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bussiness studies > enterprising > Flashcards

enterprising Flashcards

1
Q

entrepreneur

A

someone who has a bussiness and develops it. he or she takes risks and the profits that the losses that come with success and the losses that inevatably

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2
Q

tangable

A

something you can see or touch

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3
Q

what does dynamic mean in business

A

changing

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4
Q

what is meaning social enterprise

A

a business for charity

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5
Q

what does word captial mean

A

money

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6
Q

what skills do people need in running a businessman

A

risk taking
leadership
confidence

organised
teamwork
trustworthy

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7
Q

why would people start a business

A 
to make capital
to help charity
to develop ideas
passion
to make there own decision as a boss
change in technology
change in what consume you want
produces and service becoming obsolete
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8
Q

what is a product

A

a product is anything that is capable that is satisfying customers

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9
Q

what is service

A

A service is an act that a business person carries for you in exchange for money for e.g: dental experiments,accountants,travel agents,gardening, change hardware

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10
Q

are services and product tangeble

A

yes

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11
Q

what are risks

A

business failure

If a business fails to plan for the future it may rise losing out to a competition

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12
Q

why business fail

A 
new products being made 
poor plan
rent prices going up
market failure
products that don't satisfy customers
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13
Q

what is rewards

A

rewards are business success,independence,profit

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14
Q

what is financial risks

A

starting a business can be a financial risk

the owner not pull their own(as a businessman and other assets into a business

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15
Q

what is lack of security

A

if an entrepreneur has a regular job and they decide to leave the job to open their own business this is a huge risk.

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16
Q

the 3 roles of business enterprise

A

to produce goods or provide services
to meet the needs of customers
add value

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17
Q

factors of production

A

land-somewhere produce the goods e.g: a farm
labour-people to work in the business e.g:farm workers
captital-money to start the business
enterprise-this is the drive of motivitation from the owners to stuff a business

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18
Q

what is added value

A

added value-the difference between what a business pay its suppliers and the price it is able to choose for its product and services

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19
Q

ways to added value

A

branding(logo’s+celebrity+influence)
unique selling point(different styles)
convience(online website)
design(different collections) looks good+fits trend
quality(provide gurantee that the product doesn’t break)

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20
Q

what is a focus group

A

a focus group is a group interview

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21
Q

what are questionaires

A

questionaires can be opened or closed

open questions requires extended responses e.g: people opinons

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22
Q

what is a closed question

A

closed questions are multiple choice questions with pre-planned which a person can choose from

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23
Q

what is an observation

A

observations involves watching customers to find out their reactions

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24
Q

benefits of questionaires

A

can be done online or in person to give detailed responses from people

different people opinon can be given.Further questions can prompt adapted questions

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25
Q

drawback of observations

A

people may be hesitant to take part and contribute as it can take time.Also they may be worried for being judged for absolute responses

people may want compensations and rewards for taking part

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26
Q

what is observations

A

observations involve watching customers to find out their reactions products or services

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27
Q

benefits of observation

A

if people don’t know they are being observed their real/natural behaviour may be displayed. therefore the business can find out exact requirements

the researcher can looks out for behaivour they are looking for and avoid all other things

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27
Q

what is drawback of observations

A

people may not agree to being observed as primary laws may be breeched

can lose customers if they feel they have been treat dishonest

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28
Q

what is secondary research

A

secondary research is also called desk research where information already exists in some collected the data

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29
Q

advantages of secondary reasearch

A

quick and easy to gather
can provide industry spetfic information
often easy to anylase

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30
Q

disadvantages of secondary reasearch

A

not speftic to business
could be out of date
may be biased or inacurate

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31
Q

what is internet reasearch

A

internet research includes data taken from the competitors,websites,newspapers articles and social media this provides a business with an overview of information

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32
Q

what is quantative(quantity data)

A

data displayed in charts,graphs, as statstics and percentage is usually numerical data

it is usually expressed as opinon
includes descriptive infomations

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33
Q

advantage of quantative

A

more original responses and opinons

can meet exact customers requirements as you detailed responses

34
Q

disadvantages of quantative

A

the consumers to anylase as people may write long responses

costs as a requires detailed anylase
the responses may be anylased and interprutted

35
Q

advantages of using social media in market research

A

.cheaper than organising a focus group
.real time and more up to date group than other methods to gather data takes months
.access to a much larger auidence for responses
. can track trends e.g: popular hashtags and posts

36
Q

disadvantages of using social media in market reasearch

A

.social media is not aligned by everyone for e.g:elderly and people who don’t use social media e.g: elderly and people who don’t use social media for e.g: elderly and people who don’t use social media.

.post/hashtags are public so everyone including competitors for see

.people may not tell truth as they don’t want to be judged

37
Q

the importance of reliability of market research data

A

if the results are duplicated then data is reliable
basing decisions on unreliable research can be very costly to a business

the facts and evidence needs to be accurate

38
Q

advantages of market research

A

.the business can make properly informed decision
means less money is wasted
. reduce risks
. gives a higher chance of business sucess

39
Q

disadvantages of market research

A

the business can make unwise decision

it could ultimately test business money

40
Q

what does word segmentation mean

A

segmentation is breaking down a market into sub-groups

41
Q

what are demographics

A

demographics is data recreated to population

42
Q

what is income

A

income is the population can also be split into; ;low,middle and high income

43
Q

what is disposable income and why is it important

A

disposable income is important so product can be targeted to prevent income group

disposable income is the money left over after all bills have been paid

44
Q

advantages of disposable income

A

unique selling point
splits up different categories
business can adapt their products
diversity range of products and reduce risks

45
Q

what does market mapping mean?

