UNIT 1 - Enterprise communities
Individuals or groups who have an interest in how a business operates. They may be found either inside or outside the business, in the wider community
What is a Stakeholder?
This is a group of customers a business aims to sell to.
What is a target market?
This is money used for day-to-day running of a business.
What is working capital?
These are businesses that sell similar products to the same customers.
What are competitors?
This is money a business earns from sales.
What is revenue?
This is when a business uses resources like labour, land, and capital to produce goods/services.
What are Factors of Production?
This is a document that outlines a business’s idea, goals, and how it will operate.
What is a business plan?
This type of finance comes from within the business or owner.
What is internal finance?
This part of SWOT refers to internal advantages of a business.
What are strengths?
This source of finance allows a business to delay payment to suppliers.
What is trade credit?
A company sells reusable water bottles to reduce plastic waste while earning revenue. This is an example of this type of enterprise.
What is a Social Enterprise?
A student surveys classmates about snack preferences before starting a snack business. This is an example of this.
What is primary market research?
A business delays paying suppliers for 30 days. This is an example of this.
What is trade credit?
A new government law increases taxes on businesses. This is which PEST factor?
What is political?
In PEST analysis, this factor considers how new innovation and digital changes can affect a business before it launches.
What are technological factors?
This is the key difference between a business and a social enterprise.
What is their main objective (profit vs social impact)?
A business chooses suppliers who do not exploit workers. This relates to this concept.
What is business ethics?
If fixed costs are $2,000, price per unit is $10, and variable cost per unit is $5, calculate the break-even output.
What is 400 units?
A business advertises on social media to attract customers. This is which part of the marketing mix?
What is promotion?
Is “increasing demand for eco-friendly products” a PEST or SWOT factor?
What is PEST (Social)
Explain why a social enterprise still needs to make a profit.
What is to stay sustainable and continue creating impact?
Identify one problem if a business skips market research.
What is misunderstanding customers / low demand / wasted resources?
A business planned to spend $1,000 on marketing but actually spent $1,400. This difference is called this.
What is a adverse variance?
Explain one advantage of using PEST analysis before launching a business.
What is it helps a business identify external risks and opportunities, allowing better decision-making before launch?
This is the difference between total revenue and total costs at any level of output.
What is profit?