Business Unit 1 Chapter 1 Keywords

?
Market
The place where buyers and sellers meet to trade, they are dynamic - always changing
1 of 26
Marcket niche
A small market, a smaller specific section of a mass market
2 of 26
Franchise
A licence where a frachisee can sell products/services under the franchisor's brand name
3 of 26
Franchisee
The owner of a store based on the franchisor's name and brand who pays royalties to the franchiso
4 of 26
Franchisor
The owner of the brand of a franchise who has agrees to allow franchisee's to sell products using it.
5 of 26
Not-for-profit organisation
An organisation in the public and private sector where the owners do not take the profit. Include social clubs and charities
6 of 26
Grant
Money given from the government for a specific purpose to an organisation such as to set up in a specific location. Not expected to be repaid.
7 of 26
Enterprise
An entrepreneur taking risks to try and set up a business.
8 of 26
Entrepeneur
A person who tries to start up a business. Needs specific skills to be successful
9 of 26
USP
Unique Selling Point - a feature that makes a product/service stand out from the competition
10 of 26
Innovation
Adaptation of an existing idea to make a 'new' product
11 of 26
Public sector organisation
An organisation providing a free product/service to the public. Often set up by the government e.g. NHS
12 of 26
Private sector organisation
An organisation set up by private individuals, usually with the aim of making a profit.
13 of 26
Stakeholder
A person with an interest about what happens to a business. E.g. employee, local community, owners.
14 of 26
Shareholder
A person who owns shares in a company, an owner and therefore interested in the business to make a profit.
15 of 26
Objective
A short term, specific goal which helps a business meets its overall aims.
16 of 26
Aim
What you want your business to achieve, an overall goal. Include survival, to make a profit
17 of 26
Royalty
A fee paid to the owner of an idea or brand for use of their work
18 of 26
Investor
People who put money into a business and get a return such as dividends or drawings
19 of 26
Profit
The money made from a business once a business has paid its costs
20 of 26
Product/service
Something that a company offers for a price to it's consumers. A common method to generate revenue.
21 of 26
Revenue stream
A source of money to the business such as sales of a product
22 of 26
Charity
A business within the private sector, an example of a not-for-profit organisations of which the owners don't take the profit. Aim to make a difference or raise awareness about a cause
23 of 26
Social enterprise
A business that's main aim is a positive social aim, such as human and environmental improvement, rather than profit.
24 of 26
Business
An organisation set up to make profit for the owners and may have other aims.
25 of 26
Company
A business which have gone through the legal process of incorporation. May be private or public limited. Seen as a separate legal identity.
26 of 26

Other cards in this set

Card 2

Front

A small market, a smaller specific section of a mass market

Back

Marcket niche

Card 3

Front

A licence where a frachisee can sell products/services under the franchisor's brand name

Back

Preview of the back of card 3

Card 4

Front

The owner of a store based on the franchisor's name and brand who pays royalties to the franchiso

Back

Preview of the back of card 4

Card 5

Front

The owner of the brand of a franchise who has agrees to allow franchisee's to sell products using it.

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »