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Business Management > Outcome 3 > Flashcards

Outcome 3 Flashcards

1
Q

What are Natural Resources?

A

Items used by the business that come from the environment

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2
Q

What are Capital Resources?

A

Tools and Machinery used to produce goods

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3
Q

What are Labour Resources?

A

People who provide their skills, knowledge and effort to the Business

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4
Q

What is Equity?

A

Funds contributed by the owner(s) of a business to start and build the Business

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5
Q

What are shopping centres?

A

A large shopping centre allowing multiple businesses to sell products there

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6
Q

What are home-based businesses?

A

Can include service providers, such as a hairdresser in a garage

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7
Q

What is a retail shopping strip?

A

Usually developed on a major road and transport link, usually includes a local milkbar

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8
Q

What is an online presence?

A

Doesn’t have a physical location

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9
Q

Visibility

A

Being seen is likely to attract customers to the business

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10
Q

Complementary

A

This an help attract customers to the business if nearby, e.g. tyre fitters being close to a car mechanic.

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11
Q

Cost

A

A business must assess whether the location justifies the cost, e.g. main road

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12
Q

Proximity to competitors

A

Will they take away or be able to attract more customers than you

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13
Q

Proximity to suppliers

A

Being close to suppliers reduces the cost of transport to and from both businesses

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14
Q

Proximity to customers

A

Being in a relevant location to customers which will attract them to your business.

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15
Q

Benefits of Purchasing an existing business

A

Existing customer base, stock has already been acquired, seller may offer advice and training, equipment is already there

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16
Q

Costs of Purchasing an existing business

A

Some employees may resent change, the image of the business may be difficult to change, the success of the business may have been due to the previous owner

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17
Q

Benefits of establishing a new business

A

The owner has more freedom over business, the owner can determine the pace of growth and change

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18
Q

Costs of establishing a new business

A

High risk and difficulty to obtain finance, there will be no customer base, employing staff will be expensive and profits might not start straight away

19
Q

Sole Trader

A

A business owned and operated by one person

Independent, employing his own employees, managing independently and working on solutions independently

20
Q

Partnership

A

An unincorporated business structure with a minimum of two and a maximum of 20 owners, e.g. family owned business, profits will need to be shared individually

21
Q

Private Listed Companies

A

An unincorporated business with a minimum of one shareholder and a maximum of 50 non-employee shareholders. E.g. 7-11 is a private listed company, with less than 50 non-employee shareholders.

22
Q

Public listed Companies

A

An unincorporated business with a minimum of one shareholder (and no maximum) and whose shares are openly traded on the Australian securities exchange. E.g. Woolworths is an example of a Public Listed Company

23
Q

Online Business Model

A

Main operations revolve around the internet (e.g. Google, eBay)

24
Q

Bricks and Mortar business model

A

Traditional business with a physical location (e.g. local milk bar)

25
Q

Import and Export

A

Deals with international trade goods (e.g. Noble Grain Australia

26
Q

Franchise

A

Licensed to operate under the business model of an existing business (e.g. Subway)

27
Q

Social Enterprise

A

Aims to improve wellbeing of others (e.g. YGAP)

28
Q

Market Research

A

Involves collecting and analysing data and information to assist the business in its understanding of potential customers and competitors

29
Q

Business Plan

A

A written statement of the goals and objectives for the business, and the steps to be taken to achieve them

30
Q

SWOT Analysis

A

(Strengths, Weaknesses, Opportunities and Threats) A type of situational analysis that looks at where the business currently stands

31
Q

Strengths

A

What is the business good at?

32
Q

Weaknesses

A

Where does the business need to improve?

33
Q

Opportunities

A

How can the business improve and grow?

34
Q

Threats

A

What could harm the business?

35
Q

SRB

A

Socially Responsible Business

36
Q

What is an SRB

A

Needs to consider how it can go above and beyond its basic legal requirements to improve welfare of its stakeholders, including its employees

37
Q

SRB Benefits

A

Attracting Customers who tend to avoid unethical businesses
Attracting and retaining staff, reducing the cost of recruitment and training
Improving staff morale which increases productivity

38
Q

SRB Internal Environment responsibilities

A

Offering fair pay to workers
Ensuring safe and healthy working conditions
Employing disadvantaged groups
Implementing socially responsible policies for staff to follow

39
Q

Legal Support Services

A

A solicitor, who provides advice on legal matters such as business formation, registration, contracts and legislation

40
Q

Financial Support Services

A

An accountant or bank manager, who provides advice on all financial management issues and taxation abligations

41
Q

Technological Support Services

A

An IT manager, who is able to provide setting up websites, purchasing equipment, improving productivity, setting up social media and online marketing

42
Q

Community-Based Support Services

A

Service Clubs, which provide advice for your business, support your business and gives information on how to run your business

43
Q

Formal and Informal Network Support Services

A

Government, Chambers of Commerce, Victorian Chamber of Commerce and Industry (VCCI), Small Business Association and Trade Associations. Which provide training trade, legal and financial help, tax advice and advice on land zoning

44
Q

Business Mentors Support Services

A

Experienced Owners, which give advice, training, variety of issue knowledge and strategies to plan out your business in the future.

Business Management (3 decks)

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