BUSINESS

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  • Created by: Theamagun
  • Created on: 27-03-20 16:44
Give one example of how you will know a business breakeven.
If the business plans look good-if the business looks like it’s gonna succeed.
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What is Job Analysis?
Job Analysis is when senior members like managers or assistant managers discuss that they need a person to work for them and what kind of person they need and what experience they need (job description and person specification).
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Give three examples on what factors influence the choice of location.
Population, competitors, employment, labour, safety, government, market, security, technology, communication, transport links.
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Give an example of a disadvantage and an advantage using segmentation.
Ads: products and services can be better matched to customer needs. Disads: a market can be small and contain only a few customers.
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What are examples of using primary research?
Questionnaires, interview and ‘Focus Groups’
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What is primary research sometimes called?
‘Field’ research.
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What is secondary research sometimes referred to?
‘Desk’ Research.
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What are examples of using secondary research?
Online Surveys, printed press and internet research.
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Give an advantage and disadvantage of using secondary research
Ads: instant feedback and detail. Disads: incomplete information.
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Give advantages and disadvantages on locating overseas.
Ads: cheaper labour, access to resources that are not easily available in the UK.Disads: transport costs, language differences, different rules and regulations.
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Give the definition of imports and exports.
Imports bring goods from another countries to the UK.Exports is when we give goods to other countries.
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Give the definition of ‘visibles’ and ‘invisibles’.
Visibles-goods is things we can touch like clothes from China and we give cars to other countries. Exports: services- things we can’t touch like we imported McDonalds from America and we sent XFactor to other countries like America.
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What does a business plan show?
What the business will be selling. What the business is aiming to achieve.
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What is Market Research?
Market Research is the process of gathering data regarding consumer requirements/preferences.
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What is segmentation?
Segmentation is when a market gets divided into different groups wants and needs.
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What is Target Market?
Target market is when a group that is a business that aim’s its products or services at.
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What is internal recruitment?
Internal recruitment is when you hire someone that is from your own workplace.
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What is external recruitment?
External recruitment is when you hire someone from someone from the public that isn’t from your workplace.
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What is Breakeven Analysis?
Breakeven Analysis is used in business as a tool to make decision about the future. It helps with ‘what if’ questions.
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What is the point of a breakeven chart?
The point of a breakeven chart is that it shows of the costs and revenue for a product it plots total costs against total revenue showing where the BEP crosses.
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What is revenue?
The income that a business receives from selling its goods or services.
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Why is breakeven important?
Breakeven is important because it shows how much you need to sell to make a profit.
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What are limitations of breakeven analysis?
Assumes cost and revenue remain the same at different levels of sales, might have to cut price to get more sales, costs might change with different levels of sales, assumes all output will be sold.
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Give examples on what ‘variable costs’ are.
Food,sauces,ingredients,toys,drinks,packaging.
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Give examples on what ‘fixed costs’ are.
Electronics ,gas cost, water, water bills, straws, equipment, advertisement, wages, seats, electricity.
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What is variable and fixed costs?
VC: vary directly with the business’s level of output and sales(the amount a business makes).FC:Doesn’t alter when a business changes its output- the amount of products it produces.
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Total revenue formula.
SP X SALES = SELLING PRICE X SALES
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Profit (or loss) formula.
TOTAL REVENUE - TOTAL COSTS
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BEP without calculator formula.
FC DIVIDE BY SP- VC
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Total cost formula.
VC + FC
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How do you work out percentage?
Score divide total marks x 100
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Other cards in this set

Card 2

Front

Job Analysis is when senior members like managers or assistant managers discuss that they need a person to work for them and what kind of person they need and what experience they need (job description and person specification).

Back

What is Job Analysis?

Card 3

Front

Population, competitors, employment, labour, safety, government, market, security, technology, communication, transport links.

Back

Preview of the back of card 3

Card 4

Front

Ads: products and services can be better matched to customer needs. Disads: a market can be small and contain only a few customers.

Back

Preview of the back of card 4

Card 5

Front

Questionnaires, interview and ‘Focus Groups’

Back

Preview of the back of card 5
View more cards

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