Flashcards
Business & Communications Unit 265
Cards in this deck (12)
- 1Why start a business?- Be your own boss
- Personal fulfilment
- Decide your own salary
- Provide services or products
- Lack of other employment - 2What does it take to be a successful entrepreneur?- Perseverance
- Takes Initiative
- Competitiveness
- Self-confidence
-Toughness - 3What is unlimited liability?If the business foes bankrupt, the owner stands to pay the entirety of the debt, and can lose personal possessions if unable to clear the debt.
- 4What Is limited liability?If the business goes bankrupt, the owner stands to lose only their own investments in the business .
- 5What are the functional areas of a business?- Finances
- Human Resources
- Marketing
- Production
- Purchasing
- Sales - 6What is a hierarchical organisation structure?An organisation structure with lots of layers, with each manager in charge of several people.
- 7What is the primary objective for most businesses?To be profitable.
- 8What reasons are there for business success?- Selling popular products
- Charging the maximum customers are willing to pay for a product
- Staying competitively viable
- Keeping suppliers and staff happy
- Employing quality staff - 9What uncertainties do businesses have to deal with?- Changes in the market
- Increased competition
- External influences e.g. political decisions involving business laws - 10How do businesses deal with uncertainties?- Reducing/increasing prices
- Releasing new products
- Changing existing products - 11What methods do businesses use to measure customer satisfaction?- Monitoring customer complaints
- Customer panels
- Questionnaires
- Secret shoppers - 12Why do businesses measure customer satisfaction?The markets are competitive - they want to persuade their customers to continue purchasing products from them and not their competitors.
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- GCSE Business and Communications Flashcards on Business & Communications Unit 265, created by Dan Castell on 19/04/2017.
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- Dan Castell
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