Knowledge Of Business Studies Flashcards
What is consumer goods
Goods sold to/ brought by people and public/customer and used by public/ customer
What is meant by producer
Goods sold by one business to another
What is an entrepreneur
Thy set up the a business and have an idea
They run the business (they are the manager)
They earn the profits
They take the risks
What is induction training
Applies to newly appointed workers
Who need to familiarise with the business
Work environment/ canteens
Explain on the job training
Cheap to provide
On the site
Quick to organise
Worker supervised
Advantages of just in time production
Stocks brought only when needed (no need for warehousing) LOWER STORAGE COSTS
stock delivered where it’s needed (reduced chance of damage)
Reduced cash flow problems
Good condition
Disadvantages of JIT
If suppliers run out of material then production may have to stop
May be delays in supply due to weather
No bulk buying (more expensive)
No economy of scale
Advantage of PLC
Can sell on the stock exchange (easier to gain capital)
Disadvantages of PLC
someone can buy majority of shares and have control
Disadvantages of a WIDE SPAN OF CONTROL
Adv of Narrow
More difficult to look after supervisors - inefficiency
Stressful for managers
Narrow- more business opportunities for worker to gain promotion
Feedback from workers will be quick and this leads to problems being sorted out more quickly
Merging vs takeover
Merging is quicker
Merging is cheaper
Existing customers can stay with both companies (rather than enforcing redundancy)
How does job enrichment help employee motivation?
Gives them more responsibility
By expanding their role within the the business
Example a role with Cherokees which improves the employees status
