OCR Business 2022 Specification Key Cards
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- Created by: mugmaniac
- Created on: 12-06-22 20:05
What is Job production?
Job production involves producing each product individually, usually to the customers expectations.
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Advantages of Job Production?
- Products are high quality
- Products can be made to meet the needs of individual customers
- Workers often get more satisfaction from working on something until it is finished.
- Products can be made to meet the needs of individual customers
- Workers often get more satisfaction from working on something until it is finished.
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Disadvantages of Job Production?
- Costs of production will be high
- Labour costs may be high because job production requires skilled labour.
- Labour costs may be high because job production requires skilled labour.
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What is batch production?
Producing one type of a product for a while, then changing production to another type of product, usually in batches.
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Advantages of Batch Production?
- The needs of different customers can be met by making different batches.
- Batches are made to meet specific orders from customers and this may reduce costs because the goods do not need storing.
- Be able to use machines.
- Batches are made to meet specific orders from customers and this may reduce costs because the goods do not need storing.
- Be able to use machines.
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Disadvantages of Batch Production?
- It takes time to switch production from a batch to a different batch. machines may be reset.
- It may be necessary to keep stocks of material and components, which could be a problem for cash flow.
- Less choice of products for customers compared to job
- It may be necessary to keep stocks of material and components, which could be a problem for cash flow.
- Less choice of products for customers compared to job
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What is Flow production?
Process of production involving an assembly line. One type of product is made continuously.
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Advantages of Flow production?
- Large amounts are made
- Costs of production for each are low.
- Machinery can be used.
- Costs of production for each are low.
- Machinery can be used.
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Disadvantages of Flow production?
- Goods are mass - produced and may be of good quality
- Expensive to set up a line.
- Large stocks of materials may have to be kept to keep the production line supplied.
- If the production stops at any point, the whole process will stop.
- Jobs are repe
- Expensive to set up a line.
- Large stocks of materials may have to be kept to keep the production line supplied.
- If the production stops at any point, the whole process will stop.
- Jobs are repe
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What is the influence of Automation Impact's on Businesses?
Can be used to automate processes that can be repetitive such as auto pilot and ships, but should be checked once in a while to be made sure it is doing good.
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What is the influence of Computers impact's on businesses?
Computers are helping to automate production, and usually face to face can be done instead on computers making it a lot more fast and easier, such as online banking and homework.
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What is the influence of Robotics impact's on businesses?
Robots are used widely in Car Manufacturing, and can be used in more physical tasks and dangerous tasks that a human would do. However they are complex and are really expensive
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Adv and Div of technology in production.
Adv:
- Costs are reduced because as the number of workers are replaced.
- Machines are more accurate.
- Machines work 24/7
Div:
- Skilled workers for robots.
- Machines can be expensive to repair.
- Security issues about personal data.
- Costs are reduced because as the number of workers are replaced.
- Machines are more accurate.
- Machines work 24/7
Div:
- Skilled workers for robots.
- Machines can be expensive to repair.
- Security issues about personal data.
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What is Quality control?
Is checking that the product meets the required standards after it has been fully produced.
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What is a Mystery Shopper?
Mystery shopper is an undercover inspector to ensure quality of customer service is up to dat.
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What is the Advantages of Quality Control?
Adv:
- Prevent faulty goods being sold
- Not disrupting the production.
- The business may benefit from improved reputation for quality.
- Prevent faulty goods being sold
- Not disrupting the production.
- The business may benefit from improved reputation for quality.
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What is the Disadvantages of Quality Control?
Div:
- Does not prevent waste of resources when products are faulty.
- Costs money
- Does not encourage all workers to be responsible for quality
- Does not prevent waste of resources when products are faulty.
- Costs money
- Does not encourage all workers to be responsible for quality
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What is Quality Assurance
It at every stage of production the product is checked every time so that it is high quality throughout the line.
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What is the Advantages of Quality Assurance.
Adv:
- There may be less wastage reducing costs.
- Workers feel valued as they are responsible with quality.
- The business improves reputation of quality
- There may be less wastage reducing costs.
- Workers feel valued as they are responsible with quality.
- The business improves reputation of quality
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What is the Disadvantages of Quality Assurance.
- May disrupt production
- May cost the business a lot to train workers.
- Workers may worry about the extra responsibility.
- May cost the business a lot to train workers.
- Workers may worry about the extra responsibility.
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What are the benefits of providing quality goods and services.
- It avoids waste.
- It avoids recall
- Reputation and sales
- Disrupted production
- It avoids recall
- Reputation and sales
- Disrupted production
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What are the 3 Methods of selling?
- E commerce
- Face to face
- Telesales.
- Face to face
- Telesales.
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What is E-commerce?
E commerce is the process of bringing a buyer and a seller together electronically.
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What is Face to Face selling?
