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Flashcards in Understanding business Deck (10)
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1
Q

What are the factors of industry

A

Primary,secondary,tertiary,quaternary

2
Q

What are the types of organisations in the private sector.

A

Sole Trader, Partnerships, Private Limited, Public Limited ( limited = LTD ).

3
Q

what are the sectors of the economy

A

Public sector, Private sector, Third sector.

4
Q

What are the effects of good customer satisfaction

A

Motivated and highly performing staff, Satisfied and loyal customers, Customers will return, Customers recommend the organisation to friends, Organisation gets a good reputation, Organisation may gain a competitive edge, Market shares may increase.

5
Q

What are the effects of bad customer service

A

Demotivated staff due to complaints, dissatisfied customers don’t return, dissatisfied customer don’t recommend the organisation, poor reputations are hard to turn round, may need to spend more money on advertising to change image.

6
Q

What do the third sector businesses do

A

They are charities and social enterprises.

7
Q

What are the advantages of a Sole Trader

A

The advantages of a sole trader are, All the profits goes to the owners, He gets top make all the decisions in the business, Smaller business which means it needs less capital to run the business, They are easy to set up.

8
Q

What are the disadvantages of Sole trader businesses

A

The disadvantages of a sole trader are, finance can be difficult to raise, limited discounts due to small size of business, Ill health, holidays can affect business, Unlimited Liability.

9
Q

What is a Partnership

A

A partnership is a business run by 2-20 owners/Partners.

10
Q

What is a baguette

A

WILLIAM SMITH!!!!!!!!!!!!!!!! :)