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Business Studies > Unit 1 - E > Flashcards

Unit 1 - E Flashcards

1
Q

Define innovation

A

New products/services that don’t already exist, a creative approach

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2
Q

What are benefits of innovation?

A
  • competitive advantage
  • USP
  • more market share
  • few/no competitors
  • premium prices
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2
Q

What are some ways a business can be innovative?

A
  • producing/developing new products/services
  • improving efficiency/profit
  • add value#
  • new/added services or branch off
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2
Q

Define enterprise

A

How a business is organized, functions and is efficient

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3
Q

What are disadvantages of innovation?

A
  • taking risks
  • costs/budget
  • maintaining innovation
  • time
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4
Q

Define the creative process

A

The way that decision making takes place

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5
Q

Define added value

A

Making product/services worth more so customers are happy to pay more

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5
Q

What are examples of added value?

A
  • brand
  • quality/design
  • convenience
  • USP
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6
Q

What is decision making?

A

How a business makes choices, where/how long it takes and by whom

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7
Q

What are the 4 types of decision making?

A
  • lateral
  • blue sky thinking
  • serendipity
  • intuition
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8
Q

What is lateral thinking?

A

Approaching subjects from alternative perspectives
- encourages creativity, thinking outside the box, wearing someone else’s hat

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9
Q

What is blue sky thinking?

A

Approaching subjects with no restrictions on perspective

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10
Q

What is chance and serendipity?

A

A pleasant discovery that occurs unexpectedly or by accident

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11
Q

What is intuition?

A

When someone makes decisions based on instinct
- e.g. changing products colour/packaging

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12
Q

What are benefits of a business making slow decisions?

A
  • take time
  • less risks
  • less mistakes
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12
Q

What are benefits of a business making quick decisions?

A
  • productivity
  • competitive advantage
  • USP
12
Q

What are disadvantages of a business making quick decisions?

A
  • risks
  • lack of planning/thought
13
Q

What are disadvantages of a business making slow decisions?

A
  • opportunities may be missed
  • lose competitive advantage/USP
  • competitors may act faster
14
Q

What are benefits of using only 1 of the decision making techniques?

A
  • reduces risk
  • choose most suitable option
15
Q

Define risk

A

Something that could happen to a business, can be positive or negative

16
Q

What are disadvantages of using only 1 of the decision making techniques?

A
  • takes time
  • negotiating with others
17
Q

List 7 benefits of business innovation

A
  • processes improve
  • improved services and customers experience
  • business growth
  • development of new and niche markets
  • offering USP
    -improved recognition and reputation
  • branding
17
Q

Define reward

A

Something good/positive that can happen to a business

18
Q

Define smarter working

A

Businesses allowing their employees to work in different locations
+ enables communication between employees, cuts costs

19
Q

Define business growth

A

Business gains in size and power

20
Q

Define a unique selling point

A

Something that a business has that competitors don’t

21
Q

What are 6 risks of business innovation?

A
  • failing to meet legislation
  • quality
  • remaining profitable
  • staff cultural problems
  • processes may not be able to change
  • insufficient leadership support
22
Q

Define niche market

A

Small market for a limited number of customers

23
Q

What are advantages of meeting commercial guidelines?

A
  • reputation
  • legal
  • ethical
24
Q

What are disadvantages of meeting commercial guidelines?

A
  • time consuming
  • training
25
Q

What are advantages of achieving return of investments?

A
  • growth
  • market share
  • sucess
26
Q

What are disadvantages of achieving return of investments

A
  • taxed more
  • release dividends to shareholders
27
Q

What are advantages of change?

A
  • improving processes
  • USP
  • effective productivity
28
Q

What are disadvantages of change?

A
  • reluctance from staff
  • could fail/obsolete
29
Q

What are disadvantages of support/leadership from management?

A
  • staff leave
  • limited decision making
29
Q

What are advantages of support/leadership from management?

A
  • motivated staff
  • productive
  • loyal staff
30
Q

What are advantages of systems/processes?

A
  • efficient/productive
  • USP
  • cut costs
  • ease staff work loas
31
Q

What are disadvantages of systems/processes?

A
  • training
  • reluctance from staff

Business Studies (6 decks)

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