business studies

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primary research (field research)
involves gathering data that has not been collected before i.e questionaires
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secondary research (desk research)
involves gathering existing data i.e researching the internet, newspapers and company reports
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quantitative data
information that comes in numbers and statistics
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qualitative data
information collected about opinions and views
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market segments
Most markets contain different groups of customers who share similar characteristics and buying habits. These collections of similar buyers make up distinct market segments.
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Market map
a tool used to help identify a business opportunity is a market map. A market map is a diagram that identifies all the products in the market using two key features.
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overdraft
An overdraft facility, where a bank allows a firm to take out more money than it has in its bank account.
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trade credit
Trade credits, where suppliers deliver goods now and are willing to wait for a number of days before payment.
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short term sources of finance
Some sources of finance are short term and must be paid back within a year.
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long term sources of finance
Other sources of finance are long term and can be paid back over many years.
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internal sources of finance
Internal sources of finance are funds found inside the business. For example, profits can be kept back to finance expansion. Alternatively the business can sell assets (items it owns) that are no longer really needed to free up cash.
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external sources of finance
External sources of finance are found outside the business, eg from creditors or banks.
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Long-term sources of external finance:
Owners who invest money in the business. For sole traders and partners this can be their savings. For companies, the funding invested by shareholders is called share capital.
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loans
Loans from a bank or from family and friends.
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debentures
Debentures are loans made to a company.
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mortgage
A mortgage, which is a special type of loan for buying property where monthly payments are spread over a number of years.
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grants
Grants from charities or the government to help businesses get started, especially in areas of high unemployment.
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creditor
A creditor is an individual or business that has lent funds to a business and is owed money.
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debtor
A debtor is an individual or business who has borrowed funds from a business and so owes it money.
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interest
A debtor is an individual or business who has borrowed funds from a business and so owes it money.
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assets
offices the company owns, for example
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revenue (sales, sales revenue, total revenue or turnover
Revenue is the income earned by a business over a period of time, eg one month. The amount of revenue earned depends on two things - the number of items sold and their selling price. In short, revenue = price x quantity. For example, the total revenu
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costs
Costs are the expenses involved in making a product.
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variable costs
costs that change according to how much you produce and sell
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fixed costs
costs that don't change according to how much you produce and sell
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Other cards in this set

Card 2

Front

secondary research (desk research)

Back

involves gathering existing data i.e researching the internet, newspapers and company reports

Card 3

Front

quantitative data

Back

Preview of the front of card 3

Card 4

Front

qualitative data

Back

Preview of the front of card 4

Card 5

Front

market segments

Back

Preview of the front of card 5
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