Business Life Cycle
The the first stage of the business life cycle.
What is the seed stage?
This is the simplest and most common type of business ownership.
What is a sole trader?
The four components of a SWOT analysis.
What are strengths, weaknesses, opportunities, and threats?
The four criteria used to evaluate business performance.
What are stakeholder satisfaction, efficiency, effectiveness, and competitiveness?
The four key business functions.
What are finance, operations, marketing, and human resources?
This stage is known for rapid expansion and increasing profits. In which stage do businesses experience the most rapid expansion?
What is the growth stage?
This type of business ownership involves two or more people sharing responsibility.
What is a partnership?
A well-established brand name would be considered this in a SWOT analysis.
What is a strength?
This business criterion measures how well a company minimises waste while maximising output.
What is efficiency?
This function is responsible for managing a company’s money and financial planning.
What is finance?
A business faces market saturation and increased competition in this stage.
What is the maturity stage?
This business structure is legally separate from its owners.
What is a company?
A new competitor entering the market is an example of this SWOT factor.
What is a threat?
The difference between effectiveness and efficiency.
What is "Effectiveness is about achieving goals, while efficiency is about using resources wisely"?
This function focuses on the production of goods and services.
What is operations?
The three possible outcomes of the post-maturity stage.
What are renewal, decline, and steady state?
An advantage of a company structure compared to a sole trader in terms of liability.
What is limited liability
A business conducts a SWOT analysis for this purpose.
What is to identify strengths, weaknesses, opportunities, and threats to make informed decisions?
Businesses improve this criterion by lowering costs, improving quality, or innovating. How can a business improve its competitiveness?
What is competitiveness?
This function is responsible for promoting and selling a company’s products or services.
What is marketing?
At this stage, businesses must secure funding and develop a business plan to survive.
What is the start-up stage?
A potential drawback of this ownership structure is conflicts between co-owners.
What is a partnership?
Expanding into a new international market is an example of this SWOT factor.
What is an opportunity?
A company with satisfied employees and happy customers excels in this criterion.
What is stakeholder satisfaction?
This business function ensures a company recruits, trains, and retains employees effectively.
What is human resources?