Free QCE Year 11 Business Flashcard Review
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Name the five business sectors.
Primary, secondary, tertiary, quaternary, quinary.
What does the secondary sector do?
Manufactures or builds products from raw materials.
Internal environment factors?
Owners, employees, culture and resources.
Micro environment factors?
Customers, suppliers, competitors and intermediaries.
What does PESTLE stand for?
Political, economic, social, technological, legal, environmental.
Name the life cycle stages.
Seed, start-up, growth, maturity, post-maturity.
Name the four business functions.
Operations, marketing, finance, human resources.
Vision versus mission?
Vision is the long-term aim; mission is what the business does now and for whom.
Name the four types of objective.
Financial, social, environmental, personal.
Strategic, tactical, operational plans?
Long-term whole-business; medium-term functional; short-term daily tasks.
In SWOT, which parts are external?
Opportunities and threats.
Name the four evaluation criteria.
Competitiveness, effectiveness, efficiency, stakeholder satisfaction.
Entrepreneur
A person who starts and owns a new venture and accepts the financial risk.
Intrapreneur
An employee who generates and drives new ideas inside an existing organisation.
Incremental innovation
Small, ongoing improvements to an existing product or service.
Disruptive innovation
A new idea that creates a new market or displaces established products.
Brainstorming
Group technique producing as many ideas as possible without criticism.
Primary data
Information collected first-hand for a specific purpose, such as a survey.
Qualitative research
Non-numerical data about opinions, motives and feelings.
Psychographic segmentation
Dividing a market by lifestyle, values, interests and attitudes.