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NAT5 Business > TMA2 > Flashcards

TMA2 Flashcards

1
Q

What are the external factors?

A

The external factors are:
-Political
-Economic
-Socio_Cultural
-Technology
-Enviromental
-Competitive

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2
Q

What is the Political Factor?

A

It is an action taken by the government

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3
Q

What is the Economic Factor?

A

It is the current state of the economy

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4
Q

What is the Socio-Cultural Factor?

A

It is the cultural trends and buying habits on the market, and the population trends

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5
Q

What is the Technology factor?

A

It is the latest Technological developments

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6
Q

What is the Environmental Factor?

A

It is the actions and laws that promote the upkeep of the environment

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7
Q

What is the Competitive Factor?

A

It is the actions taken by competitors that force a firm to react

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8
Q

What are the Internal Factors?

A

The Internal Factors are:
-Finance
-Human Resources (HR)
-Current Technology (CT)

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9
Q

What is a stakeholder?

A

A stakeholder is at person or organisation who has taken an interest in the business and wants to see the business succeed

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10
Q

What are External Stakeholders?

A

They are stakeholders that are outside of the firm

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11
Q

What are internal stakeholders?

A

They are stakeholders which are inside of the firm

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12
Q

What is a stakeholders interest?

A

It is what the stakeholder WANTS from the business

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13
Q

What is a stakeholders influence?

A

It is an ACTION or DECISION that the stakeholder can take that will affect the business

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14
Q

How does Conflict arise?

A

Conflict arises when stakeholders want different things

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15
Q

What is an example of a conflict?

A

The employees want high wages whereas the owner wants to maximise the profits and keep the wages as low as possible

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16
Q

Who are the External Stakeholders?

A

-Suppliers
-Donors
-Customers
-Local Community
-Pressure Group
-Government
-Bank

17
Q

Who are the internal stakeholders?

A

-Managers
-Owners
-Employees
-Shareholders

18
Q

What is an owners interest and Influence?

A

An owner wants to maximise profits, and they can do this by hiring and firing staff

19
Q

What is a managers interest and influence?

A

A manager wants status and responsibility and they can achieve this by appraising staff

20
Q

What is an Employees interest and influence?

A

An employee wants good wages, and they can get this by demanding wages from the firm

21
Q

What is a Shareholders interest and influence?

A

A shareholder wants high dividends and they can get this by voting at an AGM

22
Q

What is a Governments interest and influence?

A

A government wants a successful firm to provide jobs, and they can get this by providing a grant for the firm

23
Q

What is a Local Communities interest and influence?

A

A local community wants jobs and wealth for the community, and they can influence a business by creating demand for the businesses product

24
Q

What is Suppliers interest and influence?

A

A supplier wants repeat purchases, and they can influence a business by extending the credit period

25
Q

What is a Customers interest and influence?

A

A customer wants high quality products for the lowest possible prices, and they can influence a business by changing to another competitor.

26
Q

What is a Banks interest and influence?

A

A bank wants a firm to take out loans, and they can influence a business by charging an interest rate

27
Q

What are the traits of a business with poor ethics?

A

-Test animals
-Overwork underage’s (Child Labour)
-Drive down prices paid to farmers and producers
-Advertise irresponsibly
-Overuse packaging
-Pollute the environment

28
Q

What are the traits of an ethical business?

A

-Help others
-Fair treatment of employees
-Fair treatment of animals
-Behave according to the law
-Protect the environment

29
Q

Why do we care if businesses are ethical?

A

Because:
-It is morally correct
-We need to look after the environment and animals
-Need to prevent unfair treatment and labour of employees

30
Q

What is a partnership agreement?

A

It is a legal document which sets out the terms of a partnership

31
Q

Who are partnerships common amongst?

A

Professional occupations such as:
-Accountants
-Doctors
-Lawyers
-Dentists

32
Q

What could a partnership agreement set out?

A

It could set out:
-What each persons responsibilities are
-How much money each person should put into the business
-The salary each person gets
-How the profits (or losses) will be split
-What should happen if a partner leaves, dies, or retires

33
Q

Where are ethical trading symbols included?

A

In product labelling or advertising

34
Q

Why do organisations want to show that they are ethical?

A

Because:
Better image —> More customers —> More profits

35
Q

What businesses are ethical?

A

-The Body Shop
-H&M
-M&S
-Lush
-Boots
-McDonalds

36
Q

What are dividends?

A

A dividend is a distribution of profits by a corporation to its shareholders.

37
Q

What is the problem with understocking?

A

Can lead to stock of popular items running out during a sudden surge in demands

38
Q

What is the problem with overstocking?

A

The money tied up in inventory could be invested elsewhere

NAT5 Business (13 decks)

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