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Buisness > Term 1 > Flashcards

Term 1 Flashcards

1
Q

3 types of leaders

A

Autocratic, Democratic, Laissez-faire

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2
Q

Autocratic

A

centralized decision making authority. makes decisions without seeking input from team members. relies on own judgement.

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3
Q

democratic

A

encourages active participation and collaboration from team members in decision making. values input from members.

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4
Q

laissez-faire

A

allows team members significant freedom to make decisions. provide minimal guidance. focus on results from team members to make solutions.

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5
Q

leaders v managers

A

leaders do not have to be formal in an organization. Managers are those with formal responsibilities

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6
Q

internal stakeholders

A

employees, managers, owners

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7
Q

external stakeholders

A

suppliers, government, shareholders, customers, creditors.

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8
Q

unlimited liability

A

WHen business owners are responsible for covering any debt that a company is unable t pay if it fails

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9
Q

limited liability

A

where a business is registered as a seperate entity t its owner meaning that the personal assets of the owner cannot be used to cover businesses debt

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10
Q

sole trader

A

legal label given to any business owned by 1 person

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11
Q

partnership

A

owned and operated by 2-25 people

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12
Q

Registered company

A

Those jointly owned by 1 or more people is registered with the government

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13
Q

rangatiratanga

A

qualities of a leader in a business such as bringing people together and decision making

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14
Q

tikanga

A

the way of doing business, established rules, guidelines, etc. aligns with business values.

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15
Q

putake

A

the reason a business is established related to business goals

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16
Q

turanga

A

The legal structure of a business eg: partnership, private companies, trusts. However expanded to include systems of governance in cases where businesses are based around communally owned assets eg: land

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17
Q

kaitiakitanga

A

The responsibility of looking after the natural resources of the future.

18
Q

Consumers guarantee act (repair, replace, refund)

A

A law that states that consumers have legal entitlement to have services carried out with reasonable care , skill, time and quality. The act covers both goods and services.

19
Q

consumers rights in CGA

A

A right to insist that the seller or service fixes the issue. in serious cases the consumer can demand the resolution of a repair, replacement or refund.

20
Q

Fair trading act

A

makes it illegal for a business to mislead or deceive customers to ensure that sellers act in a fair and honest manner when promoting and selling their products covering almost all sale types however excluding private sales and garage sales. - if breached business may receive $600,000 fine

21
Q

Health and safety work act

A

emphasis on management of health and safety at work to prevent safety issues. Requires a constant safe working environment to reduce risk of harm. This ensures the health and safety of workers and workplaces.

22
Q

Northern Rocks points

A
  • 2 owners
  • Partnership
  • Democratic
  • Founded in 2019
  • 7 employees
  • Built to create community
  • Owns side incomes including - yoga, gym, cafe and climbing gear
  • In growth stage as early founded and climbing market is expanding due to olympic awareness.
23
Q

Whanaunatanga

A

Relationship built with another business/supplier

24
Q

Communication methods

A

Email, Social Media, Phone call, Billboard, TV, Face to face, Website.

25
Q

Types of barriers

A

Physical, Attitude, Language, Priorities, Incorrect communication methods.

26
Q

Market Share

A

Market share is the percentage of total sales in an industry generated by a particular company.

27
Q

Northern Rocks sustainability (7)

A
  • Reuses towels
  • Sells lost water bottles for charity money
  • Gifts old rock climbing shoes to the community
  • Sells second hand clothes for charity money
  • Encourages the use of reusable cups over plastic bottles
  • Uses enviro-friendly cleaning products
  • Signage to prevent excessive shower use
28
Q

4 stages of a business

A

slump, recession, recovery, boom

29
Q

Consumer confidence

A

How positive or a negative a consumer feels about the economy

30
Q

Business confidence

A

Business confidence is an economic indicator of how the business views the economy

31
Q

Why consumer confidence was low in 2020

A

COVID-19
led to consumers fear of getting sick and not trusting the economic state

32
Q

How did northern rocks improve consumer confidence

A
  • Adding sanitation
  • adding new climbing colours to upgrade facility
33
Q

Customer

interest and influence

A

The consumers interest in the business is a result of customers wanting new and improved products available to them. ~ They can influence the business by choosing to buy (or not buy) goods from a business affecting their sales figures.

34
Q

Local Community

interest v influence

A

The community’s interest in the business is that the Local community wants businesses to contribute to the local economy. ~ They influence the business by helping shape local regulations that affect businesses and stop buying from certain businesses.

34
Q

Supplier

Interest v influence

A

The suppliers interest in the business is that Suppliers revenue is based on the number of sales made to businesses so their success is linked ~ They can influence the business by Raising/lowering prices affecting coasts. Offering new products to businesses to buy.

35
Q

Competitor

interest v influence

A

The competitors interest is the success of a competitor is linked to a business’ success as they are fighting for market share. ~ They have influence through Providing offerings which deter customers from shopping with original business ( reducing sales)

36
Q

Employees

interest v influence

A

The interest in the business for employees is that Employees are employed by the business so are interested in its success as it contributes to their pay. ~ They have influence on a business as Employees can be more or less productive which can affect the costs of the business.

37
Q

Owners

interest v influence

A

The owners’ interest in the business is because Owners have contributed their own capital to the business so it wants to succeed. ~ They have influence over the business because The owners set the strategic direction of the business and set its priorities.

38
Q

Long term impacts

A

Increase revenue.
Improve brand awareness.
Build a strong reputation.
Create a market-leading online presence.
Expand into new opportunities.
Keep innovating.

39
Q

Ways to minimise recession

A

Decrease range of products
Decrease production
Lay off employees
Increase marketing (eg social media, events, loyalty programmes.

40
Q

Short term Impacts

A

customer satisfaction, customer sales

Buisness (3 decks)

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