Business Studies Unit 1- Key Terms

  • Created by: JM
  • Created on: 19-04-13 23:21
Enterprise
A business venture that aims to bring a product or service to the market
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Entrepreneur
A person who is willing to take a risk to turn a business idea into a business venture
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Entrepreneurship
Acting upon a Business idea: eg, Spotting a gap in the market; Developing a new product;developing a new process;creating a new service
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Opportunity Costs
The cost of one thing in terms of alternatives foregone: the 'real' costs of taking a particular action or the next best alternative foregone; the next best thing you could have chosen but did not:OC bus start up is security of paid insurance
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Brainstorming
The creative process of writing down as many ideas as you can without dismissing ideas at this early stage
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Business Experience
Using specialism or skills to establish an enterprise.
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Personal Experience
Solving a problem or frustration
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Import an idea
Bring experiences from abroad to set up a UK enterprise
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Innovation
A scientific approach to generating a new product or process that can be brought to a market
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Niche
A gap yet not filled, normally associated with a small market size.
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Niche Marketing
Targeting a product or service at a small segment of a larger market
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Mass Market
Aiming a product at all (or most) of the market.
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Franchise
The process by which one business gives permission to others to trade using its name and/or product or service.
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Franchisor
The established business giving permission to another business or entrepreneur to trade using its name and/or service.
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Franchisee
The entrepreneur accepting the right to trade a franchise, using the name and/or products or services of the franchisor.
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Protecting ideas
Having accepted the risk associated with pursuing a business idea an entrepreneur doesn't wan someone else to reap the rewards. Entrepreneurs therefore may want to protect their idea i.e. to stop someone else from copying it.
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Copyright
Legally protects the rights of a creator of words, images or music, e.g. an author, artist or composer.
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Patent
Grants the holder, an individual or business, the sole right to use a unique feature of a product or process for a given period of time.
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Trademark
Protects a defining feature of a business or a product e.g. a logo strap line, colour or sound.
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Inputs
The resources that are involved in generating goods and services. AKA 4 factors of production
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factor 1: Capital
bought resources e.g. machinery
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factor 2: entrepreneurial skill
the idea to bring all the resources together
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factor 3: land
natural resources
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factor 4: labour
human resources
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Transformation
The process of combining inputs to achieve an output e.g. manufacturing goods or providing a servic
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Outputs
The goods or services resulting from the transformation of inputs
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Primary
Extraction of raw materials e.g. farming
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Secondary
Processing raw materials into goods
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Tertiary
Provision of a service.
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Added value
The value of the finished output over and above the cost of the inputs
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Adding Value
The process of increasing the worth of resources by modifying them
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Business Plan
A document that describes how an entrepreneur proposes to set up a new business, this includes the nature of the product or service, objectives, functional activities & financial forecasts.
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Small Business Advisors
A person wiht an area of specialism who can offer support and information e.eg. an advisior from Business Link may offer advice in business plans, sources of finance and protecting ideas.
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Accountants
A professional who works in the world of finance, they are able to offer financial advice to enterpreneurs
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Bank Managers
A senior professional within a bank who can offer help and advice to entrepreneurs. Banks often have managers who specialise in advising business start ups
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Government Agencies
Govt funded organisations whose remit is to suport entrepreneurs and enterprising behaviour. E.g. Business Link and Dep. for business, innovation and skills.
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Market Research
The collection and analysis of data and information to inform a business about its market.
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Primary Market Research
The collection of first hand data which did not exist before
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Secondary Market Research
Research that has already been undertaken by another organisation
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Qualitative Research
The gathering of non-numerical information that gives a business in depth insight into reasons for human behaviour.
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Quantitative Research
The gathering of numerical data to inform the business about peoples behaviour.
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Sampling
Choosing a proportion of the whole population as a representative of the market for market research purposes
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Random Sample
A sample is selected for a study where each individual is chosen entirely by chance and has an equal chance of being chosen
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Other cards in this set

Card 2

Front

A person who is willing to take a risk to turn a business idea into a business venture

Back

Entrepreneur

Card 3

Front

Acting upon a Business idea: eg, Spotting a gap in the market; Developing a new product;developing a new process;creating a new service

Back

Preview of the back of card 3

Card 4

Front

The cost of one thing in terms of alternatives foregone: the 'real' costs of taking a particular action or the next best alternative foregone; the next best thing you could have chosen but did not:OC bus start up is security of paid insurance

Back

Preview of the back of card 4

Card 5

Front

The creative process of writing down as many ideas as you can without dismissing ideas at this early stage

Back

Preview of the back of card 5
View more cards

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