Production 0.0 / 5 ? Business StudiesOperations managementGCSEWJEC Created by: Jordan OCreated on: 09-03-18 12:15 What is internal growth? It is when a business grows by hiring more staff and equipment 1 of 19 What is external growth? This is where a business merges or takes over 2 of 19 What is a merger? This is when 2 or more companies join together 3 of 19 What is a acquisition? This is when a company takes a controlling interest 4 of 19 Reasons for businesses growing Profit motive, economies of scale, brings in more customers 5 of 19 Reasons for businesses staying small Financial challenges, loss of control, increased staff work 6 of 19 What is job production? The production of an item to meet individual customer needs 7 of 19 Advantages of job production Cheap/easy to set up , meets specific needs of customers 8 of 19 Disadvantages of job production Time consuming, expensive to set up 9 of 19 What is batch production? Identical items are produced in groups 10 of 19 Advantages of batch production Quicker production, more uniform products/cheap 11 of 19 Disadvantages of batch production Keep stock of raw materials, machinery may need rest 12 of 19 What is flow production? Items along production line in a continuous process 13 of 19 Advantages of flow production Specialisation of workers, consistent quality 14 of 19 Disadvantages of flow production High initial costs, mistakes 15 of 19 Examples of Location factors for businesses Transport, Labour, Technology, Costs, Competition, Availability of raw materials 16 of 19 What are multinational companies? A business that has operations in more than one country 17 of 19 Advantages of multinational companies Creates jobs, economies of scale 18 of 19 Disadvantages of multinational companies May be low paid, profits not kept in host country 19 of 19
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