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WorksheetsN5 Understanding Business Recall
Total questions: 81
Worksheet time: 3620secs
(a) is an external stakeholder.
(a) is an internal stakeholder.
Owners / Shareholders
(a) are interest to the business is that they gain a reward of ownership in form of dividends through profit.
high quality goods and services provided at reasonable prices
can increase their prices and charge for delivery which means costs will increase
can protest and raise awareness of unethical business pratices
can refuse planning permission which prevents growth or implement new legislation which means changes to current ways of working (eg. H&S laws)
can grant a loan application which allows a company to introduce new products and advertise new brands, or increase overdraft interest rates which reduces profits
Which stakeholder influences the business by where they choose to buy products from?
Employees
Customers
Managers
Banks
Which stakeholder can affect the business by deciding not to lend them money to expand?
Employees
Banks
Local Community
Government
Which stakeholder wants the business to provide jobs in the area?
Local Community
Owners
Managers
Banks
How do customers have an effect on the business?
By choosing to buy the products the business sells
By leaving reviews on review websites
By complaining about the product or service
All THREE
How do employees have an impact/influence on the business?
Through the quality of the work they produce
Through spending their money on fancy things
By making friends at work and chatting at break times
Through paying their taxes
The (a) have an interest in the business because they want the business to have high profit to increase the amount of taxes they receive.
Which stakeholder can have an impact on the business by putting up the price of their products (e.g. raw materials)?
Employees
Customers
Suppliers
Government
Stakeholders can have an impact on the business in some way
True
False
Stakeholders are interested in what the business does
True
False
Which stakeholder wants the business to make a profit because they will get a share of it?
Owners
Suppliers
Customers
Local Community
Organise these stakeholders into the right category
Manager
Owner
Employee
Shareholder
Bank/Lender
Government
Customer
Supplier
Local Council
Environmental Groups
What are some factors that can affect customer satisfaction?
Social media presence, store layout, and employee uniforms.
Weather conditions, political climate, and global economic trends.
Availability of parking spaces, cleanliness of the store, and variety of payment options.
Quality of the product or service, customer service, price, convenience, brand reputation, and personal preferences.
How is customer satisfaction measured?
Sales revenue
Interviews and focus groups
Surveys, feedback forms, and ratings
Number of complaints
What are some strategies to improve customer satisfaction?
Ignore customer feedback and complaints
Provide excellent customer service, actively listen to customer feedback, personalize the customer experience, resolve customer issues promptly, and continuously improve products and services based on customer needs.
Provide slow and unresponsive customer service
Offer generic and impersonalized customer experience
Why is customer satisfaction important for businesses?
Customer satisfaction is not important for businesses.
Customer satisfaction only leads to increased costs for businesses.
Customer satisfaction is important for businesses because it leads to customer loyalty, repeat business, positive word-of-mouth, and increased profitability.
Customer satisfaction has no impact on customer loyalty or profitability for businesses.
Name one factor that can negatively impact customer satisfaction.
unresponsive communication
product defects
poor customer service
long wait times
What is the Net Promoter Score (NPS) used for?
It is used to measure employee productivity.
It is used to track sales revenue.
It is used to analyze market trends.
It is used to measure customer loyalty and satisfaction.
How can businesses gather feedback from customers to measure satisfaction?
Guessing based on personal assumptions
Analyzing sales data to determine customer satisfaction
Surveys, feedback forms, online reviews, social media monitoring, customer interviews, and focus groups.
Emailing customers directly and asking for feedback
What role does employee training play in improving customer satisfaction?
Employee training only improves employee satisfaction, not customer satisfaction.
Customer satisfaction is solely dependent on the quality of the product or service.
Employee training equips employees with the necessary skills and knowledge to provide excellent customer service.
Employee training has no impact on customer satisfaction.
How can businesses create a customer-centric culture to enhance satisfaction?
By understanding customer needs, training employees, gathering feedback, and delivering quality products/services.
