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AQA Business > Theme 2 analysis COPY > Flashcards

Theme 2 analysis COPY Flashcards

1
Q

Benefit of using batch production

A
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2
Q

Drawback of batch production

A
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3
Q

Benefit of using budgets

A
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4
Q

Drawback of Using Budget

A
  1. Budget set limit on Spending
  2. Prevent Businesses Pursing Opportunites
  3. Limits chance of growth
  4. Produce Lower Output
  5. Less likely to gain EOS
  6. Fixed Cost Spread over Less units
  7. Increase Unit Fixed Cost
  8. Lower operating profit Margin
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5
Q

Benefit of using cell production

A
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6
Q

Cell production Drawback

A
  1. Cell Production Involves Employees
    coming Together as a Team to
    Complete Each part of Production
  2. Means that Employees will need to
    be Multi-Skilled to Work across
    production
  3. Business need to Invest into
    Training so Staff have Necessary
    Skills
  4. Increase Expenses
  5. Reducing Operating Profit
  6. Less profit to Retain + Reinvest
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7
Q

Quality control benefit

A
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8
Q

Drawback of quality control

A
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9
Q

Benefit of just-in-time stock management

A
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10
Q

Drawback of just-in-time stock management

A
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11
Q

Importance of good stock management

A
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12
Q

Benefit of low capacity utilisation

A
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13
Q

Benefit of using flow production

A
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14
Q

Flow Production Drawback

A
  1. High Vol of Identical products
    Made
  2. Through use of Machinary
  3. Damage Business Liquidity in ST
  4. As Sig Investment needed to
    purchase Machinary
  5. Reducing Cash Reverseves ST
  6. Low Current Assets + Low Liqudity
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15
Q

Benefit of using historical budgeting (for large businesses)

A
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16
Q

Drawback of historical budgeting

A
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17
Q

Benefit of using job production

A
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18
Q

Drawback of job production

A
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19
Q

Benefit of adopting a Kaizen approach

A
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20
Q

Drawback of Kaizen

A
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21
Q

Benefit of quality assurance

A
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22
Q

Drawback of quality assurance

A
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23
Q

Benefit of zero-based budgeting

A
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24
Q

Drawback of zero based budgeting

A
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25
Q

Benefit of a capital intensive production approach

A
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26
Q

Gaining a competitive advantage from lean production

A
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27
Q

Drawback of Gaining Competitive Advantage with Lean Production

A
  1. If Business adopts Lean production
    Approach - e.g. JIT or Kaizen
  2. Require Business to have Highly
    Skilled Staff
  3. Either tasked with identifying Area
    for Continuous Improvement or
    being able to adapt quickly to
    trends
  4. Require Business to Invest Heavily
    into Training
  5. Increase Expenses
  6. Reduce Operating Profit
  7. Less Retained profit
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28
Q

