20587194
Description
Flashcards by One Fish Two Fish, updated more than 1 year ago
|
Created by One Fish Two Fish
over 4 years ago
|
|
| Question | Answer |
| What is a business? | An organization that uses resources to meet the needs and wants of customers by providing products or service, TO EARN A PROFIT |
| What are business inputs? | The resources that a business uses in the production process. |
| What are examples of business inputs? | Capital (money and equipment), land, labor, enterprise |
| What are business outputs? | The final goods and services. Examples: phones, computers, haircuts |
| What are consumer goods? | Physical and tangible goods sold to the general public. |
| What is the difference between durable and non-durable customer goods? | Durable: cars, washing machines Non-durable: food, drinks and sweets that can only be used once |
| Consumer services | Non-tangible products that are sold to the general public |
| Capital goods | physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles |
| List the business functions (functional departments) | production, marketing, finance and human resources |
| What is human resource management? | - identifies the workforce needs, recruits, selects and trains appropriate employees and provides motivational systems -draws up contracts and covers redundancy of employees |
| What is finance and accounts? | - monitoring the flow of finance into and out of the business -providing financial information to both senior management and other departments |
| Marketing | - market research, analyzing consumer wants and needs - make important decisions concerning pricing, how and where to promote it and how to sell it and distribute it for sale |
| Operations management | - the "production function" - converting raw goods into finished products, providing services - ensuring adequate resources, maintaining production and quality levels and achieving high levels of productive efficiency |
| What is an entrepreneur? | An individual who takes the financial risk of starting and managing a new venture |
| What is an intrapreneur? | someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through 'entrepreneurial talent' such as risk-taking and innovation |
| Characteristics of an entrepreneur & intrapreneur | - innovative, committed and self-motivated, multi-skilled, leadership skills, belief in oneself, risk-taker |
| Reasons for starting a business | GET CASH Mnenomic: Growth, Earnings, Transference & Inheritance, Challenge, Autonomy, Security, Hobbies |
| Steps for starting a business | write a business plan, obtain start-up capital, obtain business registration, open a business bank account, marketing |
| Problems that a new business may face | Lack of finance, cash flow problems, marketing problems, unestablished customer base, lack of staff, legalities, production problems, high production costs, poor locations, external influences |
Want to create your own Flashcards for free with GoConqr? Learn more.