Edexcel Business Studies Revision - WebDesPix 2010

Checking the quality of a product against the standards developed by the company, usually by spot checking.

• product works well and does what is expected
• otherwise customers will leave
• WDP must ask for reviews of products and ensure product standards are constant
• WDP relies on word of mouth

• limited liability
• money can be raised by selling shares to family and friends
• specialist managers can be employed
• easier to expand business
• no minimum investment needed before they start trading
• incorporated (company can be sued but not the owners)

Total Quality Management

• attitude taken on by workers
• workers check own products
• good quality products made
• 100% satisfaction
• Japanese concept
• everyone is responsible

• product works well and does what is expected
• otherwise customers will leave
• WDP must ask for reviews of products and ensure product standards are constant
• WDP relies on word of mouth

Private Limited Company

• limited liability
• cannot sell shares on the stock exchange
• must sell shares to family and friends

• Japanese concept
• everyone asked to put idea forward on how production can be improved
• everyone is involved

Reduces the number of faulty or inaccurate websites created.

• only checks a sample of products
• other products that were not tested may be faulty and reach customers leaving them dissatisfied
• time/materials are wasted on making faulty products as checks are done at the end of production

• Tom works full time on finance and paperwork
• clerk will deal with enquiries and send bills to customers
• communicates with customers
• filling duties

• more capital - more investors
• more ideas
• split jobs according to skills
• work can be shared
• holiday times covered
• financial details kept private

If everyone does their job correctly, there will be lower costs and satisfied customers.

Things that a business owns that can be easily turned into cash, e.g electronics, furniture.

Anything that a business owns that has value.

C - cash (get money out of bank)

D - debtors (people who owe you money)

S - stock (raw materials waiting to be processed and finished products ready to sell)

The process of designing a website so that it ranks highly when searched for using search engines.

The process of reserving a unique web address that can be used to referred to the company website.

Companies owned by the government, financed by money from taxes, not aimed to make a profit.

Bristol

• "located where studied"
• university near which produces potential employees with IT degrees

• A firm that has the biggest percentage of total sales revenue (market share) of a market
• WDP want to sell the most website designs to be a well-known market leader
• Market share = your sales/total market sales * 100
• 

A training program where you earn as you learn.

• more competitors all over the world as websites can be accessed internationally
• because clients are in the South West, this would mean that WDP are mainly competing with similar companies in the South West

• unlimited liability
• need to consult each other before making decisions - slow
• disagreements
• each legally responsible for the actions of others

• see how company is organized
• inform new employees who is in charge
• information can be passed between 'areas' and everyone is clear about who does what
• employees can see where they are - where does the authority lie