Business Definitions

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  • Created by: heroin
  • Created on: 22-10-15 17:40
Business
A business is an organisation that sells and produces goods and services
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Primary Sector
Where raw materials are collected i.e oil,wheat,water
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Secondary Sector
Manufacturing of raw materials
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Tertiary Sector
Where the finished product are sold
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Entrepreneurship
Entrepreneurship means being prepared to take risks and having the flair and skills needed to set up and run a business
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Business Aim
A long term goal that will be achieved through your objectives
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Business objective
They're short term precise targets which will help a business grow & expand & fulfill its aims
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Stakeholder
A stakeholder is a person or group who is affected or have an interest by a business
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Business plan
A business plan is a written document which describes a business ; its objectives, its strategies, the market it is in and its financial forecasts
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People
Skills of the management and workforce
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Products
What the firm sells
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The market
Size of the market and growth
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Competition
How many other firms
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Marketing
Price, Product, Promotion, Place
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External Investors
What sources of funding come from
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Operations
Locations of shops & suppliers
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Forecasts
Expected profits over a period of time
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Sole trader
Someone who sets up a business on their own
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Unlimited liability
Unlimited liability means there is no limit to what can be taken from you if it is owed
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Limited liability
Limited liability means you are not entirely responsible for the debt of your business
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Partnership
A partnership is a business association between 2 or more owners of a business
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Private limited companies
Private limited companies are companies who are shareholders
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Shareholders
Shareholders are individuals or organisations which own a share of the company
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External investors
Someone who puts money into your company - banks
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Dividend
Profit that is paid out to shareholders
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Franchise
A franchise is when an existing, successful business (the franchiser) gives another business or person (the franchisee) the right to supply its product or service and trade under its name/logo and use its trading methods
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Market Research
Research carried out to identify the needs & wants of customers
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Primary Research
Also known as field research. Conducted first hand for the purpose of the task at han
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Other cards in this set

Card 2

Front

Where raw materials are collected i.e oil,wheat,water

Back

Primary Sector

Card 3

Front

Manufacturing of raw materials

Back

Preview of the back of card 3

Card 4

Front

Where the finished product are sold

Back

Preview of the back of card 4

Card 5

Front

Entrepreneurship means being prepared to take risks and having the flair and skills needed to set up and run a business

Back

Preview of the back of card 5
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