business unit 1 key words

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market
a place where buyers and sellers meet
1 of 71
customer needs
what the customer requiers from the product or the business
2 of 71
market research
collecting information about customers, competitors and/or the market.
3 of 71
primary research
information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments
4 of 71
secondary research
information that already exists such as accounts and sales records, government statistics, newspaper and internent artacals and reports from advertsing agencies
5 of 71
qualitative data
data about opinions, judgements and attitudes
6 of 71
quantitative data
data that can be expressed as number and can be statistically analysed
7 of 71
focus group
primary research methods where groups of potential customers are asked about a product
8 of 71
market map
marketing tool that enables you to postion products to find a ga[ in the market
9 of 71
market segment
part of the market that contians a group of buyers with similar buying habits
10 of 71
brand image
the identity that a business creates
11 of 71
added value
difference between the price and the cost of making a product.Can be achieved through quality, design. delivery USP and branding
12 of 71
USP
unique selling point
13 of 71
franchise
agreement to use the rights and name of another business
14 of 71
franchisee
the business that purchases the rights of the franchise
15 of 71
franchisor
the businee that sells the rights of the franchise
16 of 71
marketing mix
the 4 P's- product, pirce, promotion and place
17 of 71
sole trader
business owned by one perosn, ahs unlimited liability
18 of 71
unlimited liability
where you are responsiable for the amounts you have invested into a business
19 of 71
VAT
Value Added Tax- a tax on goods or a services
20 of 71
income tax
A tax on incomes
21 of 71
national insurance contrabution
a tax paid by the businesses and incividuals towards social security benifits
22 of 71
corporation tax
a tax apid by Ltd and PLC's. A tax on profits
23 of 71
customer service
the experiance that a customer has when dealing with a business
24 of 71
customer satisfaction
the extent to which a business meets the customer needs
25 of 71
repeat purchase
buying from the same business again
26 of 71
Job description
Information about the details of the duties of the job.
27 of 71
Financial objectives
Objectives in relation to money e.g. increase sales, increase personal wealth
28 of 71
Non-financial objectives
social, ethical objectives usually to benefit the community or others.
29 of 71
revenue
price x quantity
30 of 71
total costs
fixed costs + total variable costs
31 of 71
fixed costs
costs that do not change with output
32 of 71
variable costs
costs that cahnge directly with output- e.g. raw materials
33 of 71
profit
total revenue - total costs
34 of 71
cash
money in the bank, notes and coins
35 of 71
cash flow
flow of money in and out of a business
36 of 71
inflow
cash coming into the business. Receipts
37 of 71
outflow
cash going out of the business. Payments
38 of 71
net cash flow
inflows - outflows
39 of 71
insolvency
when you dont have enough cash for the day to day bills
40 of 71
opening balence
Cash at the start of the month
41 of 71
closing balance
opening balance-net cash flow. Becomes the opening balance for the next month
42 of 71
trade credit
when suppliers give you 30 days to pay for goods
43 of 71
stocks
materials held by the business. Can be raw materials, semi finished goods of finished goods
44 of 71
shareholders
someone who has paid money and controls part of the business
45 of 71
loan
external finance from a bank where payments are fixed over a time period
46 of 71
mortgage
long term loan usually for property
47 of 71
dividend
payment given to the shareholders
48 of 71
retained profit
profit which is kept back in the business and used to pay for investment in the company
49 of 71
leasing
paying a monthly sum to use a product without ever owning it
50 of 71
overdraft
borrowing money from a bank by drawing more money thna is actually in a current account. Interest is cahrged on the amount overdrawn
51 of 71
motivation
the desire to want to complete a task
52 of 71
demand
the willingness of customer to buy a product
53 of 71
suply
the willingness of a businesses to supply/produce a product
54 of 71
commodity
product that are the smae e.g. cocoa, oil, wheat and gold
55 of 71
interest rate
the cost of borrowing money or the reward for saving money
56 of 71
business cycle
stages that the economy goes through
57 of 71
Boom
employment is high, demand is high, profits are high
58 of 71
Recession
unemployment increases, demand falls, profits fall
59 of 71
stakeholder
someone with an interest in a business
60 of 71
Exchange rate
the value of one currency expressed as another
61 of 71
import
purchasing goods that were made abroad
62 of 71
exports
selling UK made goods abroad
63 of 71
invention
creating a brand new product or process
64 of 71
innovation
developing an existing idea
65 of 71
patent
protecting ideas
66 of 71
trademark
protecting images, logos and signs
67 of 71
copyright
protecting books, music and films
68 of 71
lateral thinking
thinking outside of the box
69 of 71
calculated risk
quantifying the chance of something not happening
70 of 71
entrepreneur
someone willing to take a risk to undertake a new business venture.
71 of 71

Other cards in this set

Card 2

Front

what the customer requiers from the product or the business

Back

customer needs

Card 3

Front

collecting information about customers, competitors and/or the market.

Back

Preview of the back of card 3

Card 4

Front

information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments

Back

Preview of the back of card 4

Card 5

Front

information that already exists such as accounts and sales records, government statistics, newspaper and internent artacals and reports from advertsing agencies

Back

Preview of the back of card 5
View more cards

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