Business Studies GCSE Key Terms

HideShow resource information
  • Created by: Susie
  • Created on: 03-03-14 10:56
Market research
The process of gaining information of customers, competitors, and market trends through collecting primary and secondary data.
1 of 39
Primary research
Gathering new information (primary data) which has not been collected before.
2 of 39
Customer needs
The wants and desires of buyers of a product or custmoers of a business
3 of 39
Secondary research
Gathering Dta that has already been collected - 'desk research' - by a business or organisation
4 of 39
Qualitative data
Reasons, opinions and motivations, e.g focus groups
5 of 39
Quantative research
Data that can be expressed as numbers and can be statistically analysed
6 of 39
Respondants
People that provide data for a survey, usually by answering questions in a questionnaire or interview
7 of 39
Market segment
a part of a market that contains a group of similar customers
8 of 39
USP
Unique Selling Point. Sets the business apart from competitiors
9 of 39
Questionnaire
A list of questions to be answered by respondents, designed to gather information regarding a customer's tastes.
10 of 39
Focus group
In market research, the process in which a group of people are brought together to ansswer questions and discuss a product, brand, or issue
11 of 39
Trademarks
The symbol, sign, or other feature of a product or business that can be protected by law
12 of 39
Invention
The discovery of new processes and products, typically after a period of researh
13 of 39
Innovation
The process of transforming inventions into products that can be sold to customers, e.g downloading films
14 of 39
Patent
A right of ownership of an invention or process when it is registered with the government
15 of 39
Calculated risk
The probability of a negative event occuring
16 of 39
Thinking creatively
Coming up with an idea that is unique and did not exist before
17 of 39
Lateral thinking
Thinking differently to try and find out new and unexpected ideas. Sometimes describes as "Thinking outside the box"
18 of 39
Blue skies thinking
A technique of creative thinking where participants are encouraged to think of as many ideas as possible about a problem
19 of 39
Cash flow
The flow of money in and out of a business
20 of 39
Cash flow forecast
A prediction of how cash will flow through a business during a period of time in the future
21 of 39
Cash flow statement
A statement showing how much cash has flowed through a business over a period of time
22 of 39
Reciepts
The monies flowing into a business
23 of 39
Payments
The monies flowing out of a business
24 of 39
Income tax
A tax on the value of income earned by workers; this includes sole traders
25 of 39
National Insurance tax
A tax on the income of workers
26 of 39
Corperation tax
A tax on the profits of limited companies (PLS & LTD)
27 of 39
VAT
Value Added Tax. A tax on the value of sales, payed by the business
28 of 39
Job applicant
A person who shows they would like to be considered for appointment to a particular job with a business
29 of 39
Job description
A document that describes the duties of a worker and their status in the organisation
30 of 39
Personal Specification
A profile for the type of person needed for the job - their skills and qualities
31 of 39
CV
Curriculum Vitae. A brief list of all the main details about a person, including name, address, qualifications and expirience
32 of 39
Motivation
In work, a desire to complete a task and meet the needs of a business
33 of 39
Commodities
a raw material or primary agricultural product that can be bought and sold
34 of 39
Commodity Markets
Where buyers and sellers meet to exchange commodities
35 of 39
Monopoly
Lots of market share - the amount of output a firm has within the industry
36 of 39
Market
Where buyers and sellers meet, e.g shop, online
37 of 39
Added value
the amount by which the value of an article is increased at each stage of its production, exclusive of initial costs
38 of 39
Dividends
The sums of money paid regularly by a company to its shareholders out of its profits
39 of 39

Other cards in this set

Card 2

Front

Gathering new information (primary data) which has not been collected before.

Back

Primary research

Card 3

Front

The wants and desires of buyers of a product or custmoers of a business

Back

Preview of the back of card 3

Card 4

Front

Gathering Dta that has already been collected - 'desk research' - by a business or organisation

Back

Preview of the back of card 4

Card 5

Front

Reasons, opinions and motivations, e.g focus groups

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Everything resources »