Business an der University Of Birmingham | Karteikarten & Zusammenfassungen

Lernmaterialien für business an der University of Birmingham

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give examples of stakeholders

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TESTE DEIN WISSEN

> Goverment

> creditors

> employees

> customers

> suppliers

> managers

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what is market research

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collecting research about customer needs

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give advantages of being in a partnership

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more people means more experience so more ideas.

decisions will be better as owners can discuss pros and cons

easier to raise money because banks are more likely to lend to a partnership

more investments leads to increased access to finance so quick growth

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what is a sole trader?

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A single person who is the exclusive owner of the business

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give disadvantages of being a sole trader

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unlimited liability

hard to raise finance as banks see sole traders as risky

harder to retain employees if they dont get a share of the profit

you have full responsibility ~having someone to share decision making can improve performance

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what are the 2 types of research

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primary and secondary research

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pros of primary market research

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> design quantitative data qualitative questions tailored precicely for needs

> may give trade secrets  to provide a competitive edge

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pros of secondary research

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> quick instant
> cheap to access research

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cons of primary research

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> time consuming write out surveys

> expensive high labour costs

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give disadvantages of being in a partnership

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TESTE DEIN WISSEN

> shared profit

> unlimited liability

> partners may disagree ~ displeasent

> each partner is liable for the actions of the other

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what is primary research

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original research you find yourself

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cons of secondary research

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> competitors also have access to same info

> research may be broad

> out of date

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Beispielhafte Karteikarten für deinen business Kurs an der University of Birmingham - von Kommilitonen auf StudySmarter erstellt!

Q:

give examples of stakeholders

A:

> Goverment

> creditors

> employees

> customers

> suppliers

> managers

Q:

what is market research

A:

collecting research about customer needs

Q:

give advantages of being in a partnership

A:

more people means more experience so more ideas.

decisions will be better as owners can discuss pros and cons

easier to raise money because banks are more likely to lend to a partnership

more investments leads to increased access to finance so quick growth

Q:

what is a sole trader?

A:

A single person who is the exclusive owner of the business

Q:

give disadvantages of being a sole trader

A:

unlimited liability

hard to raise finance as banks see sole traders as risky

harder to retain employees if they dont get a share of the profit

you have full responsibility ~having someone to share decision making can improve performance

Mehr Karteikarten anzeigen
Q:

what are the 2 types of research

A:

primary and secondary research

Q:

pros of primary market research

A:

> design quantitative data qualitative questions tailored precicely for needs

> may give trade secrets  to provide a competitive edge

Q:

pros of secondary research

A:

> quick instant
> cheap to access research

Q:

cons of primary research

A:

> time consuming write out surveys

> expensive high labour costs

Q:

give disadvantages of being in a partnership

A:

> shared profit

> unlimited liability

> partners may disagree ~ displeasent

> each partner is liable for the actions of the other

Q:

what is primary research

A:

original research you find yourself

Q:

cons of secondary research

A:

> competitors also have access to same info

> research may be broad

> out of date

business

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