Business- Something that provides a good or a service.
Gap in the market- Where there is a demand for a good or service that is not currently being met by any businesses.
Entrepreneur- Someone that starts up a business.
Stakeholders- Those that have a stake or interest in the performance of a business. *Internal stakeholders = people within the business that have a stake or interest in the performance of a business.
Aims- Long term goals a business can work towards.
Business plan- The plan for a business as to where they want to go and how they will get there.
Business location- Where a business is located.
Sole trader- A business owned by one person.
Partnership- A business owned by 2-20 people.
Unlimited liability- When the owners posessions are at risk because of the debts of their business.
Limited liability- When the owners posessions are not at risk even if their business has debt.
Public limited companies- Businesses that can sell shares on the stock exchange.
Public sector businesses- Businesses owned by the government.
Franchising- Big named businesses allowing entrepeneurs to sell products under their name.
Centralised structure- A business that makes decisions by a few people in the centre of the business.
Decentralised structure- A business that spreads decision making.
Organisational charts- Charts showing the structure of a business.
Tall structure- Businesses that have lots of layers within the business structure.
Flat structure- Businesses that have few layers within the business structure.
Market research- Researching the market.
Primary/field research- First hand research.
Secondary/desk research- Research from what has already been produced.
Quantitative data- Data that is in numerical form.
Qualitative data- Data that is opinions and views.
The Boston Matrix- A way to analyse a product portfolio.
Product life cycle- The life cycle a product goes through in terms of levels of demand.
Cost plus pricing- Adding a percentage of profit to a products selling price.
Skimming pricing- Having a high price for a new product when people are willing to pay then decreasing the price later.
Penetration pricing- A low price on a product to gain market share.
Loss leaders- A low price…