Business Session 1

What are the three main business sectors presently in the UK?

• Commercial sector, technology sector and service sector

• Public sector, private sector and voluntary sector

• Voluntary sector, public sector and commercial sector

• Customer sector, private sector and gig economy

What does the acronym SWOT mean?

• Skill, will, options and tasks

• Strengths, weaknesses, organisation and tasks

• Skills, weaknesses, organisation and threats

• Strengths, weaknesses, opportunities and threats

What is a PESTLE analysis?

• A change management tool to analyse key factors

• A change management tool to analyse internal key factors

• A change management tool to analyse economic factors

• A change management tool to analyse environmental factors

What does the acronym PESTLE mean?

• Primary, economic, social, technological, legal and external

• Personal, external, social, technological, legal and environmental

• Political, environmental, standardised, technological, legal and environmental

• Political, economic, social, technological, legislative and environmental

What are the two types of organisation structure?

• Flat and raised

• Structured and unstructured

• Flat and hierarchical

• Hierarchical and levelled

What is a mission statement?

• A set of goals set up by those in the military

• A piece of marketing publicity to attract clients/customers

• An overview of the company’s entire business operations

• A formal summary of the aims and values of a company

What are market forces?

• The level of inflation that affects the costs of products and services

• The actions of buyers and sellers that affect the price of products or services

• A mechanism that our Government uses to keep the markets stable

• A financial interaction between two businesses that impacts its operations

What are the four types of business markets?

• Digital, gig economy, local & national, international & global

• International, national, local and digital

• Local & national, digital, international and global

• Local & global, digital, international and gig economy

What is a supply chain?

• How an organisation rolls out its products and services

• The organisation of people, activities, finance, products and delivery in a manufacturing environment.

• How a efficiently a customer receives its products or services from a supplier

• The organisation of people, activities, information and resources involved in moving a product or service from suppliers to customers

What is policy and regulatory change?

• A national policy that is enforced by the Government

• A sequence of updates and reviews of policies and regulations that impact on businesses

• A national policy that is required to be part of the European Union

• A sequence of policies and regulations that Governments make businesses follow