BTEC Enterprises 1A-B

Small to Medium Enterprises are enterprises which has ...

• more than 500 members of staff

• more than 250 members of staff

• fewer than 250 members of staff

Starbucks, Costa Coffee and Cafe Nero are all examples of what sort of enterprises?

• Independent

• Chains

• Sole traders

Why is customer retention important?

• It ensures that the customer doesn't take their custom elsewhere as well as guaranteeing income.

• It forces customers to stay with the enterprise and they cannot go elsewhere.

• It's what the business manual says to do

Profit means ...

• Amount earned - overheads (building costs, wages, products)

• Amount earned * overheads

• Amount earned + overhead

Tesco Clubcard, Boots Advantage cards and Shell Go+ cards are all examples of ...

• Feedback acquisition

• Anticipating needs

• Loyalty schemes

Identifying 'gaps in the market' is important because

• it allows enterprises to look at trends and not embed it in their growth strategy

• it allows enterprises take an idea that no other enterprise is offering, which is likely to be of demand.

• it allows enterprises to continue to operate with existing goods and services despite knowledge of a new, possibly successful idea.

Innovative is an example of

• Mind set of an entrepreneur

• Building a sales strategy based on existing customers

• Skills for success

Local authorities, state schools, NHS, Police and the Fire Brigade are all examples of ...

• Third sector

• Private sector

• Public sector

HMRC or Her Majesty's Revenue and Customs is ...

• a ministerial department that is responsible for immigration, security, and law and order.

• a Government agency that works to collect taxes from individuals and businesses in the UK.

• a Government agency that delivers industrial strategies to support the development of UK businesses as well as securing affordable and clean energy supplies to the country

Private shares are ...

• A stake in a company, where the shareholder receives a cut of the profits (also known as dividends)

• A stake that only the Government takes from the profits of enterprises

• Solely show the success of a business.