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Description
Flashcards by rhys elston, updated more than 1 year ago
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Created by rhys elston
almost 8 years ago
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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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