?

A

Worldwide competition
Online security
Having to keep up with technology advancements

31
Q

What are the disadvantages of e-commerce to the customer?

A

Lack of personal contact
Payment method limitations
Cannot physically see item before purchase

32
Q

Why is customer service important?

A

Helps maintain and increase sales.

33
Q

Why is after sales service important?

A

Keep up with competition to provide customer with best company experience.

34
Q

What are consumers protected by?

A

Consumer Rights Act 2015 - Goods and services must be sold of satisfactory quality, fit for purpose and be as described.

35
Q

What rights do customers have in regards to refunds?

A

30 day time period to return faulty goods for full refund
6 months for a fault to develop, presumed to be sold with it, refund should be issued.

A service should be carried out again if it is unsatisfactory.

36
Q

What impact does consumer rights have on business?

A

High quality production
Production of safe goods
Reputation of business will be lost if standard low/product not up to it.

37
Q

What are some factors which could influence location?

A 
Site cost
Transport infrastructure
Nearest market distance
Government
Raw materials distance
Business type/nature
38
Q

What is procurement?

A

The management of buying or purchasing areas within business.

39
Q

What is the role of procurement?

A

Identifying goods and services to buy
Choosing suppliers
Ordering goods
Receiving deliveries

40
Q

What factors affect what customers will buy?

A

Time of year
Changes in technology
Changes in fashion and lifestyle

41
Q

What factors affect the supplier choice?

A

Quality

Reputation

42
Q

What areas of ordering goods can procurement decide?

A

Range of products

Quantity - see if discounts are available

43
Q

What are the impacts of logistics and supply decisions on the business?

A 
Time
Reliability of the supply
Length of the supply chain
Costs
Customer Service
44
Q

What is the finance department responsible for?

A

Providing information about costs and revenues. This info can be used in cash flow, profit, loss and data on average rate of return.

45
Q

What are short term finance options

A

Internal
Owner’s Capital
Sale of fixed assets

External
Overdraft
Trade Credit

46
Q

What are medium term finance options?

A

Internal
Retained profit
Sale of fixed assets
Owner’s capital

External
Bank Loan
Crowdfunding

47
Q

What are long term finance options?

A

Internal
Retained profit
Sale of fixed assets
Owner’s Capital

External
 Bank loan
 Taking on a new partner
 Share issue
 Crowdfunding

GCSE Business (1 decks)

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