BUSINESS STUDIES DEFINITIONS (1.01, 1.02, 1.03,1.06

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Enterprise
New products and services, new businesses coming to the market.
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Enterpreneur
Someone who starts a business, taking the financial risk and recieving the reward.
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Oppertunity cost
The nexr best alternitive to what you've done, ie what you've lost out on doing.
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Franchise
When a bussiness (franchisor) sells the right to supply its product to another person (franchisee)
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Niche market
A smaller segment of a larger market often over looked by larger companies.
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Copyright
Legal protection against copying for authors, composers and artists.
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Patent
The legal right to be the only person to use a method or invention.
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Trademark
Legal protection of a logo, symbol or sound that is unique to that brand.
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Factors of production
The four elements (land, labour, capital and entrepreneurship) used in production of goods.
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Primary sector
Those organisations involved in extracting raw materials
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Secondary sector
Those involved in the processing or refining of the raw materials from the primary sector into finished goods
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Tertiary sector
Providing goods/service to customers rather than making them.
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Adding value
increasing the value of a good by improving it such that the customer is willing to pay more than the cost of improvement.
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Unique selling point
A feature of a product that makes it different from competitors
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Demand
The amount of a product consumers are willing and able to buy at a certain price
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Market segmentation
The cvlassification of consumers into subgroups who each behave differently and are therefore targeted differently.
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Market size
The total size of all producers in the market place, either by volume or value
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Market growth
The percentage growth rate at which the market is increasing over time.
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Market share
The percentage of all sales within a market help by one brand or company.
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Other cards in this set

Card 2

Front

Someone who starts a business, taking the financial risk and recieving the reward.

Back

Enterpreneur

Card 3

Front

The nexr best alternitive to what you've done, ie what you've lost out on doing.

Back

Preview of the back of card 3

Card 4

Front

When a bussiness (franchisor) sells the right to supply its product to another person (franchisee)

Back

Preview of the back of card 4

Card 5

Front

A smaller segment of a larger market often over looked by larger companies.

Back

Preview of the back of card 5
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