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Business > Business Paper 1 > Flashcards

Business Paper 1 Flashcards

1
Q

What are the 4 main characteristics of an entrepreneur?

A
  1. Creativity
  2. Risk - taking
  3. Confidence
  4. Determination
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2
Q

What are the 3 purposes of business enterprise?

A
  1. Spotting an opportunity
  2. Developing an idea
  3. Satisfying customer needs
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3
Q

Give a reward for entrepreneurship (financial and non financial)

A

Financial
- Potential to make a lot of money
Non Financial
- Independence

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4
Q

Give a risk for entrepreneurship (financial and non financial)

A

Financial
- Could lose savings
Non financial
- Strain on health

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5
Q

What should be in a business plan? (4 points)

A

1) Identifying the market
2) Identify the finance
3) Identifying the resources
4) Achieve the businesses aims and objectives

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6
Q

Define what a private limited company is

A

Usually a smaller business, it can sell shares to invited people only

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7
Q

Define what a public limited company is

A

It can sell shares to anybody who wants to buy

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8
Q

Give the 4 main business objectives

A
  1. Survival
  2. Profit
  3. Providing a service
  4. Growth
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9
Q

What is the role of employees?

A
  • Produce goods and services
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10
Q

What is the owners role?

A
  • Manage the business
  • Provide finance to start up the business
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11
Q

What is the role of the government?

A
  • Help business, workers and the community
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12
Q

What are 4 ways a business could grow organically?

A

1) Increasing output
2) Developing new products
3) Gaining new customers
4) Increasing market share

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13
Q

What are 4 ways a business can grow externally?

A

1) Horizontal growth
2) Diversification
3) Forward vertical growth
4) Backward vertical growth

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14
Q

Define horizontal growth

A

A merger or takeover of a business with similar interests

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15
Q

Define diversification

A

When a business takes over another business with no connections

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16
Q

Define backward vertical growth

A

When a business takes over a business that supplies it

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17
Q

Define forward vertical growth

A

When a business takes over a business it supplies

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18
Q

What are the 3 main purposes of marketing?

A
  1. Identifying and understanding customers
  2. Informing customers
  3. Increasing sales
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19
Q

State the 4 Ps of marketing

A

Product
Place
Price
Promotion

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20
Q

What are the 4 primary methods of research?

A
  1. Interview
  2. Questionnaire
  3. Trialling
  4. Focus group
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21
Q

What are 4 secondary research methods?

A
  1. UK census data
  2. Data from newspapers and magazines
  3. Data from websites
  4. Internal data
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22
Q

Give an advantage and disadvantage of quantitative data

A

Adv
- Easy to analyse
Dis
- It limits peoples opinions

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23
Q

Give an advantage and disadvantage of qualitative data

A

Adv
- Helps a business understand
Dis
- Lots of responses

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24
Q

How can a market be segmented? (5)

A
  • Age
  • Gender
  • Income
  • Location
  • Lifestyle
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25
Q

What is skimming?

A

A high price is charged and then reduced

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26
Q

What is cost - plus pricing

A

The price and profit put together

27
Q

What is penetration pricing?

A

A low price is charged and then is slowly increased

28
Q

What is promotional pricing?

A

The price is lowered to persuade customers to buy it

29
Q

What is competitor pricing?

A

Bases their price off of competitors prices as well and usually go lower to attract more customers

30
Q

What are some point of sale promotions?

A
  1. Price reductions
  2. Competitions
  3. Loss leaders
  4. Free samples
31
Q

Where can a business advertise?

A
  • Social media
  • Websites
  • Television
  • Print media
  • Radio
32
Q

Explain the 4 stages in the product life cycle

A

Stage 1
The product is new
Stage 2
Sales grow quickly
Stage 3
Sales reach their peak
Stage 4
Sales begin to fall

33
Q

What is market share?

A

The percentage of the total sales in a market of the business

34
Q

What is the target market?

A
  • Who the customers are
  • What the customers want
35
Q

Give the 3 main roles of HR 1

A
  1. How many workers it needs to employ
  2. The types of workers it needs
  3. How the business will get the best out of its workers
36
Q

Give an advantage of a tall structure

A
  • There are clear lines of communication
  • Managers have less people they are responsible for
37
Q

Give an advantage of a flat structure

A
  • Managers tend to delegate
  • Workers are likely to talk to a wider range of colleagues
38
Q

Give a disadvantage of a tall structure

A
  • Subordinates feel they are too controlled
  • Workers may only talk to immediate employees
39
Q

Give a disadvantage of a flat structure

A
  • There are not always clear lines of communication
  • Managers have to oversee large amounts of people
  • Less chance of promotion
40
Q

What is span of control?

A

The number of people that a manager has authority over

41
Q

Define delegation

A

A process where a manager gives subordinates responsibility to make certain decisions

42
Q

Name 4 ways of working

A

Full time
Part time
Flexible
Temporary
Working from home
Working while mobile
Self employment

43
Q

Define flexible working

A

When workers work partly at their business and partly somewhere else

44
Q

What is temporary working

A

When a person is only needed for a short period of time

45
Q

Name 3 methods of verbal communication

A
  1. Phone
  2. Meeting
  3. Presentation
46
Q

Name 5 methods of non verbal communication

A
  1. Letter
  2. Email
  3. Text
  4. Social media
  5. Website
47
Q

How might a business need to communicate for finance?

A
  • With the bank to get a loan
48
Q

How might a business need to communicate for marketing?

A
  • Research what customers want
49
Q

How might a business need to communicate for human resources?

A
  • Workers need to be recruited
  • Workers need to be appraised
50
Q

How might a business need to communicate with the government?

A
  • Need to know the rules and regulations
  • To ask for help
51
Q

Why might businesses recruit? (4)

A
  • To start up a business
  • When a business grows
  • To replace employees who leave
  • To fills a skills gap
52
Q

State an advantage of internal recruitment

A

It is cheaper
They are already familiar with the business

53
Q

State an advantage of external recruitment

A

It can fill a skills gap
People from the outside can bring in new ideas

54
Q

Name the 7 methods of selection

A
  1. Application form
  2. Letter of application
  3. CV
  4. Interview
  5. Group activities
  6. Reference
  7. Tests and presentations
55
Q

Give 4 financial methods of motivation

A

1) Pay
2) Bonus
3) Profit sharing
4) Fringe benefits

56
Q

Give 3 non - financial methods of motivation

A

1) Praise
2) Award scheme
3) Working environment

57
Q

What are 4 benefits of motivated workers?

A
  1. Higher worker productivity
  2. Reduced levels of supervision
  3. Workers will want to come in to work
  4. Improved quality
58
Q

Give an advantage and disadvantage of on the job training

A

Adv
- It is specific to individual businesses
- Cheaper
Dis
- Could be taught badly

59
Q

Give an advantage and disadvantage of off the job training

A

Adv
- Training is given by experts
Dis
- It can be expensive

60
Q

What are some ways a business can do off the job training?

A
  • Lectures
  • Demonstrations
  • Team building activities
  • Role play or simulation
  • Reading and reflecting on online materials
61
Q

Give 2 benefits to employees of staff development

A

1 - Staff develop new skills
2 - Staff are paid while learning new skills

62
Q

Gain 2 benefits to business of staff development

A

1 - Can improve staff retention
2 - Can help to overcome skills shortages

63
Q

In relation to discrimination law, what must a business not do?

A
  • Pay workers differently for the same work
  • Have favourites
  • Allow workers to be mistreated
64
Q

What could happen due to discrimination?

A
  • Staff may become demotivated
  • Workers decide to leave

Business (5 decks)

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