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provides products for customers
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makes the product
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business costs
how much it would cost to run the business e.g. employees, cleaners, rent
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what the product comes in/is packed in
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business enterprise
is about starting something of your own (something you want to do)
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market research
is the collection and analysis of information about consumers, competitors or markets
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primary research
research that is carried out first hand, to find out the precise things a business wants to know
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secondary research
involves finding out and using information that already exists
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rivalry between companies to achieve a greater market share
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effective demand
demand backed by the ability to pay
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repeat purchase
customer loyalty in regular purchasing
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market mapping
a grid that measures two different aspects of the brand within a market
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maarket share
one brands sales as a percentage of all the sales in the market
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market segment
sections of a market focused upon specific types of customers such as children
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adding value
creating something of higher value to a customer than it's bought in costs
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unique selling point (USP)
a feature of a product or service that si not shared by any competitor
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where a company sells the rights to use its business ideas and methods
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the value of sales (number of customers x average amount they spend)
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what you have to pay out to run your business (wages,rent,utilities)
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revenue - costs (surplus can be invested in the business, saved , paid to shareholders)
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accidental creativity
a new idea just comes to you - a flash of inspiration
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deliberate creativity
looking at an idea and thinking how it could be improved
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the quantity of a product that customers want to buy
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fixed costs
costs that must be paid even if nothing is produces e.g. rent, wages
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variable costs
costs that are directly linked to the number of products produced e.g. hourly wages
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semi-fixed costs
costs that change when more is produced but is not directly linked
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total costs
fixed costs + variable costs
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cash at start
money inthe bank at the start of the month
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cash in
money coming into the business during the month (inflows)
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cash out
money being paid out of the business during the month (outflows)
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net monthly cash
cash in - cash out
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cumulative cash
cash at start - net monthly cash
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negative cash flow
cash inflow is less than cash outflow at any given time
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trade credit
credit card, pay back after bought
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bank load
money lent from the bank
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money from the government, that you don't pay back
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extra money you are allowed to spend and not pay back
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share holder
a share whcih you own from part of a business
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personal savings
money in bank - not related to business
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retained profit
money that the firm has made that it puts back into the business
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share capital
when shareholders give their dividens
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flotation on the stock exchange
shares are offered for sales to the public on the stock exchange
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induction (training)
training which is provided by the employer, to assist in the change of their new job tasks and to help them become familiar with their new work environment and their new collegues.
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on-the-job training
in this type of training the employees learn skills from another employee (usually someone more experienced/senior)
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off-the-job training
in this type of training the employee is sent to a training centre to be taught skills related to the job
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sole trader
the smallest type of business in the uk, run by one person
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limited liability
you and your business are different things
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unlimited liability
you and your business are seen as the same thing
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quantitative research
research involving large quantities of data which allows statistical analysis of results
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protection for a creator against his/her ideas being copied
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putting new ideas into practice
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registering a new way of producing something to establish sole right's to its use
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showing how an original idea can work in theory
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a new, perhaps original product/process
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an action or decision that is wrong from a moral stand point
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something which is brought in from another country
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something which is sold to a foreign country
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when more money is coming into the country than what is leaving
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when more money is leaving the country than what is coming in
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consumer spending
the total spent by all shoppers throughout the country
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the quantity of a product that a business is prepared to make and sell at a given price
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a product in whch all suppliers are the same, such as a pound of sugar
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exchange rate
the value of one currency in terms of another
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Card 2


makes the product



Card 3


how much it would cost to run the business e.g. employees, cleaners, rent


Preview of the back of card 3

Card 4


what the product comes in/is packed in


Preview of the back of card 4

Card 5


is about starting something of your own (something you want to do)


Preview of the back of card 5
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