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Nat5 Business > test > Flashcards

test Flashcards

1
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

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2
Q

What are the three internal factors

A

Finance
Human Resources
Technology

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3
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

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4
Q

How do Human Resources affect a business

A

Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong

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5
Q

How does technology affect a business

A

If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives

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6
Q

Impact of poor customer Service

A

Decreased sales
Poor reputation
Poorly motivated staff
Problems with recruitment

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7
Q

Reasons for poor customer service

A

The business does not have a clear complaints procedure or complaints are on satisfactorily dealt with
The company does not provide all staff with suitable and sufficient customer service training
The business is not listening to customer feedback about its products and services

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8
Q

How to improve customer satisfaction

A 
Providing the latest quality product
Having a customer care strategy
Having a customer complaint procedure
Making sure employees are trained
Having an after sales service
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9
Q

Why is customer satisfaction important in a business

A

If customers are happy to be more to the business which means they return in the future and make my purchases
It gives the business a good reputation
It can help to increase the organisation share of the market
Allows organisations to remain ahead of competition

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10
Q

What are external factors

A

External factors which affect the way in which it often referred to as PESTEC factors

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11
Q

What does pasta stand for

A 
Political
Economical
Social
Technology
Environmental
Competitive
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12
Q

What is the political factor

A

Government can’t affect organisational activities through
taxation
government agencies
grants

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13
Q

What are economic factors

A

Economic factors refer to anything at encourages people to spend or not and money coming economic influences are levels of employment
recession
interest-rate
exchange rate

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14
Q

What is the social factors

A

Social factors are those that are concerned about people’s changing beliefs, values, and opinions. Society changer very rapidly and organisation must work hard to keep up with this. Examples of social factors influence a business and how it operates are
Change in taste, in food and fashion
Changing demographics
Increased consumer awareness

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15
Q

What is the technological factor

A

Technology changes very rapidly and businesses need to respond quickly to these changes if they are to remain competitive in how they operate.
This may mean introducing new machinery or equipment improve the function.
Technology is impacting on how and when this is done e.g use of online shopping, contactless payments

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16
Q

What is environmental factor

A

Environmental factors focus on the world around us and how these can affect how the business operates examples of environmental factors that may affect the business are
the weather
Push to be green

17
Q

What is the competitive factor

A

How are business operates will be affected greatly by the actions of competitors and business must always be able to respond quickly to changes made by competitors to remain as a competitive edge examples are
Lower prices
new products
advertising campaigns

18
Q

Interest of shareholders

A

Profits and dividends

Growth of the company

19
Q

Influence of shareholders

A

Making decisions on how to run the business

Deciding who to employ

20
Q

Interest of owners

A

They will want to business achieving its objectives because their livelihoods depend on their business being successful.

21
Q

Influence of owners

A

deciding the overall objectives of the firm. They will also make all the major decisions about the running of the business

22
Q

Interest of managers

A

Want the organisation to be successful

They want responsibility and status

23
Q

Influence of managers

A

Making decisions regarding hiring staff

Decisions on product portfolio which may or may not be successful

24
Q

Interest of employees

A

Will also want job security, better pay and working conditions and good promotion prospects

25
Q

Inference of employees

A

Can take or threaten industrial action as striking or working rule, to try and get the business to do as they want. The success of the business depends on their working efficiently

26
Q

Interest of suppliers

A

Will want more orders from the business, and to be paid on time.

27
Q

Inference of suppliers

A

Changing the prices of goods offered

Offering discounts when you buy their products

28
Q

Interested Banks

A

Will want to lend money to businesses but also require assurance that they will be repaid.

29
Q

Influence of banks

A

Can charge higher rates of interest on loans to high risk businesses. They may withdraw lending facilities if loan repayments are not made on time.

30
Q

Interest of customers

A

Will want low prices, high quality and good after-sales service

31
Q

Inference of customers

A

Can stop buying the business’s products itf they don’t like them, or if they feel the business is not being socially responsible.

32
Q

Interest of government

A

Will want the business to keep within the law, pay their taxes, and provide employment

33
Q

Influence of Government

A

Can introduce laws which affect the way the business is run, and set up bodies to regulate the business (e.g. Offwat)

34
Q

Interest of community

A

Will want the business to treat the environment properly, to treat workers fairly, and not to exploit customers

35
Q

Entrance of community

A

Can put pressure on firms through pressure groups (e.g. Greenpeace), or by highlighting what they think is wrong (e.g. writing to Watchdog)

Nat5 Business (3 decks)

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