Business 2.0 / 5 based on 1 rating ? Business StudiesMarketing and competitive environmentsASAQA Created by: MorganCreated on: 05-01-13 11:37 Entreprise The ability to handle uncertainty and deal effectively with change. 1 of 14 Entreprenuer Someone who starts and runs a business and has responsibility for the risks involved. 2 of 14 Oppurtunity Cost The cost of an activity expressed in terms of the next best alternative which has been given up when making a choice. 3 of 14 Gap in the Market When an entrepreneur identifies the oppurtunity to offer a product or service that does not already exsist. 4 of 14 Market Niche A small segment of a market which has a particulary suitabe target audience for a specific product. 5 of 14 Copyright The protection given t music books plays and films. 6 of 14 Patents An exclusive right to use a process or produce a product usually for a fixed period of time. 7 of 14 Trademarks A word image sound or smell that enables a business to differentiate itself from competetors. 8 of 14 Franchises Involves an entrepreneur buying the right to use a business idea from a business owner. 9 of 14 Inputs Something that contributes to the production of a product or service. 10 of 14 Outputs Something that occurs as a result of the transformation of business inputs. 11 of 14 Transformation process Is a procedure whereby inputs are processed in order to produce outputs 12 of 14 Adding Value The difference in value between the price of the finished product and the cost of materials used. 13 of 14 Business Plans A document designed to allow a business to plan for the future, allocate resources, identify key decisions and prepare for problems and oppurtuinitys. 14 of 14
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