Business

?
why businesses exist?
to sell products/goods
1 of 11
what is the primary production?
this involves acquiring raw materials. For example, metals and coal have to be mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled. This is sometimes known as extractive production.
2 of 11
what is the secondary production?
this is the manufacturing and assembly process. It involves converting raw materials into components, for example, making plastics from oil. It also involves assembling the product, eg building houses, bridges and roads.
3 of 11
what is the tertiary production?
this refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care.
4 of 11
whats a business plan?
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.
5 of 11
whats a franchisee?
A franchisee, who buys the right from a franchisor to copy a business format.
6 of 11
whats a franchisor?
who sells the right to use a business idea in a particular location.
7 of 11
advantages of a franchisee
Franchises offer the independence of small business ownership supported by the benefits of a big business network. You don't necessarily need business experience to run a franchise.
8 of 11
features of a franchisee
Product distribution franchises get use of a franchisor's trademark and logo to sell products. Most franchises are business format, which provides products and methods to run the business.
9 of 11
aims and objective
aims are general statements concerning the overall goals, ends or intentions of teaching. Objectives are the individual stages that learners must achieve on the way in order to read the goals.
10 of 11
what does S.M.A.R.T stand for?
A set of goals that are characterized by being Specific, Measurable, Available at an acceptable cost, Relevant and Time-bound. The first letters of those characteristics are commonly shortened to SMART.
11 of 11

Other cards in this set

Card 2

Front

what is the primary production?

Back

this involves acquiring raw materials. For example, metals and coal have to be mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled. This is sometimes known as extractive production.

Card 3

Front

what is the secondary production?

Back

Preview of the front of card 3

Card 4

Front

what is the tertiary production?

Back

Preview of the front of card 4

Card 5

Front

whats a business plan?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »