Franchises- external growth

Question 1

Explain what is meant by a Co. Operative

Answer 1

A cooperative is a private business organisation that is owned and controlled by the people who use its products, supplies or services

Question 2

Explain the function of marketing in business

Answer 2

Depends on size of business but can include
Market research
Producing a marketing plan
Product development
Strategically over seeing advertising

Question 3

Explain the function of production

Answer 3

Turning inputs into finished outputs

The production manager is responsible for making sure raw materials are transformed into finished goods efficiently

Question 4

Explain the function of operations management

Answer 4

Is responsible for the process of creating goods and services and controlling and organising the resources needed to make these goods and services

Question 5

Explain the function of accounting and finance

Answer 5

Reports the results and position of business to government, creditors, investors and external parties

Question 6

Explain the function of customer service

Answer 6

Customer service representatives help customers with complaints and questions, give customers information about products and services, and process returns

Question 7

Explain the function of sales and support services

Answer 7

Sales support ensures that the sales team can run smoothly and effectively allowing the business to operate at peak performance

Question 8

Explain how the size of a business is measured

Answer 8

Size of capital
Number of employees
Volume of sales
Level of technology
Raw materials used
Legal form of ownership

Question 9

Explain what is meant by a joint venture

Answer 9

A commercial enterprise undertaken jointly by two or more parties which otherwise retain their distinct identities