A

identify key features for competitors:
can spot gap in the market
can focus on features to make product different to it’s competitors
can make business decision about product-can make sure products are all differents

46
Q

what is a competitive enviroment

A

A competitive enviroment is the dynamic external system in which a business competes and functions

47
Q

why business might say price is important in customer competition?

A

lower price may mean lower profits
this will mean the business will have lower costs e.g:money redundant
this may also means that it starts a price war with other competitors

48
Q

why business might say location is important when business compete with other competitors

A

having the most conveniet location for e.g: close to customer and close to housing estate
being able to offer free parking to customers
locating out of town so that the business can have a large store and often a large range of products than competitors
business may decide to look where products are located somewhere it attracts lots of profit and a high popularity

49
Q

why business might say quality is important when competing with other businesses

A

if the business decides to improve the quality of its products this will lose more
if costs increase then this will mean that profits will be lower
this is risky as customer may care more about price than quality

50
Q

what is swot analysis

A

swot analysis helps a business asses its competitive strength and the nature of its external enviorment

51
Q

swot anyalsis stands for

A

strengths(internal) strengths refers to what the business is doing well
weakness(internal)-refers to the weak areas in the business
opportunities(external)- refers to opportunities available to business
threats(external)- refers to threat outside the business

52
Q

what are aims?

A

Aims are the strategic groups of business

53
Q

what are objectives

A

objectives are more specific and used to help acheive aims

54
Q

5 examples of business aims

A 
reduce risks 
meet customer needs
add value
make profit 
brand recognition
55
Q

why does a business set aims and objectives

A

gives specific target by which performance can be measured

used to motivate workers

clarifies business decisions

aids decision making

56
Q

financial objective

A

to make profit
for the business to survive be able to pay all it’s debt
to achieve financial security
to gain note sales

57
Q

non financial objectives

A 
for a personal challenge
to satisfy respect
for personal satisfaction
to have independence
to help people
58
Q

private sector objectives

A

manufacturers,retailers,banks,architects owned by private industry(not the government) are in the private sector

59
Q

public sector objectives

A

BBC,met office,royal mint,state school,NHS hospitals are owned by the government and so are in the public sector (things of it as owned by the government for benefit of public)

60
Q

3 types of objectives that might have these objectives

A

increase revenue from donations
reduce risks
to provide for those in need

61
Q

growth versus profit

A

to boost sales, in the short terms a company may need reduce risks but this will also reduce short term profit

62
Q

short term vs long term

A

a business may have less cash flow available in the short term if it is spending money investing in new products or plant or equipment

63
Q

short term revenue

A

money coming into the business through sales

64
Q

fixed cost

A

there are costs that stay the same and do not change with the level output of sales. these costs have to be paid even if a business produce no products

65
Q

variable costs

A

these are uses that do change with the level of output or sells

66
Q

profit

A

profit is the main objective of business

profit is the amount of money left over-once all the bills have been paid

67
Q

interest

A

the cost of borrowing money and reward for saving money. Interest if card on the repayments borrowing money from the bank for e.g: mortgage

68
Q

break even

A

the point at which a business makes neither a loss nor profit

69
Q

margin of safety

A

the amount of sales the business can make below they make a financial loss

70
Q

The importance of cash to a business

A 
to pay rent 
to keep the business running 
to make products
pay suppliers
to prevent insolvency
to pay overheads
71
Q

insolvency

A

insolvency- when the business lacks the cash

72
Q

overheads

A

cost of a business that do not directly contribute the cost of making the products or from the services

73
Q

profit

A

total revenue-total costs in a business or what is left once all bills have been paid

74
Q

cash flow forecast

A

A financial tool used to calculate the amount of cash flowing into and out of a business

75
Q

Inflow e.g:

A 
sales 
donation
load from the bank
grants
interest on bank balance
76
Q

overflow e.g:

A 
rent 
buying supply
waste and supply 
tax and profits
interest on loans 
repayment
77
Q

how could a business improve its cash shortfall

A 
invest in advertising
pay
change there bank 
get loan 
cut cost 
organise trade
get loans
pay
cut costs
organise trade
credit with suppliers
offer overdrafts 
reduce credit given to the customers budget
immediate payment required
use cheaper suppliers
discount and promote to encourage more sales
78
Q

overdrafts

A

a bank grants the business the ability to take more money

79
Q

advantage of overdraft

A

you don’t have to apply quick and easy

80
Q

disadvantage of overdraft

A

interest rate cased is usually low

81
Q

Markerting mix

A

a small business will need a consider there marketing strategies

82
Q

4ps

A

product
price
place
promotion

bussiness studies (1 decks)

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