Business Paper 1 Revision Flashcards
What are advertisements?
Advertisements are promotional messages paid for by businesses to inform, persuade, or remind consumers about their products or services. They are a key component of a company’s promotional strategy.
What is the board of directors?
The board of directors is a group of individuals elected or appointed to oversee and make strategic decisions for a company. They are responsible for setting the company’s overall direction and ensuring its long-term success.
What is a chain in business?
A chain refers to a group of shops, restaurants, or factories that belong to the same company and sell the same products. This can help in maintaining consistency and efficiency across different locations.
What is a company?
A company is a legal entity that operates to provide goods or services to customers. It can be privately or publicly owned and is typically managed by a board of directors.
What is CSR (Corporate Social Responsibility)?
CSR involves a company’s efforts to act ethically and contribute positively to society. This includes reducing pollution, treating workers fairly, and supporting charities.
What is diversification?
Diversification is a strategy where a company expands into new industries or product markets to reduce risk and increase profits. This can involve entering unrelated markets to spread risk.
What is external growth?
External growth occurs when a business expands by merging with or acquiring another business. This can include horizontal integration, vertical integration, or conglomerate integration.
What are green factories?
Green factories are environmentally friendly manufacturing facilities that use less energy, produce less waste, and are more sustainable. They often incorporate renewable energy sources and reduce water and plastic waste.
What does growth in size refer to?
Growth in size refers to an increase in a company’s scale of operations, which can be achieved through internal or external growth strategies.
What is internal growth?
Internal growth, also known as organic growth, happens when a business expands by increasing sales, opening new stores, or launching new products without merging with or acquiring other businesses.
What is a manufacturer?
A manufacturer is a company that processes, produces, and packages products using raw materials and/or components.
What is market development?
Market development involves identifying and entering new markets for existing products. This can include expanding into new geographic areas or targeting new customer segments.
What is a product portfolio?
A product portfolio refers to the range of products or services a business offers. It is a key aspect of a company’s overall strategy and can influence its market position and profitability.
What are business plans?
Business plans are detailed documents outlining a company’s goals, strategies, and tactics for achieving success. They typically include market analysis, financial projections, and operational plans.
What are pressure groups?
Pressure groups are organizations that attempt to influence businesses or governments to change their policies on issues like the environment, human rights, or animal welfare.
What are products?
Products are goods or services offered by a company to meet customer needs. They can be physical items or intangible services.
What is a promotional strategy?
A promotional strategy involves the methods a company uses to communicate with its target audience and persuade them to buy its products or services. This includes advertising, sales promotions, public relations, and personal selling.
What is a publicly held company?
A publicly held company is a business whose shares are traded on a stock exchange and can be bought and sold by the general public. This contrasts with private companies, which are not publicly traded.
What is recycling?
Recycling is the process of collecting and reusing materials to make new products instead of discarding them. Many companies focus on recycling to reduce waste and improve their environmental sustainability.
What is social media?
Social media refers to online platforms where users can create and share content. Businesses use social media for marketing, customer engagement, and brand building.
What is a takeover?
A takeover occurs when one company acquires control of another by purchasing more than 50% of its shares. This can be a friendly takeover or a hostile takeover.
