Business Unit One Keywords 0.0 / 5 ? Business StudiesKeywordsGCSEAQA Created by: charlieexo23Created on: 18-05-16 11:32 Business An activity that requires the organisation to take a risk and achieve a reward using resources e.g. product or service. 1 of 25 Entrepreneur An individual with an idea for a business. 2 of 25 Social Enterprise An activity that achieves a reward for society. 3 of 25 Gap in the market A business opportunity with a new idea or adds something to an exisiting product or service. 4 of 25 Franchise The legal right to using an exsisting business logo and name to sell the same product. 5 of 25 Business Aim A target for the future stated to the business e.g. to survive the first year. 6 of 25 Business Objective A clear target stated by the business over a period of time e.g. SMART. 7 of 25 Growth An increase in sales, market share or profit. 8 of 25 Profit Margin Profit made as a proportion of sales revenues. 9 of 25 Sales The amount of items or services sold. 10 of 25 Market Share Total market sales sold by one business. 11 of 25 Customer Satisfaction How happy the customer is with the service or product. 12 of 25 Ethics Moral quesitons on decisions made on the businesses internal and external environment. 13 of 25 Turnover Revenue. 14 of 25 Stakeholder Someone or a group with an interest in the business e.g. employeess + customers. 15 of 25 Business Plan A statement showing how a business sets out to achieve its aims and objectives. 16 of 25 Funding Money provided to the business for growth either long term or short term. 17 of 25 Forecast A technique a business uses to estimate future sales. 18 of 25 Risk The potential for loss but rewards in business to make a calculated gamble. 19 of 25 Sole Trader Just one person in the business. 20 of 25 Partnership Two or more people who are jointly in charge. 21 of 25 Unlimited Liability Responsible for all business debts e.g. sole trader. 22 of 25 Limited Liability Can't be forced to sell assests if the company fails. 23 of 25 Incorporation Forming a limited liability company. 24 of 25 Mail order Direct marketing through mail shots leading to goods being delievered directly to customer. 25 of 25
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