business studies unit one

  • Created by: emma-l-d
  • Created on: 23-05-16 21:01
desires of buyers of a product or the customers of a business
customer needs
1 of 108
gaining information about customers and market trends through primary and secondary research
market research
2 of 108
gathering completely new information
primary research
3 of 108
method of market research that asks questions of people or organisations
4 of 108
people who answer surveys or questionnaires
5 of 108
group of people brought together to discuss a specific product. A method of product research
focus group
6 of 108
using data that has already been collected
secondary data
7 of 108
a survey/questionnaire where the answers are worded and usually opinions
qualitative data
8 of 108
a survey/questionnaire where the answers are numerical
quantitative data
9 of 108
area of the market with buyers that have similar habits
market segment
10 of 108
when the price is an important factor in the buying process
price sensitive
11 of 108
diagram to show where businesses are positioned according to price and quality(supermarkets as examples)
market map
12 of 108
occurs when no businesses are serving the needs for a section of customers
market gap
13 of 108
a group of similar products made by a business
product range
14 of 108
branding, quality, design, convenience, speedy service and USP are means of this
added value
15 of 108
means of increasing the value of a business by making a product completely different
16 of 108
type of business that gives another business the right to use its name
17 of 108
someone who pays a franchisor to use their brand names and pays royalties in return for it
18 of 108
a business that lets someone sell their products and gets royalties in return
19 of 108
someone who runs a business and takes risks
20 of 108
willingness to take risks and show initiative
21 of 108
synonym for businesses
22 of 108
chance of damage or loss as a result of a decision
23 of 108
an advantage one business has over another to enable it to out-perform another
competative advantage
24 of 108
intentionally creating new ideas
deliberate creativity
25 of 108
method of thinking outside the box
lateral thinking
26 of 108
no idea is a bad idea, encourages all possible ideas
blue sky thinking
27 of 108
factual thinking hat
white hat
28 of 108
hat of emotions and gut feelings
red hat
29 of 108
problems and negative consequences hat
black hat
30 of 108
hat about positive thinking
yellow hat
31 of 108
creativity and lateral thinking hat
green hat
32 of 108
leader hat, thinking about thinking
blue hat
33 of 108
creating an entirely new product
34 of 108
changing a feature of an existing design to better it
35 of 108
legally owning an invention registered with the government
36 of 108
legal ownership of materials like books/music/films
37 of 108
symbol/sign/feature of a product that can be legally protected
38 of 108
probability of a negative event occuring compared with the rewards
calculated risk
39 of 108
disadvantages of a business's course of action
40 of 108
advantages of a business's course of action
41 of 108
another term for brainstorming ideas
42 of 108
targets of a business expressed in monetary terms
financial objectives
43 of 108
another term for a business's profit
44 of 108
number of units sold by a business
sales volume
45 of 108
money paid by a business that is unchanged by number of units made
fixed cost
46 of 108
fixed+variable costs
total cost
47 of 108
costs that a business pays that changes with ammount of units made
variable cost
48 of 108
how the inflow and outflow flows in a business
cash flow
49 of 108
money coming into a business
50 of 108
money going out of a business
51 of 108
inflow/receipts minus outflow/payments
net cash flow
52 of 108
when a business can't pay its debts
53 of 108
future prediction of money inflow/outflow in a business
cash flow forecast
54 of 108
ammount of money in a business at the start of the month
opening balance
55 of 108
ammount of money in a business left at the end of a month
closing balance
56 of 108
sum of cash that flows into a business over time
cumulative cash flow
57 of 108
period of time given to the customer to repay what they've paid for materials
trade credit
58 of 108
materials that a business owns, either finished products or waiting to be used in the production process
59 of 108
plan for development of a business including cash flow, sales and costs
business plan
60 of 108
source of finance for longer than a year
long term
61 of 108
source of finance quickly repaid in under a year
short term
62 of 108
part ownership in a business
63 of 108
money set-aside when saving up for something
personal savings
64 of 108
monetary value of all company shares owned by shareholders
share capital
65 of 108
owner of a company
66 of 108
someone who buys shares in a company with the hope of selling it on at a later date for a profit
venture capitalist
67 of 108
borrowing money that has to be re-paid along with interest
68 of 108
assets of a business used to guarantee loan repayments. if the business fails to make repayments the lender can legally sell their assets
69 of 108
a special type of long-term loan specifically for houses
70 of 108
share of company profits paid to its shareholders who own a share
71 of 108
profit used to reinvest in the business
retained profit
72 of 108
renting out equipment or property
73 of 108
when a business becomes over-drawn on their accounts and goes into negative figures
74 of 108
selling a debt on for a fraction of what they owe but getting the money immediately
75 of 108
4 P's businesses use to acess customer needes when selling a product
market mix
76 of 108
how much a business charges for a good/service as part of the marketing mix
77 of 108
a good/service produced by a business as part of the marketing mix
78 of 108
how a product is advertised as part of the marketing mix
79 of 108
where a product is distributed from as part of the marketing mix
80 of 108
owner of a business with unlimited liability
sole trader
81 of 108
legal obligation of the business owner to settle all debts caused by the business
unlimited liability
82 of 108
shareholders are not personally liable for the debts of the company, can only loose value of investment in shares of company
limited liability
83 of 108
taxation everyone that pays if they earn over around £11'000 has to pay
income tax
84 of 108
taxation that all limited companies legally have to pay
corporation tax
85 of 108
how employees treat their customers
customer service
86 of 108
how happy the customer is with the business and how well they're treated
customer satisfaction
87 of 108
when a customer repeatedly buys the same product or from the same business
repeat purchase
88 of 108
person who shows interst in responce to a job offer
job applicant
89 of 108
briefly describes duties of a worker and their role in the company
job description
90 of 108
profiles the type of person needed for a job eg skills and qualities
person specification
91 of 108
document filled in with personal details given to a company in response to a job advertisement
application form
92 of 108
brief list of details about a person eg name, address, qualifications and experience
curriculum vitae
93 of 108
drives a person to do their best
94 of 108
raw materials like gold or coal
95 of 108
buyers and sellers meet to trade goods (London Metal Exchange)
commodity market
96 of 108
ammount consumers are willing to buy at any given price
97 of 108
ammount sellers are willing to offer for sale at any given time
98 of 108
not enough goods to meet customer demands
99 of 108
more goods than there is customer demand for
100 of 108
ammount of money paid on top of the initial loan
interest rate
101 of 108
how much the pound is worth in comparison to other currencies
exchange rate
102 of 108
goods going out of the uk
103 of 108
goods coming into the uk
104 of 108
ammount of buying/selling in a period of time
ecomomic activity
105 of 108
fluctuations in the economy that effect businesses
business cycle
106 of 108
a downwards turn in the economy
107 of 108
anybody with an interest in a business
108 of 108

Other cards in this set

Card 2


gaining information about customers and market trends through primary and secondary research


market research

Card 3


gathering completely new information


Preview of the front of card 3

Card 4


method of market research that asks questions of people or organisations


Preview of the front of card 4

Card 5


people who answer surveys or questionnaires


Preview of the front of card 5
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