Business Studies GCSE Key Terms 3.0 / 5 based on 4 ratings ? Business StudiesEverythingGCSEEdexcel Created by: SusieCreated 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
Comments
No comments have yet been made