Business Idea
1 Employees at a chain of stores in the UK receive a share of the business’s profits. This is an innovation in:
business culture. business processes.
marketing. products.
business culture
What does SWOT stand for
Strengths, Weaknesses, Opportunities and threats
What allows a business to outperform similar business in the marketplace
positioning market segmentation
competitive advantage outsourcing
competitive advantage
Advantages of internal recruitment
•Current employees can advance their career, this improves employee morale
•Business already knows the employee’s skills and attributes.
•Recruitment costs are low
•There is no need to dedicate time and resources to induction
What is a business concept?
The business concept is the idea behind a business. This idea can come from an existing product or from a new product or service. The business concept is what owners and managers use to build the business
5 How might businesses be more responsive to consumer needs?
using ‘just-in-time’ inventory systems
bringing products to market on time
segmenting the market
giving employees a share of the profit
bringing products to market on time
What dimension of quality refers to when a product meets expected standards?
aesthetics conformance
durability performance
conformance
Disadvantages of External Recruitment
•Little is known about the new employee.
•There is a greater cost to recruit externally.
•New employees need time to adjust to a company
•Career advancement for current staff is limited, this could have a negative effect on employee morale
What are the 7Ps?
Price Processes
Place People
Promotion Physical Evidence
Product
4 Which of the following statements shows innovation in business?
developing a new marketing technique to influence consumers
using tried and tested business processes
using market segmentation
offering consumers a low price
developing a new marketing technique to influence consumers
Equal Opportunity Act aim to protect people from?
The Equal Opportunity Act aims to prevent discrimination in the workplace. This includes sexual harassment, victimisation and bullying.