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Buisness > Exam > Flashcards

Exam Flashcards

1
Q

What is the primary sector

A

This is the sector that is responsible for the extraction of raw materials from the land eg farming and mining

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2
Q

What is the secondary sector

A

This sector involves the assembling of goods or raw materials to make or manufacture man made goods

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3
Q

What is the tertiary sector

A

This sector is involved in providing services such as banking, teaching

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4
Q

What are the sectors in sectors of industry

A

Primary, secondary and tertiary

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5
Q

What is the private sector

A

This is the part of the economy that is owned and controlled by a private firm or an individual. Their main aim is to make a profit.

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6
Q

What is the public sector

A

This is the part of the economy that is owned, controlled and funded by the government. Their main is to help society with a specific area such as health

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7
Q

What is the third sector

A

This is the part of the economy that is undertaken for voluntary purposes. Examples are charities, which is ran for non profit. Their main aim is to support a cause not being covered fully by the public sector.

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8
Q

What are the sectors in the sector of economy

A

Private, public and third

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9
Q

Sole trader advantages

A

~ decisions are made easily as no permission is needed from a boss
~ owner makes all the decisions
~ owner takes all the profits
~ firm is easy to set up

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10
Q

Sole trader disadvantages

A

~Stressful- got to make all the decisions
~ difficult to arrange time off
~unlimited liability
~ limited sources of finance which limits expansion

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11
Q

Partnership advantages

A

~ more capital is available than a sole trader
~ workload is shared between partners
~ greater pool of ideas/ skills than a sole trader
~ parnters can specialise in an area and so quality of work improves

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12
Q

Diadvantages for a partnership

A

~possible clash of personalities
~each partner has unlimited liability (could lose all possessions)
~ profits have to be shared amongst the partners

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13
Q

Advantages of ltd (private limited company)

A

~has a separate legal identity
~ raise more capital than a sole trader and partnership
~shareholders have limited liability (only lose what they put in the business)
~they send their annual account to registrar of companies but is not in the public domain

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14
Q

Disadvantages of ltd

A

~Consent of other shareholders needed before shares can be sold
~expansion is limited to the funds of friends and family
~have to pay auditors to look at the firms book

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15
Q

What is an external factor

A

This area covers everything that goes outside of the business

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16
Q

What is a political external factor

A

This is any action take by the government eg government laws to ban smoking which forced many pubs to introduce outside smoking areas

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17
Q

What is an economic external factor

A

This is the current state of the economy that will influence business eg if the economy is in a recession, the rate of unemployment, the interest rate, the exchange rate

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18
Q

What is a socio-cultural external factor

A
  1. The cultural trends and buying habits of the market, such as soap powder companies reduced the size of their bottles as the average family size was shrinking and so too the size of homes or kitchens
  2. population trends such as demographics eg if the population is growing through an increase in birth rates th govt will plan for a rise in demand schools in 5 years
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19
Q

What is technological external factor

A

This is latest developments with the technology eg the use of cad in designing training shoes means it is easy to have a design office in one office in one country and a manufacturing plant in another country eg china

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20
Q

What is environmental external factor

A

This involves action and laws that promote the upkeep of the enviornment eg the need to recycle waste has led to introduction of bins with separate compartments

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21
Q

What is competitive external factor

A

This is the actions of competitors that force a firm to react eg tesco launching the successful self-service tills has forced many others supermarkets to follow

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22
Q

What is an interest

A

What the stakeholder wants from the business

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23
Q

What is an influence

A

The action or decision te stakeholder can take that will affect the business

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24
Q

What does a manager want

A

Status & responsibility

Their decisions to be successful

25
Q

What is the managers action

A

Appraise staff
Make decisions
Decide on the firms objs

26
Q

Customers want

A

Cheap prices

Quality product/ service

27
Q

Customers action

A

Change to another competitor

Their demand will control prices

28
Q

Bank want

A

Firm to take out loans

29
Q

Bank action

A

Charge an interest rate
Grant a loan
Give advice of the finances of the business

30
Q

Why have good customer service

A

Firms are most likely to produce a good that the customer wants and so high sales will result
Complaints from customers will be reduced
The firm will get a good reputation and may find it easier to get a government grant

31
Q

Ways of maximising customer sevice

A
  • A firm should research the wants of a customer to find out exactly what would make them happy
  • A firm should invite customrs to make comments on the product or sevice that the firm is being offered eg customer loyalty cards
  • charging fair prices that reflect the product or service being offered
32
Q

The objectives for private sector

A
  • survial
  • growth
  • profit max
  • max sales
33
Q

Objectives for public sector

A
  • cut costs
  • social responsiblity
  • provide a wide range of sevice
34
Q

How to segment a market

A 
Age
Income
Occupation
Hobbies
Gender
Sports 
Marital status
35
Q

What are the stages in the product life cycle

A

Introductory, growth, maturity, saturation and decline

36
Q

What is the introductory stage

A

sales are low as product has just launched and profit is low as firm has to cover R&D’s costs

37
Q

What is the growth stage

A

Sales start to rise as some repeat purchases are undertaken, profits start to rise- as the firm is able to buy in bulk

38
Q

What is the maturity stage

A

Sales are at their peak/ at their highest as their product is fully established, profits peak as profit becomes market leader

39
Q

What is the saturation stage

A

Sales start to dip slightly, extension strategies?

40
Q

What is decline stage

A

Sales fall, product losing favour in market, profits fall as sales fall product is seen unpopular

41
Q

Benefits on having a brand name

A

Able to charge a high price which maximises profits
Differentiate from the competition
Easier to launch a new extension to the branded product
Customers are often loyal which means repeat sales

42
Q

Costs of branding

A

If the celebrity involved with the brand misbehaves then the brand will receive poor publicity
It costs $1000’s of pounds to establish themselves
Brand is so extinct that its difficult to launch products that are different

43
Q

High value pricing

A

Premium, skimming, competitive and discrimination

44
Q

Value for money pricing

A

Promotional, penetration and loss leaders

45
Q

Types of market research

A

Desk and field

46
Q

Method of field research

A 
Street survey
Postal survey
Telephone survey
Observation
Hall test
Test marketing
Group survey
47
Q

Method of desk research

A

Newspapers
Books
Textbooks
Company accounts

48
Q

Databases

A

Sort customers data eg customers age of your customers

49
Q

Spreadsheet

A

Can show Cost on advertising campaign
Graphs
Calculations

50
Q

Survey monkey

A

Online survey

51
Q

Youtube

A

Show ads

Monitor likes and views

52
Q

Facebook

A

Advertise
Demonstrate
Data with product

53
Q

Factors influencing choice of supplier

A

Costs- cheap prices = > max profits
Location- near => low delivery charges
Reliable - delivers on time=> wont hold up production line

54
Q

Costs of overstocking

A

Stock will perish
Employees steal
Storage costs - air conditioning
Wont max profits

55
Q

Cost of understock

A

Dont max sales
Gain bad reputation
Production line has to stop => loses part finished products

56
Q

Examples of poor ethical marketing

A

Obtaining market research information without the consumer agreeing
Making false claims in an advert
Selling on private info about customers

57
Q

Advantages of ethical marketing

A

Good reputation so customers are loyal
Priced at high price so max profits
Can recruit a better employee and they are motivated

58
Q

Disadvantages of ethical marketing

A

Higher costs : more expensive than non fairtrade farmers

Has to stic by its claims and will be monitored by pressure groups and consumers

Buisness (2 decks)

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