Business Revision

?
  • Created by: deieso
  • Created on: 13-05-15 17:15
4 Characteristics of entrepreneurs
hard-working, resilient, risk takers, good time management skills
1 of 27
3 Motivators of entrepreneurs
earning, becoming independent, sense of fulfillment
2 of 27
1 Motive for a non-profit bsuienss
giving back to the community
3 of 27
What is a social enterprise?
non financial objectives business with motivation coming from satisfaction of helping others and giving back to the community
4 of 27
What is an ethical stance?
doing the right thing as a business being fair
5 of 27
What is autocratic leadership?
central, clearly defined objectives with no room for subordinate input
6 of 27
What is democratic leadership?
subordinates particpate in decision making, however do not make the final decision, instead the management do
7 of 27
What is paternalistic leadership?
managers consider the welfare of their workers when making decisions
8 of 27
Theory X
workers don't like working, but just want the money and need to be closely supervised
9 of 27
Theory Y
workers enjoy their jobs, being trusted and can be motivated through job satisfaction
10 of 27
5 factors affecting demand
interest rates, taste and preferences, competitors prices, price increase
11 of 27
5 factors affecting suply
technology, increase prices in production, indirect taxes and subsides, labour productivity, increase in raw materials
12 of 27
Market orientation
a business reacts to what customers want and the decision is based on customers wants/needs
13 of 27
Product differentation
the business develops products based on what it is good at making or doing, rather than what a customer wants
14 of 27
Primary research
information which is gathered by yourself from research methods such as questionnaires and interviews being up to date info
15 of 27
Secondary research
infroamtion gathered from sources from somone else, such as books or online, however this information could be false or outdated
16 of 27
Quantitative data
numerical answers, tick boxes which are one word answers, being easily put into graphs
17 of 27
Qualitative data
a response which is a personal opinion which isn't a one word answer and cannot be put into graphs
18 of 27
5 Ways a market can be segmented
age, gender, culture, income, lifestyle
19 of 27
What is a niche market?
when a firm operates in a small segment of a larger market
20 of 27
What is a mass market?
means devisiong products with mass appeal and promoting them to all types of customer
21 of 27
Product differentiation
a marketing strategy for your business to have a competitive edge over other businesses, for exp. a unique selling point (USP)
22 of 27
What is a product trial?
when consumers use the product for the first time, to test if it meets the consumers needs and can be done through free samples, offers, coupons, heavy advertising
23 of 27
Opportunity costs
the cost of an alternative that must be forgone in order to pursue a certain action (the benefits you could have received by taking an alternative action)
24 of 27
What is a stakeholders and state 5 examples?
invdivduals or groups who have an intrest in what a business does and either affected by what the business does or what they do and can people in the business such as suppliers, employees, manamgent, customers and competitors
25 of 27
Gross profit
= sales revenue - cost of sales
26 of 27
Gross profit margin
= (gross profit / sales revenue) x 100
27 of 27

Other cards in this set

Card 2

Front

3 Motivators of entrepreneurs

Back

earning, becoming independent, sense of fulfillment

Card 3

Front

1 Motive for a non-profit bsuienss

Back

Preview of the front of card 3

Card 4

Front

What is a social enterprise?

Back

Preview of the front of card 4

Card 5

Front

What is an ethical stance?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business resources:

See all Business resources »See all Unit 1 resources »