AQA GCSE business studies unit one revision

rhys elston
Flashcards by rhys elston, updated more than 1 year ago
rhys elston
Created by rhys elston over 5 years ago


GCSE Business studies Flashcards on AQA GCSE business studies unit one revision, created by rhys elston on 04/29/2016.

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Question Answer
Why do business exist? To provide goods and services to customers
What does 'smart' objectives mean? S=Specific M=Measurable A=Achievable R=Relevant T=Time-bound
What is an Entrepreneur? a person who sets up a business or businesses, taking on financial risks in the hope of profit.
What are the advantages of sole Traders? Dead easy to set up you are your own boss you decide what happens to the profit.
What are the disadvantages of sole Traders? Long hours Unlimited liability
What are the advantages of a partnerships? More owners more ideas share the work More capital to invest
What are the disadvantages of a partnerships? Legally responsible for each other Unlimited liability share the profits
What is LTD Private limited companies
What are the advantages to LTDs Can not lose more than what they put in
Disadvantages to LTD publish its accounts (legally obliged to) Legal paperwork
What is a PLC public limited compeny
advantages to PLC able to offer its shares to the public. They don't have to offer those shares to the public, but they can.
disadvantages to PLC The 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
What is a Franchise company to an individual or group enabling them to carry out specified commercial activities
advantages to Franchise established product less risk of a business falling training for staff members.
disadvantages to Franchise only sell franchise freedom is limited
Pros for franchisors increase market share more profit way to expand the business
cons for the franchiors if they have bad custemer service they will get a bad rep
what aims can a business give themselves survival profit growth market share environmental sustainability ethical considerations customer satisfaction
what can help businesses hit their aims objectives
What is the marketing mix(4 p's) product price promotion place
what is a niche Gap in the market
what is market research Finds what the customer wants
What is primary research it is you doing your own research
What is secondary research looking at other people's research and taking action from that.
Products should be ... market driven
smaller firms target smaller market
how can business be advertised Local radio billboards newspapers posters magazines tv
What is bad customer service? Rude, not able to help the customer
What is good customer service? Helpful, able to help the customer
What does
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