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Business GCSE > Topics 2.1.1 - 2.3.1 > Flashcards

Topics 2.1.1 - 2.3.1 Flashcards

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1
Q

Methods of business growth internal and external (3) internal and (2) external

A

Internal:

New products
New markets
Expand overseas

External:
Merger
Takeover

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2
Q

Different financial growth

A

Internal:

Sales of assets
Retained profit

External:

Loan capital
Share capital

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3
Q

Public limited company advantages and disadvantages

A

Advantages:

Raise finance with share capital
Limited liability
More prestigious and reliable
Be able to negotiate better prices
Greater reputation and brand image

Disadvantages:

Complex accounting
Risk of takeover
Increase media attraction
Less privacy
Shareholders influence ⬆️

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4
Q

Aims and objectives change over time

A

Focusing on survival changes to focus on growth

Focus could change from entering a market to exiting one

Focus could change from having a reduced workforce to a growing one

Focus could change from small product range to a vast one

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5
Q

Business and globalisation

A

Imports are buying from abroad and there could be competition from all around the world

Exports are selling your product to countries all around the world

Multinational business is one which has an international market

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6
Q

Trade barriers

A

Tariffs are taxes on imports

Quotas are physical limits on imports

Trade blocs are small groups of countries who trade between each other

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7
Q

Glocalization

A

Business change or adapt a product in order to meet customers wants and needs in a specific country

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8
Q

Product design mix (3)

A

Function
Aesthetic
Cost

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9
Q

Product timeline

A

Intro➡️growth➡️maturity➡️decline

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10
Q

Product differentiation (2)

A

Position products that target new market segmentations

Gain advantage over rivals

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11
Q

3 types of price

A

Premium price ⬆️

Competitor price ↔️

Generic price ⬇️

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12
Q

Price does three things

A

Indicates quality

Influences demand

Better brands have higher prices

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13
Q

Ways of promotion (5)

A

Advertising

Sponsorship

Product trials

Special offers

Brand deals

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14
Q

Place (2)

A

Retailer = in person shop

E-tailer = online / worldwide

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15
Q

Purpose of business (2)

A

Provide good and services

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16
Q

Types of production (3)

A

Job
Batch
Flow

17
Q

Technology in a business is used for (4)

A

Balancing costs
⬆️Productivity
⬆️quality
⬆️flexibility

18
Q

Technology used in business operations

A

Computer aided designs
Supply chain management
Geographical positioning systems
Electronic point of sale
3D printing
E-commerce

19
Q

Impact of technology on operations

A

Speeds up the process
Keeps business in touch with customers
Lowered production cost
Ensures fewer mistakes
Costly initial investment
Can become obsolete
Requires employees to be trained

20
Q

Productivity

A

Output per worker over a period of time

21
Q

Factors influencing use of tech

A

Productivity
Cost
Quality
Flexibility

22
Q

Managing stock

A

Max stock level = most stock business can hold

Re-order level = level of stock at which new stock is ordered

Buffer stock = minimum stock level a business can hold

23
Q

JUST IN TIME (JIT)

A

Stock is delivered only when its needed by the production system

No stock is kept by the business

24
Q

Advantages of holding stock

A

Any unpredicted surges in demand can be met

Damages goods can be replaced

Businesses can receive discounts for bulk buying

Limited risk of problems supplying customer demand

25
Q

Benefits of holding little or no stock

A

Cost saving

Less chance of damages or stolen stock

Employees can focus on other tasks rather then managing stock

Can reduce costs of production

26
Q

What makes a good supplier

A

A good price

Flexible deliveries

Reliable deliveries

Discount for large orders

High quality supplies

Availability of products

27
Q

Benefits of good quality

A

Premium price can be charged

Good quality builds strong brand image

Meeting customers needs and competitive advantage

Differentiating products

28
Q

Quality assurance checklist

A

Have high quality as the focus of every process

Involve customers and suppliers at the design stage

Aim for zero defects

Have quality as the responsibility of each employee

Have managers who ensure quality and set standards

Business GCSE (3 decks)

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