BUSINESS STUDIES DEFINITIONS (1.01, 1.02, 1.03,1.06 0.0 / 5 ? Business StudiesBusiness PlansASAQA Created by: michellechingyqCreated on: 26-09-13 09:30 Enterprise New products and services, new businesses coming to the market. 1 of 19 Enterpreneur Someone who starts a business, taking the financial risk and recieving the reward. 2 of 19 Oppertunity cost The nexr best alternitive to what you've done, ie what you've lost out on doing. 3 of 19 Franchise When a bussiness (franchisor) sells the right to supply its product to another person (franchisee) 4 of 19 Niche market A smaller segment of a larger market often over looked by larger companies. 5 of 19 Copyright Legal protection against copying for authors, composers and artists. 6 of 19 Patent The legal right to be the only person to use a method or invention. 7 of 19 Trademark Legal protection of a logo, symbol or sound that is unique to that brand. 8 of 19 Factors of production The four elements (land, labour, capital and entrepreneurship) used in production of goods. 9 of 19 Primary sector Those organisations involved in extracting raw materials 10 of 19 Secondary sector Those involved in the processing or refining of the raw materials from the primary sector into finished goods 11 of 19 Tertiary sector Providing goods/service to customers rather than making them. 12 of 19 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. 13 of 19 Unique selling point A feature of a product that makes it different from competitors 14 of 19 Demand The amount of a product consumers are willing and able to buy at a certain price 15 of 19 Market segmentation The cvlassification of consumers into subgroups who each behave differently and are therefore targeted differently. 16 of 19 Market size The total size of all producers in the market place, either by volume or value 17 of 19 Market growth The percentage growth rate at which the market is increasing over time. 18 of 19 Market share The percentage of all sales within a market help by one brand or company. 19 of 19
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