Business Unit 1
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Business Unit 1 - Leaderboard
Business Unit 1 - Details
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25 questions
| 🇬🇧 | 🇬🇧 |
| Name two postives and negatives in the seed part of the business life cycle | No revenue, riskiest part of the phase, no notoriety, investing in the business |
| Name all 4 of the business sizes ( micro, Small, medium, large) | Micro 1-4, small 5-19, medium 20-199, large 200+ |
| Define the internal enviroment and give two examples | Directly controlled bu the business(Owners, managers or employees |
| Define the operating enviroment and give two examples | Business has less control over factors but still has impact to the business( Customers, suppliers, interest groups and competitiors |
| Name the 7 factors of the micro enviroment in ORDERA | Socio-cultural, Technological, economical, enviromental, political, legal, Ethical |
| Name the four functions of a business and define them all | Operations- The production of goods and services Finance- Ensure the business has proper cashflow marketing- advertising of the goods and services of the business human resources- Management of the employees of the business |
| Define Business structure | The hierarchial tree which the business is built around |
| What are the four Structures hint hint tall ,flat etc...... and Olli is gay | Tall- Lots of decision making Flat- Making of there own decisions Divisional- Organises groups from each function under a division for example IT department, Business, Maths and English Organisational- The way the business is run, and how the owner treats emplloyees maybe |
| Explain the advantages and disadvantages of the Legal Ownership Sturctures | Sole Trader 1- Advantages- all the profits given to the owner, easy to set up, Owners makes all the decisions Disadvantages- if owner dies business ceases to exists, unlimited liability, invest all the money Partnerships 2-50 peoples Advantages- Shared work load, dont need to invest all the money Disadvantages- if owner dies business ceases to exists, unlimited liability, can conflict with the other owners Public Company Advantages- ownership is easily transferrable, limited liability, unlimited shares, can sell shares on the ASX Disadvantages, complext to establish, and expensive |
| Explain the Difference between GOC and GBE | The difference between the Government owned Corporation and the Government Business enterprise is the the GOC is run by the State government and the GBE is run by the federal |
| Difference between Entrepreneurs and Intrapreneurs | Entrepreneurs creates an idea for there own business while an Intrapreneurs creates an idea inside a business |
| The Startup phase of the life cycle | Positives, no revenue, still investing into the business (Tools and appliances) Launched Negatives riskiest part of the life cycle |
| The Growth phase of the life cycle | Business starts to get notoriety, revenue and sales increase, expansion and marketing is important |
| TheMaturity phase of the life cycle | (Flatting out) Sales are not rising, invest in new products or services, research and develop |
| The Post-Maturity phase of the life cycle | Death or reinvention, Sell the business or reinvent it |
| What is a Stakeholder and give examples | Anyone/entity affected by the operation of a business (Owner, employees, customers, suppliers) |
| What is a profit based and not for profit organisation | Profit based businesses are made to make more for the owners and shareholders for example (APPLE and microsoft and bay marina) Non for profit based business are made where the profits made are put back into the business( Salvos, Pink ribbon, TSS and anglican church) |
| Name all the manaegment. styles and define them | Autocratic- Manager makes decisions alone, full power Persuasive- manager makes decisions and explains why, control of decision making Consultative- Manager makes decisions after decisions are proposed, Employees considered Participative- Managers and employees make decisions together, Barely any authority Laissez-Faire- employees make the decisions, no control |
| Name all 9 leader styles | Authoriative, Charismatic, bearucratic, coaching, mentoring, transactional, transformational, situational and democratic |
| Explain Missionary and visionary statements | Mission- Why the business exists Vision- Where will the business go in the future |
| POLC what does it stand for and what do they mean | Plan, organise, lead, control Plan Set up goals and objectives, make course of action. Organise Allocating the necessary resources lead Directing and motivate to perform Control supervising the process |
| Whats STO in order | Strategy, tactical, Operational |
| Evaluating a business | Competitiveness, effectiveness, effeciency and stakeholder satisfaction |