Face to face is usually selling for a retail organisation through a shop.
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What is Telesales?
A bridge between e-commerce and face to face where a person buys something over the phone.
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What is the importance of product knowledge?
Product knowledge can be very good as the customer feels well informed, as well the customer expects the staff to be informed. This results in a better customer service.
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What is the importance of Customer engagement?
Customer engagement is the contact between the customer and the business, and so the staff would need to be more 'aggressive' and 'pushy' for the customer to have increased chance to make a sale.
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What law that protects the customer of buying a product?
Consumer Rights a Act 2015
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What is the main 3 points in CR act 2015?
- Must be of satisfactory quality
- Fit for purpose
- As described
- Fit for purpose
- As described
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What is the impact of consumer law on businesses?
Production of quality goods must be up to standard.
Goods that are defective in any way can claim compensation for damage.
Loss of reputation, if the business has poor or defective units then the customers may have a negative outlook on them Losing reputa
Goods that are defective in any way can claim compensation for damage.
Loss of reputation, if the business has poor or defective units then the customers may have a negative outlook on them Losing reputa
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What are the location factors affecting businesses?
- The cost of the site - offices can be very expensive.
- Transport infrastructure - refers to the roads, railways airports and ports that exist in an area keeping raw materials to a low.
- Government and costs -
- Proximity to raw materials -
- Proximi
- Transport infrastructure - refers to the roads, railways airports and ports that exist in an area keeping raw materials to a low.
- Government and costs -
- Proximity to raw materials -
- Proximi
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What are the 5 Impacts on logistical and supply decisions on businesses?
- Time
- Reliability of supply
- Length of the supply chain
- Costs
- Customer Service
- Reliability of supply
- Length of the supply chain
- Costs
- Customer Service
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Financial information for business activity?
- Sources of finances
Revenue that the business makes, subtracting cost of production to get the profit of being a loss or not.
- Break even number of products so the the business can cover all of its costs
- Cash flow records the inflow of money and the
Revenue that the business makes, subtracting cost of production to get the profit of being a loss or not.
- Break even number of products so the the business can cover all of its costs
- Cash flow records the inflow of money and the
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Examples of financial information being helpful
- Businesses becoming more environmentally friendly will have increased costs so need to monitor cash flow
- Business affected by recession revenue data and costs may be used to help.
-A business changing its production process
- A business changing the w
- Business affected by recession revenue data and costs may be used to help.
-A business changing its production process
- A business changing the w
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What are the 9 ways of raising finance?
- Loan
- Overdraft
- Trade credit
- Retained profit
- Sale of assets
- Owners capital
- New partner
- share issue
- Crowd funding
- Overdraft
- Trade credit
- Retained profit
- Sale of assets
- Owners capital
- New partner
- share issue
- Crowd funding
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How is revenue calculated?
Revenue = quantity sold x selling price
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What are Fixed costs and Variable costs?
Fixed costs:
Costs that's do not change when the business changes the amount it produces. Like rent.
Variable costs:
These are costs that do change when the business changes the amount it produces.
Costs that's do not change when the business changes the amount it produces. Like rent.
Variable costs:
These are costs that do change when the business changes the amount it produces.
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How are variable costs caculated?
Total variable costs = quantity sold x variable costs per unit
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How is total costs calculated?
Total costs = all fixed costs + all variable costs
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What are Gross profit?
Gross profit is the amount of profit made by a business as a result of buying and selling goods or services without paying for any day to day expenses running the business.
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How is gross profit calculated?
Gross profit = Revenue minus the cost of sales
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What is Net profit?
Net profit takes into account the profit made as well running the business such as wages and telephone calls.
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How is net profit calculated?
Net profit = gross profit - the costs of running the business.
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How do you calculate the gross profit margin?
Gross profit margin = gross profit / revenue x 100
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How do you calculate the net profit margin?
Net profit margin = net profit / revenue x 100
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What factors that can affect revenue due to price changes.
- The number of competitors
- The action of competitors
- The starting price of the product.
- product range
- The action of competitors
- The starting price of the product.
- product range
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What is the average rate of return?
Is the amount you receive from making an investment, the average rate of return is the amount of return, on average, over the life of the investment.
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How do you calculate ARR?
Profit = total income - fixed cost
profit/#of years = average profit
Annual average profit/cost of investment x 100 = ARR
profit/#of years = average profit
Annual average profit/cost of investment x 100 = ARR
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How do you calculate Margin of safety?
Margin safety = Actual sales - break-even sales
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How do you calculate break even?
Break even output = total fixed costs / price - variable costs per unit
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Why is it useful for break even analysis in business decision - making.
- Helps the business to plan how much to sell
- Banks can see this and will give an idea of the quality of the business.
- It can show the margin of safety.
- Used to find the expected profit at an output.
- Banks can see this and will give an idea of the quality of the business.
