Business Theme 1 Keywords

Enterprise
a business or a company
1 of 47
Entrepreneur
someone who takes on risks of enterprise activity
2 of 47
obsolete
when a product is no longer used, as it's out-dated and has been replaced by something else
3 of 47
risk
a decision which can have a negative outcome
4 of 47
financial reward
a reward which profit/cash
5 of 47
Unique Selling point
an original feature of a product that makes it different from competitors
6 of 47
profit
the difference between revenue and costs over a period of time
7 of 47
break-even point
the level of output at which the companies total revenue = total costs
8 of 47
overheads
a fixed cost
9 of 47
insolvent
when a firm is unable to pay debts
10 of 47
consumables
goods used by individuals and businesses that must be replaced regularly because they wear out or are used up
11 of 47
retained profit
profit that's kept in the company rather than paid to shareholders
12 of 47
fixed costs
a cost that doesn't vary with output
13 of 47
variable costs
a cost which will increase as the firm expands output
14 of 47
shareholders
a owner of shares in a company
15 of 47
share capital
money gained through issuing shares in the company
16 of 47
venture capital
money raised by selling shares to individuals or businesses who specialise in giving finance to new or expanding firms
17 of 47
assets
a valuable item which belongs to a business
18 of 47
customer needs
things that a customer desires in a product/service
19 of 47
brand loyalty
customer who value one brand only purchase from them
20 of 47
repeat business/purchase
customer continuing to buy from the same brand
21 of 47
market research
investigating features of a market and customer opinions within the market
22 of 47
primary research
market research that involves getting information for (potential)customers
23 of 47
secondary research
marketing research that involves looking at data fro outside the business
24 of 47
qualitative data
information that can't be measured
25 of 47
quantitative data
numerical data which can be measured
26 of 47
market segmentation
dividing up the market of potential customers into groups
27 of 47
market map
diagram comparing different categories for businesses or products
28 of 47
marketing mix
price, product, promotion, place which must be considered for good marketing
29 of 47
secondary research
existing data from other sources
30 of 47
sole trader
one person owns an unincorporated company
31 of 47
limited liability
owners are not legally responsible for all the businesses debts
32 of 47
unlimited liability
the business owners are responsible for all of the businesses debts
33 of 47
franchisor
a person or company that grants the license to a third party for the conducting of a business under the franchisor's brand
34 of 47
franchisee
a business owner who uses an existing brands products or trademark
35 of 47
labour
physical work
36 of 47
bulk-gaining product
gains volume during production
37 of 47
bulk-reducing product
reduces volume during production
38 of 47
price war
a period of fierce competition in which traders cut prices in an attempt to increase their share of the market.
39 of 47
product differentiation
changing a product to be unique and stand out from competition
40 of 47
multi-channel
you can purchase from the business using multiple methods
41 of 47
business plan
an outline of what a business will do and how it will do it
42 of 47
stake holder
any individual or group of poeple affected by a business
43 of 47
interest
payment added to borrowed money when it's paid back
44 of 47
tax
money paid to the government
45 of 47
exports
goods going out of a country
46 of 47
legislation
laws in a country
47 of 47

Other cards in this set

Card 2

Front

someone who takes on risks of enterprise activity

Back

Entrepreneur

Card 3

Front

when a product is no longer used, as it's out-dated and has been replaced by something else

Back

Preview of the back of card 3

Card 4

Front

a decision which can have a negative outcome

Back

Preview of the back of card 4

Card 5

Front

a reward which profit/cash

Back

Preview of the back of card 5
View more cards

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