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N5 Business > understanding business > Flashcards

understanding business Flashcards

1
Q

roles of business in society

A

business provide goods and services to the public and consumers. Their job is to fill a gap in the market.

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2
Q

business cycle

A

consumers have wants/needs
business will identify the needs and wants
business produces goods and services and consumers buy these goods and services

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3
Q

Want definition

A

a want is an inessential product that enhances your lifestyle

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4
Q

needs defintion

A

a need is a product that is essentail for survival

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5
Q

durable goods

A

durable goods are goods that will last a long time without bieng used up

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6
Q

non durable

A

a good which doesn’t last long and is used up quickly

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7
Q

goods

A

a tangible product which you can see and touch

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8
Q

service

A

an intangible action which is carried out by a business in exchange for money

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9
Q

factors of production

A

Capital
Enterprise
Land
Labour

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10
Q

capital

A

all equipment needed to run a business

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11
Q

land definition

A

all the natural resources and property needed to run your business

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12
Q

labour defintion

A

the workforce needed to run your business

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13
Q

enterprise defintion

A

the business idea and USP, what makes you different from your competitors

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14
Q

entreprenuer

A

anyone who starts up a business and has spotted a gap in the market, they do lots pf planning to ensure success

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15
Q

skills of an entrepreneur

A 
identifying a gap in the market
risk taking 
communication 
marketing 
leadership 
financial
Time management
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16
Q

qualities of an entrepreneur

A

dedication
determination
resilient
Creative

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17
Q

business plans defintion

A

a plan created to outline your business objectives, the market they will work in and your finacial goals

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18
Q

business plan stages

A 
executive summary/elevator pitch 
business goals 
marketing and sales strategy
financial  projections
Business location and setup
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19
Q

sectors of industry

A

primary, secondary and tertairy

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20
Q

primary sector

A

extracts raw materials

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21
Q

secondary sector

A

changes raw materials into a new product

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22
Q

tertiary sector

A

the sector which provides services to the public

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23
Q

sectors of economy

A

private, public and third

24
Q

private sector

A

the sector of economy made of businesses with the goal of maximising profit and growing the business, owned by private individuals.

25
Q

public sector

A

the sector of economy made up of businesses who are run by the government to provide a high quality service to the public

26
Q

third sector of economy

A

the sector of economy run by trusts and volunteers who want to help out in the community and raise awareness and funds for ethical causes.

27
Q

sole traders business

A

a business owned by one person in the private sector of economy, they get full contol over the business and get all of the profit, no legal work needed to be set up, has unlimited liability

28
Q

partnership business

A

a business owned and controlled by 2-20 people who are in the private sector of economy, they have unlimited liability and need a deed of partnership to be set up

29
Q

private limited companies

A

a business owned by more than one person and controlled by a board of directors, with limited liability in the private sector of economy, a memorandum and article of association are needed to be set up.

30
Q

public sector organisations

A

a business owned and controlled by the government, they have the main goal of staying within their budget, providing a high quality service and ensuring corporate social responsibility

31
Q

charities

A

organisations in the third sector of economy that are established to maximise donations and support ethical causes, they are owned and controlled by a trust

32
Q

voluntary organisations

A

these arr typically small organisations that help out in the local comunity, they make no profit and are in the third sector of economy

33
Q

social enterprises

A

businesses in the third sector of economy which behave like private limited companies except they use all their profits to grow the business and support an ethical cause of their choice, investors dont get any profit

34
Q

private sector business objectives

A

maximise profits, to survive, to generate customer satisfaction and brand loyalty, to increase market share, to be socially responsible, to provide high quality products

35
Q

limited and unlimited liability definitions

A

limited liability means that your personal possesions arent at risk if the business goes into debt, unlimited means the opposite

36
Q

customer satisfaction defintion

A

how happy your customers are with the product and the business

37
Q

corporate social responsibility definition

A

bieng ethical to boost your business reputaion

38
Q

benefits of customer satisfaction

A 
repeat business
increase sales and profit
increase market share 
increase reputation 
charge a higher price
39
Q

customer satisfaction ensurance

A

high quality products, well trained staff, customer complaints proceedure and care strategies, after sale service.

40
Q

how to measure customer satisfaction

A

online forms and surveys, market research, sales and profit statistics, number of complaints

41
Q

corporate social responsibility methods

A 
No child labour 
Low plastic waste 
Low greenhouse gas emission
No mistreating of animal
Helping out in the local community
Employing locally
Fair wages to employees
42
Q

stakeholder defintion

A

anyone who cares about the success of a business/ wants to see it succeed

43
Q

external stakeholder

A

banks, government, customers, local community, suppliers

44
Q

internal stakeholders

A

owners, managers, employees, shareholders, directors,

45
Q

impacts of external stakeholders

A

Customers and local community can boycott business.
Banks can change interest rates
Government can change tax rates
Suppliers can deliver raw materials late if unhappy/by accident.

46
Q

impacts of internal stakeholders

A

make business decisions, take industrial action, invest in the business, increase productivity in business by working hard

47
Q

external factors definition

A

anything outside the business that affects the success of the business

48
Q

external factors

A 
Political
economic
social 
technological 
envioremental 
competitive
PESTEC
49
Q

political external factors

A

changes in health and safety legislation,
change of corporation tax,
change of VAT,
brexit,

50
Q

economic external factors

A 
booms
recessions
unemployment
interest rates
exchange rates
Tariffs
51
Q

social external factors

A 
fasion/clothing style 
change in healthy lifestyle 
life expectancy
women in work
Increase in online activity
52
Q

technological external factors

A 
e-commerce 
advancement in machinery 
advancement in medical research
social media 
mobile phones
wifi
53
Q

competitive external factors

A

Competitors price changes
Competitor new product ranges
Competitors benchmarking your products

54
Q

envioremental external factors

A

weather,
pollution,
plasic waste,
global warming

55
Q

competitive factors

A

competitor product launches,
new competitors opening up
reduce in competitor prices
Benchmarking of products

56
Q

boom and recession

A

where the gross domestic product of a currency will decrease/ increase meaning that more/less product is sold leading to a change in the publics disposable income.

N5 Business (6 decks)

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