Business Aspects
What is a Sole Trader?
A business in which one person provides permanent finance and, in return, has full control of the business and is able to keep all of the profits
What is a Private Sector?
Comprises businesses owned and controlled by individuals or groups of individuals
Strengths, Weaknesses, Opportunites and Threats
What are the factors of the SWOT Analysis?
What is a Mixed Economy?
Economic resources are owned and controlled by both private and public sectors
Moral guidelines that determine decision-making
What are Ethics?
What is Partnership?
A business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities
A small to medium-sized business that is owned by shareholders how are often members of the same family; this company cannot sell shares to the general public
What is a Private limited company?
A model used to show the degree of risk associated with four growth strategies
What is Ansoff's Matrix?
Economic resources are owned and controlled by both private and public sectors
What is a Mixed Economy?
What is a Social Audit?
An independent report on the impact a business has on society. This can cover pollution levels, health, and food safety record, sources of supplies, customer satisfaction and contribution to the community
What is Limited Liability?
The only liability - or potential loss - a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder
A limited company, often a large business, with the legal right to sell shares to the general public; it's share price is quoted on the national stock exchange
What is a Public limited company (plc)?
Market Penetration, Product Development, Market Development, and Diversification?
What are the different sectors of an Ansoff's Matrix?
Economic resources are owned largely by the private sector with very little state intervention.
What is a Free-Market Economy?
What is Ethical Code?
A document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employees
Short - or medium-term goals or targets- usually specific in nature - which must be achieved for an organisation to attain its corporate aims
What are divisional /operational objectives?
What is a Command Economy?
Economic resources are owned, planned and controlled by the state
A form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business.
What is the SWOT Analysis?
A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners
What is a Social Enterprise?
What is Corporate Social Responsibility (CSR)?
A concept that applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment
The provision of very small loans by specialist finance businesses, usually not traditional commercial banks
What is Microfinance?
What is a Non-governmental organisation (NGO)?
A legally constituted body with no participation or representation of any government which has a specific aim and purpose, e.g. supporting disadvantaged groups in developing countries or advocating the protection of human rights
Market Penetration: Achieving higher market shares in existing markets with existing products
Product development: The development and sale of new products or new developments of existing products in existing markets
Market development: The strategy of selling existing products in new markets
Diversification: The process of selling different, unrelated goods or services in new markets
What is the Definition of Market Penetration, Product Development, Market Development, Diversification?
The three objectives of social enterprises: economic, social and environmental
What is the Triple bottom line?
A code of behavior and attitudes that influence the decision-making style of the managers and other employees of the business.
What is Corporate Culture?