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S4 Business > Units1,2andmarketing > Flashcards

Units1,2andmarketing Flashcards

1
Q

What’s an entrepreneur

A

An individual who develops a business idea and takes on the associated risks and responsibilities

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2
Q

Qualities of an entrepreneur

A

Competitive, creative, confident

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3
Q

Factors of production and meanings

A

Capital - money invested
Enterprise - the business idea
Land - place they’re working
Labour - the workers

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4
Q

Sectors of industry

A

Primary secondary tertiary

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5
Q

Who owns controls and finances a sole trader

A

Sole traders own and control the business, financed by the capital they invest

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6
Q

Advantages of sole trader

A

Make your own decisions
Profits aren’t shared
No special paperwork

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7
Q

Describe the primary sector and examples

A

Organisations involved in the extraction of the earths natural resources (farming,fishing)

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8
Q

Disadvantages of sole trader

A

Long hours
Hard to raise finance
Unlimited liability

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9
Q

Describe tertiary sector and examples

A

Selling of goods and providing services (bank,hairdressing)

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10
Q

What is the sectors of economy

A

Public private and third

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11
Q

What is secondary sector + example

A

Manufacturing raw materials to be turned into finished goods (cars)

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12
Q

Examples of sole trader

A

Plumber, electrician, hairdresser

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13
Q

Describe third sector + example

A

Owned and run by individuals with the purpose of helping a group or raising awareness for a cause (charities)

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14
Q

Describe public sector + examples

A

Owned by taxpayer and run by government (NHS,police)

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15
Q

Describe private sector + examples

A

Owned and run by private individuals (sole trader, partnerships)

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16
Q

What can customer satisfaction lead to

A

Customer loyalty
Repeat purchases
Increased reputation

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17
Q

Customer satisfaction can be improved by

A
  • Highly trained employees
  • Customer care strategy
  • Customer complaints procedure
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18
Q

Pros and cons of bank overdraft

A

Simple to arrange but not long term

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19
Q

Pros and cons of a grant

A

Doesn’t need to be repaid but only available once

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20
Q

Who owns, controls and finances a partnership

A

Owned by between 2 and 20 people, they control it as they make all the decisions and financed by capital they invest

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21
Q

Advantages of partnership

A

Can raise more capital

Risks and responsibilities are shared

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22
Q

Disadvantages of partnership

A

,profits are shared

,unlimited liability

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23
Q

Who owns, controls and finances a PLC

A

Owned by shareholders, controlled by a board of directors and financed through selling shares

24
Q

Examples of PLC

A

Baxters Ltd

25
Q

Advantages of PLC

A
  • raise more capital through selling shares

- shareholders have limited liability

26
Q

Disadvantages of PLC

A
  • accounts are not private

- more complex and expensive to set up

27
Q

What’s a shareholder

A

Group of individuals with an interest in and an influence on an organisation

28
Q

Examples of shareholders

A

Management, employees, owners, suppliers

29
Q

Competing aims of shareholders

A

Senior management wanting to maximise profits and customers wanting low prices

30
Q

Internal factors

A

Employees, finance, and management

31
Q

Employees internal factor

A
  • quality of production
  • skill/ability level
  • work rate
  • resistance to change
32
Q

Management internal factor

A

Quality of decision making

33
Q

Finance internal factors

A

Is there capital available for changes to be implemented

34
Q

What is external factors

A 
PESTEC -
Political
Economic
Social
Technological 
Environmental
Competition
35
Q

External factors - political

A

New/changing legislation

36
Q

External factors - economic

A

Changes to interest rate (may have to pay more)

37
Q

External factor - social

A

Trends and fashions (keeping up to date)

38
Q

External factor - technological

A

Improving technology may give a business a competitive advantage

39
Q

External factor - environmental

A

Impact on environment (floods, hippies)

40
Q

External factor - competition

A

Innovative ideas from other companies

41
Q

SWOT analysis

A

Strengths, weaknesses, opportunities, threats

42
Q

What are the two types of market research

A

Field research and desk research

43
Q

What is field research and examples

A

Primary info first hand (surveys, interviews)

44
Q

What is desk research and examples

A

Gathering secondary info (newspaper,Internet)

45
Q

Product lifecycle

A

Introduction, growth, maturity, decline

46
Q

Distribution methods

A

Road, sea, air

47
Q

What should price depend on

A
  • competitors prices

- time of year

48
Q

What types of promotion are there

A

Advertising, sales promotion, public relations

49
Q

What is sales promotion

A

Either direct mail or personal selling

50
Q

What are the 4 P’s

A

Product, price, promotion and place

51
Q

What are loyalty cards

A

Gather info on what we buy, when we buy, how much we spend

52
Q

What’s E-commerce

A

Online shopping, can compare and buy 24/7

53
Q

What 3 ICT things do businesses use

A

Loyalty cards, E-commerce and social media

54
Q

What will PR department do

A

Deal with press and government and take part in customer care

55
Q

Benefits of branding

A
  • can charge a higher price as product is perceived as high quality
  • company is better known so sales increase
  • customer loyalty, increased sales
  • makes easier to launch new products as brand already exists

S4 Business (9 decks)

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