Research into new products or processes and developing ideas that are generated from research
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Localise
Adapt to suit the local area and its needs, particularly in terms of culture, language or geographical location
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Innovation
The act of creating new products or processes
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E-commerce
Using the internet to carry out business transactions
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Ethics
Moral principles or standards that guide the behaviour of a person or business
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Stakeholder
Anyone who has an interest in the activity of a business, such as its directors, the local community and the government
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Merger
When two or more businesses join together to operate as one business
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Trade-off
A balance between two differing or opposing objectives, such as making a profit and spending money on ethical activities that will enahnce the business's reputation
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Takeover
When one business buys another business and incorporates it into their own
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Profit margin
The proportion of revenue left over after all costs have been deducted
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Public Limited Company
An incorporated business that can sell shares to the public (also known as a plc)
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Green audit
Detailed review of a business's impact on the environment, either conducted by the business itself or by an independant organisation
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Multinational
A business with operations in more than one country (also known as a multinational corporation or MNC)
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Sustainability
Acting to ensure that natural resources are used responsibly, to protect the environment for future generations
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Assets
Items owned by a business, such as premises, equiptment or stock
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Finite resource
(Also known as a non-renewable resource) A resource that does not renew itslef quickly enough to meet society's consumption of that resource, such as oil and natural gas
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Interest
The cost of borrowing, or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed
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Pressure group
A group of people who join together to try to influence government policy or business policy for a particular cause
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Secured
Guaranteed, because if the business fails to pay back the money and the bank can take the asset to sell it
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Boycott
Refusing to buy from or interact with a particular business or organisation
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Dividends
A percentage of a business's profits that is paid to shareholders as a reward for their investment in the business
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Domestically
At home or within a business's home country
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Stock market flotation
The process of changing a business to a public limited company (PLC) by issuing shares for sale on a stock exchange
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Tariff
A tax imposed on imports and exports
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Stock exchange
A place where shares in PLC's can be bought and sold
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Protectionist measure
An action taken by the government to reduce the flow of imports into the country
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Degree of competition
The number and size of businesses competing in a particular market
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Trading bloc
A group of countries that agree to act together to promote trade between themselves
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Market share
The proportion of sales in a market that is taken by one business
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Viral marketing
Using online channels, such as video-sharing or social media sites, to spread a campaign message by encouraging people to share with their friends
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Culture
The general attitudes, behaviour and beliefs of a business and its workforce
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Lobbying
Trying to influence the government or other organisations
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Retrenchment
When a business downsizes the scale of operations by reducing the number of employees or closing less profitable branches
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Product portfolio
The range of goods and services offered by any one business
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Organisational structure
The way in which the workforce is organised, usually a hierarchy with people reporting reporting to managers all the way up to the chief executive officer (CEO)
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Globalisation
When businesses operate on an international scale and gain international influence or power
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Exports
The flow of goods and services out of a country to another country
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Imports
The flow of goods and services into a country from another country
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Other cards in this set
Card 2
Front
Adapt to suit the local area and its needs, particularly in terms of culture, language or geographical location
Back
Localise
Card 3
Front
The act of creating new products or processes
Back
Card 4
Front
Using the internet to carry out business transactions
Back
Card 5
Front
Moral principles or standards that guide the behaviour of a person or business
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