Key definitions

Flash cards include the word(s) that you need to know and then the definitions on the oppostite side

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Business Plan
A written document that provides information about a new business or venture in order to persuade a financial backer to invest in the business
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Market Share / Market Size / Market Growth
Market Share = Percentage of sales within a market / Market Size = Measures all sales / Market Growth = Sales in the market are either growing or declining
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Market Research
Process of gathering information about consumers, competitors and distributors within a firms target market
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Market
Where buyers meet sellers and agree upon a price
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Demand
Is the amount buyers are willing & able to purchase at agreed prices. The buyer must have the means to be able to buy it
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Market Segments
The whole market is broken down into small sub-groups of people who share the same/similar characteristics
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Business Location
Location is the physical place from which a business or division of a business operates
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Adding Value
Process of developing and improving a product or material which customers will value more highly
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Part-time Employment
Works less than 30 hours a week; employed under a permanent contract of employment
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Full-time Employment
Permanently employed in a business and works over 30 hours a week
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Temporary Employment
Employed for specific tasks/ time periods
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Consultants / Advisors
Individuals & businesses external to the business which provides services & advice
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Other cards in this set

Card 2

Front

Market Share = Percentage of sales within a market / Market Size = Measures all sales / Market Growth = Sales in the market are either growing or declining

Back

Market Share / Market Size / Market Growth

Card 3

Front

Process of gathering information about consumers, competitors and distributors within a firms target market

Back

Preview of the back of card 3

Card 4

Front

Where buyers meet sellers and agree upon a price

Back

Preview of the back of card 4

Card 5

Front

Is the amount buyers are willing & able to purchase at agreed prices. The buyer must have the means to be able to buy it

Back

Preview of the back of card 5
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