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Sole Trader = a business owned by one individual
who has unlimited liability e.g. corner shop
· Partnership = business owned by 2 to 20 individuals
· Private Limited Company = company which issues a
maximum of £50,000 worth of shares to family and
friends only
· Public Limited Company = company which issues a
minimum of £50,000 worth of shares on to the stock
exchange for the general public to buy…read more

Slide 3

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Divorce of ownership and control = company becomes
bigger, owners have less control over it e.g. PLC
owned by share holders but run by BOD
· Customer Base = size of Target market/actual market
a business has
· Franchise = when a franchisor gives a franchisee the
right to supply their goods under it's brand name for a
payment (royalty).
· Business Plan = document which states intentions and
aims of the business as well as other plans such as
marketing, personnel, finance, and operations.…read more

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Aim/Mission = outline of a purpose of the business
· Objective = a target a business sets itself to achieve
· Short Term Objective = a target a business sets itself
to achieve within 1 to 2 years
· Long Term Objective = a target a business sets itself
to achieve within 2 to 5 years
· Adding Value = difference between selling cost and
selling price…read more

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Markets = where firm trade with consumers in the
sale of goods and services
· Market Size = Total amount of consumers, sales or
units sold
· Market Growth = amount a market can increase in
terms of consumers, sales, units sold
· Market Share = proportion of market a firm holds e.g.
25%
· Niche Market = small segment of overall market…read more

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Primary Research = info collected first hand
· Secondary Research = info collected by
another individual or organisation
· Random Sample = no specific TM is selected
and everyone has equal chance of being
selected
· Quota Sample = TM selected then n amount
are questioned…read more

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