By not training employees and not prioritizing customer satisfaction.
By ignoring customer needs and focusing on internal processes.
By providing subpar products/services and not seeking feedback.
A possible impact of poor customer service could be (a)
How could a company measure customer satisfaction levels? Fill in the blank.
By conducting a (a) which gathers a small number of customers together to seek their opinion
How could a company measure customer satisfaction levels? Fill in the blank.
By arranging a (a) who will act like a real customer and report back on their experience of customer service levels to the company
By carrying out a ___________ which will be on the website allowing customers to quickly answer questions and which is easy to collate responses
How could a company measure customer satisfaction levels? Fill in the blank.
By conducting a one-to-one (a) with customers as they leave the store or at point-of-sale
It is more expensive to find new customers than to get repeat business.
True
False
Customer Experience is
Process of dealing with members/clients query with first time right approach
The process of empathetic listening and responding to emails
Answer all of the questions asked
All of the above
A member writes an email and we can observe words that indicate member is unhappy, dissatisfied etc. What should you do?
Log a complaint
Take ownership and investigate to resolve the concern
Both options
Good Customer Service can help:
Advocate and promote our organization services
Retain existing clients and gain new clients
Increase organization reputation and credibility
All the options
Match the following sectors of industry to their definition
Primary
Extracting natural resources
Secondary
natural resources into finished goods
Tertiary
Providing a service
Quarternary
Knowledge-based
Match the appropriate factor of production to its definition.
Capital
Man-made resources; equipment/machinery
Enterprise
Person responsible for the idea
Land
Natural resources used in production
Labour
workforce/employees of the business
A good is (a) , which means it can be touched.
A service is (a) , which means it cannot be touched.
Businesses exist to combine the (a) so they can (b) the wants and needs of (c) . They usually aim to do this (d) .
A private sector business is owned by (a) . The owners of the business get to make all big (b) . Private sector business aim to make a (c) . Private sector businesses are financed by the money put in by the (d) .
A public sector business is owned by the (a) . Government (b) are elected and get to make the decisions. Public sector businesses are funded by (c) . They aim to (d) .
A third-sector business is owned by (a) . A (b) is responsible for making decisions for a third-sector business. Businesses in this sector are funded by (c) . Finally, they usually aim to (d) .
Match the business with the sector of economy.
Oxfam
Third-Sector
Apple
Private Sector
NHS
Public Sector
Pick the three sectors of economy...
Private
Public
Third
Secondary
What sector does Starbucks operate in?
Private
Public
Third
What sector does the Big Issue operate in?
Private
Public
Third
A private limited company is run by what...
A board of directors
Shareholders
The owner
The employees
A partnership has...
2-20 partners
2-16 partners
2-22 partners
2-18 partners
The 4 factors of production are (a) (b) (c) (d)
What Factor is this?
Land
Labor
Capital
Entrepreneur
Land
Labor
Captial Goods
Entrepreneur
What is a Sole Proprietorship?
A business where 2 or more people share ownership
A business owned by shareholders
A business that is owned by one individual
What percentage of the profits in sole proprietorship is the owner designated to?
75%
100%
54%
0%
Which of the following is an advantage of sole proprietorship?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
A limited liability partnership means
liability is unlimited
liability is shared up to a certain percentage
no liabilities
Which of the following best describes a business objective?
It sets out specifically how a business aim can be met in a certain time
It is a general goal of the business
It is a qualitative statement that is displayed publically in the firm
It is target that will never change
A business objective is a long term goal?
True
False
Market leadership is a main business aim for private businesses?
True
False
Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?
Personal objective
Profit objective
Social objective
Market share objective
The purpose of a business setting objectives is:
To maximise profits
To reduce market share
To provide targets
To increase sales
Which of the following objectives is a start-up business, operating in a competitive market, most likely to set in its first year of trading?
Minimise sales
National expansion
Survival
Maximise profit
