Unit 1 Definitions

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Adding value

The process by which firms add to the price consumers are prepared to pay for the product

Brainstorming

An activity that encourages members to say the first answer on how to solve a problem

Business link

The government's one stop advice centre for small new firms

Business plan

A report detailing the marketing strategy, production costs and financial implications

Characteristics of entrepreneurs

The personality and character traits that make entrepreneurs different from other people

Competitive advantage

An aspect of the business that enables it to withstand competition

Copyright

The legal protection against copying for authors, composers and artists

Demand

The desire to own a good or service

Entrepreneur

An individual with a flair for a business opportunities and risk taking

Franchisee

A person or company who has brought the local rights to use name,logo etc

Franchise

A business based upon the name,logo or trading method of a local business

Franchisor

The holder of the franchise who will sell the local rights to suitable franchisees

Gap in the market

An identifiable market opportunity that…

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