Business Keywords

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Market Map
A grid that shows two different aspects of the products or brands within a market; allows a firm to identify a gap in the market
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Innovative
A new, perhaps original, product or process
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Market Segment
Sections of a market in which consumers have different characteristics, e.g. age, gender or income
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USP (Unique Selling Point)
A feature of a product or service that is not shared by any other product or service
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Revenue
The total value of sales; equals the number of customers x the average amount they spend, or price x number of items sold
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Sales Forecast
An estimate of the future level of sales
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Fixed Costs
Costs that do not change with the amount produced, e.g. rent
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Variable Costs
Costs that do change with the amount produced, e.g. raw materials
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Share Capital
The finance raised from the sale of shares in a limited company
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Venture Capitalists
An individual that invests in risky businesses, in exchange for a percentage of the business
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Limited Liability
A situation in which the responsibility for paying the debts of a business is limited to amount invested in the business
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Unlimited Liability
A situation in which the responsibility for paying the debts of a business is unlimited; owner may be forced to sell personal assets to pay the debts
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Sole Trader
A business owned by one person; that person makes all of the decisions and has unlimited liability
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PLC (Private Limited Company)
A business owned by shareholders who enjoy limited liability; the shares cannot be sold on the Stock Exchange
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Corporation Tax
A tax on the company’s profits
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Income Tax
A tax on peoples’ incomes
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Labour Turnover
The percentage of the workforce that leaves each year and has to be replaced
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Commodity
A product in which all supplies are the same, such as sugar.
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Monopoly
A situation in which sales in a market are dominated by a single supplier
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Wholesaler
The middleman between producers and retailers
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Stakeholders
Groups of people who have an interest in and are affected by a business, e.g. workers, customers; NOT rivals!
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Other cards in this set

Card 2

Front

A new, perhaps original, product or process

Back

Innovative

Card 3

Front

Sections of a market in which consumers have different characteristics, e.g. age, gender or income

Back

Preview of the back of card 3

Card 4

Front

A feature of a product or service that is not shared by any other product or service

Back

Preview of the back of card 4

Card 5

Front

The total value of sales; equals the number of customers x the average amount they spend, or price x number of items sold

Back

Preview of the back of card 5
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