AS Business

  • Created by: IJM22
  • Created on: 27-11-19 21:14
How can you catergorise goods and services?
Into consumer or producer goods and services
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What is a need?
Needs are a essential to survival.
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Give an example of a need?
Toothbrush, soap, water etc.
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What is a want?
A want is product that we desire, however it is not a necessity
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What are the inputs into the production process also known as?
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Name an example of a resouce when it comes to a carpenter wanting to produce a table?
Raw materials such as wood and nails
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What are the four factors of production?
Land, labour, capital and enterprise
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Limited in supply and in demand
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Social enterprise?
A business that makes its money in social responsible ways and uses most of any surplus made to benefit society
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Triple bottom line?
The three objectives of social enterprises: economic, social and environmental
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Primary sector business activity?
Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms
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Secondary sector business activity?
Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction
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Tertiary sector business activity?
Firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, toursim and telecommunications
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Public sector?
This com,prises of organisations accountable to and controlled by centeral or local government
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Private sector?
This comprises of businesses owned and controlled by individuals or groups of individuals
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In a mixed economy, what sector is the most business activity in?
Private sector
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Mixed economy?
Economic resources are owned and controlled by both private and public sectors
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Free-market economy?
Economic resources are owned largley by the private sector with very little state intevention
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Command economy?
Economic resources are owned, planned and controlled by the state
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Private limited company?
A small to medium-sized business that is owned by shareholders who are often memebers of the same family; this company cannot sell shares to the general public
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Public limited company?
A limited company, often a large business with the legal right to sell shares to the general public - share prices are quoted on the national stock exchange
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Memorandum of Association?
This states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorisation and the declared aims of the business
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When setting up a company, what legal formalities should be completed?
Memorandum of Association
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Articles of association?
This document covers the internal workings and control of the business
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A business that uses the name, logo and trading systems of an existing successful business
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Joint venture?
When two or more businesses agree to work closely together on a particular project and create a separate business division to do so
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Holding company?
A business organisation that owns and controls a number of separate businesses, but does not unite them into one unified company
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Public corporation?
A business enterprise owned and controlled by the state which is also known as nationalised industry
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Total value of sales made by a business in a given time period
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Capital employed?
The total value of all long-term finance invested in the business
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Market capitalisation?
The total vlaue of a company's issued shares
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Market share?
Sales off the business as a proportion of total market sales
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Formula for market capitalisation?
Current share price × total number of shares issued
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Formula for calculating market share?
Total sales of business/total sales of industry × 100
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Why is using the formula for market capaitalisation not a good way of comparing?
As share prices tend to change every day
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Intenal growth?
Expansion of a business by means of opening new branches, shops or factories
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Corporate aims?
Long-term goals that a business hopes to achieve
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Mission statment?
A statement of the business' core aims, phrased in a way to motivate employees and to stimulate interest by outside groups
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Corporate social responsibility?
This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activites on customers, employees, communtities and the environment
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Method by objectives?
A method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department, manager and employee
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Ethical code?
A document detailing a company's rules and guidelines on staff behaviour that must be followed by all employees
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People or groups of people who can be affected or have an interest in the business
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Stakeholder concept?
The view that businesses and their managers have responsibilites to a wide range of groups, not just shareholders
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Responsible for setting objectives, organising resources and motivating staff so that the organisation's aims are met
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The art of motivating a group of people towards achieving a common objective
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Autocratic leadership?
A style of leadership that keeps all decision-making at the centre of the organisation
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Democractic leadership?
A leadership style that promotes the active participation of workers in taking decisions
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Paternalistic leadership?
A leadership based on the approach that the manager is in a better position than the workers to know what is best for s
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Laissesz-faire leadership?
A leadership style that leaves much of the business decision-making to the workforce - a 'hands-off' approach and the reverse of the autocratic style
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Informal leader?
A person who has no formal authority but has the respect of colleagues and some power over them
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Emotional intelligence?
The ability of managers to understad their own emotions, and those of the people they work with, to achieve better business perfomance
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Human resource management (HRM)?
The strategic approach to the effective management of an organisation's workers so that they help the business gain a compeitive advantage
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The process of identifyingthe need for a new employee, defining the job to be filled and the type of person needed to fill it and attracting suitable candiate for the job
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This involves the serioes of steps by which the candidates are interviewed, tested and screeened for choosing the most suitabel person foor vacant post
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Job description?
A detailed list of the key points about the job to be fillled - stating all its key tasks and responsibilities
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Person specification
A detailed list of the qualtities, skills and qualifications that have a successful applicant will need to have
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Employment contract?
A legal document that sets out the terms and conditions governing a worker's job
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Labour turnover
Measures the rate at which employees are leaving an organisation.
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Labour turnover equation?
Number of employees leaving in 1 year/ average number of people employed × 100
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Work-related education to increase workforce skills and efficiency
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Induction training?
Introductory training programme to familiarise new recruits with the systems used in the business and the layout of the business site
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On-the-job training?
Instruction at the place of work on how a job should be carried out
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Off-the-job training?
All training undertaken away from the business, e.g. work-related college courses
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Employeee appraisal?
The process of assessing the effectiveness of an employee judged against pre-set objectives
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Being dismissed or sacked from a job due to incompetence or breach of discipline
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Unfair dismissal?
Ending a worker's employment contract for a reason that the law regards as being unfair
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When a job is no longer required, the employee doing this job becomes unnecessary through no fault of their own
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Work-life balance?
A situation in which employees are able to give the right amount of time and effort to work and to their personal life outside work, for example to family or other interests
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Equality police?
Practices and processes aimed at achieving a fair organisation where everyone is treated in the same way and has the opportunity to fulfil their potential
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Diversity policy?
Practices and processes aimed at creating a mixed workforce and placing positive value on diversity in the workplace
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The management task that links the business to the customer by identifying and meeting the needs of customers profitably - it does this by getting the right price to the right place at the right time
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Marketing objectives?
The goals set for the marketing department to help the business achieve its overall objectives
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Marketing strategy?
Long-term plan established for achieving marketing objectives
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Market orientation?
An outward-looking approach basing product decisions on consumer demand, as established by market research
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Product oreintation?
An inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them
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Asset-lead marketing?
An approach to marketing that bases strategy on the firm's existing strengths and assests instead of purely on what the customer wants
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Societal marketing?
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The quantity of a product that consumers are willing and able at a given price in a time period
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The quantity of a product that firms are prepared to supply at a given price in a time period
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Equilibrium price?
The market price that equates supply and demand for a product
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Market size?
The total level of sales of all producers within a market
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Market growth?
The percentage change in the total size of a market (volume or value) over a period of time
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Direct competitor?
Businesses that provide the same or very similar goods or services
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Product differentiation?
Making a product distinctive so that it sounds from competitors' products in consumers' perception
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Niche marketing?
Identifying and exploiting a small segment of a larger market by developing products to suit it
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Mass marketing?
Selling the same products to the whole market with no attempt to target groups within it
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Mark segmentation?
Identifying different segments within a market and targeting different products or services to them
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Consumer profile?
A quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
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Other cards in this set

Card 2


What is a need?


Needs are a essential to survival.

Card 3


Give an example of a need?


Preview of the front of card 3

Card 4


What is a want?


Preview of the front of card 4

Card 5


What are the inputs into the production process also known as?


Preview of the front of card 5
View more cards


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