Business Studies Unit 1 KeyWords

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Entrepreneur
Someone who is willing to take the risks involved in starting a business.
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Social Enterprise
A business set up to help society rather than to make a profit.
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Marketing Research
The process of gathering, analysing and presenting data relevant to marketing.
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Primary Market Research
Gathering and analysing mrketinig data that has not been collected before.
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Secondary Market Research
Gathering and analysing marketing data that has been collected already.
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Market Share
Indicateed by the sales of one product compared to the total market sales.
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Franchise
Occurs when a francisor sells an existing business idea to a franchisee.
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Franchisor
Seller of a franchise.
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Franchisee
Buyer of a franchise.
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Public Sector Organisations
Owned by the government.
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Private Sector Organisations
Owned by individuals.
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Stakeholders
Individuals and organisations that are affected by and affect the activites of a business.
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Business Plan
Document setting out what the business does at present, plus what it intends to achieve in the future and how this will be accomplished. The plan will include marketing and financial plans.
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Business Planning
The process of producing a business plan.
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Risk
Possibility of something going wrong.
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Uncertainty
Something that we cannot be sure will happen.
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Sole Trader
An individual who sets up in business on their own.
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Unlimited Liability
When the personal possessions of the owners of the business are at risk if there are an problems. There is no limit to the amount of money the owners may have to pay out.
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Partnership
When two or more people set up in business together.
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Deed Of Partnership
An agreement between partners that sets out the rules of the partnership, such as how profits will be divided and how to partnership will be valued if someone wants to leave.
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Company
A business that has its own legal identity. It can own items, owe money, sue and be sued.
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Shareholder
An owner of a company. Each shareholder owns a 'share' of the business.
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Marketing Mix
All the activities influencing whether or not a customer buys a product. The elements of the mix can be analysed using the four Ps: Price, Place, Product, Promotion
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Price
The amount a business asks a customer to pay for a single product.
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Revenue
The income that a firm receives from selling its goods or services. (Price x No. Sold)
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Sales
The number of products sold by a business.
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Costs
The spending that is necessary to set up and run a business.
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Profit
The amount by which a business's revenue from all its sales exceeds its costs.
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Loss
The amount by which a business's costs are larger than its revenure from all sales.
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Cash Flow
The money that flows into and out of a business on a day-to-day basis.
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Cash Flow Forecast
A plan of the expected inflows and outflows to and from a business over a period of time.
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Cash Flow StatementA
A historical record of the cash inflows and outflows that have taken place over a period of time.
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Insolvency
When a business is not able to meet its financial commitents when they are due.
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Receiver
A person who takes responsibility for an insolvent business and makes arrangements to pay its debts.
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Recruitment
The process of finding and appointing new employees.
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Remuneration
The payment of employees.
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Wages
Moneys paid be businesses to employees in return for work and are normally paid each week.
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Salaries
Moneys paid by businesses to emplyees in return for work and are normally paid monthly.
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Monetary Benefits
Additional payments made to emploees in top of their wages or salaries such as bonuses.
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Non-Monetary Benefits
Rewards given to empployees that are not in a monetary form, such as free lunches.
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Motivation
The range of factors that influence people to behave in certain ways.
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Job Enrichment
Designing a job to give interesting and challenging tasks.
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Training
Giving people the chance to increase their job related skills and knowledge.
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Authority
Having Power or control over something.
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Legislation
A set of rules that giverns the way society operates. It is another term for 'Laws'.
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Discrimintation
Treating one person differently from another without having a good reason to do so.
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Trade Union
A group of workers who act together to improve their pay and working conditions.
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Contract Of Employment
A legal document stating the hours, rates of pay, duties and other conditions under which a person is employed.
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Production
The process of changing inputs such as, labour services into goods and services that can be sold.
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Job Production
A method of production in which a product is supplied to meet the exact requirements of a customer.
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Batch Production
A method of production in which a group of similar products are produced at the same time.
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Efficient Production
Takes place when a business uses minimum amount of resources to produce its goods and services.
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Quality
The extent to which a consumer is satisfied with a product.
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Customer Service
The part of a business's activities that is concerned with meeting customers' needs as fully as possible.
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After-Sales Service
The meeting of customers' needs after they have purchased a product, for exampple by repairing or servicing the product.
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Premesis
The buildings used by businesses - these may include offices, shops and factories.
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Customer Loyalty
Means that a business's customers makes repeat purchases because they prefer the business's products to those of its rivals.
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Consumer Protection Laws
The laws that have been introduced to prevent businesses from treating their custommers unfairly.
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Information and Communications Technology
The computing and communications systems that a business might use to help to give good customer service.
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E-Commerce
The act of selling a product using the internet.
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Global Markets
Made up of customers from across the world.
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Other cards in this set

Card 2

Front

A business set up to help society rather than to make a profit.

Back

Social Enterprise

Card 3

Front

The process of gathering, analysing and presenting data relevant to marketing.

Back

Preview of the back of card 3

Card 4

Front

Gathering and analysing mrketinig data that has not been collected before.

Back

Preview of the back of card 4

Card 5

Front

Gathering and analysing marketing data that has been collected already.

Back

Preview of the back of card 5
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