Choosing a proportion of the whole population as representative of the market
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Secondary research
also known as desk research, is research that has already been undertaken by another organisation so already exists but is adapted for a use by a business
2 of 18
shareholders
investors who are part owners of a company who receive a dividend in return for their investment
3 of 18
sole trader
an individual who owns and runs the business who has unlimited liability and is unincorporated
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stratified sample
sample selected from a specific subsection of the population eg black females between ages of 18 and 25
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total contribution
sales revenue - total variable costs or contribution per unit x number of units
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trademark
protects a feature that distinguishes the business from others such as certain words, sounds ,picutres or logo
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unicorporated
a business and its owners have the same legal identity so is liable for all actions of business including debts
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unlimited liability
the owner is responsible for the total amount of debt of the business so owner may lose personal belongings to repay debts
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variable costs
costs of a businesss that change in relation to output
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business plan
detailed document which contains information of business including comapny's strategy, objectives, marketing and financial plans.
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cash flow
movement of cash into and out of the business
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cash flow forecast
prediction of likely cash flows into and out of the business
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demand
the amount of a product that customers are willing and able to pay at given time
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franchising
when a business gives the right to supply its products or service to another business
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opportunity cost
the cost of decision that was the next best alternative foregone that the entrepreneur did not make
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patent
the right to be the only user of a specified process
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franchisee
the person that is given licence to use the products or services of person who owns it(franchisor).
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Other cards in this set
Card 2
Front
also known as desk research, is research that has already been undertaken by another organisation so already exists but is adapted for a use by a business
Back
Secondary research
Card 3
Front
investors who are part owners of a company who receive a dividend in return for their investment
Back
Card 4
Front
an individual who owns and runs the business who has unlimited liability and is unincorporated
Back
Card 5
Front
sample selected from a specific subsection of the population eg black females between ages of 18 and 25
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