Business Unit 1 Chapter 1 Keywords

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Market
The place where buyers and sellers meet to trade, they are dynamic - always changing
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Marcket niche
A small market, a smaller specific section of a mass market
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Franchise
A licence where a frachisee can sell products/services under the franchisor's brand name
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Franchisee
The owner of a store based on the franchisor's name and brand who pays royalties to the franchiso
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Franchisor
The owner of the brand of a franchise who has agrees to allow franchisee's to sell products using it.
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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
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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.
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Enterprise
An entrepreneur taking risks to try and set up a business.
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Entrepeneur
A person who tries to start up a business. Needs specific skills to be successful
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USP
Unique Selling Point - a feature that makes a product/service stand out from the competition
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Innovation
Adaptation of an existing idea to make a 'new' product
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Public sector organisation
An organisation providing a free product/service to the public. Often set up by the government e.g. NHS
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Private sector organisation
An organisation set up by private individuals, usually with the aim of making a profit.
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Stakeholder
A person with an interest about what happens to a business. E.g. employee, local community, owners.
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Shareholder
A person who owns shares in a company, an owner and therefore interested in the business to make a profit.
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Objective
A short term, specific goal which helps a business meets its overall aims.
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Aim
What you want your business to achieve, an overall goal. Include survival, to make a profit
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Royalty
A fee paid to the owner of an idea or brand for use of their work
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Investor
People who put money into a business and get a return such as dividends or drawings
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Profit
The money made from a business once a business has paid its costs
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Product/service
Something that a company offers for a price to it's consumers. A common method to generate revenue.
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Revenue stream
A source of money to the business such as sales of a product
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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
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Social enterprise
A business that's main aim is a positive social aim, such as human and environmental improvement, rather than profit.
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Business
An organisation set up to make profit for the owners and may have other aims.
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Company
A business which have gone through the legal process of incorporation. May be private or public limited. Seen as a separate legal identity.
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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
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