Business Studies Key Terms: 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: daisybrownCreated on: 21-03-14 07:35 "An agreement in which one business buys the rights to sell the goods or services of another business". Franchise 1 of 28 The person/business who buys the rights. Franchisee 2 of 28 The person/business who sells the rights. Franchisor 3 of 28 An individual or group with a direct interest in an organisation's performance. Stakeholder 4 of 28 An outline of what a new business will do and how it will do it. Business plan 5 of 28 A type of business owned by one person. Sole Trader 6 of 28 The personal possessions of the owner are at risk if there are any problems. Unlimited liability 7 of 28 A business with between 2 and 20 owners. Partnership 8 of 28 Sell shares to family and friends. Private limited company (Ltd) 9 of 28 Sell shares on the stock exchange. Public limited company (Plc) 10 of 28 Own a percentage of the business and get paid dividends every year. Shareholders 11 of 28 The collection of information on actual and potential customers. Marketing 12 of 28 The collection of first hand information e.g. surveys, focus groups, customer feedback, observation. Primary research 13 of 28 Other name for primary research. Field research 14 of 28 The gathering of existing data. Secondary research 15 of 28 The four Ps. Price, product, place, promotion. Marketing mix 16 of 28 Manufacturer> wholesaler> retailer> consumer. Traditional 17 of 28 Manufacturer> retailer> consumer. Modern 18 of 28 Manufacturer> cosumer. Direct 19 of 28 Charging a premium when you first launch a product and dropping the price as time goes on. Creaming/skimming 20 of 28 Charging a super low price to get people into the store and then charging more for replacements or other products. Loss leader 21 of 28 Working out cost of making product and adding on a percentage for profit. Cost plus 22 of 28 The use of internet for sales. E-commerce 23 of 28 To inform customers about products and to persuade them to buy them. Promotion 24 of 28 Promotion through mass media that is not personal. Above the line 25 of 28 Promotion specific to the target market. Below the line 26 of 28 The proportion of sales by once business in a market compared to the total size of the market. Market share 27 of 28 A part of market which contains a group of buyers with similar charteristics e.g. age, income, children, pensioners. Market segment 28 of 28
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