- It can show the margin of safety.
- Used to find the expected profit at an output.
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What is cash and profit?
Cash:
- Cash is the money held in bank accounts and in cash on the premiers.
- Cash is used to pay expenses and short-term debts.
Profit:
- Profit is calculated by subtracting the total costs from the total revenue.
- Cash is the money held in bank accounts and in cash on the premiers.
- Cash is used to pay expenses and short-term debts.
Profit:
- Profit is calculated by subtracting the total costs from the total revenue.
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What are ethics?
What is morally right or wrong.
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What are the ethical issues of Workers?
- Using child labour
- Paying low wages
- Expecting workers to work long hours.
- Discrimination of workers of gender and sexuality
- Paying low wages
- Expecting workers to work long hours.
- Discrimination of workers of gender and sexuality
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What are the ethical issues of Suppliers?
- Delaying payments
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What are the ethical issues of Customers?
- Charging extra
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What are the ethical issues of Sourcing materials?
- Labour intensive working conditions
-
-
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What are the ethical issues of Marketing Considerations.
- Faking advertisements.
- Everything advertised should be decent, honest and truthful.
- Everything advertised should be decent, honest and truthful.
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What are the Ethical considerations and their impact on businesses.
- Higher costs
- Lost sales
- Reduced profits
- Poor financial figures,
- Lost sales
- Reduced profits
- Poor financial figures,
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How can a business make use of its environment?
- Provides us with natural resources.
- It is something from which we get pleasure
- It is somewhere to dump waste produced
- It is something from which we get pleasure
- It is somewhere to dump waste produced
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What are the examples of sustainability.
- Solar wind
- Recycled construction
- Saving water
- Switching off lights
- Transport
- Recycled construction
- Saving water
- Switching off lights
- Transport
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What kinds of pollution?
- Air pollution.
- Noise pollution.
- Pollution of the sea and rivers.
- Noise pollution.
- Pollution of the sea and rivers.
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What will climate change have an effect on businesses?
- Some businesses, would lose connections because of ICT.
- Farming is affected
- Number of old people who would die from heart related cause was likely to rise.
- Farming is affected
- Number of old people who would die from heart related cause was likely to rise.
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What are the benefits of being environmentally friendly.
- Increased sales
- Reduced costs
- Reduced tax bills
- getting subsides
- Reducing resource scarity.W
- Reduced costs
- Reduced tax bills
- getting subsides
- Reducing resource scarity.W
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What are the problems being environmentally friendly?
- Raw materials costs
- Capital costs
- Production methods alot more expensive.
- Capital costs
- Production methods alot more expensive.
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What is the Economic climate
Refers to the state of economy a business operates in.
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How do you improve production?
- One way to reduce is to improve control
- Worker productivity could be increased so that output per worker rises.
- Worker productivity could be increased so that output per worker rises.
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How do you improve Human resources?
- By motivating workers through schemes?
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How do you improve finance?
- Improving cash flow reducing the interest payments.
- If the business has loans, it could look
- If the business has loans, it could look
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How do you improve marketing?
- Product can be looked more appealing
- Promotion could be increased and improved.
- Different pricing strategies
- The business might change the 'place' part of its marketing strategy.
- Promotion could be increased and improved.
- Different pricing strategies
- The business might change the 'place' part of its marketing strategy.
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What is are the activities of globalisation?
- Buying and selling goods and services made in different countries.
- The movement of workers from country to country.
- The movement of capital or finance from country to country.
- The movement of workers from country to country.
- The movement of capital or finance from country to country.
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What are the improvements of globalisation?
- Transport - improved.
- Telecommunications and the interest, communication is a lot more faster and cheaper.
- Free trade arrangements -
- Telecommunications and the interest, communication is a lot more faster and cheaper.
- Free trade arrangements -
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What is the impact of globalisation on businesses?
- The growth of multinational companies
- Influences on business location
- International branding
- Influences on business location
- International branding
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Advantages of being a multinational company?
- Increasing sales
- Spreading risk
- Lower costs
- Tax avoidance
- Spreading risk
- Lower costs
- Tax avoidance
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Advantages of having a multinational business in your country?
- Creating demand
- Taxes and public services
- Lower prices and costs.,
- Taxes and public services
- Lower prices and costs.,
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Disadvantages of having a multinational business in your country.
- Business closures
- Outflows of money
- Outflows of money
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Other cards in this set
Card 2
Front
Advantages of Job Production?
Back
- Products are high quality
- Products can be made to meet the needs of individual customers
- Workers often get more satisfaction from working on something until it is finished.
- Products can be made to meet the needs of individual customers
- Workers often get more satisfaction from working on something until it is finished.
Card 3
Front
Disadvantages of Job Production?
Back
Card 4
Front
What is batch production?
Back
Card 5
Front
Advantages of Batch Production?
Back
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