Benefit of a strong pound

A
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29
Q

Drawback of a strong pound

A
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30
Q

Reasons why incomes may not be impacted by rising inflation

A
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31
Q

Impact of inflation on cost of sales

A
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32
Q

Why incomes may be affected by rising inflation

A
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33
Q

Impact of a stronger pound on demand for domestic businesses

A
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34
Q

Benefit of improved productivity

A
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35
Q

Interpreting a stock control diagram

A
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36
Q

Benefit of a labour intensive production process

A
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37
Q

Drawback of a labour intensive production process

A
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38
Q

Production at minimum average cost

A
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39
Q

Benefit of quality circles

A
40
Q

Drawback of quality circles

A
41
Q

Reasons why inflation may not impact cost of sales

A
42
Q

Benefit of a weaker pound

A
43
Q

Drawback of a weaker pound

A
44
Q

Impact of high interest rates

A
45
Q

However….. of high interest rates

A
46
Q

Impact of low interest rates on consumer incomes

A
47
Q

Impact of low interest rates on savings

A
48
Q

Impact of changes in national insurance

A
49
Q

benefit of government increasing national insurance

A
50
Q

recession

A
51
Q

how businesses can benefit from a recession

A
52
Q

spreading risk across different countries

A
53
Q

Boom

A
54
Q

inflation risk during a boom

A
55
Q

effect of economic uncertainty on business environment

A
56
Q

Benefit of a grant

A
57
Q

Drawback of a grant

A
58
Q

retained profit benefit

A
59
Q

retained profit drawback

A
60
Q

sale of asset benefit

A
61
Q

sale of asset drawback

A
62
Q

family and friends benefit

A
63
Q

family and friends drawback

A
64
Q

peer to peer benefit

A
65
Q

peer to peer drawback

A
66
Q

Venture Capital + Business Angle Benefit - SMALL BUSINESS ONLY

A
  1. Business Angel likely to have
    experience
  2. They Provide support with Finance
  3. Give Competitive Advantage =
    Porter Differentiation Strategy
  4. Increase Sales Volume
  5. Increase Order to Suppliers
  6. For Raw Material Such as..
  7. Lower Unit Variable Cost
  8. Opportunity to Lower Selling Price
    to Increase Sales Further to
    Increase Market Share
67
Q

drawback venture capital

A
68
Q

benefit of crowdfunding

A
69
Q

drawback of crowd-funding

A
70
Q

benefit of loans

A
71
Q

drawback of loans

A
72
Q

benefit of share capital

A
73
Q

drawback of share capital

A
74
Q

benefit of overdrafts

A
75
Q

drawback of overdrafts

A
76
Q

benefit of leasing

A
77
Q

Drawback of leasing

A
78
Q

Benefit of trade credit

A
79
Q

Drawback of trade credit

A
80
Q

limited liability benefit

A
81
Q

limited liability drawback

A
82
Q

benefit of business plan

A
83
Q

drawback business plan

A
84
Q

cashflow forecast benefit

A
85
Q

cashflow forecast drawback

A
86
Q

Sales forecasting Benefit

A
87
Q

Sales forecasting drawback

A
88
Q

Adapting to Break-even as the ‘hook’ in a question…….

A
89
Q

break-even is useful because…

A
90
Q

Break-even is not useful because..

A
91
Q

Improving the break-even point

A
  • Reduce fixed costs

Eg. Move to a smaller premises, reduce marketing budget, reduce staff wages/make redundancies

  • Reduce variable costs (higher contribution per unit)

Eg. Switch to a cheaper supplier

  • Increase selling price (higher contribution per unit)
92
Q

consumer protection legislation

A
93
Q

Employee protection

A
  1. Employee Protection Legislation ( Min Wages , Sick Pay ect)
  2. Ensure Business must meet Employee Basic Needs
  3. By Giving them Min wage + Allowing them Aqequate Rest
  4. Means Employee Hygience Factors met
  5. Prevent Demotivation according to Herzberg
  6. Increase productivitiy
  7. Increase Output Per Worker
  8. Fixed Cost of Wages spread over more units
  9. Lower Fixed Cost per Unit
  10. Increase Operating Profit Margin
94
Q

Environmental Protection

A
  1. Prevent Businesses from Causing Excess Pollution + Producing Large Amount of Waste
  2. If Business Follow Legislation
  3. Appear more Enviromentally Friendly
  4. Makes them More Ethical
  5. Strong Brand Image
  6. More Price Inelastic
  7. Able to Increase Price without SIG Decrease in Demand
  8. Increase Revenue
  9. Increase Gross + operating profit
95
Q

Competition Policy

A
  1. Prevent business Suppliers from Colluding or Forming Monopolies
  2. More Choice between Diff Suppliers
  3. Reduce Bargaining Power of Supplier
  4. Supplier unable to charge High Price
  5. Reduce Cost of Raw Materials
  6. Lower Variable cost
  7. Increase Gross profit Margin
  8. Increase Operating profit
96
Q

Health + Safety Benefit

A
  1. Business responsible for ensuring safety of staff
  2. Employee are trained + Working Conditions safe
  3. Ensuring Employee Safety Needs Met ( Maslow)
  4. Increase Motivation
  5. Increase productivity
  6. Fixed Cost of Wages Spread over More Units
  7. Lower Fixed Cost Per Unit
  8. Increased Operating profit Margin
97
Q

Drawback for ALL Legislations - MUST ADAPT

A
  1. Legislation lead to Increase bureaucracy
  2. As Process + proeceduares need to be Implemented to Ensure Legislation Followed
  3. Experts need to be Hired to ensure this is followed
  4. Increase cost of Wages
  5. Increase Fixed cost
  6. Reducing Operating profit Margin
  7. Reduced Retained Profit
  8. Reducing Capital for Reinvestment into…

AQA Business (11 decks)

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