Business UNIT 1 Overview

unit 1 business studies aqa thanks

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  • Created by: caityhume
  • Created on: 24-01-15 13:11
What is a RISK?
The possibility of incurring some misfortune or loss.
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What is REWARD?
An entrepreneur will receive this in return for taking a risk
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What is an opportunity cost?
The next best alternative forgone
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Motives for becoming an entrepreneur?
Wealth, Good Idea, Being one's own Boss, Satisfaction
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What forms of government support are there?
Education, Business friendly economy, financial support ( loans through banks) Advice and information
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What is a Franchise
The actual business that has been given by the franchisor to the franchisee.
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Disadvantages of having a franchise
MUST keep to business rules on pricing, products, (quality) and how they image the company. They must pay a large capital fee when buying and pay a percentage of profit thereafter.
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What are the 3 main ways of protecting business ideas
Copyright, patent and trademark
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What is copyright and what is it used for
Legal protection for authors of written or recorded material, this gives the authors sole right to produce and sell for their lifetime plus 70 years and sue any person who breaches this.
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What is a Patent?
This grants a business the sole right to benefit from an invention for a specified period. (upto 20 years)
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What are trademarks?
Used for logos, words ot a combination of them, by which a business is known- they are indicated by an R and allows a business/brand to differentiate themselves.
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What inputs does a business use?
Human resources, Land, Capital, Money, Materials and components (ie fuel, food, drink, clothes etc. the product)
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What is adding value?
The process of increasing the worth or value of some resources by working on the,
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hat is a USP?
Unique selling point, which allows a business to differentiate themselves from the rest of the market.
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What is a business plan?
A document detailing a business's future activities, expenditures, revenues, profits and losses. This is normally produced by a business when starting up or expanding
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What should a business plan include?
Type of business/ activity in which it wishes to be engaged. The market to sell in, The resources required, The staff needed, Financial forecasts, Capital funding, Details about the entrepreneur.
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Reasons for a business plan..
To Negotiate loans, Make a judgement, Monitor the business.
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What is market research?
The process of gathering information on potential customers.
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What does it involve?
Analysis of market potential for existing products, forecasting demand, sales forecasting, study of trends, characteristics, and market shares
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What is Primary Research?
Collection of information and data for the first time for a specific purpose!
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What forms of PR. are there?
Surveys, Observation, panels and discussions, Test marketing.
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What is secondary research?
The collection of secondary data that already exists and have been used for another purpose, ie internet.
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Examples of SR?
Official data, internet, trade associations/journels
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What is qualitative research?
Research into the attitude or opinions of consumers that influence their behaviour when it comes to buying.
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What is Quantitative research?
The collection of information on customer views and behaviour which can be analysed statistically
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What are samples/sampling?
A selection of a representative group of consumers from a larger population.
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How can samples be collected?
Random sampling, stratified random sampling, Quota sampling.
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Factors influencing choice of sampling methods..
FINANCE! Pricing policies, product design, types of promotion, target audience.
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Card 2

Front

What is REWARD?

Back

An entrepreneur will receive this in return for taking a risk

Card 3

Front

What is an opportunity cost?

Back

Preview of the front of card 3

Card 4

Front

Motives for becoming an entrepreneur?

Back

Preview of the front of card 4

Card 5

Front

What forms of government support are there?

Back

Preview of the front of card 5
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