business management

What I need to know to be able to pass the General Exam Paper
Business Management.

Entrepreneur:

What the word Entrepreneur means??
An entrepreneur is a person who has possesion of a new product and his idea

Describe 2 skills and qualities of a good Entrepreneur:
-A good Entrepreneur should have good sense of what the public really want and are they willing to buy your product at a decent price
-Self confidence. Self confidence is a key entrepreneurial skill for success. It is
easy to become frustrated and resentful if you lack
self-confidence.

Type of business organisation.
Describe 2 features of a private limited company- LTD
- Shares can only be bought of sold with the permission of all the other shareholders.
- This type of organisation is normally owned by families.

Describe the key features of a sole trader.
Sole trader sets up a business on their own in the private sector.

Describe 2 advantages of a partnership
-You have people to share the ideas with and make decisions
-Diffrent partners bring diffrent skills.

ICT
Describe 2 features of a good website.
-2 feaures of a good website is: good looks and people from the web get attracted to the website and may want to look more.
-A search bar- Allows you to find specific items that you are looking for on the website

Describe 2 advantages to a business organisation of having a good website

Describe a problem which customers might face when using a website.
People are still very wary of credit card fraud and will not want to enter their details on the computer.

What is a Business?
Describe what the keyword "goods" means:
Goods re tangible- you can see and touch them

Describe what the keyword "services" means
Services are intangible you can expirience them.

Aims
Suggest 3 aims of a small business
-To be successful and get brand recognition.
-To maximise profits
-To be recognised as good quality

Factors of Production

Capital- the money required to start the process
Enterprise: The idea behind a good or service
Labour: The people who are involved in the involved in the production.
Land: The premises where the good or service is.

Methods of growth
Name 2 methods of growth(they can be internal/external or a mixture)
- Increase sales by buying new equipment
- Opening new branches.

Describe 1 advantage of each method I have chose
Increase sales: many people like buying stuff for free, if you increase sales many people will visit your business and buy stuff that makes better profit.
Opening new branches: If you open new branches around a place, many people will come and visit your store wherever it is open.

Describe 2 reason why a firm would want to grow.
There are several advantages that large companies have over small companies.
Large companies get more customers, better reputation and trust.

Market Research
Name and describe one method of Field research.
Questionaire to find out what your customers think about your service : This finds out specific information what you want.

Name and describe one method of desk research.
Looking into cadbury sites and finiding out more about their chocolates: This finds out information that is already available

Marketing
Describe 2 ways that firms can compete with one another( other than price )

Describe what is meant by the keywords "market segment"

Describe 3 examples of market segment

Describe one advantage of a segmenting the market

Branding
Describe the keyword "own brand"
The definition of the keyword own brand is the product which is named by you and made by you is called "own brand"

Describe one advatage of having own brands

Marketing Mix
Name and describe 4 elements of the marketing mix.

Methods of production.
Name and describe a method of production (other than primary)

Sectors of industry
Name the 2 sectors of industry(other than primary)
Describe each sectors of industry (other than primary)

Functions of an Org
Name 2 functions in a large organisation (other than operations_
Describe the work carried out in each functon

Business plans
Suggest 2 heading (main parts) of a business plan.

Describe (by using an example) the 3 stages in the Chain of Production
Primary-Oil drilling in the north sea
Secondary- BP process the oil grangemath
Tertiary- Sell the oil in petrol station

Describe 2 benefits of locating in a shopping centre (like the Metro Centre)
More customers will arrive since there are loads of stores around, and buy your goods = More profits.

Describe 3 advantages of branding
It distinguishes the product/range from other similar products
They have a reputation for good quality and value
They offer an additional choices to premier brands which are more expensive

Describe 4 steps you can take to reduce risk in a business
Get a good business advice from bank and agencies
Carry out market researched to find out exactly what customers want
To plan ahead using cash budgets to control spending


Describe 2 advantages of being large/global
They are more easily recognised
They can borrow larger amounts of money