Business Revision

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  • Created by: deieso
  • Created on: 13-05-15 17:15
4 Characteristics of entrepreneurs
hard-working, resilient, risk takers, good time management skills
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3 Motivators of entrepreneurs
earning, becoming independent, sense of fulfillment
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1 Motive for a non-profit bsuienss
giving back to the community
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What is a social enterprise?
non financial objectives business with motivation coming from satisfaction of helping others and giving back to the community
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What is an ethical stance?
doing the right thing as a business being fair
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What is autocratic leadership?
central, clearly defined objectives with no room for subordinate input
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What is democratic leadership?
subordinates particpate in decision making, however do not make the final decision, instead the management do
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What is paternalistic leadership?
managers consider the welfare of their workers when making decisions
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Theory X
workers don't like working, but just want the money and need to be closely supervised
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Theory Y
workers enjoy their jobs, being trusted and can be motivated through job satisfaction
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5 factors affecting demand
interest rates, taste and preferences, competitors prices, price increase
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5 factors affecting suply
technology, increase prices in production, indirect taxes and subsides, labour productivity, increase in raw materials
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Market orientation
a business reacts to what customers want and the decision is based on customers wants/needs
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Product differentation
the business develops products based on what it is good at making or doing, rather than what a customer wants
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Primary research
information which is gathered by yourself from research methods such as questionnaires and interviews being up to date info
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Secondary research
infroamtion gathered from sources from somone else, such as books or online, however this information could be false or outdated
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Quantitative data
numerical answers, tick boxes which are one word answers, being easily put into graphs
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Qualitative data
a response which is a personal opinion which isn't a one word answer and cannot be put into graphs
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5 Ways a market can be segmented
age, gender, culture, income, lifestyle
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What is a niche market?
when a firm operates in a small segment of a larger market
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What is a mass market?
means devisiong products with mass appeal and promoting them to all types of customer
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Product differentiation
a marketing strategy for your business to have a competitive edge over other businesses, for exp. a unique selling point (USP)
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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
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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)
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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
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Gross profit
= sales revenue - cost of sales
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Gross profit margin
= (gross profit / sales revenue) x 100
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Card 2


3 Motivators of entrepreneurs


earning, becoming independent, sense of fulfillment

Card 3


1 Motive for a non-profit bsuienss


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Card 4


What is a social enterprise?


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Card 5


What is an ethical stance?


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