business edexcel gsce business growth Flashcards
What is business growth?
The increase in the size, revenue, or market share of a business over time.
True or False: Business growth can only be measured in terms of revenue.
False
What is organic growth?
Growth achieved through expanding existing operations and increasing sales without acquiring other businesses.
Fill in the blank: ___________ growth occurs when a business acquires or merges with another company.
Inorganic
What is a common measure of business growth?
Revenue, profit, and market share.
Which of the following is NOT a method of business growth? A) Mergers B) Acquisitions C) Downsizing D) Franchising
C) Downsizing
What does scaling a business mean?
Increasing revenue without a corresponding increase in costs.
True or False: A business can grow without increasing its number of employees.
True
What is market penetration?
A strategy aimed at increasing sales of existing products in existing markets.
Fill in the blank: ___________ involves developing new products for existing markets.
Product development
What is diversification in business growth?
Entering new markets with new products.
Which type of growth is typically faster, organic or inorganic?
Inorganic
What is a disadvantage of rapid business growth?
Potential loss of quality control and customer service.
True or False: All businesses should aim for continuous growth.
False
What is a business plan?
A document that outlines a business’s goals, strategies, and financial projections.
What is the purpose of market research in business growth?
To identify customer needs, preferences, and market trends.
Fill in the blank: ___________ is the ability of a business to grow and adapt to changes in the market.
Agility
What is the impact of technology on business growth?
It can facilitate efficiency, reach new customers, and create new business models.
Which of the following can be a barrier to business growth? A) Lack of funding B) Strong competition C) Unclear vision D) All of the above
D) All of the above
What is the role of leadership in business growth?
To set a vision, motivate employees, and make strategic decisions.
True or False: High employee turnover can hinder business growth.
True
What is a key performance indicator (KPI) in measuring business growth?
Metrics used to evaluate the success of an organization in achieving its objectives.
Fill in the blank: ___________ is the process of planning for future growth and ensuring resources are available.
Strategic planning
What does it mean to have a competitive advantage?
Having unique attributes that allow a business to outperform its competitors.
