Key terms

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  • Created by: BGrooby
  • Created on: 05-11-19 12:25
Research and development
Research into new products or processes and developing ideas that are generated from research.
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Localise
Adapt to suit the local area and its needs, particularly in terms of culture, language or geographical location.
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Innovation
The act of creating new products or processes.
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Ethics
Moral principles or standards that guide the behaviour of a person or business.
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E-commerce
Using the internet to carry out business transactions.
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Stakeholder
Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government.
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Merger
When two or more businesses join together to operate as one business
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Trade-Off
A balance between two differing or opposing objectives, such as making a profit and spending money on ethical activities that will enhance the business's reputation.
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Takeover
When one business buys another business and incorporates it into their own business.
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Profit margin
The proportion of revenue left over after costs have been deducted.
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Public Limited Company
An incorporated business that can sell shares to the public (also known as a PLC)
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Green audit
Detailed review of a business's impact on the environment, either conducted by the business itself or by an independent organisation.
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Multinational
A business with operations in more than one country (also known as multinational corporation or MNC)
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Sustainability
Acting to ensure that natural resources are use responsibly, to protect the environment for future generations.
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Assets
Items owned by a business,such as premises, equipment or stock.
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Finite resources
(also known as non-renewable resource) A resource that does not renew itself quickly enough to meet society's consumption of that resource, such as oil and natural gas.
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Interest
The cost of borrowing, or a percentage of the amount of money borrowed that must be repaid in addition to the original amount borrowed.
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Pressure group
A group of people who join together to try to influence government policy or business policy for a particular cause
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Secured
Guaranteed, because if the business fails to pay back the money the bank can take the asset and sell it
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Boycott
Refusing to buy from or interact with a particular business or organisation.
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Dividends
A percentage of a business's profits that is paid to shareholders as a reward for their investment in the business.
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Domestically
At home or within a business's home country.
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Stock Market Flotation
The process of changing a business to a public limited company (PLC) by issuing shares for sales on a stock exchange.
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Tariff
A tax imposed on imports and exports.
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Stock Exchange
A place where shares in PLCs can be brought and sold.
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Protectionist measure
An action taken by government to reduce the flow of imports into the country.
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Degree of competition
The number and size of business competing in a particular market.
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Trading bloc
A group of countries that agree to act together to promote trade between themselves
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Market share
The proportion of sales in a market that taken by one business
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Viral Marketing
Using online channels, such as video-sharing or social media sites, to spread a campaign message by encouraging people to share with their friends.
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Culture
The general attitudes, behaviour and beliefs of a business and its workforce.
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Lobbying
Trying to influence the government or other organisations
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Retrenchment
When a business downsizes the scale of operations by reducing the number of employees or closing less proftiable branches
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Product Portfolio
The range of goods and services offered by any one business
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Organisational structure
The way in which the workforce is organised, usually a hierarchy with people reporting to managers all the way up to the chief executive officers (CEO)
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Globalisation
When the business operates on an international scale and gain international influences or power
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Exports
The flow of goods and services out of a country to another country.
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Imports
The flow of goods and services into a country from another country.
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Other cards in this set

Card 2

Front

Adapt to suit the local area and its needs, particularly in terms of culture, language or geographical location.

Back

Localise

Card 3

Front

The act of creating new products or processes.

Back

Preview of the back of card 3

Card 4

Front

Moral principles or standards that guide the behaviour of a person or business.

Back

Preview of the back of card 4

Card 5

Front

Using the internet to carry out business transactions.

Back

Preview of the back of card 5
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