Business section 6 Flashcards by Pierce Gallen

3 examples of ethical/unethical practice of workers?

paying fair wages
health and safety
work-life balance

How well did you know this?

Not at all

Perfectly

2 examples of ethical/unethical practice of suppliers?

paying on time
unfair penalties and fines

How well did you know this?

Not at all

Perfectly

3 examples of ethical/unethical practice of customers?

charging fair prices
Deal with problems quickly
Prompt deliveries

How well did you know this?

Not at all

Perfectly

3 benefits of being ethical to workers?

easier to recruit good quality employees

Employee retention

Motivation

How well did you know this?

Not at all

Perfectly

2 benefits of being ethical to suppliers?

might get lower prices if a good relationship is developed

Good brand image - bad treatment of suppliers can be reported in the news

How well did you know this?

Not at all

Perfectly

2 benefits of being ethical towards customers?

customer satisfaction
Good brand image

How well did you know this?

Not at all

Perfectly

Drawback of being ethical?

everything will cost more

How well did you know this?

Not at all

Perfectly

3 ways that businesses can use sustainable production methods?

renewable energy e.g. wind and solar

Switching off lights

Fuel efficient deliveries

How well did you know this?

Not at all

Perfectly

2 benefits of using sustainable production methods?

Improved brand image

government support as they tend to set higher taxes on “unsustainable” activities

How well did you know this?

Not at all

Perfectly

drawback of using sustainable production methods?

High short terms costs e.g. solar panels

How well did you know this?

Not at all

Perfectly

Globalisation?

the increased movement of goods, services, labour and capital around the world as countries become more dependent on each other

How well did you know this?

Not at all

Perfectly

2 reasons why globalisation has occurred?

improvements in technology and communication

improvements in transport

How well did you know this?

Not at all

Perfectly

3 benefits of globalisation for UK businesses?

Lower costs e.g. cheap labour, land etc

Demand - greater number of customers worldwide

Expertise - access to skilled workers in industries around the world

How well did you know this?

Not at all

Perfectly

3 drawbacks of globalisation to UK businesses?

Communication

Cost of transport

Brand image - damaged due to foreign cheap labour, making uk workers redundant

How well did you know this?

Not at all

Perfectly

What has to be done in the marketing department if a business wants to start manufacturing and selling a new product?

needs to consider:
product
price
place
promotion

How well did you know this?

Not at all

Perfectly

What needs to be done in the HR department of a business wants to start manufacturing and selling a new product?

Recruit new workers

Train workers

What needs to be done in the operations department if a business wants to start manufacturing and selling a new product?

choosing best provision method e.g. job,batch or flow

Procurement - find suppliers for the parts

What needs to be done in the finance department if a business wants to start manufacturing and selling a new product?

Find sources of finance to make the product e.g. retained profit, loans etc

Creating cash flow forecast to predict and plan for possible cash problems

What are primary businesses?

businesses that take raw materials from the earth
e.g. a gold mine
a cotton farm
a tree farm

What are secondary businesses?

businesses that make/manufacture products
e.g. a burger manufacturer
a t shirt factory
a jewellery manufacturer

What is a tertiary business?

a business that sells products/offers a service
e.g. tesco
mcdonald’s
Next

3 benefits of ethical considerations on a business?

Good reputation

Attract top employees who are motivated to work for an ethical business

Avoid negative publicity

3 drawbacks of ethical considerations on a business?

Can increase costs

Difficult to maintain ethical standards

Takes time to write and review ethical policies

4 reasons for changing business location?

Lower labour costs

Demand is higher in certain areas of internationally so would be cheaper to move

To access better skilled and higher quality workers

Availability of raw materials

3 ways we judge quality?

Reliability Durability Value for money

3 consequences of quality issues?

Loss of customers Bad reputation Cost of refunds/replacements

3 benefits of greater quality for a business?

Customer satisfaction Repeat purchase Customer recommendation

3 benefits of consumer law?

Improved reputation No costs for replacements Avoid high fines

3 drawbacks of consumer law?

Higher quality materials may be needed Additional production processes may be needed Training for workers to ensure they are able to procure quality products

3 main features of economic recession?

Jobs are lost Average income falls businesses profits fall

how businesses might be affected during a recession?

Businesses that sell basic needs might not suffer as consumers need to keep buying these things. businesses that operate at the cheaper end of the market also might not suffer but businesses that sell large expensive luxury items are likely to suffer from a fall in demand

how could a recession affect human resources?

Might need to freeze wages, stop bonuses, make redundancies

how could a recession affect marketing?

Might need to reduce prices and use special offers

How would a recession affect operations department?

look for cheaper supplies or replace workers with technology E.G. self-service tills

how would a rising income affect middle-class businesses?

Due to customers salaries rising they might be able to afford higher quality products therefore will upgrade and no longer shop at this business

What are the three things that a business will be affected by due to a changing income?

how much the income changes The type of products the business sells e.g. expensive How are the businesses respond to the changing income