Business Studies Revision 0.0 / 5 ? Business StudiesGCSEAQA Created by: Beth CloseCreated on: 09-05-13 14:22 Someone who has the flair and skill to set up their own business. Entrepenuer 1 of 22 Targets that businesses set themsleves to achieve an overall goal. Objective 2 of 22 A business which agrees to manufacture and provide a branded product. Franchisee 3 of 22 Dividing up a market into groups of buyers that have similar characteristics. Market Segmentation 4 of 22 Costs that will not change with output. Fixed Costs 5 of 22 Part of a businesses accounts where assests and liabilities are recorded over aperiod of time like a year. Balance Sheet 6 of 22 Liabilities which are paid after 12 months. Long Term Liabilites 7 of 22 A person or business that is interested or affected by the activities of another business. Stakeholder 8 of 22 The right given by one business to another, to sell products in it's name. Franchise 9 of 22 4P's (Product, Price, Place & Promotion) Marketing Mix 10 of 22 Costs that will change with output. Variable Costs 11 of 22 A record of a businesses revenues and costs over a period of time. They also show how much a businesses profit has changed over this period of time. Profit and Loss Account 12 of 22 The flow of money into and out of a business. Cash Flow 13 of 22 What a business wants to achieve in the long term. Aim 14 of 22 The management process that is responsible for identifying profitable orducts. Marketing 15 of 22 The life of a product, this is shown in stages one being maturity. Product Life Cycle 16 of 22 These are the parts of the business which can/ will change e.g. food stock. Current Assests 17 of 22 These are liabilites which must be paid in a guven 12 month period. Current Liabilities 18 of 22 A business or firm owned by two or more people who co-labour to achieve and share profits. Partnership 19 of 22 A business which gives franchises the right to sell it's products in return for a set sum of money. Franchisor 20 of 22 The process of gaining information about customers, competitors and market trends through collecting primary or secondary research. Market Research 21 of 22 These are parts of a business which will not change e.g. Land Costs. Fixed Assests 22 of 22
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