What are the four functional areas of business?
Business operations, human resources, marketing, finance
What is ICT and what does it stand for?
Information and communications technology - computing and communications systems a business may use to exchange information with stakeholders
What is an example of information exchanged with stakeholders through ICT?
- Prices and product details (customers)
- resources required (suppliers)
- customer needs and complaints ideas and - suggestions (employees)
What impact does ICT have on a business?
- Employees can work from home
- Employees working from home may be isolated
- Different ways of collecting, storing and analysing information
- Businesses can collect data
What are the benefits of ICT?
Allows the business to reduce costs and improve quality, efficiency, and competitiveness
What are the disadvantages of ICT
- Costs in purchasing technology and training staff how to use it
- May result in redundancy
What is a software robot?
Advanced computer program that can operate a range of administrative activities previously carried out by employees
What is cloud computing?
Delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet
What are the uses of ICT?
- Storing data
- Producing business documents
- Designing
- Communication
- Stock control and distribution systems
- computerised production methods
What does e commerce mean?
Electronic commerce - the act of buying or selling a product using an electronic system such as the internet
What does m commerce mean?
mobile commerce - buying or selling products through wireless handheld devices such as phones
What types of sales using electronic systems does e commerce include
- Selling to customers or other businesses using their websites
- Individuals selling to other people directly through websites such as ebay
What products can be bought using e commerce?
- Goods like food and clothing
- Digital products like audio books, music and Tv programmes
- Services like car and home insurance
- Entertainment like festival or flight tickets
What are some examples of e commerce businesses?
Amazon, boohoo, ebay, gym shark
What are the advantages of E commerce - Electronic Commerce?
- Reduces cost
- Reduces risk
- Larger amount of potential customers
- Increased impulse ordering
What are the disadvantages of e commerce?
- More competition
- Need employees with skills in e commerce
- Site can break down or be hacked
- Customers need to wait for products and pay for delivery
What are the advantages of m commerce?
- Convenient for busy customers
- Easily integrate marketing and sales
- Segmentation market
- Scarcity selling
- Direct communication
What are the disadvantages of m commerce?
- Requires technological literacy
- Cost of creating an app
- Fraud and security concerns
- Competition
- Needs to be responsive, secure and easy to use
What is digital communication?
The transmission of information electronically between computing devices
What are apps?
Pieces of software designed for a specific purpose and for use on smartphones and tablets
What is social media?
Methods of online communication such as websites and apps. They share info and help develop professional contacts
What are telesales?
Sales completed over the telephone.
What are the different forms of digital communication?
- text
- Webchat
- teleconferencing and video conferencing
- apps
- social media
What are the advantages of the cloud?
- Cheap
- Innovative as updates mean latest technology
- Accessible
- Little maintenance
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1.1 The Purpose And Nature Of Business27
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1.2 Business Ownership36
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1.3 Setting Business Aims And Objectives22
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1.4 Stakeholders11
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1.5 Location1
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1.6 Business Planning27
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1.7 Expanding A Business20
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2.1 Technology25
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2.2 Ethical And Environmental Considerations28
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2.3 The Ecnomic Climate Of A Business14
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2.4 Globalisation22
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2.5 Leglislation28
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2.6 The Competitive Environment15
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3.1 Production Processes27
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3.2 The Role Of Procurement31
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3.3 The Concept Of Quality11
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3.4 Good Customer Service38
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4.1 Organisational Structure10
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4.2 Recruitment14
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4.3 Motivating Employees6
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4.4 Training13
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5.1 Identifying And Understanding Customers1
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5.2 Segmentation7
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5.3 The Purpose And Methods Of Market Research17
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5.4 The Elements Of The Marketing Mix : Price, Product, Promotion And Place54
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6.1 Sources Of Finance34
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6.2 Cash Flow14
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6.3 Financial Terms And Calculations15
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6.4 Analysing The Financial Performance Of A Business18
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Equations19
