provides products for customers
1 of 64
makes the product
2 of 64
business costs
how much it would cost to run the business e.g. employees, cleaners, rent
3 of 64
what the product comes in/is packed in
4 of 64
business enterprise
is about starting something of your own (something you want to do)
5 of 64
market research
is the collection and analysis of information about consumers, competitors or markets
6 of 64
primary research
research that is carried out first hand, to find out the precise things a business wants to know
7 of 64
secondary research
involves finding out and using information that already exists
8 of 64
rivalry between companies to achieve a greater market share
9 of 64
effective demand
demand backed by the ability to pay
10 of 64
repeat purchase
customer loyalty in regular purchasing
11 of 64
market mapping
a grid that measures two different aspects of the brand within a market
12 of 64
maarket share
one brands sales as a percentage of all the sales in the market
13 of 64
market segment
sections of a market focused upon specific types of customers such as children
14 of 64
adding value
creating something of higher value to a customer than it's bought in costs
15 of 64
unique selling point (USP)
a feature of a product or service that si not shared by any competitor
16 of 64
where a company sells the rights to use its business ideas and methods
17 of 64
the value of sales (number of customers x average amount they spend)
18 of 64
what you have to pay out to run your business (wages,rent,utilities)
19 of 64
revenue - costs (surplus can be invested in the business, saved , paid to shareholders)
20 of 64
accidental creativity
a new idea just comes to you - a flash of inspiration
21 of 64
deliberate creativity
looking at an idea and thinking how it could be improved
22 of 64
the quantity of a product that customers want to buy
23 of 64
fixed costs
costs that must be paid even if nothing is produces e.g. rent, wages
24 of 64
variable costs
costs that are directly linked to the number of products produced e.g. hourly wages
25 of 64
semi-fixed costs
costs that change when more is produced but is not directly linked
26 of 64
total costs
fixed costs + variable costs
27 of 64
cash at start
money inthe bank at the start of the month
28 of 64
cash in
money coming into the business during the month (inflows)
29 of 64
cash out
money being paid out of the business during the month (outflows)
30 of 64
net monthly cash
cash in - cash out
31 of 64
cumulative cash
cash at start - net monthly cash
32 of 64
negative cash flow
cash inflow is less than cash outflow at any given time
33 of 64
trade credit
credit card, pay back after bought
34 of 64
bank load
money lent from the bank
35 of 64
36 of 64
money from the government, that you don't pay back
37 of 64
extra money you are allowed to spend and not pay back
38 of 64
share holder
a share whcih you own from part of a business
39 of 64
personal savings
money in bank - not related to business
40 of 64
retained profit
money that the firm has made that it puts back into the business
41 of 64
share capital
when shareholders give their dividens
42 of 64
flotation on the stock exchange
shares are offered for sales to the public on the stock exchange
43 of 64
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.
44 of 64
on-the-job training
in this type of training the employees learn skills from another employee (usually someone more experienced/senior)
45 of 64
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
46 of 64
sole trader
the smallest type of business in the uk, run by one person
47 of 64
limited liability
you and your business are different things
48 of 64
unlimited liability
you and your business are seen as the same thing
49 of 64
quantitative research
research involving large quantities of data which allows statistical analysis of results
50 of 64
protection for a creator against his/her ideas being copied
51 of 64
putting new ideas into practice
52 of 64
registering a new way of producing something to establish sole right's to its use
53 of 64
showing how an original idea can work in theory
54 of 64
a new, perhaps original product/process
55 of 64
an action or decision that is wrong from a moral stand point
56 of 64
something which is brought in from another country
57 of 64
something which is sold to a foreign country
58 of 64
when more money is coming into the country than what is leaving
59 of 64
when more money is leaving the country than what is coming in
60 of 64
consumer spending
the total spent by all shoppers throughout the country
61 of 64
the quantity of a product that a business is prepared to make and sell at a given price
62 of 64
a product in whch all suppliers are the same, such as a pound of sugar
63 of 64
exchange rate
the value of one currency in terms of another
64 of 64

Other cards in this set

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
View more cards


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all KEY WORDS resources »