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Business > Influences On A Business > Flashcards

Influences On A Business Flashcards

1
Q

E-commerce definition

A

Buying and selling online

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2
Q

How can firms communicate with stakeholders

A
  • Social media
  • websites
  • email
    -mobile apps
    -live chats
    -video calls
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3
Q

Benefits of e commerce

A

Wider markets
More customers

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4
Q

Drawbacks of e commerce

A

Increased competition

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5
Q

What are ethics

A

Moral principles of right and wrong

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6
Q

Benefits of being ethical

A

Better reputation

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7
Q

Drawbacks of being ethical

A

Higher costs

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8
Q

Interest rates definition

A

The % reward for saving and % for borrowing

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9
Q

What happens when there are low interest rates

A

Increased spending, less reward on saving money. Firms will borrow more.

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10
Q

What happens when there are high interest rates

A

Borrowing money becomes more expensive. Saving increases as the reward for saving is higher. This reduces demand for products

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11
Q

What is globalisation

A

The process by which businesses and countries around the world become more interconnected.

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12
Q

Benefits of globalisation

A

Larger market to sell to
Labour is cheaper

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13
Q

Drawbacks of globalisation

A

Higher wages
Profits affected by exchange rates
Bad reputation for cheap labour in poorer countries

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14
Q

What is a strong pound good and bad for

A

Strong pound benefit-importer
Strong pound drawback-exporter

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15
Q

Who is a weak pound good for

A

Weak pound benefit-exporter
Weak pound drawback-importers

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16
Q

Spiced

A

Strong
Pound
Imports
Cheap
Exports
Dearer

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17
Q

Wpidec

A

Weak
Pound
Imports
Dearer
Exports
Cheaper

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18
Q

Why would a business relocate abroad

A

Labour is cheaper

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19
Q

What are external factors (e.g.)

A

Economy, legislation and technology are external factors affect a firm

20
Q

During a recession what are workers worried about

A

Job secuirty

21
Q

What is an MNC

A

Multi national cooperation

22
Q

What does globalisation mean

A

There is an opportunity to sell to new markets but also increased competition.

23
Q

What does consumer law state

A

Consumer law states a product should be fit for purpose, have satisfactory quality and match the trade description

24
Q

What is a risk assessment

A

Used by firms to identify and manage possible danger

25
Q

What is market share

A

% of sales/total of the market

26
Q

What is the economic growth measurement

A

GDP(gross domestic product)

27
Q

What is information and communications technology

A

The computing and communications systems that a business might use to exchange information with stakeholders

28
Q

M commerce

A

The buying and selling through wireless, handheld devices such as smartphones

29
Q

What is demand

A

The amount of a product that customers wish to purchase at the current price during a period of time

30
Q

What is digital communication

A

The transmission of information electronically between computing devices

31
Q

What are three example of digital communication

A

Email and texts
Web chat
Apps

32
Q

What are the benefits of e-commerce

A

Accessing more markets-so small business can sell to the business so customers can order from anywhere which acts as a low cost way of targeting wider markets.
Business growth-much internal or organic business growth through e-commerce as e-commerce sales are growing rapidly than sales in shops.
Lower costs and potentially higher revenue-e-commerce reduces cost as it does not need a physical store, as airlines also sell tickets online direct to customers which reduces the commission they have to pay to travel agents.

33
Q

What is organic growth

A

Growth from within the business

34
Q

What is ethics

A

Refers to whether a business decision is thought to be morally right or wrong;an ethical decision is made on the basis of what is judged to be morally correct

35
Q

What is social responsibility

A

An approach to managing a business in which the interests of all groups in society are considered when making decisions

36
Q

What are ethical objectives

A

These are targets set up by the business to help it ensure that it’s decisions are morally correct;for example treating it’s staff fairly

37
Q

What are the two decisions a business would pick between

A

Maximises profits-pay the lowest wages and cheapest materials so profit will increase
Morally right-choosing to Pay employees well or using more expensive resources that do not harm the environment

38
Q

What is a zero hour contract

A

This type of contract allows an employer to hire staff without any guaranteed hours of work.

39
Q

What is purchasing

A

The process of buying the goods and services needed for production to take place

40
Q

Fair trade definition

A

Fair trade products are those for which customers pay higher prices and offer better trading terms, such as payments with orders; the aim is to improve the standard of living in poorer countries where the products are produced through ethical trade

41
Q

Traffic congestion

A

This occurs when there are too many vehicles travelling for the road network, causing queues and delays

42
Q

What is noise pollution

A

A very high level of sound that causes discomfort to humans and wildlife

43
Q

What is scare resources

A

Those inputs into the production process that are insufficient to meet needs

44
Q

Global warming definition

A

The gradual heating of earth’s surface, oceans and atmosphere

45
Q

What is sustainability

A

Refers to methods of production which can be continued in the long term without damage the environment

46
Q

What is recycling

A

The Reuse of raw materials used in making products, often many times e.g. include the reuse of glass, paper and metals

Business (7 decks)

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