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1
Q

What is a enterprise

A

Enterprise is seeing a opportunity to provide a product or service that people are willing to buy

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2
Q

What are the components if a buisness plan

A

Aims and objectives, market plan, Human Resources plan, production plan, finance plan

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3
Q

What is a role of a buisness plan

A

Identifying markets
Helping with finance
Identifying resources that a buisness needs to operate
Achieve buisness aims and obj

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4
Q

What is a sole trader and give 2 adv and disadv

A

Sole trader is buisness woned by one person
Adv: the owner keeps 100% profit
They are able to make all desicion
Disadv: unlimited liability
Lack skill in some areas

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5
Q

What is a partnership and give 2 adv and disadv

A

A parnership is a buisness owned by 2 to 20 people
Adv: alot of skill over different areas of the buisness
Alot of experience and better ideas produced
Disadv: unlimited liability
Profit is shared over all the people
Arguments as they may all not agree on a idea

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6
Q

What is a private limited company and give 2 adv and disadv

A

A buisness owned by shareholders who only sell privately to friends and family
Adv: limited liability
Continuity
Disadv: profits are given to companies in form if divdends
Cannot sell as much shares as plc

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7
Q

What is a plc and give 2 adv and disadv

A

A plc is a buisness owned by shareholders who sell to the public
Adv: limited liability
Finance can be raises by selling to the public
Disdv: prifits are shared in forms of dividends
Higher set up cost then partnership and sole trader memorandum and articles of association

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8
Q

Waht are the aims and obj of a buisness

A

To survive
Make profit
Expand
Market share
Providimg service

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9
Q

What are stakeholders
What are internal stakeholders
What are external stakeholders

A

Are groups of people who are interested in a buisness
Are the buisness owners and people who work in the business
Are the local community, suppliers, customers and government
Employees
Customer
Suppliers
Government
Local communities
Owners

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10
Q

What is organic growth

A

It’s concerned with increasing sales of products and services. It is internal, as in it grows by increasing its own size rather than taking over another business

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11
Q

What is external growth

A

External growth can be achieved by mergers and takeover.

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12
Q

What is eos

A

Economies of scale is the reduction of unit costs the more the business grows

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13
Q

What is primary objective of marketing

A

Tk increase the amount of sales

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14
Q

What is market research

A

Market research is how buisnesses collect information on whether or ont their products or services will be bought

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15
Q

What is primary research and give examples

A

Brand ne information that is collected by the business examples are:
Questionnaire
Survey
Interview
Focus groups

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16
Q

What is secondary research amd give examples

A

When a buisness uses information that already exists examples are
The internet
Magazine/ newspaper
Government reports
Competitors websites

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17
Q

What is qualitative data

A

The data related to attitudes , opinions and feelings. For example reasons why you do/ do not buy a particular product, and your feeling to that brand

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18
Q

What is quantitative data

A

This is data related to numbers. Fir example the number if times you gonshoppinh per week, or the number of hats you own

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19
Q

What is market segmentation

A

Market segmentation is where they split people into groups based on age gender lifestyle location

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20
Q

I hat are the four features of a good product

A

Made of high quality
Innovative
Functional
It meets the need of the customer

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21
Q

The benefits of branding

A

Brand loyalty in which the customer comes again and again
Higher prices in which well known brands are able to charge higher prices for their goods

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22
Q

The 4 stages of the product life cycle

A

Introduction
Growth( starts to grow)
Maturity(full potential)
Decline ( falls off)

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23
Q

What are was to extend the cycle of the product

A

A buisness could lower prices
Redesign packages to make it look more attractive
Advertising the product more widely

24
Q

What is price skimming

A

It is where the product starts at the high price then decreases over time

25
Q

What is cost plus pricing

A

Where the buisness looks at the cost of how much it was to make then add a percentage onto it

26
Q

What is penetration pricing

A

This is where the buisness joins the competitive market by puttimg the price at the lowest once they gain loyalty the will increase th price

27
Q

What is competitor pricing

A

This is where a buimess keeps a close eye on the competitors prices then they try to match it or beat it

28
Q

What is promtional pricing

A

It is a short term of price reductions and special offers to increase sales

29
Q

What is digital distribution channel

A

This is where they deliver goods via the internet. However, there is no physical products

30
Q

What are the different aims of promotion

A

Social media
Websites
Print media
Tv
Radio

31
Q

benefits if a tall stucture

A

Each manager have a small span of control
Lots of chances ti gain promotion

32
Q

Benefits of a flat structure

A

Fater communication
Staff at the bottom feel more important and valued as they are closer to managers

33
Q

What is delegation

A

When a manager passes a job ti someone below them in a organisation chart

34
Q

What is the span of contol

A

The number of workers a manager has direct control

35
Q

What is chain if command

A

The formal rout a buisness takes in communicatiom

36
Q

What is authority

A

Each employee in a buisness has a different level of authority/ responsibility

37
Q

Surbordinate

A

Somebody who works below somebody else in a buisness

38
Q

What is digital communication

A

Is the exchamge of information electronically using ict

39
Q

One way communication

A

Message is sent but there is no reply

40
Q

Internal communication

A

Communication between people employed in the smae organisations

41
Q

External communication

A

Communication between people in the organisation and out of it

42
Q

Formal communication

A

Channels of communication withina orginisation

43
Q

Informal communication

A

Communication outside of the officsl channels

44
Q

Verical communication

A

Communication up or down the hierarchy

45
Q

Horizontal communication

A

Communication of people on the smae level

46
Q

Why di buimesses recruit

A

When a buisness starts
Explands
Employee leaves
New skills needed

47
Q

Benefits of internal recruitment

A

Lower cost to advertise
Employee already familiar with the buisness

48
Q

Benefits of external recruitment

A

Bring in fresh ideas
Doesn’t leave a gap elsewhere in the buisness

49
Q

Eight steps of recruitment

A

Job analysis
Job description
Person specification
job advert
Sort applications
Interview applicant
Select best applicant
Contract of emplyee

50
Q

Methods of slection

A

Cv
Application form
Letter of application
Interveiws
Tests
Group activities
References

51
Q

Method of motivation

A

Hourly wage
Monthly salary
Piece rate
Comission
Profit sharing

52
Q

Method if non finacial motivation

A

Awards
Praise
Working enviroment

53
Q

Induction training

A

Training new employees recieves on the first day or week of their new job

54
Q

On the job training

A

The traing the person receives at the job places

55
Q

Of the job training

A

Person is trained away form
Their job

Flashcards (4 decks)

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