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enterprising Flashcards

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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
drawback of observations
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
26
what is observations
observations involve watching customers to find out their reactions products or services
27
benefits of observation
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
27
what is drawback of observations
people may not agree to being observed as primary laws may be breeched can lose customers if they feel they have been treat dishonest
28
what is secondary research
secondary research is also called desk research where information already exists in some collected the data
29
advantages of secondary reasearch
quick and easy to gather can provide industry spetfic information often easy to anylase
30
disadvantages of secondary reasearch
not speftic to business could be out of date may be biased or inacurate
31
what is internet reasearch
internet research includes data taken from the competitors,websites,newspapers articles and social media this provides a business with an overview of information
32
what is quantative(quantity data)
data displayed in charts,graphs, as statstics and percentage is usually numerical data it is usually expressed as opinon includes descriptive infomations
33
advantage of quantative
more original responses and opinons | can meet exact customers requirements as you detailed responses
34
disadvantages of quantative
the consumers to anylase as people may write long responses costs as a requires detailed anylase the responses may be anylased and interprutted
35
advantages of using social media in market research
.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
disadvantages of using social media in market reasearch
.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
the importance of reliability of market research data
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
advantages of market research
.the business can make properly informed decision means less money is wasted . reduce risks . gives a higher chance of business sucess
39
disadvantages of market research
the business can make unwise decision | it could ultimately test business money
40
what does word segmentation mean
segmentation is breaking down a market into sub-groups
41
what are demographics
demographics is data recreated to population
42
what is income
income is the population can also be split into; ;low,middle and high income
43
what is disposable income and why is it important
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
advantages of disposable income
unique selling point splits up different categories business can adapt their products diversity range of products and reduce risks
45
what does market mapping mean?
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
what is a competitive enviroment
A competitive enviroment is the dynamic external system in which a business competes and functions
47
why business might say price is important in customer competition?
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
why business might say location is important when business compete with other competitors
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
why business might say quality is important when competing with other businesses
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
what is swot analysis
swot analysis helps a business asses its competitive strength and the nature of its external enviorment
51
swot anyalsis stands for
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
what are aims?
Aims are the strategic groups of business
53
what are objectives
objectives are more specific and used to help acheive aims
54
5 examples of business aims
``` reduce risks meet customer needs add value make profit brand recognition ```
55
why does a business set aims and objectives
gives specific target by which performance can be measured used to motivate workers clarifies business decisions aids decision making
56
financial objective
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
non financial objectives
``` for a personal challenge to satisfy respect for personal satisfaction to have independence to help people ```
58
private sector objectives
manufacturers,retailers,banks,architects owned by private industry(not the government) are in the private sector
59
public sector objectives
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
3 types of objectives that might have these objectives
increase revenue from donations reduce risks to provide for those in need
61
growth versus profit
to boost sales, in the short terms a company may need reduce risks but this will also reduce short term profit
62
short term vs long term
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
short term revenue
money coming into the business through sales
64
fixed cost
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
variable costs
these are uses that do change with the level of output or sells
66
profit
profit is the main objective of business | profit is the amount of money left over-once all the bills have been paid
67
interest
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
break even
the point at which a business makes neither a loss nor profit
69
margin of safety
the amount of sales the business can make below they make a financial loss
70
The importance of cash to a business
``` to pay rent to keep the business running to make products pay suppliers to prevent insolvency to pay overheads ```
71
insolvency
insolvency- when the business lacks the cash
72
overheads
cost of a business that do not directly contribute the cost of making the products or from the services
73
profit
total revenue-total costs in a business or what is left once all bills have been paid
74
cash flow forecast
A financial tool used to calculate the amount of cash flowing into and out of a business
75
Inflow e.g:
``` sales donation load from the bank grants interest on bank balance ```
76
overflow e.g:
``` rent buying supply waste and supply tax and profits interest on loans repayment ```
77
how could a business improve its cash shortfall
``` 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
overdrafts
a bank grants the business the ability to take more money
79
advantage of overdraft
you don't have to apply quick and easy
80
disadvantage of overdraft
interest rate cased is usually low
81
Markerting mix
a small business will need a consider there marketing strategies
82
4ps
product price place promotion

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