Business flashcards

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  • Created by: 09allenp
  • Created on: 06-04-14 18:03
Gap in the market
where there is demand but no product to fill it
1 of 69
demand
the amount of products and services customers are willing to pay for
2 of 69
goods
those things that can be 'touched". e.g a tv
3 of 69
services
those things that can be done for a customer. e.g hairdressers
4 of 69
unique selling point
the factor that only your business and products have and which makes it stand out
5 of 69
adding value
making a product worth more to a customer
6 of 69
franchise
permission to use a successful business format e.g mcdonalds
7 of 69
franchisee
the buyer of the franchise
8 of 69
franchiser
the seller of the franchise
9 of 69
entrepreneur
the person who takes the risk by starting up a business
10 of 69
start-up costs
the initial costs paid once when a business is first set up
11 of 69
profit
the surplus of revenue over costs and the reward for the entrepreneur
12 of 69
deliberate creativity
making a conscious effort to come up with a creative solution
13 of 69
lateral thinking
approaching a problem from a different, unusual direction
14 of 69
proactive
having solutions ready for problems that might be expected to arise
15 of 69
reactive
only planning solutions to problems when problems happen
16 of 69
innovation
bringing a new product to the market
17 of 69
invention
a completely new product, process or method
18 of 69
patent
protection granted in law to a new product or process to protect it from being copied
19 of 69
market research
details found out about the business's chosen market
20 of 69
marketing strategy
the ways the business intends to promote and sell its product
21 of 69
business plan
a detailed description and forecast for a business, used to reduce risk
22 of 69
entrepreneurial skills
creativity, willingness to work hard, problem- solving and organisational skills
23 of 69
creativity
the ability to think up new, exciting and innovation solutions to problems
24 of 69
break even
the point where total revenues cover total costs
25 of 69
revenue
the income of the business from sales
26 of 69
fixed costs
those costs that do not vary with production, like rent
27 of 69
variable costs
those costs that do vary with production, like the costs of raw materials
28 of 69
profit
any excess of revenue over cost
29 of 69
cash flow
money flowing into and out of a business
30 of 69
cash-flow statement
flows that take place in the past
31 of 69
cash-flow forecast
a prediction of future flows
32 of 69
cash-flow crisis
when there is insufficient cash to pay immediate bills
33 of 69
overdrafts
bank permissions to withdraw more from an account than has been deposited
34 of 69
product
the good or service produced for sale
35 of 69
promotion
how a business tells customers that its products exists and tries to persuade them to buy
36 of 69
place
the place where a product is sold and how the product gets to that place
37 of 69
sole trader
a business with unlimited liability, owned and run by one person
38 of 69
private limited company
a business with shareholders that has limited liability
39 of 69
limited liability
when liability is limited to the amount a shareholder invested
40 of 69
liability
the responsibility of the owner for the debts of the business
41 of 69
customer service
looking after customers so as to attract and retain them
42 of 69
after-sales service
the part of customer service that place after sale is made
43 of 69
lifetime sales
the amount a customer will spend over a lifetime on a particular type of good or service
44 of 69
motivation
wanting to work hard, or achieve something for a reason
45 of 69
recruitment
the process of advertising and selection by which a business finds new employees
46 of 69
commodities
raw materials or energy products that are the same wherever they are produced
47 of 69
organised market
international markets that trade according to strict market rules
48 of 69
interest rates
the price of borrowing money
49 of 69
exchange rates
the price of one currency in terms of another
50 of 69
recession
when growth is either zero or negative for a period of time
51 of 69
stakeholder
a person, group or organisation with a direct stake in a business
52 of 69
internal stakeholders
those with a direct interest in a business
53 of 69
shareholders
owners of shares in a business
54 of 69
market research
finding out about a market. e.g who will buy,what,when and why
55 of 69
quantitative data
those which involve numbers and statics
56 of 69
qualitative data
those which involve opinions, judgements
57 of 69
product life cycle
the way in which a product is born, grows and dies
58 of 69
product trial
when a customer buys a product for the first time to try it
59 of 69
repeat purchase
when a customer has a good first experience with a product so returns to buy more
60 of 69
product differentiation
ways in which a business makes a product different from others
61 of 69
product function
the basic job that the product is meant to do
62 of 69
buffer stock
extra stock held in case the lead time is longer than expected
63 of 69
just in time
a system where new stock arrives just as its needed
64 of 69
just in case
where stock is held in case there is a problem
65 of 69
quality
describes a good or service that does what its supposed to do
66 of 69
quality control
systems that check that the finished product has reached the required standard
67 of 69
quality assurance
where quality systems are built into a process
68 of 69
span of control
the number of people for whom a manager is responsible
69 of 69

Other cards in this set

Card 2

Front

the amount of products and services customers are willing to pay for

Back

demand

Card 3

Front

those things that can be 'touched". e.g a tv

Back

Preview of the back of card 3

Card 4

Front

those things that can be done for a customer. e.g hairdressers

Back

Preview of the back of card 4

Card 5

Front

the factor that only your business and products have and which makes it stand out

Back

Preview of the back of card 5
View more cards

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