1.5.1 Business Stakeholders
List one example of a stakeholder.
Answers could include:
- Owners/Shareholders
- Managers
- Suppliers
- Local Community
- Government
- Customers
- Pressure Group
True or False.
Social media is a form of technology for a business.
True
List 1 way consumer law protects consumers.
Product is fit for purpose.
Product matches its description
Product should be of satisfactory quality
What are interest rates in relation to loans?
It is the amount of money a business pays back on their loans.
Taylor Swift - 13/12
What are owners also known as?
Shareholders.
What is the definition of e-commerce?
It is using the internet to buy or sell products.
Name the aspect of employment law that has to do with wages.
Minimum Wage
Finish the sentence:
Unemployment is the amount of people unemployed within the economy but...
actively looking for work.
Who is Mr Heffernan's favourite student in Year 10?
No particular student, you are all special.
What is the definition of a stakeholder?
A stakeholder is anyone affected by a business.
List 3 ways a business can communicate digitally.
Answers must include:
- Websites
- Mobile Apps
- Live Chats
- Video Calls
How does employment law differ from consumer law?
Employment law aims to protect employees, and consumer law aims to protect consumer.
If consumer income changes than demand will...
either increase or decrease.
True or False:
Miss Murray's favourite food is a sausage roll.
False: Miss Murray is vegan.
What is an example of a stakeholder that cannot be ignored?
Customers - If it has no one to sell products too it won't survive.
Suppliers - you need supplies to develop products.
Employees - if you have no one to make the products than the business will fail.
List 2 ways technology has made it easier to pay for products.
- Online payments
- Chip and Pin
- Contactless
It set the minimum standards for businesses to meet when selling their products. By following these laws, businesses can avoid getting sued.
State the impacts that an increase and a decrease of interest rates will have on demand.
Increase - Decrease in demand
Decrease - Increase in demand
What is Mr Heffernan's favourite sport?
Bonus for guessing favourite Summer Sport and Winter Sport.
Summer: Cricket
Winter: Rugby League
What is a pressure group and how can they impact they business?
A pressure group is an organisation that tries to influences what people think about a certain subject. They can influence the decisions a firm makes by creating bad publicity for the firm if they don't agree with the firms actions.
List 2 ways e-commerce fit into the businesses marketing mix?
Place - customers have more choice of firms to buy from as they can buy from firms in places all over the world.
Promotion - Businesses can promote their products on social media.
Price - Use new pricing strategies.
Name ALL THREE aspects that employment law covers.
Minimum Wage
Discrimination
Workplace safety
Name 5 economic factors that can impact a business.
Inflation
Unemployment
Interest rates
Taxation
Exchange rates
Consumer income
True or False:
Miss Murray has run A marathon.
False:
Miss Murray has run TWO marathons.