Business Types
This type of business structure has only one owner who is personally liable for all debts and obligations.
Sole Trader OR Sole Proprietor
This strategic planning tool assesses a company's internal strengths and weaknesses, as well as external opportunities and threats, to inform decision-making and strategy development.
SWOT Analysis.
What is an internal operating factor?
Any aspect or element within a business that directly influences its operations, processes, or performance. These factors are typically under the control or influence of the organisation's management.
Will take also: anything that happens within the business.
What are the 4 business criteria?
Competitiveness, Effectiveness, Efficiency, Stakeholder Satisfaction
Is you purchased a mankini with Real, which country are you most likely to be in.
Brazil
This term refers to a company whose shares are traded freely on a stock exchange and can be bought and sold by the general public.
True or false: Strengths and Threats are internal to the business.
False: Strengths are internal but Threats are external!
List 3 internal operating factors of a business.
Human Resources:
Operations:
Financial Resources:
Technology and Infrastructure:
Marketing and Sales:
True or False: Effectiveness looks at whether or not the business has met/intends to meet their objectives and goals (and how).
True!
The line: "Life is like a box of chocolates, you never know what you're going to get" is from which famous film?
Forrest Gump
This business type can have 2 or more owners. There is joint liability of partners for the debts and obligations.
Partnership
Link the following (find a pattern):
STRENGTH: a well-established brand reputation which fosters customer loyalty.
THREAT: Disruptive technology in the marketplace.
- Competitors could make/offer competing products/services with the use of the new technology which might draw consumers away from that business and on to new ones.
- Could aid efficiency in competitors getting out products/services faster to consumers.
THEREFORE could mean loyalty lessens for the well known brand, impacting competitiveness.
True or false: Management is an external operating factor.
False. Management is internal to the business.
Which business criterion looks at the profitability of a business?
Competitiveness
Which tennis player has won the most Grand Slam singles titles in history?
Serena Williams
What is the difference between a public and private company?
Public companies' shares are traded on stock exchanges and can be bought and sold by anyone, whereas private companies' shares are held by a limited number of investors and are not traded on public exchanges.
Name 3 of the 7 categories of external opportunities or threats to a business?
STEEPLE
socio-cultural, technological, economic, environmental, political, legal or ethical.
What is an external environmental factor?
External environmental factors are elements outside of an organisation's control that influence its operations and decisions, including economic conditions, political and legal environment, social and cultural trends, technological advancements, environmental concerns, competitive landscape, and global factors (STEEPLE).
What are the 3 steps to evaluating?
1. Make a judgement (with a rating)
2. Justify your judgement with evidence
3. Make appropriate recommendations
What is the term for a small piece of code used to track and analyse website visitors' behavior?
What are 2 benefits of being involved in a partnership over a sole proprietorship?
- Shared responsibility and workload
- Combined skills and expertise
- Shared financial resources
- Risk sharing
- Complimentary networks and connections
- Succession
There is a growing want/need for consumers to value products/services that are environmentally friendly and sustainable.
1. Categorise the data to which external factor(s)
Socio-cultural, ethical, environmental
List the 3 external operating factors of a business
Customers
Suppliers
Competitors
What is the difference between describing and explaining?
"describing" typically involves providing a detailed account or depiction of something, often focusing on its characteristics, features, or qualities.
"explaining" goes beyond mere description. It involves clarifying or giving reasons behind something, the cause-and-effect relationships. Using 'because' (or reasoning) and usually providing an example.
What is the largest organ in the human body?
The skin