Show:
U1: Business Activity
U2: Influences
U3: Operations
U5: Marketing
U6: Finance
100

The advantages of this type of ownership include:

  • it is quick and easy to set up.
  • the business owner have a lot of control over the business and its money.
  • it gives an individual the opportunity to be their own boss and make all the business decisions.
  • it has low set-up costs.

What are the advantages of a Sole Trader?

100

This is the route taken by a product from when the raw materials are created through to the final consumer. 

What is the SUPPLY CHAIN?

100

Surveys, Primary research and Instore feedback can be used to measure this.

What is QUALITY?

100

These 4 P's make up the Marketing Mix. 

What is PRICE, PRODUCT, PROMOTION and PLACE?

100
Owners funds, retained profits and bank loans are examples of these. 

What are SOURCES OF FINANCES?

200

Three possible AIMS or OBJECTIVES a business may have are...

What is (any three of the following)

  • SURVIVAL

  • MAXIMISE PROFIT

  • GROWTH

  • INCREASED SHAREHOLDER VALUE

  • INCREASED MARKET SHARE

  • SOCIAL AND ETHICAL RESPONSIBILITY

  • CUSTOMER SATISFACTION

200

This is made up of millions of CONSUMERS, thousands of BUSINESSES and of GOVERNMENT(S)

What is the ECONOMY

200

Repeat business; attracting new customers; or seeing an increase customer spend, profit and loyalty can occur when a business achieves this?

What is CUSTOMER STATISFACTION?

200

This is where people are divided into different groups, such are age, income and gender. 

What is MARKET SEGMENTATION? 

200

Wages, purchases, and energy costs are examples of this?

What is the COST OF SALES?

300

They run the company to make a profit. Part of this profit is then used to pay each shareholder this.

What is a DIVIDEND?

300

This is a legal agreement that employees should have. You may accept verbally but the employer must provide a WRITTEN statement of employment within 2 months of starting work.

What is a CONTRACT?

300

Expensive equipment, extra staff training and maintenance, and difficultly changing after investments are made are disadvantages in what?

What is AUTOMATION?

300

This is information you gather for yourself. 

What is Primary Market Research?

300

This helps you predict and manage times when cash flow is difficult. 

What is a CASHFLOW FORECAST? 

400

The type of Business; Proximity to Market; Competitors and Transport Links are examples of what can influence this.

What are influences LOCATION of a business?

400

This is the process by which businesses or other organisations develop international influence or start operating on an international scale

What is GLOBALISATION?

400

Commonly used in manufacturing and supply chain management, this is the elapsed time from the start of a process to its completion. 

What is LEAD TIME?

400

Making your product stand out from the competition is an example of this. 

What is product differentiation?

400

This type of cost will not change even if output increase? 

What is FIXED COSTS?

500

This is a collaboration which results in 2 businesses forming a new one together.

What is a merger?

500

This was the result of THE CREDIT CRUNCH; where global banking system became short of funds, leading to a decline in confidence and a decline in bank lending. 

What is (the great) recession?

500

Coke Cola uses this type of production, when they bottle their products using a method that is continuous and uninterrupted. 

What is FLOW PRODUCTION?

500

These are 2 reasons why market research is gathered.

What are (any 2 of the following): 

  • Prevents you working in the dark

  • Stimulate new ideas

  • Understand demand

  • Understand competition

  • Understand the market share values for similar products

  • Identify a target market

500

This is an another name for a statement of financial position, which sets out the assets and liabilities that a business has on a particular day. 

What is a BALENCE SHEET?