Unit 1 Definitions
- Created by: Sarah-Jade
- Created on: 21-04-10 20:46
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…
Comments
No comments have yet been made