The combination of factors which help the business to take into account the customers needs and wants when selling a product. Summarized as the 4P's, product, price, place, promotion.
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Sole trader
A business owned by one person only.
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Unlimited Liability
A legal obligation on the owner of the business to pay off all debts of the business.
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Limited Liability
When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment.
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HM Revenue and Customers
The government authorities in the UK responsible for collecting tax.
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VAT
A tax on the value of sales.
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Income Tax
A tax on the profits of sole traders and on the earnings of workers.
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Customer Service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.
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Corporation Tax
A tax on the profits of companies.
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National Insurance Contributions
A tax on the earnings of workers. Employers must pay NI for their workers and sole traders and workers must pay NI on their earnings.
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Customer Satisfaction
A measure of how well products met customers expectations.
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Repeat Purchase
Orders or sales from customers that have previously used the business or product.
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Recruitment
The process of identify, locating and selecting employees for the business.
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Training
Providing assistance and support for employees to help develop their skills and productivity (either on or off the job)
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Motivation
The desire to complete a task and meet the needs of the business consistently.
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Personal Specification
A profile of the type of person needed for the job ie. identifying the skills and qualities an individual needs to do the job.
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Job Description
Document that describes the tasks and duties of a worker for a job.
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Other cards in this set
Card 2
Front
A business owned by one person only.
Back
Sole trader
Card 3
Front
A legal obligation on the owner of the business to pay off all debts of the business.
Back
Card 4
Front
When shareholders of a company are not personally liable for the debts of the company; the most they can lose is the value of their investment.
Back
Card 5
Front
The government authorities in the UK responsible for collecting tax.
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