Buiness Exam EVERYTHING
- Created by: Pippa_cn
- Created on: 23-05-17 14:28
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- Applied business
- Expanding a business
- Sole Trader
- Advantages - You alone decide what happens to the profits, no disagreements
- Disadvantages - not many holidays, long working hours, unlimited liability
- Partnership
- Advantages - more capital put into a business than sole trader, workloads shared
- Legally responsible for other partners, unlimited liability
- Private Limited Company
- Advantages - limited liability and no risk of hostile takeover
- Disadvantages - legally obliged to publish accounts, expensive to set up due to paper work
- Public Limited Company
- Advantages - Lots of capital and easy to expands, limited liability
- disadvantages - hard to change what happens to profits and hostile takeover
- Sole Trader
- External Environment
- Climate Change - affects transportation of good or how many customers come
- competitor changes - business will have to adapt their strategy in order to compete
- Consumer Trends - business will have to adapt their service to suit their customers
- Economic Changes
- Inflation
- Ressession - negative effect on economy - no spending = no buying
- Exchange rates - strong pound good for imports
- SPICED - Strong Pound Imports Cheap Exports Dear
- Interest rates - the price of borrowing
- Functional Areas
- operations - testing the quality of product and deliverers. trsport food between where house and stores. home delivery
- Finance - money in and out of business
- Admin - setting up meetings, booking venues, sending letters and emails (communications for business)
- HR - looks after every person in the business
- Marketing - promotts the business
- Stakeholders - people who have an interest in the business
- Internal
- Employees
- Owners or shareholders
- External
- Government
- Suppliers
- Customers
- local community
- Internal
- working relationships
- Payingabove minimum wage
- fair working hours
- Manners
- Perks - workers feel as though they get something out of working
- Promotion opportunities
- Ethics and sustainability
- Paying abover minimum wage - so that workers can live comfortably
- Use products that are not tested on animals
- fairtrade
- child labour
- types of ICT
- Emails
- Website
- Smartphones
- excel
- app
- scan an you shop - TESCO
- you shop we drop
- Expanding a business
- Sole Trader
- Advantages - You alone decide what happens to the profits, no disagreements
- Disadvantages - not many holidays, long working hours, unlimited liability
- ALL MOTIVATS THE WORKERS
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