Business studies Flashcards
What is Business
Why do businesses exist?
Business exist to provide either goods or a service.
What is the difference between goods and services? and give examples.
Goods are physical items e.g. selling a car. Services are tasks that are completed on behalf of another e.g. washing a car, mechanics.
Who are the people that start businesses?
Entrepreneurs (On- tra-pra-ners)
What is a mission?
Aims and long-term intentions, of the business, it’s ultimate purpose.
What is a mission statement?
A qualitative satement of the mission using language intened to motivate th employees, convince customers, suppliers, and those outside the business of its sincertity and commitment.
What is a Business objective?
To achieve the aims of the business.
They can be medium term or long term. They can be Corporate objectives or functional objectives.
What is leadership?
Creating/ deciding the strategic direction of a business.
What is management?
Making sure all the right steps are taken within the business to complete the strategy.
What is Laissez Faire Management?
Little directions are given to workers. Employees are free to make the decisions themselves.
What is decision making analysis?
It is a tool for analysing quantitative data. It is used for objective decision making.
Whaat is stakeholder?
An individual, group or other institutions with a direct interest in the business.
What is Marketing?
The action or business of promoting and selling products or services including market research and advertisement.
What does volume mean?
Number or sales
What does value mean?
How much the good or services are worth?
What is a distribution channel?
Chennels including: retailers, Wholesalers and distributors.
