Flashcards
AQA GCSE business studies unit one revision
Cards in this deck (31)
- 1Why do business exist?To provide goods and services to customers
- 2What does 'smart' objectives mean?S=Specific
M=Measurable
A=Achievable
R=Relevant
T=Time-bound - 3What is an Entrepreneur?a person who sets up a business or businesses, taking on financial risks in the hope of profit.
- 4What are the advantages of sole Traders?Dead easy to set up
you are your own boss
you decide what happens to the profit. - 5What are the disadvantages of sole Traders?Long hours
Unlimited liability - 6What are the advantages of a partnerships?More owners more ideas share the work
More capital to invest - 7What are the disadvantages of a partnerships?Legally responsible for each other
Unlimited liability
share the profits - 8What is LTDPrivate limited companies
- 9What are the advantages to LTDsCan not lose more than what they put in
- 10Disadvantages to LTDpublish its accounts (legally obliged to)
Legal paperwork - 11What is a PLCpublic limited compeny
- 12advantages to PLCable to offer its shares to the public. They don't have to offer those shares to the public, but they can.
- 13disadvantages to PLCThe minimum number of shareholders must be two
Accounts must be filed within 6 months of the year end
The Company Secretary must be a qualified person
The minimum number of Directors is two - 14What is a Franchisecompany to an individual or group enabling them to carry out specified commercial activities
- 15advantages to Franchiseestablished product
less risk of a business falling
training for staff members. - 16disadvantages to Franchiseonly sell franchise
freedom is limited - 17Pros for franchisorsincrease market share
more profit
way to expand the business - 18cons for the franchiorsif they have bad custemer service they will get a bad rep
- 19what aims can a business give themselvessurvival
profit
growth
market share
environmental sustainability
ethical considerations
customer satisfaction - 20what can help businesses hit their aimsobjectives
- 21What is the marketing mix(4 p's)product
price
promotion
place - 22what is a nicheGap in the market
- 23what is market researchFinds what the customer wants
- 24What is primary researchit is you doing your own research
- 25What is secondary researchlooking at other people's research and taking action from that.
- 26Products should be ...market driven
- 27smaller firms targetsmaller market
- 28how can business be advertisedLocal radio
billboards
newspapers
posters
magazines
tv - 29What is bad customer service?Rude, not able to help the customer
- 30What is good customer service?Helpful, able to help the customer
- 31What does
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- GCSE Business studies Flashcards on AQA GCSE business studies unit one revision, created by rhys elston on 29/04/2016.
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- rhys elston
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