Business Studies Unit 1 Keywords

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Business
An organisation that makes goods or provides a service
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Customer Needs
The wants and desires of customer of a business
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Primary Research
Research that you have done yourself e.g. questionairre
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Secondary Research
Research that has already been collected e.g. internet
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Quantitative Data
Statistical data e.g. numbers
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Qualitative Data
Information about opinions and attitudes
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Market Research
Research that helps you find out what the customer wants or needs form the business.
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Competitive Market
A market that has many businesses competing for the same customers
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Monopoly
When a firm that owns more than 25% of that particular market.
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Product Range
A group of similar products made by the same business.
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Target Market
A group of customers that the business has decided to target their product or service to.
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Added Value
The increase in benefits of a good or service e.g late closing times
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Uniquee Selling Point
A part of a product or service that differentiates itself from =others in that market e.g. bounty chocolate bar.
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Brand
A named product which customers see as different and what htey can identify the product with.
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Franchise
Is a company sells the rights to use their business ideas and methods at a specific location.
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Franchisor
The business which gives the rights to another business to sell.
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Franchisee
The business in which the franchisor sells its rights to.
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Stakeholders
People or companies that have an interest in the business.
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A Trade Union
Is the labour union of workers in a particular trade.
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Enterprise
Is the willingness to take risks and show initative in orderto establish new business ventures.
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A Niche Market
A market for a very specific target market.
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Delibrate Creativity
When ideas come from patterns of thought and have specific caused which lead logically to an answer.
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Invetion
The creating of a NEW product.
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Innovation
Adding something to an already exsisting product
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Patent
This makes it unlawful for anyon to copy your product to be copied for 20years after the patent has been taken out.
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Calculated Risk
The probability of a negative event occuring.
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Financial Objectives
Targets expressed in money terms such as making a profit
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Non-Financial Objectives
Targets nto expressed in money.
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Revenue
The amount of money coming into the business
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Costs
The amoutnof money going out of the business
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Cash Flow
The movement of money in and out of the business
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Net Cash Flow
The difference between the money in and the money out and calculated on a monlthy bases.
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Closing/Opening Balance
One months closing balance is the next months opening balance.
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Forecasting Cash Flow
Predicting the future flows of cash flow into andd out of the business.
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Negative Cash FLow
When you have more money going out than you do coming in.
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Short-Term Finance
Money invested in ot borrwoed for less than a year
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Long-Term Finance
Money invested in or borrowed for over a year.
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Interest
Extra money that is added to a loan. The interest increases depending on how long you leave the loan.
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Marketing
Is a process to identify and satisfy customers needs
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Marketing Mix
The mixture of factors which helps the business to take into acocunt customers needs.
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Sole Trader
There is only ONE owner of a business
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Unlimited Liability
This means the sole trader is completley responsible for paying all of the business debts.
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Limited Liability
It means they are only partially responsible for the debts of the business.
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Job Description
This describes the duties of the job
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Person Specification
Is a profile to explain the type of person needed for the job.
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Motivation
The desire to complete a task and meets the needs of a business.
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Economy
Is the wealth and resources of the country
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Economic Activity
Is the amounts of buying and selling for a period of time of the country.
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Commodities
Raw materials that traded on global markets
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Exhange Rate
Shows the value of one currency measured by how much it will buy of another currency.
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Economic Growth
There is a rise in the economic activity in an economy
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Business Cycle
This is when an economy has different levels of economic activity.
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Other cards in this set

Card 2

Front

The wants and desires of customer of a business

Back

Customer Needs

Card 3

Front

Research that you have done yourself e.g. questionairre

Back

Preview of the back of card 3

Card 4

Front

Research that has already been collected e.g. internet

Back

Preview of the back of card 4

Card 5

Front

Statistical data e.g. numbers

Back

Preview of the back of card 5
View more cards

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