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Description
Flashcards by nathan peake, updated more than 1 year ago
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Created by nathan peake
almost 8 years ago
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| Question | Answer |
| Chapter 1 | stakeholders |
| what is a stakeholder? | a stakeholder is a person or group of people who have an interest in a business |
| identify 3 stakeholders | creditors, employees, owners or shareholders, suppliers, local community and the customers |
| what is the interest of a business owner as a stakeholder? | they want the business to succeed so they can make profit |
| how would it impact a stakeholder if a business does not succeed? | if a company does not succeed a stakeholder would be impacted by either loss of money, loss of product or loss of improvement. |
| what kinds of conflicts may stakeholders have with each other? | the kind of conflicts that stakeholders may face with each other could be if they have conflict because the other stakeholder may not be performing in the business or if buyers do not buy the businesses product |
| give an example of why employees would be interested in the success of a business? | an example of why employees would want a business to succeed is if a job is not profitable their jobs may not be secure. If they lose their job they’d lose money which affects their everyday lives. |
| give 2 examples of why owners would be interested in the success of the business? | for their company to be profitable so they take more money home personally. if they do not make profit then the shareholders who have invested may lose out on their investment. |
| what are creditors? | creditors are people who a business owes money to. |
| why are creditors interested in the success of the business? | creditors are interested in a success of a business because if a business is doing well then the creditors may get more business off of the successful business. |
| why are suppliers interested in the success of the business? | suppliers are interested in the success of a business because most suppliers have to wait time for their money, so if a business fails then the suppliers may never receive their money. |
| Chapter 2 | Business Aims and Objectives |
| what is a mission statement? | a mission statement is when a business has a written declaration of their purposes and aims. |
| what is the aim of a business? | an aim of a business is to achieve its hopes from their work. |
| Can aims be measured? | aims cannot usually be measured as it is usually general. |
| Give an example of an objective | to increase sales by 10 per cent. |
| what does maximising profits mean? | maximising profits means to make as much profits as possible. |
| Give 2 examples of how a business can maximise its profits? | keeping a business’ costs as low as possible and be efficient with their resources. |
| what is a company’s ‘market share’? | a company’s market share is the per cent of the proportion of the total market it has. |
| why would a business want to increase its ‘market share’? | a business may want to increase its market share because it accelerates their growth and creates additional value for its shareholders. |
| why would ‘survival’ become a businesses’ main aim? | survival became a main business aim because of a worldwide economic downturn. |
| explain what ‘breaking even’ means to a business | breaking even means that the amount of money from sales equals the total cost. |
| Give 2 examples of how a business can ‘grow’? | a business can grow by trying to increase profit or marketing share. |
| Give 2 examples of ‘non-financial’ aims and give their advantages to an owner or a business | an example of a non-financial aim could be to obtain good reputation which gives it the advantage of attracting more customers. is becoming their own bosses and gaining a better quality of life, makes them make their own decisions. |
| why would a business include a section on “Corporate Social Responsibility” on its website? | it includes a section on “corporate social responsibility” is because there is an increasing emphasis on stating the business aims in terms of responsibility to the community. |
| how does Asda intend to help the environment and the planet itself? | Asda intends to help the environment and the planet by sending zero waste to landfill sites. |
| Chapter 3 | business administrations and job roles |
| What does administration involve? | Administration involves the storing, processing, retrieving and spreading or disseminating information. |
| List examples of tasks which administrative staff would undertake on a regular basis? | Storing information safely Backup information Processing information Use databases or any other systems to retrieve data |
| Why are administrators vital for a business? | They are vital to a business because without those managing staff would not be able to devote their time to decision making and this could affect the success of the business. |
| Chapter 4 | business management and planning |
| List 2 routine tasks that businesses undertake regardless of the nature of the business | checking the safety of all electrical equipment and tax returns |
| What is a non-routine task | a non-routine task is are by their nature unpredictable |
| Give an example of a non-routine task | Looking for new premises and new staff |
| What is the disadvantage to a business of non-routine tasks | It can be expensive |
| Who is usually responsible for making decisions in an organisation | Managers make the decisions. |
| What is “delegation”. Give a example of who would be involved in delegation | A delegation is a decision made to lower employed staff. |
| What is the difference between a “centralised” and “de-centralised” business/organisation | A centralised business means there will be little decision making but a de centralised organisation means many decisions will be made. |
| What is the advantage of delegation | It can be overruled at a later date |
| What is the disadvantage of delegation | Higher authority gives orders to lower authority employees |
| Why is planning important within an organisation/business and what is the consequence of poor planning | There is a lot of time and resources wasted if a decision is bad or wrong |
| What needs to be considered when planning a meeting | Who needs to be invited and who will attend |
| What is the role of the “Chairperson” and “Secretary” at a formal meeting | They give permission to speak |
| What are “minutes of meetings” | Notes of what is said in the meeting. |
| Why should a meeting room be sound-proofed and lockable | So no one can listen to the private conversation and make confidential decisions. |
| Why is the design of the office important to people who attend meetings | So it makes it easier to concentrate in the room better. |
| What equipment is usually available in a meeting room | Marker pens, staplers, hole punchers, pens, paper. |
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