Business Theme 1 Keywords

a business or a company
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someone who takes on risks of enterprise activity
2 of 47
when a product is no longer used, as it's out-dated and has been replaced by something else
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a decision which can have a negative outcome
4 of 47
financial reward
a reward which profit/cash
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Unique Selling point
an original feature of a product that makes it different from competitors
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the difference between revenue and costs over a period of time
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break-even point
the level of output at which the companies total revenue = total costs
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a fixed cost
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when a firm is unable to pay debts
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goods used by individuals and businesses that must be replaced regularly because they wear out or are used up
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retained profit
profit that's kept in the company rather than paid to shareholders
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fixed costs
a cost that doesn't vary with output
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variable costs
a cost which will increase as the firm expands output
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a owner of shares in a company
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share capital
money gained through issuing shares in the company
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venture capital
money raised by selling shares to individuals or businesses who specialise in giving finance to new or expanding firms
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a valuable item which belongs to a business
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customer needs
things that a customer desires in a product/service
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brand loyalty
customer who value one brand only purchase from them
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repeat business/purchase
customer continuing to buy from the same brand
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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
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secondary research
marketing research that involves looking at data fro outside the business
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qualitative data
information that can't be measured
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quantitative data
numerical data which can be measured
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market segmentation
dividing up the market of potential customers into groups
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market map
diagram comparing different categories for businesses or products
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marketing mix
price, product, promotion, place which must be considered for good marketing
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secondary research
existing data from other sources
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sole trader
one person owns an unincorporated company
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limited liability
owners are not legally responsible for all the businesses debts
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unlimited liability
the business owners are responsible for all of the businesses debts
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a person or company that grants the license to a third party for the conducting of a business under the franchisor's brand
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a business owner who uses an existing brands products or trademark
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physical work
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bulk-gaining product
gains volume during production
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bulk-reducing product
reduces volume during production
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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
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you can purchase from the business using multiple methods
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business plan
an outline of what a business will do and how it will do it
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stake holder
any individual or group of poeple affected by a business
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payment added to borrowed money when it's paid back
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money paid to the government
45 of 47
goods going out of a country
46 of 47
laws in a country
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Other cards in this set

Card 2


someone who takes on risks of enterprise activity



Card 3


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


Preview of the back of card 3

Card 4


a decision which can have a negative outcome


Preview of the back of card 4

Card 5


a reward which profit/cash


Preview of the back of card 5
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