Buss 1 Revision

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Opportunity cost
The benefit from the next best alternative that has been given up
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Niche market
A small segment within a market
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Patent
Legal protection for a new invention
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Copyright
Legal protection for artistic or creative works
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Trademark
Legal protection for signs or symbols
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Franchise
When a franchiser sells the rights to use or sell his or her products to a franchisee
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Business plan
A document setting out the strengths, aims and strategies of a business
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Market Research
The process of gathering, analysing and producing data relevant to the marketing process
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Sample
Group of people or items selected to represent the population as a whole
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Primary sector
First stage of production and includes extracting or growing resources. E.g farming, fishing, mining
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Shareholder
An investor in and one of the owners of a company
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Infrastructure
Services or facilities that support day-to-day business activity
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Redundancies
Occur when job no longer exists
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Delegation
When the work is passed down to a lower worker in the chain
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Revenues
Earning or income generated by a firm as a result of trading activities
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Fixed costs
Costs that don't change (rent)
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Variable costs
Alter directly with level of output (fuel costs)
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Total costs
Fixed cost plus variable costs
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Contribution
Difference between sales revenue and variable costs
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Cash flow
The movement of cash into and out of a business
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Cash flow forecasts
State the inflows and outflows of cash the business expect to have
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Trade credit
A period of time given by suppliers before customers have to pay for gods or services
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Budgets
Financial plans for the future looking at revenue from sales and expected costs
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Budget holder
Responsible for the use and management of particular budgets
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Delegated budgets
Exists when firms give control over budgets to junior employees
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Business objectives
Goals or targets pursued by business that shape the decision making of entrepreneurs
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Insolvency
When a business is insolvent it doesn't have enough money to pay off its debts
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Capacity
Maximum output a business can produce when using all resources to their max
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Market growth rate formula
(Change in size/original market size)x100
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Market share formula
(Products sales/total market sales)x100
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Other cards in this set

Card 2

Front

A small segment within a market

Back

Niche market

Card 3

Front

Legal protection for a new invention

Back

Preview of the back of card 3

Card 4

Front

Legal protection for artistic or creative works

Back

Preview of the back of card 4

Card 5

Front

Legal protection for signs or symbols

Back

Preview of the back of card 5
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