Business Key Words

  • Created by: twomoodz
  • Created on: 13-04-18 12:23
Costs
It is the money that the business pays out. e.g. employers, suppliers
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Price
The amount of money the customer is willing to pay for their product.
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Sales Revenue
The money they've earnt from the sale of their product.
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Profit
The money the business is left with after their costs have been payed for
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Customer
They pay for their product but they may not use it.
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Consumer
They use the product but they don't always pay for it
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Industrial Goods
They are goods bought by a company and used to make other goods. e.g. machinery
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Consumer Goods
They are made for the use of the public. e.g. iphone
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Durable Goods
They are goods that last for a long period of time, mainly capital goods like machinery.
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Non-durable Goods
Products that don't last long. For example, a tin of beans.
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Market
A point where buyers and sellers exchange products for profit.
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Marketing
Finding out what a customer wants, providing it and making sure that the public is aware of it and where they can buy it
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The Marketing Mix
the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
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Product
Product: The info that will help it create a product that is designed to meet customers preferences.
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Price
They will set a price that matches their target customers
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Promotion
They will spend their money on adverts and other forms of promotion that customers will take notice of.
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Place
This isn't about the location it is about the way the product will get to the customer. For example, purchase form shop only or online.
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Other cards in this set

Card 2

Front

The amount of money the customer is willing to pay for their product.

Back

Price

Card 3

Front

The money they've earnt from the sale of their product.

Back

Preview of the back of card 3

Card 4

Front

The money the business is left with after their costs have been payed for

Back

Preview of the back of card 4

Card 5

Front

They pay for their product but they may not use it.

Back

Preview of the back of card 5
View more cards

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