Key definitions

Created by: LeighLeigh_
Created on: 08-12-14 13:15

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

Card 4

Front

Where buyers meet sellers and agree upon a price

Back

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

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Key definitions